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Assets Top $200 Billion In Global SIV Market While Continued Growth Expected In 2006 Feb 06
Standard & Poors, Feb 2006
Abstract
Assets under management in the global SIV (structured investment vehicle) sector topped $200 billion for the first time by the end of 2005, following a year characterized by substantial capital investment and corresponding increases in debt issuance and portfolio size. The year witnessed two new entrants, with Cullinan Finance Ltd. and Cheyne Finance PLC both entering the SIV market in mid-2005, bringing the total number of vehicles to 19 (see table below). We expect two to three new vehicles to enter the market in the next 12 months, though the tight spread environment may present challenges to potential entrants. We also expect further growth in assets under management and debt issuance from existing SIVs, as managers continue to garner interest...
Companies mentioned in this report are: Beta Finance Corp.,Sigma Finance Corp.,Orion Finance Corp.,Centauri Corp.,Dorada Corp.,K2 Corp.,Links Finance Corp.,Five Finance Corp.,Abacas Investments Ltd.,Parkland Finance Corp.,Harrier Finance Funding Ltd.,White Pine Corp. Ltd.,Victoria Finance Ltd.,Premier Asset Collateralized Entity Ltd.,Whistlejacket Capital Ltd.,Sedna Finance Corp.,Cheyne Finance PLC,Cullinan Finance Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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