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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: ldo79	3/5/2008 9:16:58 AM
	of 436258

Markit May Create Index Tied to Auto-Loan Securities (Update1) By Sarah Mulholland March 5 (Bloomberg) -- Markit Group Ltd., the owner of benchmarks for the $45.5 trillion credit-derivatives market, plans to start an index that would allow investors to bet on securities backed by auto loans, people with knowledge of the plan said. Lehman Brothers Holdings Inc., Morgan Stanley, Bear Stearns Cos. and Merrill Lynch & Co. are among the firms in talks with New York-based Markit to create the index, said the people, who declined to be named because the discussions are preliminary. The index would be linked to debt backed by auto loans from issuers such as Detroit-based GMAC LLC and Ford Motor Credit Co. The Markit index would be the first benchmark allowing investors to speculate on the credit quality of securities backed by auto loans in the same way they use indexes to bet on subprime and commercial mortgages. Those indexes plunged in the past seven months as subprime mortgage defaults rose to records, sending investors fleeing to safer assets such as U.S. government debt. more at tinyurl.com

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