After taking a year-long hiatus to retool its commercial mortgage-backed securities business, Credit Suisse First Boston has sold $1.2 billion in CMBS at better yield spreads than expected.

One tranche for $673 million consisted of a sale of a 9.9-year triple-A-rated class and priced at 137 basis points over Treasurys with comparable maturities. "The price was pretty aggressive," said Michael Hoeh, head MBS portfolio manager at Dreyfus Corp.

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