After the Japanese crisis, CMBS secondary market activity was the most impacted versus all other securitization sectors, experts said.

However, by Tuesday last week benchmark GG10 A4 bonds had tightened to around +200 basis points over swaps compared to a wide of +255 at the height of the crisis, according to Lisa Pendergast, managing director of strategy and risk for CMBS and other real estate debt at Jefferies and Co. "The markets have rebounded nicely," she said.

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