More than a month after being scuttled due to comments made to this newsletter by a Warburg Dillon Read official (MBSL 3/27/00, 4/3/00), Lehman Brothers Inc. and UBS Warburg (formerly WDR) relaunched their benchmark $1.37 billion commercial mortgage-backed securities conduit last week to an enthusiastic CMBS crowd, marketing it in force in the hopes of pricing this week.

Attorneys for Lehman and Warburg decided to pull the deal when it was initially launched at the end of March, after Warburg official Brian Harris made comments to MBSL that could have been construed as breaking the "quiet period" enforced by Securities and Exchange Commission laws. In particular, Harris called the deal's triple-A 10-year tranche a "compelling trade" to "writing whole loans" for insurance companies.

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