The U.S. ABS primary market priced a trim $7 billion in the holiday shortened week. Last week's hawkish statement by the Federal Open Market Committee and a mild case of the summer doldrums may have conspired to keep the ABS market in decline for the second week in a row. But as the ABS market simmered, tensions raged overseas as rioters protested the G-8 summit and the week ended in tragedy for many Londoners as explosions rocked the city's citizenry.

Credit card and automobile deals were noticeably absent from the undersized issuance calendar, but three student loan deals, a timeshare deal and a small business loan deal were mixed in among the usual spate of real estate deals.

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