Commercial mortgage-backed securities issuance in the first quarter of 2006 fell 26 percent from the final three-month period of last year, possibly signaling a cyclical shift in the market. Clocking in at $46.4 billion, CMBS issuance was down $16.1 billion from the previous quarter, but it was still the second best quarter on record, according to the Inside Mortgage Finance MBS… [One data table included]