Just a few days into the second quarter, the CMBS pipeline has apparently hit the front burner. There is $10 billion in fixed-rate issuance currently planned for the quarter, and the way things are shaping up, it looks like it may all get done. This week alone, as many as four deals - totaling over $4 billion - are in the queue.

Spreads are a bit cheaper coming off of a record quarter of issuance that saw over $15 billion in conduit deals. The triple-A 10-year WAL current trade is at 29 basis points over swaps, one wider than JPMC 2004-CIBC8. During the previous week, more than $1.3 billion in triple-A was out for bid across a couple of lists, making room for the next wave of paper.

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