Morgan Stanley and UBS’ latest offering of commercial mortgage bonds is most notable for what it lacks: a large number of loans with very high leverage.

The $805 million MSCO 2015-UBS8 is backed by primarily retail properties. Like many recent CMBS, it includes large loans with investment grade characteristics, in this case, Florida Keys Outlet Center and Charles River Plaza North. But unlike many recent deals, it has a low exposure to loans at the other end of the spectrum, those with loan-to-value (LTV) ratios in excess of 100%.

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