CREDIT DAYBOOK AMERICAS: Risk Gauge Tightens; Apollo’s Lifeline

A measure of U.S. credit risk, the high-grade CDX, is easing alongside rising stock futures as upbeat corporate earnings reports brightened investor sentiment. In primary markets, medical device company Bioventus is expected to price a $415 million junk bond that will finance its acquisition of Cartiheal, while Apollo tossed a lifeline to used-car retailer Carvana by offering to buy roughly half of a struggling junk-bond sale.

• The spread on the Markit CDX North American Investment Grade Index, which declines as credit risk drops, tightened 1.99 basis points to 80.0 as of 7:13 a.m. New York time
• Apollo submitted a ...