Question: QUESTION 4 Consider a CMBS with the following characteristics - Backed by $20M mortgnges. 7. interest. 5-yr maturity. Io annual payments no servicer fee There

QUESTION 4 Consider a CMBS with the following characteristics - Backed by $20M mortgnges. 7. interest. 5-yr maturity. Io annual payments no servicer fee There are three tranches issued SIBN Tranche A Senior Investment Grade CMBS) with coupon rate 59 + SIM Tranche B usior Non-investnient Grade CMBS) with coupon rate 6 -10 residual tranche (no extra collateral, but collects extra interest Assume no Ketaults. What is the cash flow to Tranche A in year 1

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