Siv troubles endure as banks revise super-conduit plan

Prospects for the survival of structured investment vehicles (Sivs) as significant buyers of mortgage bonds seemed to deteriorate in November as rating agency Moody's Investors Service put debt programmes for 16 Sivs on review for downgrade and said the sector was unlikely to survive without restructuring.

"Several managers hold the view that the short-term debt market for Siv paper has been permanently disrupted, and that the Siv model will not survive in its current form," said Paul Kerlogue

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