New issuance last week picked up by to a frenzied pace, pricing $7.5 billion by Wednesday, tailing off late in the week as the focus shifted to the week ahead. The highlights in the primary market were a large deal by benchmark auto issuer as well as deals from names rarely seen by investors, leading to oversubscription and spread tightening.

The largest offering of the week was the fourth retail auto loan offering of the year from benchmark issuer Ford Motor Credit, which sold a total of $2.76 billion of paper via the joint leads and books of Goldman Sachs and Morgan Stanley.

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