RBS to restructure Cheyne SIV
Royal Bank of Scotland has signed a deal to restructure Cheyne Finance, a structured investment vehicle (SIV) managed by Cheyne Capital Management, the London-based hedge fund and CDO manager.
The bank, which has not arranged or managed an SIV to date, has negotiated an exclusivity agreement with the receiver, accountancy firm Deloitte.
The vehicle suffered a net asset value drop from 91% on July 27 to 30% on October 18 this year. The losses stem from exposure to US residential mortgage-backed
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