Markit LCDX News
Nalco Company Removed from Markit LCDX

31 January 2012 - All loans listed on the Syndicated Secured List for Nalco Company were voted off through a dealer poll. The 30 business day window for suggesting substitute obligations runs out at the close of business January 31, 2012. New versions of the impacted Markit LCDX series will be issued at that point, with an annex date of February 1, 2012.

Please note that trading on the index, with Nalco removed, is expected to begin on February 1, 2012. The Cash Settlement Date for this event is being determined by ISDA in consultation with the market participants. Accruals with Nalco included will only run up to the close of business January 31, 2012. 

The RED codes for the new versions are as follows:

 
Index Series Version On the Run RED Code
LCDX.NA 8 36 N 5F199GFL6
LCDX.NA 9 32 N 5F199GFM4
LCDX.NA 10 31 N 5F199GFN2
LCDX.NA 12 22 N 5F199GFO0
LCDX.NA 13 12 N 5F199GFP7
 
Eastman Kodak Company Removed from Markit LCDX due to Bankruptcy
30 January 2012 - A bankruptcy credit event has been declared for Eastman Kodak Company by the ISDA Determinations Committee. It has now been confirmed that no auction will be held to settle LCDS trades. Therefore, new version of the impacted Markit LCDS index series will be issued with Kodak Eastman Company removed and an annex date of January 31, 2012. The RED codes for the new versions are as follows:
 
Index Series Version On the Run RED Code
LCDX.NA 12 21 N 5F199GFF9
LCDX.NA 13 11 N 5F199GFG7
LCDX.NA 14 4 N 5F199GFH3
LCDX.NA 15 3 N 5F199GFI5
LCDX.NA 16 3 N 5F199GFJ1
LCDX.NA 17 2 Y 5F199GFK8
 
Domtar Corporation Removed from Markit LCDX

24 January 2011 - All loans listed on the Syndicated Secured List for Domtar Corporation were voted off through a dealer poll. The 30 business day window for suggesting substitute obligations runs out at the close of business January 24, 2012. New versions of the impacted Markit LCDX series will be issued at that point. As per best practices, cash settlement can occur after ten business days on February 7, 2012. 

 
Index Series Version On the Run RED Code
LCDX.NA 8 35 N 5F199GFA0
LCDX.NA 9 31 N 5F199GFB8
LCDX.NA 10 30 N 5F199GFC6
LCDX.NA 12 20 N 5F199GFD4
LCDX.NA 13 10 N 5F199GFE2
 
GEORGIA-PACIFIC LLC and Graham Packaging Company, L.P., Removed from Markit LCDX

21 November 2011 – All loans listed on the Syndicated Secured List for GEORGIA-PACIFIC LLC and Graham Packaging Company, L.P., were voted off through a dealer poll. The 30 business day window for suggesting substitute obligations for these two names runs out at the close of business November 21, 2011. New versions of the impacted Markit LCDX series will be issued at that point. Recovery will be assumed as 100%. As per best practices, cash settlement can occur after ten business days on December 6, 2011.

The RED codes for the new versions are as follows:

Index

SeriesVersionOn the RunRED Code
LCDX.NA834N5F199GEV5
LCDX.NA930N5F199GEW3
LCDX.NA1029N5F199GEX1
LCDX.NA1219N5F199GEY9
LCDX.NA139N5F199GEZ6
 
 
Dynegy Holdings, LLC, Removed from Markit LCDX due to bankruptcy

10 November 2011 - A bankruptcy credit event has been declared for Dynegy Holdings, LLC by the ISDA Determinations Committee. However, it has been confirmed that no auction will be held to settle LCDS trades. Recovery will be assumed as 100%. New version of the impacted Markit LCDS index series will be issued with Dynegy Holdings, LLC removed.

The RED codes for the new versions are below

 

Index

Series

Version

On the Run

RED Code

LCDX.NA

14

3

N

5F199GES2

LCDX.NA

15

2

N

5F199GET0

LCDX.NA

16

2

N

5F199GEU7

 
Dynegy Holdings, LLC, Removed from Markit LCDX

7 October 2011 – All loans listed on the SSL for Dynegy Holdings, LLC, were voted off. The 30 business day window for finding substitute obligations ends at close of business, October 7, 2011. New versions of the affected LCDX series will be issued at that point, the provisional RED codes for which are as follows:

Index

Series

Version

On the Run

RED Code

LCDX.NA

12

18

N

5F199GEQ6

LCDX.NA

13

8

N

5F199GER4

Cash settlement will be ten business days later on October 24, 2011.

 
Coupon for Markit LCDX.NA.17
28 September 2011 – The coupon for Markit LCDX.NA.17 will be 250 bps. The index continues to roll with a maturity of 5 years.
 
Provisional RED Code for Markit LCDX.NA.17

27 September 2011 – The provisional RED code for Markit LCDX.NA.17, scheduled to launch on October 3, is as follows:

Index

SeriesVersion9 digits REDID
LCDX.NA.171715F199GEP8
 
Newpage Corporation Removed from Markit LCDX

22 September 2011 – New versions have been issued for Markit LCDX index series impacted by the NewPage Corporation credit event. Please note that the RED codes are as follows:

Index

Series

Version

9 digits REDID

LCDX.NA

8

33

5F199GEK9

LCDX.NA

9

29

5F199GEL7

LCDX.NA

10

28

5F199GEM5

LCDX.NA

12

17

5F199GEN3

LCDX.NA

13

7

5F199GEO1

 
Provisional list of Additions for Markit LCDX.NA.17

20 September 2011 - Following are the additions expected for the upcoming Markit LCDX.NA.17 index that is set to roll on 3 October, 2011. Please note that these changes remain provisional till publication of the finalized annex for the index.

Additions

Chrysler Group LLC

Dynegy Power, LLC

The Gymboree Corporation

Lawson Software, Inc.

NBTY, Inc.

 
No Auction to be Held for Newpage Corporation
19 September 2011 - Participating Dealers have voted not to hold an Auction for purposes of Bullet LCDS or Bullet LCDX transactions referencing NewPage Corporation. NewPage is reported to have repaid the only outstanding loan on the relevant syndicated secured list. As a result, the Eligible LCDX Members do not intend to pursue the development of Auction Settlement Terms for LCDS and LCDX transactions and so no Auction for NewPage will be held. Pursuant to the LCDS Auction Rules published May 22, 2007, the NewPage Auction will be formally abandoned on September 22.
 
Provisional list of removals for Markit LCDX.NA.17

15 September 2011 - Following are the changes expected for the upcoming Markit LCDX.NA.17 index that is set to roll on 3 October, 2011. Please note that these changes remain provisional till publication of the finalized annex for the index.

Removals

Dynegy Holdings Inc.

Intelsat Corporation

Smurfit-Stone Container Corporation

GEORGIA-PACIFIC LLC

Graham Packaging Company, L.P.

 
Credit Event Determined for NewPage Corporation
8 Sep 2011 - Following a round of voting, the Markit LCDX dealers have agreed that a credit event has occured for NewPage Corporation. An auction will be held to determine the final price for LCDS trades. NewPage Corporation will be removed from LCDX Series 8, 9, 10, 12 and 13 after the auction is completed.
 
Markit LCDX Roll Timeline
26 August 2011 - The index roll timeline for the Markit LCDX index is available.
 
Markit LCDX Timeline
 
Intelsat Coportation Removed from Markit LCDX

29 July 2011 - The Markit LCDX dealers voted to remove Intelsat Coportation from the Markit LCDX Series 8, 9, 10, 12 and 13. Intelsat Coportation was removed from the Syndicated Secured List and no current obligations are listed for the entity. The 30 business day window will expire at close of business on 29 July 2011. New versions of the affected indices will be launched at that point, the provisional RED codes for which are as follows:

IndexSeriesVersionREDID
LCDX.NA8325F199GEF0
LCDX.NA9285F199GEG8
LCDX.NA10275F199GEH6
LCDX.NA12165F199GEI4
LCDX.NA1365F199GEJ2
 
Updated Cash Settlement Date for Freeport-McMoRan Copper & Gold Inc.
10 June 2011 - The ISDA Credit Implementation Group has selected June 24 as the cash settlement date for the Freeport-McMoRan Copper & Gold Inc. optional early termination event.
 
Freeport-McMoRan Copper & Gold Inc. Removed from Markit LCDX
7 June 2011 - The Markit LCDX dealers voted to remove Freeport-McMoRan Copper & Gold Inc. from the Markit LCDX Series 8 and 9 indices. Freeport-McMoRan was removed from the Syndicated Secured List and no current obligations are listed for the entity. The 30 business day window will expire at close of business on 8 June 2011. New versions of the affected indices will be launched at that point, the provisional RED codes for which are as follows:
IndexSeriesVersionREDID
LCDX.NA8315F199GEC7
LCDX.NA9275F199GED5
 
DIRECTV Holdings LLC Removed from Markit LCDX
17 May 2011 - The Markit LCDX dealers voted to remove DIRECTV Holdings LLC from the Markit LCDX Series 8, 9, 10, 12 and 13 Indices. DIRECTV Holdings LLC was removed from the Syndicated Secured List and no current obligations are listed for the entity. The 30 business day window expired at close of business on 17 May 2011. Cash settlement will occur on 1 June 2011.
 
Markit LCDX.NA.16 RED Code
31 March 2011 – The RED code for Markit LCDX.NA.16, set to roll on April 4, 2011, will be 5F199GDW4
 
Coupon Finalized for Markit LCDX.NA.16
30 March 2011 – The Fixed Coupon for Markit LCDX.NA.16, set to roll on 4 April, 20110, will be 250 bps. The index continues to roll with just the 5 year tenure.
 
Updated Provisional List of Changes for Markit LCDX.NA.16

24 March 2011 -  DIRECTV Holdings LLC is a constituent of Markit LCDX.NA.15. It appears that there are no secured loans outstanding for this entity any longer, making it ineligible for the upcoming Markit LCDX.NA.16 index. DIRECTV has been added to the list of removals and the list of additions has also been updated, with J. Crew Group, Inc., being selected for inclusion in the new series.

Expected RemovalsExpected Additions
DIRECTV Holdings LLC Carestream Health, Inc.
Dresser, Inc.General Motors Holdings LLC
Hanesbrands Inc.iStar Financial Inc.
Healthsouth CorporationJ. Crew Group, Inc.
Hexion Specialty Chemicals, Inc.Univar Inc.
 
Provisional List of Additions for Markit LCDX.NA.16

22 March 2011 - Following are the new additions expected for the upcoming Markit LCDX.NA.16 index that is set to roll on 4 April, 2011. Please note that these changes remain provisional till publication of the final annex for the index. Any suggested name that is not included in the Markit Syndicated Secured List will be polled for addition prior to the index launch.

Expected Additions
Carestream Health, Inc.
General Motors Holdings LLC
iStar Financial Inc.
Univar Inc.
 
Updated List of Removals for Markit LCDX.NA.16

21 March 2011 - Hexion Specialty Chemicals, Inc. is a constituent of the current series 15 and underwent a corporate change to become Momentive Specialty Chemicals Inc. This entity is an affiliate of another constituent of series 15, Momentive Performance Materials Inc. Based on feedback received, it has been determined that Momentive Specialty Chemicals Inc. (formerly Hexion Specialty Chemicals, Inc.) will be removed from the upcoming Markit LCDX.NA.16 index. Momentive Performance Materials Inc. will remain a constituent of the new series.  The updated list of removals is as follows:

Expected Removals
Dresser, Inc.
Hanesbrands Inc.
Healthsouth Corporation
Hexion Specialty Chemicals, Inc.
 
Provisional list of removals for Markit LCDX.NA.16

17 March 2011 - Following are the changes expected for the upcoming Markit LCDX.NA.16 index that is set to roll on 4 April, 2011. Please note that these changes remain provisional till publication of the finalized annex for the index. Additionally, Hexion Specialty Chemicals, Inc. is a constituent of the current series 15 and underwent a corporate change to become Momentive Specialty Chemicals Inc. This entity is an affiliate of another constituent of series 15, Momentive Performance Materials inc. This development is being investigated and one of the affiliated entities will be removed from the upcoming Markit LCDX.NA.16 index, as per the rules.

Expected Removals
Dresser, Inc.
Hanesbrands Inc.
Healthsouth Corporation
 
Markit LCDX Roll Timeline

04 March 2011 - the index roll timeline for the Markit LCDX index is available.

 
Markit LCDX Roll Timeline - Apr 2011
 
Mirant North America, LLC Removed from Markit LCDX
23 February 2011 - The Markit LCDX dealers have voted to remove  Mirant North America, LLC from the Markit LCDX Series 8, 9, 10, 12 and 13 Indices.  Mirant North America, LLC was removed from the Syndicated Secured List on 10 January 2011. As a result, the 30 business day window expired close of business on 23 February 2011. Cash settlement will occur on 9 March 2011.
 
Annex Available for the Markit LCDX.NA.15 Index Scheduled to Roll on 4 October, 2010

Markit LCDX.NA.15 Annex
 
Markit LCDX Series 15 Index Coupon and Recovery Rate Determined
29 September 2010 - Following a round of voting, it has been determined that the coupon for Markit LCDX Series 15 Index will be 250 basis points. Additionally, the recovery rate for the Markit LCDX Series 15 Index will be 70%. The recovery rate for all off-the-run indices will be changed to 70% as well.
 
Provisional RED Codes for Markit LCDX Index Scheduled to Roll October 2010
TickerCDX IndicesNew 9 digit RED code
LCDXNALCDX.NA5F199GDQ7
 
GenOn Energy, Inc. Replaced as Addition to Markit LCDX Series 15 by Amgen Inc.
24 September 2010 - Upon further review, GenOn Energy, Inc. is not eligible to be added to the Markit LCDX Index. Following a vote, the Markit LCDX dealers have agreed to add AGFS Funding Company to the Markit LCDX in place of GenOn.
 
Composition of Markit LCDX.NA.15 Index Determined
21 September 2010 - Following a round of voting, as per the Markit LCDX rules, the final composition of the Markit LCDX.NA.15 Index has been determined.
 
Entities Removed Entities Added
Boston Generating, LLC Avaya Inc.
Chrysler Financial Services Americas LLC CDW Corporation
Mirant North America, LLC AGFS Funding Company
RRI Energy, Inc. Reynolds Group Holdings Inc.
WM. WRIGLEY JR. COMPANY Smurfit-Stone Container Corporation
 
Boston Generating, LLC Final Price Determined
21 September 2010 - The final price for Boston Generating, LLC has been determined. As a result of the auction, Boston Generating, LLC will be removed from the Markit LCDX Index. The auction results have been published on www.creditfixings.com.
 
Removals for Markit LCDX.NA.15 Index Determined
20 September 2010 - Following a round of voting, as per the Markit LCDX rules, it has been determined that Boston Generating, LLC, Chrysler Financial Services Americas LLC, Mirant North America, LLC, RRI Energy, Inc. and WM. WRIGLEY JR. COMPANY will be removed from the Markit LCDX Index.
 
Markit LCDX Roll Process Set to Begin

02 September 2010 - The LCDX Roll Process for Markit LCDX Series 15 is set to begin.

Below is the Markit LCDX timeline.

 
Markit LCDX Timeline
 
Chrysler Financial Services Americas LLC Removed from Markit LCDX
16 July 2010 - The Markit LCDX dealers voted to remove Chrysler Financial Services Americas LLC from the Markit LCDX Series 9, 10, 12 and 13 Indices. Chrysler Financial Services Americas LLC was removed from the Syndicated Secured List on 3 June 2010. As a result, the 30 business day window expired close of business on 16 July 2010. Cash settlement will occur on 30 July 2010.
 
Markit LCDX Series 14 Version 1 Annex

Markit LCDX.NA.14.V1
 
Affiliated Computer Services, Inc. Removed from Markit LCDX
30 March 2010 - The Markit LCDX dealers voted to remove Affiliated Computer Services, Inc. from the Markit LCDX Series 8, 9, 10 and 12 Indices. Affiliated Computer Services, Inc. was removed from the Syndicated Secured List on 16 February 2010. As a result, the 30 business day window expired close of business on 30 March 2010. Cash settlement will occur on 13 April 2010.
 
The New North American Bullet LCDS/LCDX Primer
 
Composition of Markit LCDX Index Determined
22 March 2010 - Following a round of voting, as per the Markit LCDX rules, the final composition of the Markit LCDX Index has been determined.

 

The table below outlines the companies that will be added to and removed from the Markit LCDX Index. The changes to the indices will be effective as of the roll date.
 
Index Entities Removed Entities Added
Markit LCDX NewPage Corporation Dex Media West LLC
Getty Images, Inc. Charter Communications Operating, LLC
Warner Chilcott Company, LLC Idearc Inc. (Supermedia)
 
Markit LCDX Roll Process Set to Begin

15 March 2010 - The LCDX Roll Process for Markit LCDX Series 14 is set to begin.

Below is the Markit LCDX timeline.

 
Markit LCDX Timeline
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