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Markit MCDX Indices

Welcome to the Markit MCDX Homepage

Markit, in conjunction with major broker-dealers in the credit derivative and municipal bond markets, has launched a new credit index referencing municipal CDS, Markit MCDX.

The index started trading on May 6, 2008, and is referred to as MCDX.NA.10. Find below key characteristics of the index, and links to documentation and the investor call, which took place on April 29, 2008, and for which a replay is accessible.

Markit MCDX.NA.10 End-of-Day Spreads (Aug 19, 2008)

Index	Price	Spread
MCDX.NA 10 V1 3Y	98.98	74.50
MCDX.NA 10 V1 5Y	98.25	77.75
MCDX.NA 10 V1 10Y	97.26	80.25

Key Points

Reference Entities	50 - Excludes Tobacco and Healthcare issues
Reference Obligations	Revenue, General Fund Obligation, Full Faith & Credit - At least $250 million outstanding uninsured debt
Deliverable Obligations	Of equal or higher ranking in capital structure
Ratings	BBB- (S&P), Baa3 (Moody’s), or BBB- (Fitch) or above and not on negative watch
Credit Events	Failure to pay, Restructuring
Coupon Payment Date	March 20, June 20, September 20, December 20
Roll Dates	April 3, October 3
Assumed Recovery Rate for Upfront Calculation	80%
Tenor	3, 5, 10 years
Settlement	Physical - Auctions are expected to be run in case of credit events and cash settlement will be considered for future series
Name	MCDX.NA.10
RED ID	5A79DPAA5

Markit MCDX.NA.10 Fixed Coupon

INDEX	3 Year	5 Year	10 Year
Markit MCDX.NA.10	35	35	40

Markit MCDX Documentation The link will direct you to Markit MCDX documents. Included are the trading documents (Short-Form Confirmation and Standard Terms Supplement), and marketing documents (MCDX Overview, MCDX Investor Call Presentation). Access MCDX Investor Call Audio Replay Please click on the link above to register to recieve the audio replay. If you registered for the actual call, you will automatically be sent the replay.

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