到目前为止,我确信人数不少, 如果不是所有人, have heard about the rapid fall of Silicon Valley Bank (SIVB). SIVB在上周五下午晚些时候破产之前是美国第16大银行, 3月10日, 2023. Below you will find some high-level details of SIVB and its ultimate failure.
- SIVB已经经营了40多年, 作为风险投资的“首选”银行, 私人股本, 以及技术社区.
- SIVB可以把硅谷孵化出来的每一家重要公司都作为客户:从苹果到谷歌, Kleiner Perkins to Sequoia (the premier and longest standing venture capital firms in America).
- 虽然它不是美国最大的银行.S. 通过存款基础或提供的bet9平台游戏, it was the most trusted financial institution in the technology/venture capital ecosystem.
- 高质量的固定收益投资组合随着利率的上升而失去价值,同时大量的现金消耗.g. 风险投资公司的现金提取导致SIVB的资本状况恶化.
- 未能对冲利率敞口的风险管理最终将被证明是SIVB管理层的疏忽.
- SIVB的最后一颗钉子是一次失败的融资,这让许多风险投资公司和基金别无选择,只能要求他们的资金从SIVB转到其他银行. As these withdrawal request outstripped the cash on hand, the FDIC took the bank over.
- Late Sunday evening, prior to the opening of Asian equity markets, the FDIC and the U.S. Federal Reserve announced a program that would guarantee all deposits at SIVB. 虽然该计划仍在推出, it appears that SIVB stock and some junior debt holders will likely lose all of their value.
底线: 上周五下午早些时候,SIVB被美国联邦存款保险公司(FDIC)和加州银行监管机构接管,当时该行遭遇挤兑. For those that are not familiar with what a “run” on the bank is, 这归结为大量储户对他们的银行机构失去信心,并同时提取(或试图提取)他们所有的存款. Understandably you might be asking how this happens in 2023, 这是一个完全合理的问题. 美国第16大银行是如何做到这一点的.S. 失败的是几乎所有的美国.S. banks/credit unions operate as fractional reserve banks. 在部分准备金银行体系中, 世界上大部分地区都在哪个地区运作, 银行不守信用, 他们也不需要保持, 取存款人100%的现金. 有准备金要求, tiered out by size; a bank that size of SIVB would be required to keep at least 10% of deposits on hand. 虽然细节尚不完全清楚(有些是已知的,其他的无疑将在未来几天/几周/几个月内公布), 就整体机制而言, SIVB经历了一个相当传统的银行“挤兑”过程,持续了48小时,最终银行被监管机构接管.
硅谷银行是如何倒闭的?
如引言所述, SIVB was Silicon Valley’s go-to financial institution for over four decades. While it no doubt had modest amounts of traditional banking clients, 它的大部分存款人都直接扎根于风险投资/技术生态系统. This concentration of their client base would ultimately prove to be their undoing. 2020年至2021年, 风险投资界筹集了创纪录的资金,因为投资者纷纷涌向高增长公司的承诺,在0%的利率环境下, 他们认为, 会被COVID大流行永远改变吗. The vast amount of capital raised by venture capitalists mostly found its way to SIVB. SIVB的存款基础从2019年的约600亿美元增长到2022年第一季度末的近2000亿美元. SIVB必须对这些存款做点什么, as they had to pay interest on checking and savings accounts. 换句话说, SIVB had to do the traditional blocking and tackling that bank(s) across the country do. 然而, SIVB获得大量资金之际,美联储即将开始1981-1982年以来最严格、最迅速的利率收紧. SIVB将现金投资于一系列高质量的投资级债券,如美国国债和抵押贷款支持证券. SIVB购买的债券被归类为“可供出售”,因此必须按市价计价. 固定收益投资组合没有对其利率敞口进行对冲——这一决定将在很大程度上导致SIVB的破产.
As interest rates went up rapidly in 2022, the value of fixed income instruments went down. While the bonds in the “available for sale” portfolio of SIVB were going down in value, 在2022年的大部分时间里,存款基础保持强劲,因为许多风险资本支持的投资组合公司在2021年的最后几个月筹集了大量新资金. What changed in late 2022 and early 2023 was the deposit base at SIVB was falling, 因为风投支持的公司无法筹集到新的资金,而且正在以前所未有的速度烧钱. 在SIVB可供出售的投资组合中,缓冲了大部分按市值计价损失的强劲存款基础已经恶化,SIVB需要采取不同的策略. SIVB的管理团队上周决定出售约210亿美元的优质债券, 希望把收益拿去以更高的利率(6个月期美国国债的收益率)进行再投资.S. 美国国债超过5%). 出售210亿美元的债券, 该银行承认了近20亿美元的损失, which eroded most of the capital cushion required by regulators. SIVB would be forced to raise fresh capital to plug the hole, 上周早些时候,它曾试图这么做. 不幸的是SIVB, 该银行首席执行官的信息没有得到投资界的好评,该银行未能筹集到资金. 到这里为止, after a failed capital raise and an ill-timed (if not ill-conceived) bond sale, many depositors had started requesting money be wired to other financial institutions. The requests of SIVB grew through the day Thursday and into Friday morning, until the regulators declared SIVB insolvent and took over the bank.
这一切是如何发生的?
美国联邦存款保险公司.S. 美联储(Federal Reserve)和美国央行(us.S. Treasury announced early Sunday evening that all deposits at SIVB were guaranteed. The program outlined by the FDIC on its website was light on details; however, the announcement made clear that 税payers would not be bailing out SIVB. 而不是, the FDIC stated that shareholders and certain unsecured debtholders would not be protected, SIVB的高级管理层已被撤职, and that any “losses” to depositors would be covered by a special assessment 税 on banks. 通读新闻稿, there appeared to be concern that there were potential systemic issues, 监管机构和政策制定者感到有必要采取有力措施,增强银行消费者的信心,让他们相信自己的存款是安全的.
总而言之:
This is why bet9游戏平台 财富管理 embraces diversification, owning stocks (U.S. 和班.S.), bonds, and diversifiers (real assets and real estate). We will never have 100% of the best performer nor will we have 100% of the worst performer. That diversification is valuable in volatile markets, 尤其是低迷的市场, where over concentration in certain areas of the market can create significant risks, 正如SIVB不幸地发现的那样.
http://www.联邦存款保险, Inc.gov/news/press-releases/2023/pr23017.html
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