SVB Financial commences Chapter 11 proceedings to reserve a value

  • Believes it has $2.2 billion of liquidity
  • Strategic alternatives process for SVB capital and SVB securities operations underway with significant interest
  • Funding debt is roughly $3.3 billion in aggregate
  • Has $3.7 billion preferred equity outstanding

the regional banks in the US are continuing under pressure in premarket trading:

  • First Republic is down 19.81% at $27.50
  • Comerica is down to -2.3% at $46.51
  • KeyCorp is down -2.28% at $12