ML indices limit fallen angels



Merrill Lynch has launched a range of high-yield indices that cap the proportion of the index each issuer can represent.

“The move is a response to the events of the past 12 months. We’ve seen some of the largest borrowers in the high-grade universe tumble down into the high-yield sector, which has dramatically affected high-yield indices,” says Malhar Korde, portfolio strategist at Merrill Lynch in London.

There are three indices: one for the dollar market, one for euros and a global h

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