CMBS conduit issuance is winding down. On Thursday, the $2.7 billion MSC 06-IQ12 priced and Friday the record sized JPMCC 06-LDP9, totaling $4.9 billion), was expected to price.

The 10-year benchmark class priced at S+23.5 basis points, the tightest pricing level since the beginning of November when MSC 06-HQ10 priced at 22 basis points over swaps. Launch levels on the JPMCC deal was 24.5 to 25 basis points on the $1.7 billion A3 class, which is slightly improved from original guidance levels of 25 to 26 basis points over swaps.

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