Commercial mortgage-backed securities buyers have shrugged off news of another month of tapering from the Federal Reserve, and are piling on longer-duration, fixed-rate assets despite the specter of rising interest rates. Indeed, a new conduit deal was priced at guidance and traders told REFI that demand is strong for legacy CMBS.

“The market is actually rallying through tapering. Even at a reduced rate [from the Federal Reserve], money is still flowing into capital assets, so I am bullish on spreads....

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