A merger-related CMBS bid list totaling more than $1 billion traded last week and commercial mortgage-backed participants are calling it the largest bid list ever seen in the CMBS market.

Sources said that the list was part of the CMBS portfolio of Summit Bancorp., which completed its merger with FleetBoston Financial last week. Fleet is reportedly selling a total of $8 billion of Summit-owned securities, comprised of $7 billion of agency and non-agency CMOs, in addition to this billion-dollar block of CMBS.

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