Consider a CMBS with the following characteristics (Same as Questions 4, 5, and 6): Backed by $20M mortgages, 7% interest, 5-yr maturity, IO annual payments, no servicer fee There are three tranches issued: $13M Tranche A (Senior/Investment Grade CMBS) with coupon rate 5% $7M Tranche B (Junior/ Non-investment Grade CMBS) with coupon rate 6% IO residual tranche (no extra collateral, but collects extra interest) What is the subordination on this CMBS? (answer in %, e.g. for 5% enter 5)