How to read the ABX
The ABX has five separate indices based on the rating of the underlying subprime securities, ranging from AAA to BBB-minus. A new series is issued every six months to reflect the 20 largest current deals. For instance, the inelegantly-named ABX-HE-A 07-2 tracks bonds with a rating of BBB issued in the first half of 2007. The index prices are updated by Markit at www.markit.com.