Major banks including JPMorgan Chase ($JPM) are preparing to launch a new credit-default swap index tied to private-credit markets, developed with S&P Global ($SPGI). The index, known as CDX Financials (FINDX), will include exposure to private-credit fund managers such as Apollo Global Management ($APO), Ares Management ($ARES), and Blackstone ($BX), alongside banks, insurers, and credit-card companies. The product is designed to allow investors to hedge or short credit risk in a private-credit market that has grown to more than $3 trillion.
- The CDX Financials index includes private-credit firms, regional banks, insurers, and credit-card lenders.
- Private-credit fund managers account for approximately 12% of the index.
- The index increases in value as market sentiment toward included firms worsens.
- Banks including Bank of America, Barclays, Deutsche Bank, and Goldman Sachs are expected to distribute the product.
- Demand is driven by rising defaults, investor redemptions, and concerns around leveraged loans.
- Credit-default swap index trading reached $38 trillion in 2025, according to S&P data.
Relevant Companies
- JPMorgan Chase ($JPM) – Participating in structuring and offering the CDS index product.
- S&P Global ($SPGI) – Developing and maintaining the index.
- Blackstone ($BX) – Included in the index through its private-credit exposure.
Editor’s Note: This is a developing story. This article may be updated as more detail
