RBS to restructure Cheyne SIV

Royal Bank of Scotland has signed a deal to restructure Cheyne Finance, a structured investment vehicle (SIV) managed by Cheyne Capital Management, the London-based hedge fund and CDO manager.

The bank, which has not arranged or managed an SIV to date, has negotiated an exclusivity agreement with the receiver, accountancy firm Deloitte.

The vehicle suffered a net asset value drop from 91% on July 27 to 30% on October 18 this year. The losses stem from exposure to US residential mortgage-backed sec

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net 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: