New issuance continued to be diversified across sectors and well received last week, sources said. Selectively the market was seeing some selling by accounts of off-the-run names/sectors with bids meeting mixed results.

Additionally, the Street is seeing good retail demand for fixed-rate credit cards inside of five years, sources said, as well as non-California rate reduction paper across the curve, according to Banc of America Securities. With minimal new issue supply in the sector and light secondary trading positions, spreads are firm to tighter for the product, noted one analyst.

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