Following a slow start to trading in the commercial mortgage-backed securities sector early last week, CMBS picked up substantially toward the week's end, with an extremely active day of bid lists and very healthy flows.

"Monday was deathly dull, Tuesday we traded $68 million a day of CMBS, which is an above-average day of trading, but Wednesday was dynamite, with a $150 million bid list, a $90 million bid list and a $30 million bid list," said the head of a major CMBS desk. "They were all good names, all conduit deals, tiers one through three, and they were well bid for. We bought some of the bonds but not as many as we would have liked."

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