With a preponderance of primary CMBS issuance in the pipeline for the end of the first quarter, investors are predicting a backlog on the non-investment grade level as the market has been seeing a lack of interest from subordinate buyers. More transactions are taking more time to get to the finish line, sources said, because as an array of deals flood the market, it takes longer to get the kinks out of deals as investors tweak them, one by one.

"It's very time-intensive to evaluate securities at the current level," said Michael Hoeh, senior portfolio manager at Dreyfus Corporation. "So it's not surprising that it is going to take additional time to get deals through the pipeline."

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