By Tad C. Philipp, Team Managing Director, Moody's Investors Service
U.S. CMBS issuance for the first half was approximately $26 billion, down 16% from the same period last year. Based on reports from issuers of continued slow loan production, Moody's Investors Service is maintaining its initial forecast for total volume to come in at approximately $62 billion, or 15% below last year's near record pace of $74.3 billion (the record was $77.7 billion set in 1998). International CMBS volume during the first half was approximately $12 billion and is well on the way to meeting Moody's initial forecast of $25 billion, which is maintained as well. The strong growth of international CMBS continues and may reach one-third of total issuance this year.