Spreads in the commercial mortgage-backed securities market in the U.S. tightened as Europe negotiated a resolution to its sovereign-debt crisis, and investors are returning to the market. "We have really seen a number of clients return to legacy assets," a CMBS trader said. "For a while, CMBS was lagging competing asset classes pretty dramatically. It kind of led the way down and then, when high yield and other asset classes started to recover, our market really lagged. Today, that has really changed."

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