The deals that priced over the week were quickly replenished by several new deal announcements made last week. However, the pricing debate is still on and market analysts say they expect to see momentum move in one direction or another.

"Sentiment in U.S. markets appears to be increasingly guarded in light of the housing data in those markets," Royal Bank of Scotland analysts said. "Time will tell if this sentiment turns jitteriness into real weakness and spills over into the European markets. The new HBOS de-linked transaction may offer some clues, but we expect that some participants will use the opportunity of a different vehicle out of the same trust to declare a new issuer, thereby finding potential new capacity in credit lines."

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