Not much more than a smattering of issuance priced last week, as a combination of market and non-market factors worked to keep volumes light. Most players were predicting continued softening of spreads in the asset-backed sector, as fears of inflation and rising interest rates have done their part to quiet the volumes and market exuberance which the spring had heralded.

One buysider who quipped that phone calls were not even getting traded among the various shops questioned the rationale of the few issuers that did test the water last week.

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