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?

  • 04 Mar 2008

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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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 317,691.74 1201 8.90%
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3 Bank of America Merrill Lynch 285,088.11 991 7.99%
4 Goldman Sachs 217,749.25 714 6.10%
5 Barclays 209,291.80 811 5.87%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 32,320.82 147 6.67%
2 Deutsche Bank 32,259.50 104 6.66%
3 Bank of America Merrill Lynch 28,890.43 85 5.96%
4 BNP Paribas 25,663.29 144 5.30%
5 Credit Agricole CIB 22,617.86 130 4.67%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 18,160.85 71 9.15%
2 Morgan Stanley 15,215.44 76 7.67%
3 UBS 14,195.29 55 7.15%
4 Citi 14,014.57 86 7.06%
5 Goldman Sachs 12,113.98 67 6.10%