Morgan Stanley’s first offering of commercial mortgage bonds of the year offers unusually concentrated exposure to a few large properties.

The $666.6 million MSCI Commercial Mortgage Trust 2016-UBS9 is backed by 31 loans, but the top 10 account for 68.9% of the pool. That compares with an average of 49.3% for conduits rated by Fitch Ratings last year and 50.3% for the deals rated by Kroll Bond Rating Agency.

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