The next offering of commercial mortgage bonds from Morgan Stanley and Bank of America has all of the risky hallmarks of recent deals, namely the inclusion of a few high quality loans that help offset the impact of much riskier loans, and low overall amortization.

But it is the structure of deal, and not its collateral, that is getting the most attention.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.