A bank failure can happen in the blink of an eye, but in the case of Silicon Valley Bank, the aftermath is taking longer to play out. And the Federal Deposit Insurance Corp.’s latest action — selling $72 billion of the failed San Francisco bank’s loans to First First Citizens BancShares of Raleigh, N.C., at a $16.5 billion discount, underscores a difficult environment ahead for all sorts of lenders and businesses.
But what about that tremendous discount on SVB’s commercial real-estate loan portfolio? Joy Wiltermuth interviews several veteran CRE investors, one of whom says the 23% discount on the loans sold by the FDIC has set a “baseline” for the commercial property credit market. Going further, CapStack Partners CEO believes the implied valuation of 77 cents to the dollar is “the top end, not the bottom end for commercial real-estate loans.
Andrew Keshner interviews Paul McAdam, J.D. Power’s senior director of banking intelligence, who sheds light on what savers have been doing with their money. How other investors look to make money on the rebound The financial sector of the S&P 500 SPX took a double-digit hit during March. That means some investors are already picking through the wreckage for opportunities. Michael Brush shares five clues to find bank stock bargains from two money managers with long records of profiting in the sector.
Source: News Formal (newsformal.com)
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