Question: Based on the text box, ‘‘CMBS: Fixed-Income or Real Estate Investment?'' answer the following: What types of investors would you typically expect to purchase bonds of the various credit classifications? Why do lower-grade CMBS yield spreads tend to react in a more exaggerated fashion than do senior tranches to bad news about the economy or the real estate market? In what senses does this make non-investment-grade bonds more informationally sensitive than investment-grade CMBS?