Bank of America Merrill Lynch has revised its forecast for issuance of single-borrower commercial mortgage securitizations this year by $5 billion to $20 billion, the bank said in a report published Monday.

The revision was driven by slower pace of single-borrower CMBS issuance so far this year.  In total (both conduit and single borrower CMBS) the bank said it expected about $19 billion of private label gross issuance in the first quarter of this year, which the bank said “lagged last year’s issuance amount at this time.”

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