Sedna Finance was an SIV managed by Citi group. It was 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 had a balance sheet of approximately $10bn. It was shut down in the fall of 2007, in the first phase of the financial crisis.
References
- "Sedna Finance Corporation and Sedna Finance Inc. Credit Rating - Moody's".
- Sedna Finance Corp Announcement, 01/07/2008 11:55am - ADVFN, ...Citibank International plc (as Manager of Sedna Finance Corporation)...
- SIV watch: Citi’s Sedna edges closer to liquidation, December 5, 2007, By Sam Jones, FT Alphaville
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