236 st rma na lcl hpeosr tt hi oant or ef ct er ai vnecdh ems o(r0e. 4t 6h %a n) or en ceeci vr ee dd i ftoruart icnrge, dtiht er amt i anjgosr iat ty i rs es uc ea invceed. Oc rf etdhiet ratings that are the same (47.29%), see Panel F of Table 6.2. For the remaining tranches we observe rating discrepancy; 25.20% of the tranches in our sample r6e. 7c 7e i%v ewd iat hr at thi nr egeant oi st sc uh ae ns ,caenwd i 6t h. 1o4n%e nmoot rc eh tdhi af fne rt eh nr ec ee , n1o4t .c6h2e%s dwi fiftehr et wn coen. Fo it nc ha lel sy ,, wp ree ma ri eu mi ndt eerme satnedde di nb tyhi en vpersitmo rasr yf o ri ssseucaunrci et i zsapt ri oe na dt r aa sn cthhei ss . rTehper ems ee annt ss pt hr ee a rdi sakt i(s1s5u2a.n1cbepi ss )hai gnhdeOs tBfSo rmtehteh Vo dE S( 1m3e4t. h4 o) .dF(o1r7t0h.e6 3F LbEp )m, feotlhl oowd ewdeboybtsheer vFeLTa mr eel at ht iovde low mean spread at issuance (104.1 bps), see Panel H of Table 6.2.
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