Sigma, king of SIVs, faces tough future
The survival of Sigma Finance, the world’s biggest structured investment vehicle, through eight months of the credit crisis has been impressive. Asset manager Gordian Knot has successfully managed to shrink the vehicle from $57bn to $41bn, while avoiding downgrades. But last week Moody’s put it on review. Gordian Knot is widely admired, but how will it ride out this challenge?
In the current climate a structured investment vehicle (SIV) being put on review by the rating agencies or being downgraded, defaulting, downsizing, being consolidated, winding down or giving up has ceased to be of much interest.
Oh, another one, one is tempted to think.
Last week one
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