Structured Investment Vehicle (SIV)
A way of investing in long-term assets (with a credit rating of AAA or BBB) by issuing commercial paper.
结构化投资工具是投资长期资产的一种方式（有信用评级通过发行商业纸张的AAA或BBB）。然后，他们从商业票据中借入钱，然后购买高额信贷评级资产，例如mortgage-backed securities.
Financial firms use structured investment vehicles. For example, financial firms will use the credit spread to profit between short-term debt and long-term investments. It allows them to leverage themselves in a way that theparent companywould not be able to due to regulations.
The capital for SIVs comes from a commercial paper continuously rolling over. It allows financial firms to keep pushing more and more money into investment vehicles.
Some assets inside the investment vehicles are mortgage-backed securities (MBS), asset-backed securities, and collateralized debt obligations (CDOs). Companies can make money because the return on investments is higher than the cost of short-term debt.
SIV是在1980年代后期创建的，可以利用原始资本的五倍。他们能够利用初始资本的十倍。SIV的监管程度较低，通常会远离金融机构的资产负债表。
What are SIVs used for?
大型金融机构使用结构化的投资工具来利用债务来赚取长期质量资产的利润，这将提供比短期债务更明显的回报。他们可以通过信贷差异的运作来做到这一点。
Financial institutions will issue commercial papers, which are short-term unsecured promissory notes issued by companies. The institution will use the capital gained from this and buy long-term assets.
该机构可能购买的资产是资产证券，抵押支持证券以及抵押债务义务或CDO的资产。这些投资的风险较小，并且可能比从商业票据中借来的资本提供更多的重大回报。
Assets institutions invest in have longer maturity dates than the money borrowed, but the investments have higher yields. Such as, if one borrows from the money market at 1.5% and then invests that money in a long-term asset that pays gains of 2.7%, they will earn 1.2%.
区别在利息支付之间是允许机构获利的原因。一旦商业纸成熟（通常长达270天，平均三十天），它将发出更多债务以获取更多资产。
The renewal and re-issuance of the commercial paper allow the institutions to gain a significant amount of leverage to profit from the assets they invest.
What is the history of structured investment vehicles?
The first structured investment vehicle was Alpha Finance Corporation, created in the late 1980s by Nicholas Sossidis and Stephen Partridge of Citibank. They could leverage the bank's initial capital by five and later ten times larger than the initial amount.
SIV是最大的威胁之一financial crisis2007-2008。许多人不知道SIV是什么，他们急于找出它们是什么以及他们对financial markets.
控制的siv数千亿美元s in assets, and although SIVs were meant to be invested in high-credit rating assets, some were not. Instead, depending on the credit rating of the support, the investment vehicles could have been considered SIVs or conduits.
在伟大的过程中Recession在2008年，SIV要么失败或重组。这是因为许多投资工具都投资于抵押支持证券。政府将利率降低到stimulate the economy互联网崩溃之后。
Whenpredatory lending started为了提升，每个人都可以实现购买房屋的梦想（即使是不应该这样做的人），因为利率如此之低。然后，几年后，人们在开始上涨后负担不起房屋付款。
When people could not afford to pay the price of their homes and couldn't sell their houses and spend the lenders the rest of what they owed, consumers started to file bankruptcy. Suddenly, families could not pay the mortgages placed in the SIVs.
Example of an SIV
这是结构化投资工具如何工作的示例：
假设银行希望多样化其持股并赚取其他资产收入。因此，银行创建了一个新的银行部门，开始购买债券来自货币市场。该部门发布了商业票据，以资助购买债券。
Let's assume that the bonds are mainly mortgage-back bonds with a complex organizational structure that includes other entities. Other entities, such as state districts and financial institutions, bought these bonds and rolled them over for the investors.
If mortgages are being paid, then those mortgage-backed securities are outstanding. It is because the entities and people who bought the commercial paper are receiving their yield from the institution receiving the product from the mortgage-backed securities.
Although once a large number of people could not afford their homes, the mortgage-backed securities became worthless, and the financial institutions were not receiving any yield from them. Therefore the institutions either went bankrupt or were saved by another bank.
SIV vs. SPV
The main difference between a Structured Investment Vehicle and a Special Purpose Vehicle is how they get funding for the investments they pursue.
Some of the differences are:
- SIVs are specificSPV的类型和SIV是广义术语SPV的分支。
- SPVare created for a specific purpose. First, companies create them to make profits from an offshore orphan company. They do this to avoid paying higher taxes in the parent country.
- SIV也被注册为离岸公司。他们通常由专业管理员控制，该管理员将管理帐户，以确保孤儿和母公司的财务状况之间没有任何联系。
- 唯一的显著差异etween SIVs and SPVs is how offshore companies are funded. For SIVs, these companies are financed by issuing commercial bonds to others. On the other hand, SPVs can be funded in various ways, such as by giving equities, securities, and adhesives.
- SPV的另一个例子是传统的导管。导管的风险不如SIV，因为SIV没有支撑管。管有流动性协议和信用额度，可以帮助他们支持。
SIV vs.导管
Conduits are companies set up by banks to issue financing to other companies and investments. Conduits can be used for large projects or investment-related activities. For example, they can raise money for hospitals, schools, or industrial centers.
Conduits finance their projects or investments through conduit bonds. The issuers of the bonds are responsible for paying the interest. Most of the time, the bonds are paid through the revenue gained from the projects or investments.
区别between SIVs and conduit financing is that the investors buying commercial paper inherently have less risk in their investment because the securities the financial institution invests in generate yields from the start. It is sometimes different with conduits.
Investors in conduits invest in the projects that the conduit bond issuers are starting. It means they are inheriting more risk because the project may not finish, or it could potentially fail after completion.
Although, the benefit to conduits is they pay higher yields compared to the investors because they issue more risk. Commercial paper investors have less chance because the company they are investing in is not at such risk of losing investments.
Conclusion
SIV是由尼古拉斯·索斯迪斯（Nicholas Sossidis）和花旗银行的斯蒂芬·帕特里奇（Stephen Partridge）于1980年代后期创建的。这些旨在使其他收入流多样化。金融机构将通过商业债券和购买长期资产发行短期债务来做到这一点。
SIVs make money through the difference in the yields of long-term assets and short-term debt from commercial paper. For example, if you issue a retail report at 1.5% interest and buy long-term investments yielding 3%, your profit is 1.5% interest.
Commercial paper will expire within thirty to 270 days. The financial institution will keep issuing debt to buy more long-term assets throughout this process. It is an excellent investing system if the assets you buy hold up and can still produce a high yield.
Institutions would roll over the commercial paper to keep buying these assets, including mortgage-back securities, asset-backed securities, and collateralized debt obligations (CDOs). Unfortunately, thisinvestment strategy was hit在2008年经济衰退期间非常艰难。
The most significant differences between conduits and SIVs are the number of risk levels. When an investor buys commercial paper, they are investing in a company investing in longer-term assets that produce higher yields. Conduit bond investors are investing in company projects.
在经济衰退期间，人们无法支付所支付的房屋的抵押贷款；这些都是抵押支持证券的抵押贷款。因此，当人们开始拖欠贷款时，警卫变得毫无价值。
Once the securities were worthless and the institutions were not receiving any money, they could pay back the money they borrowed through the issuance of commercial paper. As a result, the financial institutions went bankrupt or were bailed out by other banks.
FAQs
Structured investments profit off a credit spread through borrowing money through商业纸and buying long-term assets.
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