The first commercial-mortgage-bond deal of the year is expected to be marketed to investors this week, according to sources familiar with the transaction.

The offer is seen as a sign of investors’ willingness to tolerate risk, despite the deteriorating fundamentals of commercial real estate, as long as a deal is accompanied by adequate protection and conservative underwriting.

Royal Bank of Scotland Group, through its real-estate advisory business, will offer a $500 million security backed by existing loans that were refinanced and underwritten to stricter guidelines, the sources said.

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