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Markit MCDX Indices
Welcome to the Markit MCDX Homepage
Markit, in conjunction with major broker-dealers in the credit derivative and municipal bond markets, has launched a new credit index referencing municipal CDS, Markit MCDX.
The index started trading on May 6, 2008, and is referred to as MCDX.NA.10. Find below key characteristics of the index, and links to documentation and the investor call, which took place on April 29, 2008, and for which a replay is accessible.
Markit MCDX.NA.10 End-of-Day Spreads (Aug 29, 2008)
| Index | Price | Spread |
|---|---|---|
| MCDX.NA 10 V1 3Y | 98.81 | 81.75 |
| MCDX.NA 10 V1 5Y | 97.98 | 85.00 |
| MCDX.NA 10 V1 10Y | 96.90 | 86.00 |
Key Points
| Reference Entities | 50 - Excludes Tobacco and Healthcare issues |
| Reference Obligations | Revenue, General Fund Obligation, Full Faith & Credit - At least $250 million outstanding uninsured debt |
| Deliverable Obligations | Of equal or higher ranking in capital structure |
| Ratings | BBB- (S&P), Baa3 (Moody’s), or BBB- (Fitch) or above and not on negative watch |
| Credit Events | Failure to pay, Restructuring |
| Coupon Payment Date | March 20, June 20, September 20, December 20 |
| Roll Dates | April 3, October 3 |
| Assumed Recovery Rate for Upfront Calculation | 80% |
| Tenor | 3, 5, 10 years |
| Settlement | Physical - Auctions are expected to be run in case of credit events and cash settlement will be considered for future series |
| Name | MCDX.NA.10 |
| RED ID | 5A79DPAA5 |
Markit MCDX.NA.10 Fixed Coupon
| INDEX | 3 Year | 5 Year | 10 Year |
| Markit MCDX.NA.10 | 35 | 35 | 40 |
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