The commercial mortgage-backed sector in Canada, with roughly $3 billion outstanding, has been seeing some action lately: a $235 million public term deal by Caisse Depot currently being pre-marketed, will likely close in mid-June, and a $260 million offering by Merrill Lynch Canada was recently completed.

Caisse's deal, which is being issued through its N-45 First CMBS Issuer, is divided into six tranches and is rated by Moody's Investors Service, Canadian Bond Rating Service and Dominion Bond Rating Service. Caisse's last CMBS deal was in May 1999. The company is planning to issue twice a year going forward.

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