CREDIT DAYBOOK AMERICAS: Wave of Bank Bonds; Spreads Seen Wider

A deluge of fresh bank bonds is poised to sweep corporate debt markets, with some on Wall Street anticipating an uptick in sales as regulators weigh tougher capital requirements. Meanwhile, Barclays says credit spreads are too tight and expects them to trade at the wide end of their normal long-term ranges by year end but avoid peaking at recession-like levels in 2023.

• The spread on the Markit CDX North American Investment Grade Index, which declines as credit risk drops, tightened 0.31 basis points to 63.3 as of 7:23 a.m. New York time
• The six biggest banks in the US ...