A slow week of supply came to an early close, as the new issue calendar was cleared by late Wednesday. The fact that most issuers' quarterly funding needs had been addressed earlier in the month as well as the upcoming Independence Day holiday were cited as the main reasons for the slowdown, which saw just $2.2 billion of dollar-denominated issuance price, down from the meager $4.1 million the week before.

Leading the week's issuance was a mammoth multi-currency global securitization of U.K. residential mortgages from Abbey National vehicle Holmes Financing No. 4, which topped $3.6 billion (U.S. dollar equivalent).

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