Banks halted on exchanges, Silicon Valley Bank now closed by California regulators

Quick Take

• Signature bank halted after dropping a record 22%, while 30% down in the past five days.
• Other banks have been halted, including First Republic and SIVB.
• SIVB is down 60%; these three banks have combined nearly $500 billion in deposits.
• SIVB fundraising has so far failed, with deposit outflows outpacing the sale process.
• SVIB now closed by California regulators
• First Republic announced a capital raise of $125 million, share price continues to collapse.
• The two-year treasury yield is down 45bps from yesterday’s high, which is the biggest two-day drop since Lehman (2008)

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