CREDIT DAYBOOK AMERICAS: Country Garden Defaults on Dollar Bond

Chinese developer Country Garden was deemed to be in default on a dollar bond for the first time, underscoring its fall into distress amid a broader property debt crisis that’s shaken the world’s second-biggest economy. Meanwhile, market participants will be watching as a slew of companies are reporting earnings today as fundamentals come in focus.

• The spread on the Markit CDX North American Investment Grade Index, which declines as credit risk drops, widened 0.50 basis points to 77.8 as of 7:26 a.m. New York time
• Country Garden’s failure to pay interest on the note within a grace period that ...