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TOP STORY: CMBS Innovations Answer Borrowers' Demands	By Erika Morphy

It has been several months since the first so-called “super-duper senior AAA-rated CMBS” deals came to market. Variants of the super-seniors introduced late last year, these transactions have a 30% subordination level as opposed to the now-standard 20% of the super seniors. Wachovia Bank, for instance, included an AAA class with a 30% subordination level in a $1.4 billion deal early this summer. While the super-dupers are designed to attract the same investors as those of super-seniors, says Daniel Vinson, vice president, GE Commercial Finance Real Estate, the development of the super-dupers illustrates the growing sophistication of bond structures and their benefit to borrowers.

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