Massive supply predicted for the end of July arrived last week as a flash flood of deals hit the market.

More than $10 billion was expected to price before Friday's close, and on Wednesday alone, $4 billion in deals sold. The heavy volume triggered spread widening among the most vanilla, usually top tier names. MBNA Corp., Ford Motor Credit Co. and Honda Motor Co. all were forced to go wide in order to bring investors into the deluge.

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