Issuance of securities backed by commercial mortgages is in the longest lull in more than 10 years, according to Chris Lau, an analyst at Royal Bank of Scotland Group PLC's RBC Greenwich Capital.

"It's been six weeks since the last new-issue deal," a $1.27 billion offering that Bank of America Corp. priced June 19, he wrote in a note to clients Monday. "The next deal will not be marketed for another month and will mark the longest stretch in between deals in over a decade."

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