While spreads are holding firm, there is a reported $19.8 billion still in the CMBS pipeline for 2001. Furthermore, Credit Suisse First Boston notes that 72% is for November, which would make it the greatest month of issuance ever, beating out November 1998's $11.6 billion by $2.5 billion or so.

This total is comprised of 16 deals, which would be the second highest deal count after the 21 seen in December 1996. The stuffed queue comes as little surprise based on the events of September 11, which juiced the pre-attack September-to-December pipeline of $22.4 billion to $26.8 billion post-attack. This, however, is not a likely scenario. As Roger Lehman at Merrill Lynch points out, there are only 38 trading days left in the year, and if you factor in the window-dressing into year-end and "holiday-itus", placing all of that supply will be difficult.

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