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This week the market was more spooked by the lack of new money ahead rather than the looming spectre of political change.

Primary is getting quiet as sellsiders spent most of the past few months clearing the larder of larger deals and issuers sought to deploy in safer conditions ahead of any potential political instability.

"I'm definitely expecting a pause before and after the US election,” said a sellsider. “The market has been really busy this year for both buyside and sellside. It's just a shame it's been mostly repricings."

“It’s not as if we’re telling people to pull off,” said a second sellsider. “You’re just not looking at 20 names right now. You’re looking at one or two at a time.”