Markit, a leading, global financial information services company, today announced the launch of the Markit…..
CMBX.NA.AM sub-indices. The new sub-indices, which start trading today, reference CMBS securities that sit between the CMBX.NA.AJ and CMBX.NA.AAA tranches in the capital structure and were originally rated AAA.
The creation of a liquid, tradable index referencing AM securities is expected to bring additional transparency to the pricing of the existing CMBX indices, as well as other CMBS securities. The AM tranche will be added to all existing series of the Markit CMBX family of synthetic commercial real estate indices.
The sub-indices will only reference deals in the current Markit CMBX index series and the following specific indices will be created:
- Markit CMBX.NA.AM.1
- Markit CMBX.NA.AM.2
- Markit CMBX.NA.AM.3
- Markit CMBX.NA.AM.4
- Markit CMBX.NA.AM.5
Many of the AM tranche bonds are eligible for inclusion in the TALF program. Markit expects its CMBX.NA.AM indices to be an actively traded tool for investment in commercial mortgage-backed securities and for managing risk in CMBS portfolios. The index will be priced on a daily basis by the licensed market makers.
Quelle: ETFWorld – Markit
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