Issuance of commercial mortgage bonds is falling behind the brisk pace set in 2013, but there’s no shortage of demand and terms on deals continue to loosen as the market moves toward a wave of riskier refinancings in the next few years.

The CMBS market clocked in just under $25 billion in deals this year as of May 22, compared with nearly $32 billion in deals over the same period last year, according to Trepp. CMBS deals tend to crowd the first and last quarters of the year, and 2014 appears likely to follow suit.

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