Standard Chartered - Whistlejacket SIV - Bank SIV

This vehicle is now in receivership, after being dramatically downgraded:

Moody's Investors Service on Tuesday slashed its ratings on Standard Chartered's $7 billion Whistlejacket structured investment vehicle (SIV) after a plan to provide liquidity fell through.

Deloitte also said on Tuesday it had been appointed as receiver for the SIV, a step Standard Chartered was forced to take after the vehicle breached triggers that meant it had to be wound down.

The capital value of the fund fell to about 41%, triggering the 11-notch downgrade to Ba2.

More details:

Standard Chartered had been planning to provide $7.15 billion of liquidity support for Whistlejacket, but had placed conditions on that funding -- including that the SIV not be in enforcement. The bank said on Monday it would discuss alternative liquidity arrangements with the receiver and said the assets held good long-term value...

Moody's said there were now several options, including early repayment of the senior debt, repayment of senior debt as it falls due, and completion of Standard Chartered's liquidity plan.

It said 64.4 percent of Whistlejacket's portfolio was rated Aaa, 32.8 percent in the double-A category, and 2.8 percent in the single-A category. It said there had been no credit losses on the portfolio.

Pretty astounding that this all happened without actual credit losses—this implosion was purely driven by market valuation pressures, it seems. Will participants be able to get their money out without losses in the process is the next question.