Nine is so passe, at least if you track secondary loan trades. Markit launched the LCDX Series 10 index last week, and like its predecessor, the Series 9, it will track 100 issues trading in the secondary market. At midday Tuesday, the Series 10 reached 97.07, with a spread of 404.4 basis points. A week prior, the Series 9 index stood at 93.98, with a spread of 398.01 basis points. This is the first time since Oct. 23 that the LCDX has topped 97.
In rolling over the index, Markit swapped eight names. Heading off the list are Freeport-McMoRan Copper & Gold; Knight; Claire's Stores; Insight Midwest Holdings; Solo Cup; Burlington Coat Factory; Centennial Cellular Operating; and Education Management. They will be replaced by Texas Competitive Electric; Alltel Communications; Harrah's Entertainment; Calpine; Bausch & Lomb; Level 3; Mylan; and Rite Aid.