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CDS IndexCo and Dow Jones Indexes Announce Portfolio Construction for the Dow Jones CDX North America High Yield Index Which is Expected to Roll on March 27, 2006.


NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 -- CDS IndexCo LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 and Dow Jones Dow Jones

the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202]

See : Finance
 Indexes, publishers of the Dow Jones CDX CDX Companion Dog Excellent (AKC Obedience Title)
CDX Cyber-Defense Exercise
CDX Central Data Exchange
CDX Community Development Exchange (UK community development organization)
CDX Commercial Data Exchange
 family of credit derivative Credit Derivative

Privately held negotiable bilateral contracts that allow users to manage their exposure to credit risk. Credit derivatives are financial assets like forward contracts, swaps, and options for which the price is driven by the credit risk of economic agents (private
 indexes, today announced the companies which will be added to the Dow Jones CDX NA High Yield Index (DJ CDX.NA.HY). That index is expected to roll on March 27, 2006. The portfolio selection process was conducted by Markit, the index administrator, with input from the member banks of the CDS IndexCo consortium and approved by Dow Jones Indexes.

The member banks that are part of the CDS IndexCo consortium include: ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) , Bank of America
See also:  and


Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
, Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC HSBC Hongkong and Shanghai Banking Corporation
HSBC Humane Society of Broward County (Florida)
HSBC Humane Society of Bay County (Bay County, Michigan) 
, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS UBS Union Bank of Switzerland
UBS United Bible Societies
UBS United Blood Services
UBS United Buying Service
UBS Used Bookstore
UBS University Business Services
UBS Universal Building Society (UK)
UBS Ulaanbaatar Broadcasting System
, and Wachovia.

FINAL PORTFOLIO CONSTRUCTION OF THE DJ CDX.NA.HY INDEX

The following table outlines the changes to the DJ CDX.NA.HY Index. Companies that were removed from Series 6 were announced via press release on March 6 and 7, 2006. The changes to the index will be effective as of the roll date.
INDEX              ADDED(1)                    REMOVED(2)
----------------------------------------------------------------------
DJ CDX NA HY   American Axle &               Calpine Corporation(a)
 Series 6       Manufacturing, Inc.          Dana Corporation(a)
               Beazer Homes USA, Inc.        Delphi Corporation(a)
               DOMTAR INC.                   Meristar Hospitality
               Hovnanian Enterprises,         Corporation(a)
                Inc.                         Texas Genco LLC(a)
               Massey Energy Company         Vintage Petroleum,
               Mirant Corporation             Inc.(a)
               NRG Energy, Inc.              American Tower
               Quebecor World Inc.            Corporation(b)
               The Hertz Corporation         AmerisourceBergen
               The Neiman Marcus Group,       Corporation(b)
                Inc.                         D.R. Horton, Inc.(b)
                                             Crown European
                                              Holdings(b)
----------------------------------------------------------------------
(1) The underlying names which were added to DJ CDX NA HY Series 6 are
not present in DJ CDX NA HY Series 5.
(2)The underlying names which were removed from DJ CDX NA HY Series 6
remain present in DJ CDX NA HY Series 5.
(a) Removal of these companies was announced on March 6, 2006 via
press release.
(b) Removal of these companies was announced on March 7, 2006 via
press release.


In addition to the above changes, please note the subordinated reference obligation associated with Tesoro Corporation in Series 5 is to be replaced with a senior reference obligation for Series 6. The company remains in both Series 5 and Series 6.

The index is scheduled to roll every six months in order to rebalance the portfolio as necessary.

Please see the "Credit Derivative Indexes" link at www.djindexes.com to view the underlying constituents of each index. Daily prices and spreads, constituent information and documentation are also posted under "CDX Home" on www.markit.com.

Journalists may also e-mail questions regarding this press release to: PR-Indexes@dowjones.com or contact Sybille A. Reitz, Dow Jones Indexes Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , (212) 597-5735 or (917) 603-6987.

For more information about any of the Dow Jones CDX family of indices, please contact Teresa Chick at Markit on +44 (0)20 7890 5094 or one of the participating dealers listed below:
ABN AMRO                   Patrick Phalon, Corporate Communications,
                           (212) 251-3524
Bank of America            Jennifer DiClerico, GCIB Communications,
                           (212) 933-2396
Barclays Capital           Karina Byrne, Corporate Communications,
                           (212) 412-7561
Bear Stearns               Russell Sherman, (212) 272-5219
BNP Paribas                Michael Johnson, (212) 841-2546
Citigroup                  Danielle Romero-Apsilos, Corporate and
                           Investment Banking Group Communications,
                           (212) 816-2264
Credit Suisse              John Gallagher, Corporate Communications,
                           (212) 325-0932
Deutsche Bank              Michele Agostinho, Press Office,
                           (212) 250-4864
Goldman Sachs              Ed Canaday, VP, Media Relations,
                           (212) 357-0005
HSBC                       Juanita Gutierrez, Media Relations,
                           (212) 525-6282
JPMorgan                   Michael Dorfsman, Corporate Communications,
                           (212) 270-7317
Lehman Brothers            Kerrie Cohen, Corporate Communications,
                           (212) 526-4092
Merrill Lynch              Michael Duvally, Media Relations,
                           (212) 449-3260
Morgan Stanley             Mark Lake, Media Relations, (212) 761-0814
UBS                        Kris Kagel, UBS Corporate Communications,
                           (212) 713-8703
Wachovia                   Jim Pierpoint, VP, Media Relations,
                           (704) 374-6512


Note to Editors:

About CDS IndexCo

CDS IndexCo is a consortium of 16 investment banks which are licensed to be market makers in the Dow Jones CDX indexes Dow Jones CDX Indexes

A series of indices that track North American and emerging market credit derivative indexes. The purpose of the combined indexes is to track the performance of the various segments of credit derivatives so that the overall return can be benchmarked against
. The market makers include: ABN AMRO, Bank of America, Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS, and Wachovia.

About Dow Jones Indexes

Dow Jones Indexes is part of Dow Jones & Company, which publishes the world's most vital business and financial news and information. Dow Jones Indexes is a premier global provider of investable indexes, including the Dow Jones Averages Dow Jones Averages

A trademark used for three indexes of the relative price of selected industrial, transportation, and utility stocks based on a formula developed and periodically revised by Dow Jones & Company, Inc.
 and the Dow Jones Global, Regional, Country and Sector Titans Indexes and is co-owner of the Pan-European Dow Jones STOXX Indexes. Together with Wilshire Associates, Dow Jones Indexes markets and licenses the Dow Jones Wilshire index family, which includes the Dow Jones Wilshire 5000 and its size, style, and sector indexes. Dow Jones Indexes also offers a number of specialty indexes including hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , commodity and credit derivative indexes.

In addition to Dow Jones Indexes, Dow Jones & Company (NYSE NYSE

See: New York Stock Exchange
: DJ; dowjones.com) publishes The Wall Street Journal and its international and online editions, Barron's and the Far Eastern Economic Review, Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July , MarketWatch and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva, with Hearst of SmartMoney and with NBC Universal of the CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence)
CNBC Consumer News and Business Channel
CNBC Congress of National Black Churches, Inc.
 television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

About Markit Group Limited

Markit Group Limited is the benchmark industry source of independent pricing and valuations for the global financial and energy markets. Markit has data contributed by over 50 dealing firms, and its services are used by 400 institutions globally. Areas of product expertise include OTC OTC

See: Over-the-counter.


OTC

See over-the-counter market (OTC).
 derivatives (credit, equity, FX, rates, inflation, energy, power, metals and structured products), corporate bonds, syndicated loans, dividend forecasting, and index and ETF ETF

See Exchange Traded Fund.


ETF

See exchange-traded fund (ETF).
 management.

Markit has most recently brought price transparency Price Transparency

The accessibility of information on the order flow for a particular stock, allowing knowledge of the quantities of stock being offered and the bids at the various price levels. Also referred to as "market depth.
 to the European asset-backed securities market with the launch of the first independent ABS pricing service. Its position in the derivatives markets has been acknowledged by the industry with awards from Risk Magazine for Trading Initiative of the Year 2006 (Credit Event Fixings); Structured Finance International's Editor's Award for Advancing Structured Finance 2006; International Securitisation Report's Editor's Award for Innovation 2005; International Financing Review's Innovation of the Year 2005 (Credit Event Fixings); Financial News' Best Derivatives Data Provider 2005; and Institutional Investor's Operations Management Award for Vendor of the Year 2005.

www.markit.com
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Mar 9, 2006
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