In a holiday-shortened quiet week it was no surprise that investment grade issuance only totaled $3 billion bringing the YTD total to $282 billion. $1 billion worth of high yield deals were also priced. The illiquid conditions evident during the week also impacted the 4-week moving average deal size which has now dropped below $350 million, a low for 2002. Average credit quality is also slipping from the much higher levels seen earlier in the year and is now solidly at the BBB level.
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