Trading in First Republic bonds signals lower expectations for the stressed regional lender, which received a $30 billion deposit injection last month.
Trading in First Republic Bank corporate debt signals a rise in bearish sentiment for the bank in the weeks leading up to its first-quarter earnings update on Monday.
Yields on First Republic Bank’s FRC 4.375% 2046 bonds steadily climbed in early April to nearly 10% on April 16, up from about 9% early in the month, according to BondCliQ, a data-solutions provider. According to Investopedia, a bond that is trading below par is trading at a discount to its value at maturity. As the bond approaches maturity, its value increases and reaches par over its life.
A $30 billion backstop effort on March 16 by 11 big banks led by JPMorgan Chase & Co. JPM and the the U.S. Federal Reserve did little to shore up First Republic’s bond prices.
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