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Commercial mortgage-backed securities could make a relative comeback this year. But issuance will likely still be a far cry from what it was at the height of this market.
Mary Ellen Egbert, managing director and head of the restructuring group at JPMorgan Chase, told attendees at the recent Goodwin Proctor/Columbia Business School real estate capital markets conference in New York that CMBS issuance could total as much as $50 billion this year. Others predict closer to $40 billion.
Devin Murphy, managing director of investment banking and vice chairman at Morgan Stanley, said while moderating a panel at the conference there was about $10 billion of CMBS issuance in 2010. So this year still could be a tremendous improvement on that.
As far as performance and real estate recovery, Ric Clark, president and chief executive officer of Brookfield Properties Corp., told attendees at...