{"id":45209,"date":"2023-05-01T20:39:04","date_gmt":"2023-05-02T01:39:04","guid":{"rendered":"https:\/\/prefblog.com\/?p=45209"},"modified":"2023-05-01T20:39:04","modified_gmt":"2023-05-02T01:39:04","slug":"may-1-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=45209","title":{"rendered":"May 1, 2023"},"content":{"rendered":"

First Republic finally succumbed<\/a>:<\/p>\n

Regulators seized control of First Republic Bank and sold it to JPMorgan Chase on Monday, a dramatic move aimed at curbing a two-month banking crisis that has rattled the financial system.<\/p>\n

First Republic, whose assets were battered by the rise in interest rates, had struggled to stay alive after two other lenders collapsed last month, spooking depositors and investors.<\/p>\n

First Republic was taken over by the Federal Deposit Insurance Corporation and immediately sold to JPMorgan. The deal was announced hours before U.S. markets are set to open, and after a scramble by officials over the weekend.
\n…<\/b>
\nJPMorgan will \u201cassume all of the deposits and substantially all of the assets of First Republic Bank,\u201d the F.D.I.C. said in a statement. The regulator estimated that its insurance fund would have to pay out about $13 billion to cover First Republic\u2019s losses. JPMorgan also said that the F.D.I.C. would provide it with $50 billion in financing.
\n…<\/b>
\nBy last week, after an alarming earnings report in which the bank disclosed that customers had withdrawn more than half of its deposits, it became clear that there was no option outside a government takeover.
\n…<\/b>
\nLike the other two failed banks \u2014 Silicon Valley Bank and Signature \u2014 First Republic collapsed under the weight of loans and investments that lost billions of dollars in value as the Federal Reserve rapidly raised interest rates to fight inflation.
\n…<\/b>
\nOther regional lenders, like Utah\u2019s Zions Bank and PacWest of Los Angeles, have firmed their footing faster than First Republic, and bank analysts do not see another collapse as imminent. The stocks of every other bank in the S&P 500 stock index rose on Friday even as First Republic\u2019s shares ended the day down more than 40 percent in anticipation of the government takeover.<\/p><\/blockquote>\n

Sic transit gloria mundi!<\/p>\n

I still have no time to catch up on all the links I have saved …<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0417 %<\/td>\n2,306.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0417 %<\/td>\n4,423.9<\/td>\n<\/tr>\n
Floater<\/td>\n9.77 %<\/td>\n9.96 %<\/td>\n34,647<\/td>\n9.53<\/td>\n2<\/td>\n0.0417 %<\/td>\n2,549.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0610 %<\/td>\n3,360.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.00 %<\/td>\n7.29 %<\/td>\n45,881<\/td>\n2.59<\/td>\n7<\/td>\n-0.0610 %<\/td>\n4,013.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0610 %<\/td>\n3,131.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0538 %<\/td>\n2,771.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.16 %<\/td>\n6.23 %<\/td>\n51,431<\/td>\n13.57<\/td>\n34<\/td>\n0.0538 %<\/td>\n3,022.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.78 %<\/td>\n7.66 %<\/td>\n84,804<\/td>\n12.03<\/td>\n63<\/td>\n-0.3094 %<\/td>\n2,145.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.06 %<\/td>\n6.14 %<\/td>\n69,367<\/td>\n13.68<\/td>\n19<\/td>\n0.2191 %<\/td>\n2,966.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n10.41 %<\/td>\n10.86 %<\/td>\n50,707<\/td>\n8.86<\/td>\n2<\/td>\n0.0676 %<\/td>\n2,404.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.94 %<\/td>\n6.56 %<\/td>\n326,472<\/td>\n12.82<\/td>\n1<\/td>\n-0.2759 %<\/td>\n2,327.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3094 %<\/td>\n2,193.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.95 %<\/td>\n7.28 %<\/td>\n82,140<\/td>\n12.15<\/td>\n11<\/td>\n0.0000 %<\/td>\n2,342.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-3.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 12.00
\nEvaluated at bid price : 12.00
\nBid-YTW : 8.66 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 18.32
\nEvaluated at bid price : 18.32
\nBid-YTW : 8.34 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 17.88
\nEvaluated at bid price : 17.88
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 18.13
\nEvaluated at bid price : 18.13
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 11.34
\nEvaluated at bid price : 11.34
\nBid-YTW : 9.11 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 8.02 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 17.31
\nEvaluated at bid price : 17.31
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 16.58
\nEvaluated at bid price : 16.58
\nBid-YTW : 8.37 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 23.15
\nEvaluated at bid price : 23.41
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.79
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 12.48
\nEvaluated at bid price : 12.48
\nBid-YTW : 8.22 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n129,348<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 16.96
\nEvaluated at bid price : 16.96
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n54,148<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 16.98
\nEvaluated at bid price : 16.98
\nBid-YTW : 7.72 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n53,468<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n52,137<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 16.93
\nEvaluated at bid price : 16.93
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n51,182<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 7.65 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n51,085<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
There were 12 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 15.10 – 17.45
\nSpot Rate : 2.3500
\nAverage : 1.8907<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 8.86 %<\/td>\n<\/tr>\n

POW.PR.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.49 – 24.40
\nSpot Rate : 0.9100
\nAverage : 0.5409<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 23.19
\nEvaluated at bid price : 23.49
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n

BN.PR.K<\/td>\nFloater<\/td>\nQuote: 12.01 – 12.80
\nSpot Rate : 0.7900
\nAverage : 0.4854<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 12.01
\nEvaluated at bid price : 12.01
\nBid-YTW : 9.96 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 22.28 – 22.99
\nSpot Rate : 0.7100
\nAverage : 0.5268<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 21.83
\nEvaluated at bid price : 22.28
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.70 – 22.35
\nSpot Rate : 0.6500
\nAverage : 0.4843<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 12.01 – 12.42
\nSpot Rate : 0.4100
\nAverage : 0.2638<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-01
\nMaturity Price : 12.01
\nEvaluated at bid price : 12.01
\nBid-YTW : 8.24 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

First Republic finally succumbed: Regulators seized control of First Republic Bank and sold it to JPMorgan Chase on Monday, a dramatic move aimed at curbing a two-month banking crisis that has rattled the financial system. …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-45209","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45209"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45209\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}