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Two CMBS conduit deals valued at $2.9 billion expected to issue

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JPMorgan Chase (JPM) and Wells Fargo (WFC) are expected to issue two conduit commercial mortgage-backed securities deals next week valued at $2.9 billion. With the new deals on the horizon and the expectation that $14.5 billion in new CMBS issuance will occur between mid-May and the end of September, this segment of the market is on course to reach or exceed the annual 2011 CMBS forecast of total issuance in the $35 billion range, according to Commercial Mortgage Alert. In fact, Commercial Mortgage Alert expects total issuance to reach $27 billion by the end of the third quarter. Analysts earlier in the year projected that the rejuvenated CMBS market, which became known as CMBS 2.0 after the economic recovery, could reach the $35 billion new issuance mark even though this figure is still below some of the historic highs reached during the economy. The need for commercial real estate financing is growing and more conduit funding type deals are expected this year. However, there are regulatory speed bumps on the road to recovery. Last week, commercial real estate finance professionals warned lawmakers Wednesday the securitization risk-retention framework outlined in Dodd-Frank is potentially the greatest threat to a recovery in the commercial mortgage-backed securities segment. Write to: Kerri Panchuk.

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