Sedna Finance
Encyclopedia
Sedna Finance is an SIV
managed by Citi group. It is notable for being the first modern 3 tier structured SIV. It was not, however, the first 3 tier SIV, as much older SIV's such as Asset Backed Capital (now Orion Finance) used 3 tier structures; these old structures used much larger proportions of junior capital to mezzanine capital. As of 2007 it has a balance sheet of approximately $10bn.
Structured investment vehicle
A structured investment vehicle was an operating finance company established to earn a spread between its assets and liabilities like a traditional bank...
managed by Citi group. It is notable for being the first modern 3 tier structured SIV. It was not, however, the first 3 tier SIV, as much older SIV's such as Asset Backed Capital (now Orion Finance) used 3 tier structures; these old structures used much larger proportions of junior capital to mezzanine capital. As of 2007 it has a balance sheet of approximately $10bn.