Asset securitization professionals did not have a huge workload awaiting them after the Independence Day holiday last week, as a mere $6 billion in potential new issuance was being marketed. Some market professionals predicted that just $3 billion in new issuance would price by week's end.

By press time, a tiny $26 million scratch and dent deal came to market from CWL-2006-SD2, via Countrywide Securities. The 4.70-average life tranche priced at 115 basis points over the one-month Libor, while the tranche benchmarked against swaps came in at 900 basis points over.

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