Two commercial mortgage bonds that priced last week demonstrate that investors are increasingly differentiating between deals backed by loans from a single borrower, according to analysts at BofA Merrill Lynch.

Both deals were backed exclusively by super regional malls, but one, a $760 million deal backed by five Starwood Capital Group malls, priced wide of initial talk, while the other, backed exclusively by the Aventura Mall in Aventura, Florida, priced inside initial guidance.

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