HSBC in $35 billion SIV restructuring

HSBC is fighting to prevent funding constraints in the SIV sector from forcing Cullinan Finance and Asscher Finance into liquidation.

The bank plans to provide investors in the structured investment vehicles, Cullinan and Asscher, with the option to exchange their existing income and mezzanine notes for bonds issued by a new vehicle.

The new vehicle, or vehicles, will be funded either by commercial paper backed by a liquidity facility or by term financing, both to be provided by HSBC.

Senior debt

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