In the past month, four CMBS deals totaling just over $2.5 billion have been floated to the market, bringing 2011 non-agency issuance to $32.0 billion. The recent transactions included one multi-borrower floating-rate deal, a single asset mall securitization and two conduit-fusion transactions. To the issuers benefit, these deals came to market during a decidedly less volatile spread environment stemming from positive macro sentiment and optimism for Europe. For the floating-rate and single asset deals, demand was robust and offered classes were well over-subscribed. As for new issue CMBS conduits, both dealers quickly sold their respective AAA bonds due to strong demand for high quality, 30% subordinated publicly registered certificates. The benchmark 10-year AAA bonds had an average pricing spread of S+140 or approximately a 3.5% yield. On the other hand, credit bonds have been difficult to move and had to price to higher yields with the latest BBB- bond priced at S+950, an approximately 12.0% yield.