Société Générale Takes On SIV Assets
Paris-based Société Générale will take on $4.3 billion of assets from its Premier Asset Collateralized Entity structured investment vehicle, reports Bloomberg News. The move on the part of the French bank follows similar moves from HSBC and Rabobank to bring SIV assets back on the books. “They jumped before they were pushed to avoid being forced to sell assets,” said Nigel Myer, a credit analyst at Dresdner Kleinwort in London. The PACE SIV, which holds $387 million worth of bonds backed by subprime mortgages, is Société Générale’s only such vehicle.