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Capital Markets Law Journal Advance Access originally published online on August 25, 2008
Capital Markets Law Journal 2008 3(4):376-388; doi:10.1093/cmlj/kmn024
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© The Author (2008). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Structured investment vehicles—the dullest business on the planet?

Geoff Fuller and Elizabeth Collett*
* Geoff Fuller is a partner, and Elizabeth Collett is an associate, at Allen & Overy LLP.

The first 150 words of the full text of this article appear below.


Key points

  • Structured investment vehicles (SIVs) have been the subject of wide media attention in the context of the credit crunch.
  • SIVs had (prior to the credit crunch) assets under management of approximately US $400 billion, and played a significant role in distributing risk through the financial markets and raising wholesale funding to finance housing and other consumer and corporate lending.
  • This article explains the history and structure of those vehicles, what distinguishes SIVs from other structured products, the effects of the credit crunch, why SIVs were particularly susceptible to the impact of the credit crunch and what the future holds for these vehicles.
  • The article also examines the various recent High Court and Court of Appeal judgments relating to SIVs.

 


   1. Introduction
 
Structured investment vehicles (SIVs), though previously only familiar to those involved in the structured finance markets, have recently been the subject of wide media exposure, prompted by the credit . . . [Full Text of this Article]


   2. History
 

   3. What is a SIV?
 
Structural overview
The arbitrage
The alchemy of an SIV

   4. Distinguishing SIVs from other structures
 

   5. The impact of the credit crunch
 

   6. The Cheyne judgments
 

   7. Proposed solutions
 

   8. The ‘Super-SIV’
 

   9. Winding down
 

   10. The Whistlejacket judgments
 

   11. The Orion judgment
 

   12. The future
 

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Capital Markets Law Journal 2008 3: 373-375. [Extract] [Full Text]