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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  • Today
1 Citi 417,761.51 1606 9.02%
2 JPMorgan 380,362.89 1737 8.21%
3 Bank of America Merrill Lynch 364,928.71 1322 7.88%
4 Goldman Sachs 269,252.76 932 5.82%
5 Barclays 267,252.43 1082 5.77%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 45,449.36 196 6.56%
2 BNP Paribas 38,734.80 217 5.59%
3 Deutsche Bank 37,615.10 139 5.43%
4 JPMorgan 34,724.19 118 5.01%
5 Bank of America Merrill Lynch 33,835.53 112 4.88%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 22,475.46 105 8.65%
2 Morgan Stanley 19,057.00 101 7.34%
3 Citi 17,812.08 111 6.86%
4 UBS 17,693.89 71 6.81%
5 Goldman Sachs 17,333.10 99 6.67%