Steady primary issuance continues to steal the market spotlight, keeping secondary trades at a virtual lull. March issuance has already reached $5.9 billion, with another $13.8 billion expected to price before the end of the month.

According to Merrill Lynch's investment manager survey, there is plenty of cash to put to work, although risk aversion is an increasing factor. Current issues in the market demonstrate a desire for safety, as investors are drawn to larger plain vanilla deals, mortgages and seasoned structures with short- to medium-term maturities.

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