The recent lull in issuance of private label commercial mortgage bonds has helped new issue CMBS spreads retrace much of the (modest) widening seen earlier in April, according to research published Friday by J.P Morgan.

Over the past two weeks, spreads on triple-A tranches of benchmark 10-year new issues have tightened 2 basis points to swaps plus 86 basis points, while double-A, single-A, and triple-B spreads tightened 2 basis points, 3 basis points, and 10 basis points, respectively, to swaps plus 140, swaps plus 182, and swaps plus 345.

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