LONDON (Reuters) – Europe’s senior index of leveraged loan credit default swaps (LCDS), the LevX, closed at record lows of 67.61 on Tuesday, after brushing an intraday record of 67.39 at midday, official Markit data shows.
The European senior synthetic loan index closed at 68 last Friday, having fallen from 79.9 at the turn of the year, according to the data.
Markit’s iTraxx credit default swaps (CDS) indexes are expected to tighten when they roll at the end of the month, as less liquid underliers are dropped. [ID:nLA460146]
The LevX senior index is due to roll into series 4 on Friday March 20, with a reduced pool of 50 underliers from its current 75. The LevX subordinated index will not roll.
On the European secondary cash loan market, indicative average bids on Europe’s top 40 leveraged loans inched lower to 64.47 percent of face value, from 64.57 percent on Friday, according to data from Thomson Reuters LPC.
(Reporting by Zaida Espana, editing by Will Waterman)
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.