I t was the best of times, it was the worst of times....

Unlike the last two January's new issuance is hitting the primary market at a moderate pace this year, pricing just over $10 billion in the first two weeks of the New Year, versus $17.5 billion in the first two full weeks of 2002. Similarly, however, many of the same names - including Citibank, Discover Card, Ford Motor Credit, and, GMAC and mortgage unit GMAC-RFC - have already priced deals in the New Year.

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