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’Setback for StanChart SIV creditors
Judges have smoothed the way for a restructuring of the $7bn off-balance-sheet investment fund formerly run by Standard Chartered by giving its receivers the right to hold back on debt repayments in a key decision for similar vehicles.
StanChart gives up on Whistlejacket SIV
Standard Chartered on Wednesday gave up its efforts to provide liquidity to Whistlejacket, the $7.2bn structured investment vehicle which went into receivership earlier this month. Neville Kahn, Deloitte partner and Whistlejacket receiver,
Whistlejacket one day from MTN default
So either they couldn’t make it work, or in the end they didn’t want to. Nine days ago, Standard Chartered withdrew the liquidity support promised (conditionally) to its $7bn Whistlejacket SIV, after the vehicle breached its net asset value trigger,
StanChart offers fresh support for Whistlejacket
Standard Chartered has renewed its offer to bail out Whistlejacket, its stricken $7.2bn SIV that was forced into receivership this week. Two separate proposals are understood to have been made to receiver Deloitte involving StanChart buying the SIV’s commercial paper as it matures.
CDS report: spreads soar on vicious circle fears
European credit derivatives indices surged deeper into uncharted territory on Monday as credit markets squirmed at the possibility of a wave of structured product liquidations.
The iTraxx Crossover index,
StanChart withdraws support over Whistlejacket breach
Two weeks ago Standard Chartered rather half-heartedly said it would take its Whistlejacket SIV onto its books, taking $7.15bn of unwanted assets onboard. It had, as we noted at the time, been strangely reluctant to take that step,
StanChart shores up SIV
Standard Chartered is to take $7.2bn of assets from Whistlejacket Capital on to its balance sheet after committing to fund the structured investment vehicle, but sought on Thursday to reassure investors that the consolidation had no significant impact on the bank’s earnings or capital position.
StanChart finally consolidates its SIV
Having spent a good portion of the autumn insisting that it would not be consolidating its SIV, Whistlejacket, onto its clean and neatly structured balance sheet, Standard Chartered on Thursday went the whole hog.
StanChart takes on $3bn of SIV assets
Standard Chartered is set to take assets worth more than $3bn on to its balance sheet as the emerging markets bank attempts to unwind one of its structured investment vehicles. The unwinding of the vehicle,
StanChart can afford to be SIV-friendly….for now
Structured Investment Vehicles have become the problem child of the capital markets, and stronger banks such as HSBC have been keen to advertise their stamina by adopting them. But Standard Chartered’s assumption of $1.68bn of assets held by a SIV called Whistlejacket falls into a different category.
SIV watch: Citi’s Sedna edges closer to liquidation
As FT Alphaville has been reporting, SIVs are making a come back as the bête noire of banking and finance, after shortly being eclipsed by CDOs in October.
Maybe it’s our predilection for catastrophe,
Whistlejacket and avoiding the knackers
When does a SIV stop being a SIV?
Standard Chartered’s Whistlejacket Capital – a SIV – says it is seeking finance “outside the commercial paper markets”, according to Bloomberg on Thursday.
Now Whistlejacket was always a slightly reluctant SIV – it has a higher percentage of MTN funding in it’s senior capital structure compared to other SIVs.