Notably, First Republic carries the third highest rate of uninsured deposits among U.S.

Markets move lower as pressures on regional banks continue to remain an overhang: Markets were mostly lower on Thursday, as another regional bank, First Republic, was down nearly 30% in early trading. In our view, markets have been gravitating towards traditionally defensive assets, both in bonds and equities, during this period of uncertainty, a trend that may persist until a more clear path for economic recovery emerges. Treasury yields continued their trend lower as well, with the 2-year yield down around 0.09% to 3.89%, well below the 5.0% level we saw earlier this month. The renewed volatility comes despite the news that Swiss National Bank has agreed to support the financial stability of Credit Suisse with a $54 billion loan, deeming it a “systemically important bank.” Credit Suisse shares had rebounded close to 30% on the news. The bank’s debt had also been downgraded by both S&P and Fitch ratings agencies.

banks, behind Silicon Valley Bank (SVB) and Signature Bank, both of which have been shut down.

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