Though first half domestic issuance was down 15% to 16% from the same period in 2001, the July calendar brings hope that the second half will make up some of the difference.

In the pipeline are five conduits for $6 billion and four to five large loan floating-rate transactions totaling $4 billion to $5 billion, all scheduled for the next four weeks, according to Banc of America Securities. While pricing all of those issues seems like a lofty goal, on the conduit side at least three deals are expected to print by the end of July.

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