The CMBS credit story is solid for 2004, said Patrick Corcoran, head of mortgage research at JPMorgan Securities, who named the sector the premier safety play for the year. But is trouble up ahead?

"The big theme in 2004 is the safety play with CMBS as a high-quality swaps substitute with spreads similar to agencies," Corcoran said. Despite the competitive lending environment, discipline in the sector remains intact in both lending and property market pricing, Corcoran told the audience at the JPMorgan Structured Product Conference in New York last week.

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