Three retail-heavy commercial mortgage-backed securities conduit deals hit the Street last week.

A partnership between Wells Fargo and RBS launched WFRBS 2014-C20, a $1.3 billion CMBS conduit with a 32.2% retail concentration while JPMorgan and Barclays Capital have rolled out the $1.4 billion JPMBB 2014-C19, which has a 41.6% retail exposure. Deutsche Bank’s $1.2 billion COMM 2014-CCRE17 followed the two, and contains a similarly high exposure to the retail sector at 33.2%.

The retail weighting all led one investor to muse that while multifamily borrowers go to agency lenders and office borrowers go to insurance companies, retail borrowers are coming to CMBS. “CMBS is....

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