Yields on bonds backed by commercial mortgages soared to record highs relative to benchmark interest rates last week after the government said it will not buy devalued mortgage assets, and fears are mounting that commercial property investments will be hurt by the economy.

The spread on top-rated commercial mortgage-backed securities rose by 156 basis points to 789 basis points more than benchmark swap rates during the week that ended Nov. 13, according to Bank of America Corp. data.

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