The latest commercial mortgage bonds on offer by Morgan Stanley and Bank of America Merrill Lynch are backed by a large number of highly leverage loans, according to rating agency reports.

The bulk of loans used as collateral for MSBAM 2015 C25 (44, or 80.6%), have loan to value ratios, as calculated by Kroll (KLTVs), in excess of 100%. And 20 of those loans have KLTV in excess of 110%.

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