Below are some press releases from company’s with preferred stock or baby bonds outstanding–or just news of general interest.
I am out of the office and won’t have any headlines tonight.
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4/24/2024
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Here’s what is not making news… the current net worth ratios of banks under stock pressure. Below 6% is concerning below 3 is critical. The banks are getting reality checks.
😱 SHOCKED… NOTTTTT 😱
Credit Suisse shares sink as ‘material weaknesses’ found in financial reporting
https://www.cnbc.com/2023/03/14/credit-suisse-finds-material-weaknesses-in-financial-reporting-says-outflows-not-yet-reversed.html
I feel bad for the families of dictators, organized crime figures, drug lords and corrupt politicians who now have one less banking option at their disposal…
Cruising the bond pages this morning on Fido nothing but banks and BDC’s Credit Suisse still showing A rated
I have a theory, looking at the bond screener I wonder if the banks and BDC’s with the most bonds for sale in the market are the ones people are most worried about?
Credit Suisse
Ally
Prospect
I review Fido’s bond listings a couple of times everyday. These credits are listed regularly and have not seen a substantial change in prices to suggest any serious stress in the IG bond market yet, outside of Credit Suisse.
I did a review of all of my bank holdings (bonds). All positions are small, less than 1%. Got through Citibank, JP Morgan Chase, Royal Bank of Canada, Toronto Dominium, and Bank of America feeling fairly confident / comfortable with potential outcomes. Then – I got to my Credit Suisse. Already taking a hit (80 cents on the dollar) with no bid/ask. Guess I am going to have to sweat it out. My fault for not paying more careful attention.
Just read the Swiss National Bank is going to backstop Credit Suisse. to the tune of $54B, as well as repurchase certain OpCo senior debt securities for cash of up to approximately 3 billion francs. Keeping a good thought.
Here’s a fun headline I just found;
“Silicon Valley Bank Was a Wall Street IPO Pipeline in Drag as a Federally-Insured Bank; FHLB of San Francisco Was Quietly Bailing It Out”
“…this was a Wall Street IPO machine that enriched the investment banks on Wall Street by keeping the IPO pipeline moving; padded the bank accounts of the venture capital and private equity middlemen; and minted startup millionaires for ideas that often flamed out after the companies went public.”
“the Federal Home Loan Bank of San Francisco was quietly bailing out SVB throughout much of last year. Federal Home Loan Banks are also not supposed to be in the business of bailing out venture capitalists or private equity titans. ”
https://wallstreetonparade.com/2023/03/silicon-valley-bank-was-a-wall-street-ipo-pipeline-in-drag-as-a-federally-insured-bank-fhlb-of-san-francisco-was-quietly-bailing-it-out/