CREDIT DAYBOOK AMERICAS: Avaya Lenders’ Letter; Jackson Hole

Broader markets were on rocky footing Friday morning as investors brace for Federal Reserve Chair Jerome Powell’s speech this morning at Jackson Hole. Avaya lenders are asking the company to hold on to funds it had placed in an escrow account to pay off convertible bonds due next year. Spreads on CCC debt widened further to 975 basis points.

• The spread on the Markit CDX North American Investment Grade Index, which rises with increased credit risk, widened by nearly 1 basis point to about 81.7 basis points at 7:20 a.m. in New York
• A group of Avaya lenders ...