The deep freeze that the primary market has endured the last two weeks may begin to thaw a bit this week, aided by the much-anticipated news on Friday that the House approved the $700 billion financial rescue plan. But some market participants said it was too early to expect new-issue business to bounce back quickly given that the nation's economic crisis is far from over.

Volume will remain significantly diminished from its usual pace, with total new issuance estimated at just $1.25 billion this week, compared with a revised $1 billion last week, according to Thomson Reuters. This week's negotiated volume is estimated at $888.6 million, slightly less than last week's revised $888.8 million, while competitive sales are estimated at $370.6 million, up from $117.7 million last week.

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