Markit has added a new tranche, the AJ tranche, to the off-the-run Markit CMBX indices, which cover the US commercial mortgage-backed securities market. The AJ tranche is the most subordinate of the tranches rated AAA.
Markit had already added an AJ tranche to its on-the-run Markit CMBX 4 index when it rolled in October last year. This latest move sees the new tranche added to the Markit CMBX 1, Markit CMBX 2 and Markit CMBX 3 indices as well.
The data company says the new tranche will provide enh