As commercial mortgage-backed securities players coalesced in New York City for the CMSA convention last week, a healthy CMBS market priced the GE Capital and Chase Manhattan conduit at some of the narrowest spreads that have been seen in months.

"This deal went fabulously," said Nancy Israel, a director in Chase Securities' mortgage department. "I think it is due to a confluence of events: there have not been that many CMBS issues in the market, nor have there been that many in the corporate market, and also, there is great collateral in this deal."

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