-
짤막한 기사만으로는 왜 First Republic 주식 가치가 $0이 되는지 설명이 안되어 있죠.
Bloomberg 기사를 읽어보세요.
….
First Republic was never going to be bought in a private sale: The immediate fair-value losses for any buyer on the bank’s mainly fixed-rate, interest-only mortgages were just too great. JPMorgan is writing down the full book of $173 billon in commercial loans and residential mortgages by about $22 billion as it takes them onto its own books.
Key to getting the deal done was excluding billions of dollars of liabilities that are left behind with the FDIC, many of which will be zeroed. These comprise $18 billion of shareholder equity, including $3.6 billion of preference shares; another $800 million of subordinated bonds; and a few tens of billions of short-term financing from the Federal Reserve and other sources.
After the asset write-downs and ditched liabilities, JPMorgan is buying $185.8 billion of assets, mostly loans, along with $30 billion of cash and bonds too. It’s taking on $167.8 billion of liabilities, most importantly some $90 billion of deposits, many of which are still insured by the FDIC. That’s amounts to an excess of assets over liabilities of $18 billion, for which JPMorgan will pay $10.6 billion to the FDIC. It will also cancel the $5 billion deposit it made at First Republic as part of a $30 billion life-support package that 11 banks put together in March. The other big banks will all get their deposits back.
….