The deal comes on the heels of another volatile day on Wall Street. After the Dow regained over 400 points yesterday, political unrest in Europe and recession anxiety in America caused stocks to take another tumble this afternoon, but analysts predict this may become the new normal. Julia Tcherkassova, a CMBS strategist at Barclays Capital, could not comment on the UBS/Deutsche transaction specifically, but tells GlobeSt.com that volatility will likely persist in the CMBS space although it is not substantially underperforming overall.

“We see that CMBS is probably more volatile compared to some of the corporate unsecured REITs, and that’s something we’ve been highlighting in our research,” Tcherkassova says. “We believe that CMBS is attractive right now compared to some other products. In terms of spreads, we are probably back to the levels that we have seen last back in June of last year using Monday's close. Yesterday the markets snapped back and we’ve seen a lot of improvements in trading," she says, explaining that liquidity is improving as a result. "We've seen some marginal interest from the high yield funds, which is probably a good sign for liquidity in the market overall.”

Office properties represent the highest concentration of the pool at 38.6%, retail representing 24.1% and hotels representing 22.3%, according to a report from Fitch Ratings. The ratings agency reviewed 84.8% of the pool, and determined in a report that its average volatility score is 3.67, worse than the scores for the majority of other recent fixed-rate deals, but says its overall collateral quality was better than other recent deals. According to Fitch, the 2011 most recent fixed rate deals had an average volatility score of 3.30.