Deutsche Bank credit default swaps jitters weigh on big U.S. banks; First Republic stock moves lower as investors await official word of second capital...
Bank stocks finished a tough week with more losses Friday as jitters around bank liquidity and weakness in Deutsche Bank shares weighed on the sector.
First Republic Bank FRC dropped 1.9% to 12.30, approaching its all-time intraday low of $11.52 a share, as a capital injection plan reportedly in the works from JPMorgan Chase & Co. JPM and others has yet to materialize. In a sign of reduced bank stress though, U.S. banks drew $163.9 billion in emergency borrowing from the Federal Reserve in the week ended March 22, compared to $164.7 billion in the prior week.The KBW Nasdaq Bank Index BKX fell 2%, the Financial Select SPDR ETF XLF moved down by 1.3% and the SPDR S&P Regional Banking ETF KRE traded about flat.
Regions Financial currently has about 145% of available liquidity to cover its uninsured deposits, followed by 136% for KeyCorp and 134% for Fifth Third Bancorp. Debt levels reported by the Federal Home Loan Bank, which provides extra debt to banks, has leveled off, which “suggests either banks’ demand for immediate funding has cooled, or they are turning to other facilities,” Horowitz said.
Without having to sell a single security in its portfolio, “there would be a sufficient amount of liquidity right there to cover if 100% of our bank’s deposits ran off,” Bettinger said in the report. Schwab could borrow from the Federal Home Loan Bank, issue certificates of deposit, or collect interest paid on its bond portfolio, he said.
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