Credit market round up: StanChart kills SIV
Two SIVs endured very different fates in February. On February 21, Dresdner Bank announced plans to shore up its K2 vehicle, providing liquidity support to the $19 billion vehicle as it restructures. But parent company Allianz has confirmed its plans to wind the vehicle down by the year-end. K2 runs three portfolios, one of which has entered a restricted operating period. Standard Chartered, however, has walked away from its SIV, Whistlejacket, which entered receivership on February 11 and was teetering on the brink of default by February 21.