Market participants welcomed the ninth series of the North American Investment Grade CDX index (CDX.IG.NA series 9) last Thursday with high expectations, specifically with the addition of better quality and retail-heavy names.

"We have seen the inclusion of safer' names across the indices, likely owing to the market's flight-to-quality bid in light of recent turmoil," said analysts at independent credit research firm CreditSights, adding that only two of the newest additions, Liz Claiborne and Quest Diagnostics, have a higher mean credit risk estimate than the names they are replacing. The estimate is part of the company's BondScore product used for default and relative-value prediction.

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