The $850 million GE Capital Mortgage Trust 2002-2 brought via joint leads Deutsche and Banc of America priced last Wednesday to strong demand driven by the greater than 30% multifamily asset exposure, which attracted decent GSE and other interest. The deal, co-managed by Salomon Smith Barney, JPMorgan, and Merrill Lynch, priced off of the old yield curve, making the benchmark the Treasury due Feb 2010 rather than the newly auctioned 10-year.

The deal saw a slight structural adjustment, as a loan was removed from the pool. Aside from modest changes to the tranche sizes, spreads were firmed up from guidance levels, with the triple-A 10-year tranche done at 45 basis points over the swap curve versus 45-46 basis points at pre-launch.

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