After rushing to complete deals in time for the first quarter, issuers and arrangers pulled back last week, managing to complete about $4 billion in deals. That's well below the average weekly issuance of $10 billion so far this year, and sharply less than trader estimates of $7 billion. The market was simply catching its breath after a harried end to March, one trader explained.

"This is now the beginning of the quarter. Most people rushed to finish their deals before the end of the quarter, and they are kind of cranking up the machine again," said another trader. Some market professionals were also waiting for employment numbers to come out next week before plunging into ABS issuance again.

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