CREDIT DAYBOOK AMERICAS: Country Garden Bondholders Seek Default

A group of Country Garden creditors is seeking to declare a default on a yuan bond, adding a fresh complication for the distressed Chinese developer whose liquidity crisis has shaken the nation’s financial markets. Meanwhile, US officials are looking at ways to give a broader swath of financial firms, including nonbank mortgage lenders, the ability to borrow from Federal Home Loan Banks.

• The spread on the Markit CDX North American Investment Grade Index, which declines as credit risk drops, was unchanged at 62.6 as of 7:24 a.m. New York time
• Country Garden investors who say they collectively hold 10.5% ...