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

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