The near-completion of a restructuring of the $7bn (€4.52bn) structured investment vehicle formerly run by UK alternatives firm Cheyne Capital Management may help alleviate some of the gloom and uncertainty enveloping the credit markets.

But the successful completion of the restructuring, which could set a blueprint for restructuring up to $18bn of other SIV assets, will only lift sentiment so much, given the weight of uncertainty and concern surrounding the biggest such investment vehicle left standing.