Production levels of commercial mortgage-backed securities continued on its upward path in the third quarter of 2003, with new issuance reaching $20.84 billion, according to a new analysis by Inside MBS & ABS. Third quarter figures show a 12.6 percent increase compared with the previous quarter, which saw $18.51 billion in new production. So far this year, CMBS issuance has reached $56.2 billion, surpassing