The Impact of SVB Collapse on Banks' Junk Debt Unloading Efforts.
TL;DR
Wall Street firms, including Bank of America, Barclays, and Morgan Stanley, are struggling to sell off $25 billion to $30 billion of "hung debt" tied to leveraged buyouts that banks agreed to finance before worsening credit conditions last year sapped investor appetite for the paper. The recent turmoil in the banking industry has made the already-difficult task of selling off tens of billions of risky buyout debt even harder for these firms.
- SVB Collapse Complicates Banks' Efforts to Unload More Than $25 Billion of Junk Debt The Wall Street Journal
- Silicon Valley Bank's risk model flashed red. So its executives changed it. The Washington Post
- SVB (SIVB) Bank Collapse Stunned Even the One Analyst With Sell Rating Bloomberg
- Why so many banks seem to fail on Fridays CNN
- Here's Why People Are Blaming Smartphones and Social Media for the Bank Collapse TheStreet
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