The CMBS calendar was alive and kicking last week as deals attempted to be first, or at least not last, off the slate. Last Monday's JPMC issue was a no-brainer because the GSEs had already wrapped up the triple-A 10-year, pricing that portion at +57 basis points. Investors were discouraged with their essential exclusion from the transaction, but in the end, it only helped to boost interest in the rest of the calendar.

Another wrinkle came at the hands of GMAC's conduit cancellation (See story p.1). The technical snafu has yet to reveal itself in timing for this issue, but in the meantime, other transactions took their place in line. First Union priced its $960 million conduit via Wachovia, Merrill Lynch, and Greenwich Capital on Thursday. The 10-year tranche was done at +55 bps, at least a basis point through the +56-58 bps guidance and official price talk at time of launch.

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