Issuers are crowding the commercial mortgage-backed securities pipeline this week, as nearly $5.5 billion in combined conduit and single borrower issuance hits the market. Spreads have settled at 93 basis points over swaps for new issue super senior bonds, but investors say the surge of new supply will test the market. “It will be interesting to see if the market can absorb these conduits at this point in the year,” said one buyer, observing that some buyers may....

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