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Gordian Knot
’CDS report: Rally runs out of steam
The cost of protecting European corporate debt against default rose on Thursday as investors lost faith in a start-of-the-week rally.Overnight, Moody’s hinted it may cut the Aaa rating of Sigma Finance,
Moody’s to review Sigma rating
Sigma Finance, a $40bn-plus complex debt investment vehicle run by the London-based specialist asset manager Gordian Knot, has been put on review for downgrade by Moody’s. The agency said that $27bn worth of senior short- and medium-term debt issued by Sigma,
SIV liquidity problems: The next wave looms
Funding problems for the structured investment vehicles at the heart of this year’s liquidity troubles are far from over, despite the move by a number of banks to step in to support their vehicles, reports the FT’s Paul Davies on Tuesday.