Though the commercial mortgage-backed securities pipeline was expected to dry up toward year-end, two deals - a conduit from First Union Capital Markets/Merrill Lynch & Co. and a credit tenant lease deal from GMAC-RFC/Deutsche Bank Alex. Brown/Goldman, Sachs & Co. - are launching early this week, surprising many CMBS market observers who expected the deals to come to market in first quarter 2000.

The First Union conduit, for approximately $1 billion, was already being talked about late last week, and market sources said that the company was putting out reds for the forthcoming transaction on Monday.

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