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CDS IndexCo and Markit Announce removals from the CDX North America High Yield Inex Which is Expected to Roll on March 27, 2007
NEW YORK – March 7, 2007 – CDS IndexCo LLC (“CDS IndexCo”), a consortium of 16 investment banks licensed as market makers in the CDX indices, and Markit Group Limited (“Markit”), the leading provider of independent data, portfolio valuations and OTC derivatives trade processing, today announced which companies will be removed from the CDX NA High Yield Index (CDX.NA.HY). The index is expected to roll on March 27, 2007. The portfolio selection process was conducted by Markit, the index administrator, with input from the member banks of the CDS IndexCo consortium.
The member banks that are part of the CDS IndexCo consortium include: ABN AMRO, Bank of America, Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS, and Wachovia.
COMPANIES TO BE REMOVED FROM THE CDX.NA.HY INDEX
The following table outlines the companies that will be removed from the CDX.NA.HY Index. Companies that will be added to the index are expected to be announced on Friday, March 9, 2007 after the close of the market via press release. The changes to the index will be effective as of the roll date.
| INDEX | REMOVED* |
| CDX NA HY Series 8 | · Bowater Incorporated · FelCor Lodging Limited Partnership · Houghton Mifflin Company · Mosaic Global Holdings Inc. · NAVISTAR INTERNATIONAL CORPORATION · PRIMEDIA Inc. · Sinclair Broadcast Group, Inc. · SunCom Wireless, Inc. · UNITED STATES STEEL CORPORATION · Xerox Corporation |
The index is scheduled to roll every six months in order to rebalance the portfolio as necessary.
*The underlying names which were removed from CDX NA HY Series 8 remain present in CDX NA HY Series 7.
To view the underlying constituents of each index, daily prices and spreads, constituent information and documentation for CDX NA HY, please go to www.markit.com.
For additional information regarding this press release please contact:
CDS IndexCo
Michael Mandelbaum
Tel: +1 310 785-0810
Email: michael@mandelbaummorgan.com
Markit
Teresa Chick
Tel: +44 20 7260 2094
Email: teresa.chick@markit.com
Note to Editors:
About CDS IndexCo
CDS IndexCo is a consortium of 16 investment banks which are licensed as market makers in the CDX indices. The market makers include: ABN AMRO, Bank of America, Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS, and Wachovia.
About Markit
Markit Group Limited is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 70 dealing firms, and its services are used by almost 1,000 institutions to enhance trading operations, reduce risk and manage compliance.
Markit's position in the derivatives markets has been acknowledged by the industry with numerous awards. In 2006, the company won Operations Management's Vendor of the Year award (Trade Processing); Financial News' Best Derivatives Data Solution and Best New Vendor Solution (Portfolio Valuations); Credit's Best Operational Support Services Provider; Inside Market Data's Reference Data Provider of the Year, and Company to Watch; Risk's Trading Initiative of the Year (Credit Event Fixings); and Structured Finance International's Editor's Award for Advancing Structured Finance. In 2005, Markit received International Securitisation Report's Editor's Award for Innovation; International Financing Review's Innovation of the Year (Credit Event Fixings); Financial News' Best Derivatives Data Provider; and Operations Management's Vendor of the Year award.