Sedna Finance was an SIV managed by Citi group.
[1][2] It was notable for being the first modern 3 tier structured SIV.
[citation needed] 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.
[3] It was shut down in the fall of 2007, in the first phase of the financial crisis.
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