The commercial mortgage-backed securities market was off to a slow start in the first three months of 2014, with issuance falling a little more than 9% to around $26.9 million compared to the same period in 2013. The conduit market, however, saw issuance rise about 25% to $14.7 billion year over year. 

Demand for new CMBS has been strong and spreads have tightened slightly since the beginning of the year, said Dave Karson, an executive managing director at Cushman & Wakefield. “Super-senior bonds on the last couple of deals have been inside of 90....

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