iTraxx Europe And Crossover Indices Roll Out Membership Changes
16 3월 2012 - 12:06AM
Dow Jones News
The final membership of the new Markit iTraxx Europe and
Crossover indices has been announced by Markit in a report
Thursday, with the changed scheduled set to roll out March 20.
Three new names have been added to the iTraxx Europe index,
which comprises 125 high-grade borrowers, 25 of which are banks and
insurers.
French construction and communications group Bouygues SA
(EN.FR), Rolls-Royce PLC (ROLLS)--making a reappearance after being
removed at the last roll--and HSBC Bank PLC (HSBC) have all been
added to the list.
"HSBC is one of the strongest financial institutions in Europe
and its spreads are currently trading tighter than any other bank
in the Markit iTraxx Europe," said Gavan Nolan, analyst at Markit
in the report.
Three names have been removed from the index after all failed to
meet the ratings criteria. They are Finmeccanica SpA (FINMEC),
Banco Popolare (BPSC) and ArcelorMittal (ARMLL).
Finmeccanica and Banco Popolare are based in Italy, and have
suffered from that country becoming embroiled in the euro-zone debt
crisis.
Nolan noted that Banco Popolare has rallied considerably in
recent months thanks to the European Central Bank's injections of
cheap three-year loans into the banking system, and investors
taking a more sanguine view of Italy. But its credit standing still
pales in comparison to HSBC.
In the Crossover series, which comprises 40 mostly
sub-investment-grade European corporate borrowers, Arcelor Mittal
(ARMLL), Deutsche Lufthansa AG (LUFTHA), Finmeccanica SpA and
Jaguar Land Rover PLC (JAGULAN) have all been added.
In addition to the usual eligibility criteria, these companies
must also have issued a minimum of EUR500 million of new debt over
the past 12 months in a currency which is deliverable in a credit
default swap contract.
Clariant AG (CLAR), Fresenius SE & Co. KGaA (FSEKGA) and
Smurfit Kappa Funding PLC (MDPAC-SKF) were removed because their
spreads are too tight.
Scandinavian Airlines System Denmark-Norway-Sweden
(SAS-ScanAirSys) does not have sufficient amounts of debt
outstanding to qualify for inclusion, added Nolan in the
report.
Credit default swaps are derivatives that function like a
default insurance contract for debt. If a borrower defaults,
sellers compensate buyers.
-By Sarka Halas, Dow Jones Newswires; +44 (0) 207 842 9236;
Sarka.Halasova@dowjones.com
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