The DDR deal's pricing at better-than-expected spreads is undoubtedly a positive for the CMBS market, but it might have resulted in some misplaced market optimism, said Malay Bansal, managing director at NewOak Capital.

"DDR and the follow-up deals will be single-borrower deals,” Bansal said. “Hopefully that will encourage conduit lenders to start originating new loans at some point, and with lower LTV on new loans, these deals will attract investors, as clearly demonstrated by the pricing on the DDR deal.”

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