The new issue calendar missed expectations and priced just $15.5Bln last week. Spreads were 2 to 8Bps tighter as U.S. Treasury yields moved higher.

On the surge higher in rates we saw $4.5Bln of Net Client buying on the week as investors pushed money into the market on back up in yields.

A light new issue calendar is expected this week with just $10-15Bln on the docket. Regional banks and money center banks are set to report earnings starting on Friday.