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Markit reveals removals from CDX investment-grade, high-yield indexes
By Angela McDaniels
Tacoma, Wash., March 10 - Markit Group Ltd. announced which companies will be removed from its Markit CDX North America Investment Grade and Markit CDX North America High Yield indexes when they roll into their next series.
Following a round of voting, International Lease Finance Corp. and Wells Fargo & Co. will be removed from the investment-grade index, and Celestica Inc., CIT Group Inc., Fairfax Financial Holdings Ltd. and L-3 Communications Corp. will be removed from the high-yield index.
On Tuesday, Markit said that International Lease Finance and Wells Fargo were no longer eligible for inclusion in the investment-grade index, but the final vote by index market makers had not yet been completed.
The list of additions and the provisional composition of the Markit CDX North America Investment Grade index series 14 had been expected to be published on Wednesday. The coupon will be published on March 17, the final annex will be published on March 19, and roll trading will begin on March 22.
The list of additions and the provisional composition of the Markit CDX North America High Yield index series 14 will be published Thursday. The coupon will be published on March 24, the final annex will be published on March 26, with roll trading to begin March 29.
The composition of the subindexes will be published Friday for the investment-grade index and Monday for the high-yield index.
The eligible dealers for the indexes are Barclays Capital, BNP, Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, RBS, UBS and Wells Fargo/Wachovia.
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