Banks devise 'super conduit' in bid to save Sivs market

The structured investment vehicles (Sivs) market has been in desperate need of a saviour for months. Sivs - highly leveraged vehicles that fund via asset-backed commercial paper (ABCP) and invest heavily in mortgage-backed securities - have now reached crisis point. Cheyne Finance has declared a default and IKB's Rhinebridge vehicle went into enforcement in October as liquidity ran even drier in the capital markets.

As a means to offer a liquidity backstop for Sivs, US banks JP Morgan, Citi and B

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: