More pressure on SIVs
Pressure on structured investment vehicles (SIVs) will grow in 2008 as their medium-term notes (MTNS) come up for renewal, claims a Dresdner Kleinwort report.
Typically, SIVs rely on three sources of funding: junior and capital notes, short-term asset-backed commercial paper (ABCP) and MTNs. SIVs were damaged when the ABCP market dried up last August, but Dresdner says their medium-term financing will also soon be coming up for renewal.
"On average, about 21.6% of these MTNs will expire in the
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