Dow Jones' Financial News Online writes "​Sigma Finance casts shadow over SIV restructurings". The decidedly negative headline masks the host of good news underneath, that the $​7 billion Cheyne Finance restructuring is nearing completion. Cheyne remains one of only a handful of SIVs that have actually defaulted. To date it ranks as the largest single trouble-​making holding for money market funds, causing the most bailout events. While Sigma remains a concern, the article describes its continued high ratings, its lack of "​trigger" features, and its continued ability to fund in the repo markets, all positives. Yesterday, we reported that Lehman Brothers preemptively purchased its minor Sigma holdings in April, though it was not necessary to do so. It became the first, and perhaps could be the only, complex to take action on Sigma.

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