Quick Take
Signature bank halted after dropping a record 22%, while 30% down in the past five days. Other banks have been halted, including First Republic and SIVB. SIVB is down 60%; these three banks have combined nearly $500 billion in deposits. SIVB fundraising has so far failed, with deposit outflows outpacing the sale process. First Republic announced a capital raise of $125 million, share price continues to collapse. The two-year treasury yield is down 45bps from yesterday’s high, which is the biggest two-day drop since Lehman (2008)
2 Year Treasury: (Source: ZeroHedge)
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