Synthetic CMBS Index Launched

Published March 06, 2006, 3:00 p.m. EST

1 Min Read

CDS IndexCo LLC and Markit Group Ltd., both based in New York, have announced the launch of CMBX, a synthetic index of U.S. commercial mortgage-backed securities.The index consists of five subindices based on the 25 most recent CMBS deals. To qualify for inclusion in the index, a deal must total at least $700 million and an issuer must have ratings from at least two of the following rating agencies: Moody's Investors Service, Fitch Ratings, and Standard & Poor's Ratings Services. CDS IndexCo is a consortium of 16 investment banks licensed as market makers in the Dow Jones CDX indices, and Markit Group is a provider of independent mark-to-market pricing and valuations. The market-makers in the new CMBX index are Bank of America, Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Nomura International, RBS, Greenwich Capital, UBS, and Wachovia. Markit Group can be found online at http://www.markit.com.

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