The subordinated B-piece market has absorbed $1.6 billion in supply year-to-date, surpassing 2011's $1.5bn figure, according to Standard & Poor's.

Rialto, said S&P is the most active B-piece buyer in the field which also includes  Eightfold Capital, Blackrock, Raith Capital, Basis Investment & Artemis Real Estate, CIBX Commercial Mortgage, Torchlight Investors, and CBRE Capital Partners.

During the peak, S&P calculated that the annual B-Piece market size was roughly $5 to $6bn. The ratings agency estimated the total size using the assumption that the B-Piece consists of the non-investment grade rated portion of non-agency conduit deals.  



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