Within the careful world of structured investment vehicles (SIVs), evolution has generally taken its time. But Citigroup’s latest vehicle – launched 16 years after its pioneering prototype – represents a remarkable leap forward. The team that designed it hopes it will provide a significant boost to the SIV sector, by changing the nature of the product and widening the potential investor base.
Citi’s new SIV is called Sedna, after the Inuit goddess of the sea. She was a girl who had some very nasty experiences before attaining divinity – read into that what you will. Last year, however, her name was also given to a newly discovered planetoid. Lying far beyond Pluto, Sedna is the remotest body yet sighted in our own solar system.
