Though volume was a bit light versus the hefty $10 billion priced in last week's market, spreads stayed soft as issuance was off-the-run with the exception of a credit card deal from Bank of America. First Security, Navistar, Equicredit and Advanta made up non-vanilla transactions.

Spreads widened from premarketing squawk on Navistar's $715 million heavy truck transaction and Equicredit's $870 million home equity offering, though only by a few basis points. The weather was splendid compared to the chill felt in the corporate sector, as spreads in that market were fattened 15 to 20 basis points to entice finicky investors.

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