First Republic Bank deletes 60 precent
SVB raises concern from investors for it futures
First Republic Bank deletes 60 precent on pretade.
Ivestors buying short term bonds as the panic for a banking crisis is taking place right after SVB massive collapse.
2y US bond yield drops 60 basis points below 4% , the most massive drop since 2008 Crisis and 3-day trading-day decline streak since 1987 Black Monday.
Despite the message of first republic bank board's: "First Republic's liquidity and capital positions are very strong, and capital levels remain well above the threshold set by regulators for banks"
the investors are afraid that First republic bank is similar to SVB's.
In its announcement published tonight, First Republic clarified that it has more than 70 billion dollars in its coffers, thanks to agreements with the Fed and J. according to Morgan, which will allow him to continue financing his activity.
After a 16% decline last weekThe SPDR S&P Regional Banking ETF lost in premarket more than 7%.
The fall of the regional baank stocks comes after a massive withdrawals from SVB Financial. Bank’s customers were not guaranteed to get their money back untill the regulator took over since a high precentage of not insured deposits,