One characteristic that both the ABS and leveraged loan markets share – apart from having had a hideous time over the past nine months – is that fledgling indices for both (the ABX and LCDS/LevX respectively) have been subjected to the most testing market conditions in memory very early on in their development.
LevX, Europe’s leveraged loan index, already faced significant challenges when it was launched in November 2006 and the turmoil in this market in recent months has only served to highlight certain shortcomings.
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