SIV damage comes to surface around world, banks offer guarantees

16 Nov 2007

The fallout from collapsing structured investment vehicles contaminated more institutions this week, as investors in both senior and capital notes reported losses. There were several accounts of banks that sponsor SIVs offering to protect investors from loss, perhaps to shield some of their best clients.

Meanwhile, SIV managers continued efforts to restructure their vehicles on both an individual and an industry-wide basis.

Aiming to reassure investors about its holdings of SIV senior debt, SEI, a Pennsylvania-based money manager, said this week that the bank sponsor of one of its "larger SIV holdings" had said ...

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