With approximately 15 business days left to price new deals and only four fixed-rate conduit transactions still left in the pipeline, some CMBS market participants say that last week's abrupt removal of a $716.3 million GMAC offering might upset the visible supply/demand equilibrium of the market, especially in regard to investors' demand for triple-A paper.

According to market sources, the conduit, GMAC Commercial Mortgage Securities 2001-C3, was pulled last Tuesday due to a technical violation of Securities and Exchange Commission regulations governing the quiet period during which a CMBS deal is being marketed and priced. While an official at Deutsche Bank, a co-lead on the offering, had no comment on the matter, outside sources indicate that a trader at the firm inadvertently sent an internal sales memorandum to one of his standard Microsoft Office lists that included a customer in the transaction.

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