CREDIT DAYBOOK AMERICAS: High Grade May Stall; CDK Debt to Price

Investment-grade issuance may begin to wane as investors await the May consumer product index report Friday, after seven dealers came to market Wednesday. Auto-dealership software company CDK Global’s $750 million junk bond and $3.6 billion leveraged loan are expected to price Thursday.

• The Markit CDX North American Investment Grade Index, which rises with increased credit risk, opened 0.33 basis points wider to 83.9 at 7:20 a.m. in New York
• With the majority of this week’s high-grade pipeline having already priced, new issue activity will slow into the weekend, Bloomberg’s Brian Smith writes
  • Seven borrowers navigated a weaker market tone ...