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First Republic Weighing Up To $100B In Asset Sales – BBG

US
  • First Republic Bank is exploring divesting $50B to $100B of long-dated securities and mortgages as part of a broader rescue plan, Bloomberg reports according to people with knowledge of the matter.
  • “Any sales would help reduce the bank’s asset-liability mismatch, the people said, asking not to be identified discussing confidential information. Potential buyers, including large US banks, could potentially receive warrants or preferred equity as an incentive to buy assets above their market value, one of the people said. “
  • FRC shares extended an already large decline after yesterday’s post-close earnings release showed larger than expected deposit flight in Q1, reaching a session low at -31%.
  • The latest extension lower doesn’t see downward spillover into the S&P e-mini but doesn’t support it either, with levels currently around 4120 (-0.9%) having already cleared the 20-day EMA support of 4128.95 to next open the 50-day EMA of 4086.73.
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