While commercial mortgage-backed securities analysts had been calling for spreads to tighten further towards year-end, that prospect has become tougher than originally anticipated, mainly because the "big rush" of primary-market issuance that was forecasted at the end of summer has not surfaced yet.

"There are still a few more issues to go [before year-end], and everyone was expecting a big rush in September, but there was $5.5 billion of fixed-rate conduit issuance in September. So then the big rush was expected in October, but only $4 billion of conduits came in October," said Darrell Wheeler, a CMBS researcher at Salomon Smith Barney.

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