The failures of Silicon Valley Bank and Signature Bank last month aren’t likely to cause widespread contagion in the banking sector, but they may lead to further credit tightening, according to veteran investor Howard Marks.
Marks, co-chairman at Oaktree Capital Management, one of the world’s largest investors in distressed debt, said some financial institutions are likely to reduce the amount of credit they make available after two banks collapsed, adding pressure to some borrowers. Meanwhile, regional and community banks may face increased scrutiny and deposit outflows, as their customers move their funds to money-market funds and larger banks, Marks said.
Read:End of 40-year era of falling interest rates is crucial ‘sea change’ for investors: Howard Marks Commercial real estate risks Marks highlighted that one of biggest worries banks are facing is the possibility of problems stemming from loans against commercial real estate, especially office buildings.
Source: Financial Digest (financialdigest.net)
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