CREDIT DAYBOOK AMERICAS: Loan Issuance Wave Extends; CDX Widens

It’s a busy day in the U.S. leveraged finance market with seven meetings scheduled, including DirecTV’s $3.1 billion spinoff loan from AT&T and Asurion’s return to the market with $3.3 billion in loans for a dividend. Meanwhile, the high-grade CDX index, a measure of credit risk, jumped the most since March amid growing anxiety that Covid-19 variants will disrupt global growth.

• “We expect the loan market will follow high yield higher, eventually leading to a greater percentage of the market trading above par and finally an acceleration in repricing activity,” Citi strategists led by Michael Anderson said in a ...