Markit, the global provider of financial information services to the financial community, has launched the Markit iBoxx USD Liquid Leveraged Loan Index (Markit Liquid LLI). The index tracks the total return of a basket of approximately 100 of the most liquid dollar-denominated leveraged loans.
Constituents of the Markit Liquid LLI are determined using a variety of metrics indicating liquidity and are selected from nearly 3,000 leveraged loans denominated in US dollars.
The index will be valued daily, using multiple sources of independent pricing data and up-to-date instrument reference data and information on corporate actions, making it a valuable basis for exchange-traded funds and derivative products.
The index will be rebalanced monthly with the goal of representing the most liquid, tradable segment of the loan market.
So far this year, the total return for liquid loans, as gauged by the Markit Liquid LLI, is -2.13%. According to index calculations, liquid loans returned 10.97% for investors in 2010.
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