As bankers and investors in the US prepare for a record month of commercial mortgage-backed securities issuance, global volume so far this year has already passed the total for 2004.

Bankers are expecting about $25bn (£14.1bn) of issuance this month. And deals are getting bigger. While the typical issue was less than $1bn just a few years ago, $2bn deals are now common. Goldman Sachs and RBS Greenwich are preparing an issue for launch as early as this week that could top $5bn.