Heavy supply has helped keep spreads on commercial mortgage bonds range-bound over the past couple of weeks, according to research published Friday by J.P. Morgan.

Private label issuance in the fourth quarter has reached $21.6 billion, with an additional $2.0 billion on the way in two conduit deals currently in the market. This has pulled investor focus to the primary market form the secondary market, according to analysts at J.P. Morgan.

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