1. A CMBS issuance is $1,550,000,000, of which the AAA tranches total $1,356,250,000 of principal balance, the AA tranche is $62,000,000 and the Single A tranche is $55,800,000. The subordination level, expressed as a percent of the of the Single A ('A') tranche is 4.9% 3.9% 11% 8.5%