EFTA Document EFTA01378349

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Structured Finance > Mortgage Credit CMBS: Extension Protected Duper Tranches Updated: Oct 26, 2015 Trade Idea: o Purchase extension protected senior bonds from recently issued CMBS transactions, priced at -2 bps inside of the last cash flow senior tranche but offering significant structural benefits Investment Rationale: o Credit enhancement: These classes are the "duper" tranche of CMBS deals, offering 30% credit support and sign