Surely all of the action seen last week was in the commercial mortgage-backed securities sector, where three deals (four, including the prior week's PNC pricing) priced amid some concerns about relative collateral comparisons (see story above).

With an average credit support of approximately 24%, there was about $2.47 billion CMBS absorbed over the last few weeks, and while each deal had its pluses and minuses, a stack of paper like that is a healthy meal for any spread sector.

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