Subject: Commercial MBS (CMBS)

October 28, 1999Merrill Lynch Mortgage Investors Inc., 1999-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifeSpread(BP)BnchMark A-110026.5AAAAAA5.6+117Treas.A-2350.3526.5AAAAAA9.6+136.25Treas.B33.721AAAA9.9+158.25Treas.C27.616.5AA9.9+180Treas.D9.215A-A-9.9+195Treas.E21.411.5BBBBBB9.9+250Treas.F7.610.25BBB-BBB-10.25+335Treas.X613N/AAAArAAA9.05+400Treas.

October 26, 1999 WASHINGTON – Allied Capital Corp. (NASDAQ:ALLC) said it invested $27.8 million during the quarter ended Sept. 30 in commercial mortgage-backed securities with a face value of $50.4 million.Allied Capital is one of about six investors that have ...

The $2 billion transaction priced at levels close to those expected. Meanwhile, Merrill Lynch and PaineWebber are launching a conduit deal.

Merrill Lynch is teaming up with Paine Webber and ORIX Real Estate on the conduit issue. Next month, Merrill will be in the game again, with First Union.

October 21, 1999PRICE TALK: Merrill Lynch Mortgage Investors Inc., Series 1999-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifeSpread(BP)BnchMarkA-110026.5AAAAAA5.64+115-118Treas.A-2350.426.5AAAAAA9.6+135-138Treas.B33.721AAAA9.9+153-158Treas.C27.616.5AA9.9+175-180Treas.D9.215A-A-9.9+190-195Treas.E21.411.5BBBBBB9.9+240-245Treas.F7.610.25BBB-BBB-9.9+330-335Treas.X (IO)613N/AAAArAAA9.05+400*Treas.* At zero percent CPR.

October 21, 1999 SASCO Floating Rate Commercial Mortgage Trust 1999-C3ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchAvg.LifeSpread(BP)BnchMarkA783.861AaaAAA1.56+401 mo. LiborB120.655Aa1AA+1.79+601 mo. LiborC80.451Aa2AA1.95+701 mo. LiborD70.347.5Aa3AA--+851 mo. LiborE75.443.75A1A+-+1101 mo. LiborF75.440A2A-+1201 mo. LiborG70.336.5A3A--+1501 mo. LiborH60.333.5Baa1BBB+-+2251 mo. LiborJ80.429.5Baa2BBB-+2501 mo. LiborK20.128.5Baa3BBB--+3001 mo. Libor

More deals are expected to launch next week, with billions of dollars competing for the attention of investors as November closes in.

The $781.1 million deal has 81 loans on 103 multi-family and other properties. Investors like what they see.

American Mortgage Acceptance has the financial wherewithal to become a player in the CMBS B-piece market -- it has some $60 million of cash, some of which will be used to buy B-pieces.

October 12, 1999 PNC Capital Markets Inc. has hired Timothy Martin as managing director, and Nicholas R. Stone as director, to create a commercial mortgage-backed securities desk.Martin formerly was on the CMBS trading desk of First Union Capital Markets, while ...