The new issue market is humming along, with premarketing efforts underway by a number of issuers, which have no less than five deals in the works. Aside from the recently added GMAC floater (2003-FL1), fixed issuance is all the rage, totaling over $3 billion.

The amount of deal activity can be traced, somewhat, to borrowers getting the word out before the military action in Iraq commenced. With that situation in full swing as of late last week, the CMBS market has yet to feel any major effects. One dealer called Thursday's new-issue activity "business as usual," and expects it to stay this way until perhaps more reports about the conflict roll in. At that point, the risk of investor inaction will affect all markets.

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