NEWS
New York, May 7, 2008
MOODY'S INITIATES COVERAGE OF MUNICIPAL CDS INDEX (MCDX)
Moody's Credit Quotes, the leading provider of price discovery software for the Over The Counter ("OTC") markets, announced that it started providing coverage for the Municipal CDS Index (MCDX) in its real-time price-discovery and end-of-day data platforms.
"Following our examples on delivering new instruments from their inaugural trading day, we are proud to announce that we have added the MCDX index on our Credit and Structured Credit index products. Since September of 2007 that we initiated coverage on municipal single name CDS's, we have seen increasing demand on the municipal market derivative products. The MCDX index comes to fulfill this demand and give more traction to the municipal bond market," commented Grigorios Reppas, manager of Moody's Credit Quotes' financial engineering group.
The index started trading at 38 bps to close lifted by 6 bps at 44 for the five year contract. The bid-ask spread was around 2-3basis points and the standard size of the trades were of 25mm. The most liquid tenor was the 5yrs but there were also markets on the 10 and years contracts.
The MCDX index coverage comes a month after MCQ released its cash loan parsing module and the expanded analytics platform.
Moody's Credit Quotes, created in January through the acquisition of BQuotes, provides price discovery tools, end-of-day pricing services and the UIN security master database for a wide range of fixed income securities, supplying the market with sophisticated tools that help assess the prices of complex securities with advanced parsing technology.
Further information on the Moody's CreditValues suite of products can be found at www.moodys.com/creditvalues
Moody's Credit Quotes contact:
US: +1 212 488 4999
UK: +44 (0) 207 096 1128
Asia-Pac: +61 7 3394 8431
