Bank of America Merrill Lynch has cut its 2014 forecast for issuance of commercial mortgage bonds in light of the unexpectedly slow start to the year.

Gross issuance of conduit deals – those backed by multiple loans – is currently on par with that seen last year at this point in time, according to the report: including two deals totaling about $2 billion that are currently in the market and are expected to price next week, issuance for the year stands a bit over $21 billion.

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