Structured investment vehicles, the off-balance sheet vehicles run by banks and asset managers that buy bonds backed by mortgage and other debt, face renewed pressure after Moody’s issued warnings on Wednesday on a number of their ratings.

The ratings agency said it had put the ratings for different parts of the debt of five different SIVs on review for downgrade and that it had downgraded much of the senior and junior debt issued by Cheyne Capital’s $6.6bn SIV, which last week announced it had been forced to begin selling assets.