CDS, Markit announce removals from CDX North America High Yield index

By Jennifer Chiou

New York, Sept. 6 - CDS IndexCo LLC and Markit Group Ltd. announced the removal of companies from the CDX NA High Yield index, which is expected to roll on Sept. 27.

The following companies were removed from the high-yield index: Delhaize America, Inc., Huntsman International LLC, Lucent Technologies Inc., Parker Drilling Co., Reynolds American Inc., Solectron Corp. and Triad Hospitals, Inc.

Additionally, the reference obligation for KB Home will be changed to a senior bond from a subordinated bond.

The index is scheduled to roll every six months in order to rebalance the portfolio as necessary.

Companies that will be added to the indexes are expected to be announced on Sept. 10 for the high-yield index.

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.

Markit provides independent data, portfolio valuations and OTC derivatives trade processing to the global financial markets.

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