The first pile of assets seized in March from Silicon Valley Bank and Signature Bank are hitting the market on Tuesday, with more in the works.
BlackRock Inc. on Tuesday began to solicit interest in $114 billion in assets seized by regulators last month after the failures of Silicon Valley Bank and Signature Bank.
The first list, a roughly $292 million parcel of agency mortgage-backed securities with coupons of about 2.5% to 3%, rolled out before noon Eastern time, according Empirasign, a platform that tracks trading activity in mortgage bonds and securitized products. Bonds often are sold at a spread, or premium, above the risk-free Treasury rate TMUBMUSD10Y , which can increase when markets get choppy or on concerns of rising borrower default risks.
The Federal Deposit Insurance Corp. estimated that U.S. banks had some $620 billion of unrealized losses from securities on their books as of the end of 2022, including longer-duration Treasurys and mortgage securities that have become worth less than their face value. Researchers at Stanford University estimated the tally could be $2.2 trillion.
In response to the turmoil, the Fed acted to create an emergency lending facility for banks to prevent additional forced sales, with use of the facility easing in recent weeks as calm has been restored to markets. The assets for sale include agency mortgage-backed securities, commercial mortgage-backed securities, Treasurys, corporate bonds and other securities created in an ultralow-rate environment.
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