Global iTraxx and CDX September 2026 rolls: Final lists are out

With the final constituent lists published for all indices but CDX.HY and FINDEX, we calculate fair-value rolls and discuss positioning themes and projected relative value relationships. For iTraxx and CDX, we see these fair-value rolls: iTraxx Main +6.0bp, Xover +29.9bp and SenFin +6.0bp; CDX.IG +7.3bp, CDX.EM +9bp ($0.56); Asia IG ex-Japan +4.6bp, Australia +6.8bp and Japan +4.9bp. IG47 sees six changes, with AI and rising stars leading the additions: NVIDIA and SpaceX enter on liquidity, Carnival, Vistra and Teva as rising stars, and Thermo Fisher on improved CDS liquidity, while six credits are removed as inactive issuers. EM46 is unchanged in constituents and weights, with only a minor EM HY sub-index weight change (Nigeria up to 4% from 3.5%, Morocco down to 3.5% from 4%). On positioning ahead of the roll: Main is net long risk at $13.7bn versus $11.5bn net short before the prior roll; Xover is modestly short at $1bn; SenFin is $5.7bn net short; CDX.IG is nearly $113bn long risk;