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’SIV watch: SocGen takes $4.3bn onto books
Hot on the heels of S&P’s requiem for the SIV, reported by FT Alphaville earlier on Monday, Societe Generale is half way through the liturgy for the passing of a SIV it runs – Premier Asset Collateralized Entity.
SIV watch: superfund not so super
Halved in size, in fact.
Two months ago and Citi, Bank of America and JPMorgan, together with Hank Paulson at the US Treasury hoped to put paid to the rumbling SIV drama with plans for a $100bn “superfund”
M-LEC: who’s in, who’s out
First they were out – now they’re in. Deutsche Bank look like they’ll be the latest Europeans to climb aboard the optimistically named Master Liquidity Enhancement Conduit, or Supersiv, reports Bloomberg.
More questions for Citi’s SIVs
Citi, Bank of America and JPMorgan are staying tight-lipped on the MLEC.
But Bloomberg’s Jonathan Weil has questions. This time though, it’s over Citi’s accounting. SIVs are structured off balance sheet,
The point of M-LEC
There has been an odd hiatus. Back in August, SIVs were dooming us all. Barely a day would go by without some bank disclosing funding lines to a troubled conduit. And then – ah-whoom – it all went quiet.
Super-fund struggles for support
The backers of the proposed M-LEC superfund met on Thursday night to agree a syndication process and bring other banks on-board. The M-LEC scheme, orchestrated by Citi, JPMorgan and Bank of America, involves establishing a $100bn “super-conduit”
Citi sells “billions” in SIV paper
Executives of Citigroup say the giant bank has secured funding through year end for the $80 billion in structured investment vehicles it manages after selling $20 billion in assets since the midsummer credit crunch,
Rearranging deckchairs on the M-LEC superfund
If SIVs struck an iceberg this summer, then Wall Street’s M-LEC superconduit plan is a bit like rearranging the deckchairs on the Titanic. The Master Liquidity Enhancement Conduit, in its $75bn entirety,
Banks’ super-conduit eases markets
Signs of relief were seen in the credit markets after news on Monday of Wall Street’s plan to launch a $75bn “super fund”. The cost of buying protection against US corporate default dropped to a three-month low amid hopes that the new M-LEC “super conduit”