Merrill Lynch Domestic Master
Encyclopedia
The Merrill Lynch Domestic Master is a common American Bond index, analogous to the S&P 500
for stocks, owned by Merrill Lynch
. The Domestic Master is similar to the Salomon BIG
or the Lehman U.S. Aggregate (The Agg). The Domestic Master Index was created on December 31, 1975. The index is re-balanced on the last calendar day of the month.
The Domestic Master Index (Ticker D0A0) is part of the larger Merrill Lynch
US Broad Market (US00). The Domestic Master follows the US dollar denominated investment grade Public Corporate and Government debt. Treasuries, mortgage-backed securities
, global bonds (debt issued simultaneously in the eurobond and US domestic bond markets) and some Yankee Bonds (debt of foreign issuers issued in the US domestic market) are included in the Domestic Master Index.
However, the Domestic Master index excludes asset-backed securities
(ABS), tax-exempt municipal debt, 144A's and any bond without a fixed coupon schedule, less than a $1 billion outstanding for US Treasuries and $150 million for all other securities, and less than one year remaining term to maturity.
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
for stocks, owned by Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
. The Domestic Master is similar to the Salomon BIG
Salomon BIG
The Salomon Broad Investment Grade Index is a common American Bond index, akin to the S&P 500 for stocks, originally owned by Salomon Brothers and now run by its successor, Citigroup...
or the Lehman U.S. Aggregate (The Agg). The Domestic Master Index was created on December 31, 1975. The index is re-balanced on the last calendar day of the month.
The Domestic Master Index (Ticker D0A0) is part of the larger Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
US Broad Market (US00). The Domestic Master follows the US dollar denominated investment grade Public Corporate and Government debt. Treasuries, mortgage-backed securities
Mortgage-backed security
A mortgage-backed security is an asset-backed security that represents a claim on the cash flows from mortgage loans through a process known as securitization.-Securitization:...
, global bonds (debt issued simultaneously in the eurobond and US domestic bond markets) and some Yankee Bonds (debt of foreign issuers issued in the US domestic market) are included in the Domestic Master Index.
However, the Domestic Master index excludes asset-backed securities
Asset-backed security
An asset-backed security is a security whose value and income payments are derived from and collateralized by a specified pool of underlying assets. The pool of assets is typically a group of small and illiquid assets that are unable to be sold individually...
(ABS), tax-exempt municipal debt, 144A's and any bond without a fixed coupon schedule, less than a $1 billion outstanding for US Treasuries and $150 million for all other securities, and less than one year remaining term to maturity.