Bloomberg-硅谷银行只是冰山一角华尔街质疑新危机到来-20230310.pdf

Silvergate,Silicon Valley Bank FalloutSparks Wall Street Fears of C Bank Folds,Another Wobbles and WallStreet Asks If Its a Crisis一家银行倒闭，另一家摇摆不定，华尔街质疑这是否是一场危机More lenders are struggling to keep depositsfrom fleeing 更多的银行正在努力防止存款外逃Silicon Valley Bank is just the tip of theiceberg“硅谷银行只是冰山一角”/s精选研报纪要杂志V入群：up0668899Silicon Valley Bank headquarters in Santa Clara,California.加州圣克拉拉的硅谷银行总部。Photographer:David Paul Morris/Bloomberg 摄影:David Paul Morris/彭博社2023年3月10日 GMT+8 上午10:22Silvergate Capital Corp.s abrupt shutdown andSVB Financial Groups hasty fundraising havesent US bank stocks diving and tongues waggingacross the industry:Could this be the start of amuch bigger problem?Silvergate Capital Corp 的突然关门以及 SVB Financial Group 的仓促融资，使得美国银行类股纷纷下跌，整个行业议论纷纷:这会不会是一个更大问题的开端？精选研报纪要杂志V入群：up0668899The issue at both of the once-highflyingCalifornia lenders was an unusually fickle base ofdepositors who yanked money quickly.Butbelow that is a crack reaching across finance:Rising interest rates have left banks laden withlow-interest bonds that cant be sold in a hurrywithout losses.So if too many customers taptheir deposits at once,it risks a vicious cycle.这两家曾经风光无限的加利福尼亚银行的问题在于，它们的存款基础异常反复无常，而且迅速撤资。但在这之下是一条贯穿整个金融业的裂缝:不断上升的利率让银行背负了大量低息债券，这些债券不能在匆忙之中出售，否则就会遭受损失。因此，如果有太多的客户同时动用他们的存款，就会面临恶性循环的风险。Across the investing world,“people are askingwho is the next one?”said Jens Nordvig,founderof market analytics and data intelligencecompanies Exante Data and Market Reader.“Iam getting lots of questions about this from myclients.”在整个投资界，“人们都在问谁是下一个?”市场分析和数据情报公司 Exante Data 和 Market Reader 的创始人延斯诺德维格(Jens Nordvig)表示。“我的客户对此提出了很多问题。”精选研报纪要杂志V入群：up0668899Indeed,amid deposit withdrawals at SVB,itschief executive officer urged customers onThursday to“stay calm.”事实上，在 SVB 提取存款的过程中，其首席执行官周四敦促客户“保持冷静”The immediate risk for many banks may not beexistential,according to analysts,but it couldstill be painful.Rather than facing a major runon deposits,banks will be forced to competeharder for them by offering higher interestpayments to savers.That would erode whatbanks earn on lending,slashing earnings.分析师表示，对许多银行来说，眼前的风险可能不是生死攸关的，但仍可能是痛苦的。银行不会面临存款的大规模挤兑，而是将被迫通过向储户支付更高的利息来更加激烈地争夺存款。这将侵蚀银行的贷款收入，削减收益。Small-and mid-sized banks,where funding isusually less diversified,may come underparticular pressure,forcing them to sell morestock and dilute current investors.中小型银行的融资通常不那么多样化，它们可能面临特别大的压力，迫使它们出售更多股票，稀释现有投资者的权益。Terrible Kicking精选研报纪要杂志V入群：up0668899“可怕的踢”“Silicon Valley Bank is just the tip of theiceberg,”said Christopher Whalen,chairman ofWhalen Global Advisors,a financial consultingfirm.“Im not worried about the big guys but alot of the small guys are going to take a terriblekicking,”he said.“Many of them will have toraise equity.”“硅谷银行只是冰山一角,”金融咨询公司 Whalen Global Advisors 董事长克里斯托弗惠伦(Christopher Whalen)表示。“我不担心那些大个子，但是很多小个子会被踢得很惨,”他说。“其中许多公司将不得不进行股权融资。”Every bank in the S&P 500 Financials Indextracking major US firms slumped on Thursday,taking the benchmark down 4.1%its worst daysince mid-2020.Santa Clara-based SVB tumbled60%,while First Republic Bank in San Franciscofell 17%.追踪美国主要公司的标准普尔500金融股指数(S&P 500 Financial Index)中的所有银行股周四全线下挫，导致该指数下跌4.1%，为2020年年中以来最大单日跌幅。总部位于圣克拉拉的 SVB 下跌60%，而旧金山的第一共和银行(First Republic Bank)下跌17%。精选研报纪要杂志V入群：up0668899SVB Races to Avoid Bank Run as Funds AdvisePulling Cash SVB 竞相避免银行挤兑，因为基金建议提取现金1:21 1分21秒WATCH:Panic spread in tech circles about thefinancial health of Silicon Valley Bank as the firmsaid Thursday it was holding a$2.25 billion sharesale after a significant loss on its portfolio.观察:硅谷银行的财务状况在科技界引发恐慌，该公司周四表示，在其投资组合遭受重大损失后，将以22.5亿美元的价格出售股票Source:Bloomberg 来源:彭博社Another S&P index tracking mid-size financialsdropped 4.7%.The worse performer there wasBeverly Hills-based PacWest Bancorp,down25%.另一个跟踪中型金融企业的标准普尔指数下跌4.7%，表现最差的是总部位于比佛利山庄的 PacWest Bancorp，下跌25%。Ironically,many equity investors had piled intofinancial stocks to ride out the Federal Reservesinterest-rate hikes,betting it would pave the wayfor lenders to earn more.For them,this week hasbeen a shock.具有讽刺意味的是，许多股票投资者曾大举买入金融类股，以安然度过美联储(Fed)加息的难关，押注这将为银行赚取更多利润铺平道路。对他们来说，这个星期是一个震惊。精选研报纪要杂志V入群：up0668899“The cost of deposits rising is old news,weveseen that pressure,”said Chris Marinac,ananalyst at Janney Montgomery Scott.Butsuddenly“the market has really focused on itbecause theres an obvious surprise with thecapital raise from Silicon Valley Bank.”Janney 蒙哥马利史考特分析师克里斯马里纳克(Chris Marinac)表示:“存款成本上升已经是老新闻了，我们已经看到了这种压力。”。但突然之间，“市场真正关注这个问题，因为硅谷银行(Silicon Valley Bank)的融资显然出人意料。”Read More About the Meltdown of Bank Stocks:了解更多关于银行股崩溃的信息:Wall Streets Favorite Trade Is Hammered 华尔街最受欢迎的交易被重击SVB Has Record Drop on Client Cash Crunch SVB 在客户现金危机中创下历史新低Thiel Fund Advises Companies to Exit SVB 泰尔基金建议企业退出 SVBBank Bonds Weaken as SVB Shores Up Capital 由于SVB 支撑资本，银行债券走弱SVB announced the stock offering as its clients firms backed by venture capital withdrewdeposits after burning through their funding.The lender liquidated substantially all of thesecurities available for sale in its portfolio andupdated a forecast for the year to include asharper decline in net interest income.精选研报纪要杂志V入群：up0668899SVB 宣布上市之际，其客户得到风险资本支持的公司在耗尽资金后提取存款。该贷款机构对其投资组合中可出售的所有证券进行了大量清算，并更新了当年的预测，其中包括净利息收入更大幅度的下降。Greg BeckerPhotographer:Lauren Justice/Bloomberg 摄影:LaurenJustice/彭博社Hours after CEO Greg Becker urged clients to“stay calm”on a conference call Thursday,newsbroke that a number of prominent venturecapital firms,including Peter Thiels FoundersFund,were advising portfolio companies to pullmoney as a precaution.在首席执行官格雷格 贝克尔(Greg Becker)周四在电话会议上敦促客户“保持冷静”几小时后，有消息称，包括彼得 蒂尔(Peter Thiel)的创始人基精选研报纪要杂志V入群：up0668899金(Founders Fund)在内的一些知名风险投资公司，正建议投资组合中的公司撤资以防万一。At Silvergate the problem was a run on depositsthat began last year,when clients cryptocurrency ventures withdrew cash toweather the collapse of the FTX digital-assetexchange.After losses from rapidly sellingsecurities,the firm announced plans Wednesdayto wind down operations and liquidate.在 Silvergate，问题在于去年开始的存款挤兑，当时客户加密货币企业提取现金，以抵御 FTX 数字资产交易所的崩溃。在因迅速出售证券而蒙受损失后，该公司周三宣布了逐步结束业务并进行清算的计划。US bank stocks also came under pressure thisweek after KeyCorp warned about the mountingpressure to reward savers.The regional lenderlowered its forecast for growing net interestincome in the current fiscal year to 1%to 4%,down from 6%to 9%,because of the“competitive pricing environment.”Its stock fell7%on Thursday.美国银行类股本周也面临压力，此前 KeyCorp 警告称，银行奖励储户的压力越来越大。由于“竞争性定价环境”，该地区贷款机构将本财年净利息收入增长预期从6%下调至4%该公司股价周四下跌7%。精选研报纪要杂志V入群：up0668899More Insulated“更加绝缘”Regulators talk openly about spending less timepolicing the balance sheets of small banks,givingthem room to innovate,with some dabbling infinancial-technology platforms orcryptocurrencies.监管机构公开谈论减少花在监管小银行资产负债表上的时间，给它们创新的空间，其中一些涉足金融技术平台或加密货币。Authorities have instead devoted much of theirtime and attention since the 2008 financial crisisto ensuring the stability of large“systemicallyimportant”banks such as JPMorgan Chase&Co.and Bank of America Corp.相反，自2008年金融危机以来，有关当局已将大部分时间和精力投入到确保摩根大通和美国银行(Bank of America)等“具有系统重要性”的大型银行的稳定上。Theyve forced the biggest lenders to hold ever-larger amounts of capital aside sometimesover the loud complaints of bankers so thattheir health would be beyond reproach atmoments like this.Smaller lenders by contrast精选研报纪要杂志V入群：up0668899have been handled with“a very light-touchapproach,”Michael Barr,the Feds vice chair forsupervision,said during a speech Thursday.他们迫使最大的贷款机构把越来越多的资金放在一边(有时是因为银行家的大声抱怨)，这样在这种时候，他们的健康状况就不会受到指责。美联储负责监管的副主席迈克尔巴尔(Michael Barr)周四在一次讲话中表示，相比之下，小型贷款机构的处理方式是“非常温和的”。“There are obviously larger institutions that arealso exposed to these risks too,but the exposuretends to be a very small part of their balancesheet,”he said.“So even if they experience thesame deposit outflows,they are more insulated.”他表示:“显然，也有一些规模较大的机构也面临这些风险，但这些风险在它们的资产负债表中所占比例往往非常小。”。“因此，即使它们经历了同样的存款外流，它们也更加不受影响。”With assistance by Sridhar Natarajan在 Sridhar Natarajan 的协助下 精选研报纪要杂志V入群：up0668899