GS Biswas Credit MarketStrats In Spotlight iTraxx S46 index tranches TRADING

GS Biswas - GS Credit MarketStrats | In Spotlight iTraxx S46 index tranches TRADING 22 Sep 2026 Avishek Biswas · Goldman Sachs · Credit MarketStrats Tue 22 Sep 2026, 5:59am ET

iTraxx Main S46 index tranches

iTraxx Xover S46 index tranches

With the new series (S46) of iTraxx indices having started to trade since yesterday, our desk is now ready to trade the tranches on the S46 index. See above for our initial runs on iTraxx S46 index tranches. Reach out to Matt/Gamal for refreshed indics. Refer to attached presentation for overview on iTraxx index tranches.

Have been a popular instrument among investors allowing them to source exposure to specific slices of the index with different risk/reward profiles. Increasing demand from investors to add risk via mezzanine tranches in iTraxx Main and iTraxx Xover indices. Use case from investors to get levered exposure to the widest names in the indices (traded via 0-3% iTraxx Main tranche and 0-10% iTraxx Xover tranche). Investors opportunistically use the senior mezz and super senior tranches to source long-dated downside convexity. Charts below demonstrate the increasing volumes in iTraxx tranches with 2026 on target to achieve the highest traded volumes historically.