The slower pace of new issuance in consumer asset-backed securities, especially from the historically largest issuers, leaves the market without benchmarks to base pricing on, according to a report by Wells Fargo.

According to Wells Fargo, new issuance volume through July has fallen 9.4% behind the 2012 pace. Analysts said that they expect the combined new issuance for June and July to total $22 billion in 2013 but in 2012 the combined total for the two months was already at $37 billion.

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