As if trading activity wasn't fast enough in the first couple of weeks of the year, the post-Commercial Mortgage Securities Association (CMSA) conference trade only exacerbated the flow.

The secondary market saw more than $2.5 billion in bid lists hit the Street, mainly of triple-A paper, and challenged the rapid tightening that characterized the sector of late. As surprising as it was, spreads actually tightened further, much to the joy of portfolio managers who were offering out their expensive holdings and to the chagrin of dealers, who in some cases are still looking to increase their inventories.

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