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CMBS production, like any other senior debt products, is obviously down as no one is borrowing unless they absolutely need to. It will come back eventually, especially as a lot of 2013-14 (first real years that CMBS came back post GFC) vintage CMBS loans come due. There are some other issues for b buyers to contend with as well. The biggest may be that due to the fewer number of b pieces yields on the first loss bonds have not really gapped out like other products in the market, so it makes it hard for relative value shops to put their money into b pieces, although this would affect B-Piece only/primary funds less than others in the space. 

 
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