Floating-rate triple-A CMBSs are cheap vs. credit cards. In fixed-rate triple-A CMBS, remains neutral as triple-A spreads remain fair. In mezzanine IG classes, double-As and single-As appear historically rich. But triple-Bs have value with triple-Bs at 5bp cheap. Support and WAC IOs are cheap to fair value. Recommends IOs, priced using worst-case pricing assumptions, for the carry. PAC-like IOs appear fair to 5-year triple-A CMBSs, but should tighten. Seasoned premium-dollar CMBSs have tightened but there is still value in premium bonds through careful analysis of their implied IOs . Relative value is greatest among super-premium bonds with higher dollar prices.

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