Royal Bank of Scotland plans to offer a $500 million commercial mortgage-backed securities deal this week, sources said. The offering is seen as an indication that investors are increasingly willing to take on more risk as long as the transaction includes conservative underwriting and adequate protection. "The tap is opening, but not in full force," said Thomas Zatko of Babson Capital. "We will see issuance increase in frequency, but there are still lots of issues around CMBS."

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