SVB, Deutsche Bank paper declines; First Republic up; distressed retail soft, QVC down

By Cristal Cody

Tupelo, Miss., March 27 – The shakeup in the banking space continued as the week kicked off on news that First Citizens Bank will acquire Silicon Valley Bank out of receivership.

SVB Financial Group’s paper dropped about 1 point to 3½ points on about $56 million of securities changing hands on Monday, a source said.

SVB’s 4% perpetual preferred securities were down more than 1 point on an 8 handle, while the 3½% notes due 2025 gave back 3 points to a quote of 61½ bid.

Deutsche Bank AG’s 7½% perpetual junior subordinated notes (Ba2/BB-) recovered 4 points to hit 71 bid on $13 million of trading after dropping about 9½ points on Friday, a source said.

First Republic Bank’s notes (B2/BB-/CCC+) rallied nearly 2 points to 6 points during the session.

First Republic Bank’s 4 5/8% subordinated notes due 2047 (B2/BB-/CCC+) traded nearly 2 points better at 52 3/8 bid on $5.5 million of volume, a market source said.

In distressed retail, QVC Inc.’s 5¾% notes due 2027 (B2/B-) sank more than 4½ points to 40¼ bid on $5.5 million of trading, a source said.

Parent Qurate Retail Inc.’s 8½% senior notes due 2030 (Caa2/CCC-) dropped 3 7/8 points to 30 1/8 bid on $2.4 million of volume.

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