Although ratings agencies have imposed tougher standards for the top-rated tranches of commercial mortgage-backed securities, it hasn't led to greater issuance of subordinated tranches.

In a report published today by JPMorgan, analysts said its forecast of $30 billion to $35 billion of CMBS issuance for 2012 would corresponds to roughly $800 million in market value of noninvestment-grade bonds. According to Standard & Poor's, during the 2006-2007 peak of the CMBS market there were about a dozen B-piece players that bought more than $5 billion worth of the bonds.

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