The LevX Subordinated index priced this afternoon at 450bp. The price was based on an average of each of the dealers’ proposals, which ranged from 410–480bp. The new index is priced considerably wider than the Crossover (Xover) index, a high-yield credit index, which currently trades at about 240bp. Trading will begin at 8am on Monday November 13.
“I would expect to see a solid start, as we saw on the senior index, but there may be more volatility,” says Ilan Hershkovitz, trader of global loan p