CREDIT DAYBOOK AMERICAS: Junk Primary Roars On; Downgrades Ahead

A key measure of credit risk is widening for a third straight day alongside falling stocks. Aircraft component manufacturer TransDigm’s $750 million bond sale is expected to be the high-yield market’s 11th deal sold this week. Meanwhile, higher-rated investment-grade bonds are showing signs of cracking and downgrades may rule in the intermediate term, according to Bloomberg Intelligence.

• The spread on the Markit CDX North American Investment Grade Index, which rises with increased credit risk, widened 1.83 basis points to 72.8 as of 7:11 a.m. New York time
• Ten companies have raised nearly $7 billion of capital in the junk-bond ...