With the pricing of both Wachovia's and JPMorgan Chase conduit over the prior weeks, the pipeline is thirsty for some new paper. There are some in the market that expect spreads to suffer at the hand of over $9 billion in conduit paper scheduled through the end of the year, but at this pace, things look to be rather orderly.
The credit story continues to fuel both CMBS and RMBS buying. CMBS, with the benefits of a defensive structure against delinquencies, remains a "go to" sector for investors looking to park some cash. The slew of paper on the planned docket should provide plenty of options for buyers, though getting through the pipeline will take some time.