Janet Yellen's Comments Fail to Calm Investors as First Republic Stock Remains Volatile
Janet Yellen's Comments Fail to Calm Investors as First Republic Stock Remains Volatile
Growing concerns about the safety of bank deposits have prompted investors to approach community and regional banks with caution.
对银行存款安全的担忧日益增加，促使投资者谨慎地与社区和地区银行接触。
Recent events, such as the collapse of Signature Bank and SVB Financial Group's (NASDAQ:SIVB) Silicon Valley Bank have raised questions about deposit insurance, prompting U.S. Treasury Secretary Janet Yellen to testify before a U.S. Senate appropriations subcommittee.
最近发生的事件，例如... 的倒闭 签名银行 和 SVB 金融集团的 （纳斯达克股票代码：SIVB） 硅谷银行 对存款保险提出了疑问，这促使美国财政部长 珍妮特·耶伦 在美国参议院拨款小组委员会作证。
Yellen said Wednesday the FDIC was not considering providing "blanket insurance" for banking deposits.
耶伦周三表示，联邦存款保险公司没有考虑为银行存款提供 “一揽子保险”。
The collapse of Silicon Valley Bank, in particular, led to a widespread investor sell-off in many community and regional banks, including $First Republic Bank (FRC.US)$.
特别是硅谷银行的倒闭导致了许多社区和地区银行的广泛投资者抛售，包括 $第一共和银行 (FRC.US)$。
First Republic shares saw heightened volatility following Yellen's comments, and the situation isn't over just yet for the stock.
耶伦发表评论后，第一共和国股票的波动性加剧，该股的情况尚未结束。
The company's tangible book value is currently far underwater, leaving a capital gap of up to $13.5 billion, according to Bloomberg, which cited Wedbush analysts.
彭博社援引Wedbush分析师的话说，该公司的有形账面价值目前远远不足，资本缺口高达135亿美元。
Although a government-aided deal could potentially save the bank, it is unlikely to benefit stockholders. Wedbush analysts are unable to find a realistic scenario where there is residual value for First Republic common shareholders.
尽管政府援助的协议有可能拯救该银行，但它不太可能使股东受益。Wedbush分析师无法找到第一共和国普通股股东有剩余价值的现实情景。
If First Republic's holdings were valued at current market prices, its tangible book value would be negative $73 per share, which means an acquirer would have to deal with a "$13.5 billion capital hole."
如果第一共和国的持股按当前市场价格估值，其有形账面价值将为每股负73美元，这意味着收购方将不得不处理 “135亿美元的资本缺口”。
The recent injection of $30 billion in deposits from 11 of the largest U.S. banks was only a short-term solution, and a recapitalization of the bank would result in heavy dilution for current holders of common stock.
最近从11家美国最大的银行注入300亿美元的存款只是短期解决方案，该银行的资本重组将导致普通股的现有持有人受到严重稀释。
Unfortunately, the government's involvement in bank collapses has not been favorable for shareholders or unsecured-debt holders.
不幸的是，政府参与银行倒闭对股东或无抵押债务持有人不利。
Yellen made it clear that they are not protected in the event of a takeover. That lack of protection led to bonds issued by First Republic trading at deeply distressed levels. As of Wednesday, its 4.375% subordinated bonds with a 2046 maturity were quoted at 62.5 cents on the dollar.
耶伦明确表示，如果被收购，他们不会受到保护。这种缺乏保护导致第一共和国发行的债券交易价格处于严重低迷的水平。截至周三，其4.375％、到期日为2046年的次级债券的美元报价为62.5美分。
FRC Price action: Shares of First Republic are trading 4.28% higher in Wednesday's after-market session to $13.90.
FRC 价格走势： First Republic的股价在周三的盘后交易时段上涨了4.28％，至13.90美元。