Next big hurdle looms for Sivs

The beleaguered structured investment vehicle (Siv) market is set to encounter another huge liquidity struggle, as it tries to refinance an estimated $170 billion of outstanding medium term notes (MTNs) due to mature this year.

Analysts have warned that the MTN situation will be the next big complication for Sivs, fuelling concerns that this sector will meet its demise this year.

Sivs, which are off-balance sheet vehicles that invest heavily in long-term securities including mortgages and fund the

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