While the debate lingers as to how the bulging CMBS calendar will be received by the market, and subsequently how spreads will react, the next week or so looks manageable. There are four, maybe five deals in the works currently, but what makes the supply palatable is its miscellany.

After a two-week run of three marquee conduits, a small seasoned offering, and the recent November 13th completion of the huge mall-backed GGP transaction, the number of conduit deals moderates. A $1 billion offering for GE Capital via Bear Stearns and Deutsche Bank is the most likely near-term conduit - there is also talk of a Lehman/UBS deal making the rounds - while a pair of $1 billion large-loan floaters are on tap, one from Morgan Stanley and the other from Deutsche Bank.

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