Deal of the year - Cairn High Grade Funding SIV-Lite Restructuring

Risk Awards 2008

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"An oasis of calm in the subprime maelstrom," was how New York-based Moody's Investors Service described the structured investment vehicle (SIV) sector in a report issued in late July. Less than a month later, that assessment appeared remarkably myopic, as banks and hedge funds were sucked into an SIV storm of downgrades, liquidations and restructurings.

Moody's is far from the only firm to be caught out by the shortcomings of SIVs and SIV-lites. These vehicles have been hugely popular with bank

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