Demand was strong for Developers Diversified Realty's commercial-mortgage bonds, the first such deal made via the Federal Reserve's Term Asset-Backed Securities Loan Facility. "The DDR transaction represents a partial crossing of a very long bridge leading toward a healthier commercial real estate market," said Joseph Baksic, a senior analyst at Moody's Investors Service. Analysts and investors warned that problems remain with many mortgages.

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