Lightening up

SIV-Lites are the latest structured finance vehicles to hit the market, combining aspects of both CDO and SIV technologies. But are they a great leap forward or a compromise? By John Ferry


The market for structured investment vehicles (SIVs) has matured steadily over the past few years, to the extent that what was once a niche credit area now accounts for a major part of the structured finance arena. The latest development is a tweaking of the SIV idea to form SIV-Lites - a combination of collateralised debt obligation (CDO) and SIV technologies.

So far, very few dealers have launched SIV-Lites. Barclays Capital led the way when it arranged and underwrote Golden Key for Geneva

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