hi Dave

Can u please explain me who is the owner of these SPV/SIVs. Is it totally financed by short term debt. If these are financed by equity capital also, then who is the provider of that capital. Please take any example.

I m trying to take an example of CITI Group, Does CITI group creates such type of SIV/SPV. If yes then wat will be the capital contribution of CITI. Will CITI group shareholder get any benefit from the SPV/SIV (i mean any portion of that 4% spread, which u take in example). If no benefit goes to CITI shareholders, then wat is benefit to CITI group in crearing such type of SPV/SIV. And further when such pool of assets get created and purchased by SPV/SIV, will the seller get 100% amount for those assets/loans.

In brief, i want to know about the owners who get benefited from that huge spread which SPV/SIV earns.

Thanks and Regards
Akhil Mittal