Cheyne Capital has begun buying asset-backed securities again after the “inferno” of the first quarter drove prices down to attractive levels, the $11bn UK-based hedge fund said as it unveiled further writedowns at Queen’s Walk, its listed vehicle. Queen’s Walk – among the listed funds hammered by the US subprime crisis last year – said it would moderate its share buyback programme to free up cash for investments. Queen’s Walk shares have fallen from €10 at its launch in late 2005 to close down 5 cents at €4.75 on Thursday. The hedge fund ran the first SIV to stop paying debtors when the sector hit the buffers last summer. The SIV was restructured this week by its administrator and Goldman Sachs.
