The highly touted addition of commercial mortgage-backed securities to Lehman Brothers' fixed income aggregate index on July 1 (MBSL 6/28/99) might not transform the CMBS market as significantly as predicted, some sources say.

Although investors and others anticipated the addition of CMBS to the leading bond index to have revolutionary implications for the market - some analysts foresaw a one-time gain of more than $10 billion in new investments - word on the Street is that both financially and for the long-term, those early predictions might have been exaggerated.

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