Silicon Valley Bank 简称 SVB，母公司是 SVB Financial Group，股票代码是 SIVB，在 NASDAQ 上市。中文称之为硅谷银行，香港称之为矽谷银行（“矽”是化学元素 “硅” 的旧称）。
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硅谷银行发生了什么事？
硅谷银行母公司的股票周三（2023 年 3 月 8 日）盘后和周四（2023 年 3 月 9 日）发生崩盘。
然后 2023 年 3 月 10 日一大早被规管部门接管，股票在周五开盘前就被停盘了。
崩盘原因简单说明如下，详细说明在后面：
As of December 31, 2022, SVB had mark-to-market accounting unrealized losses in excess of $15 billion for securities held to maturity. In early March of 2023, a combination of factors—including poor risk management and a bank run driven by tech industry investors—caused the bank to collapse.
bank run 就是挤兑。
接管过程看这里。摘录如下：
The Federal Reserve and the FDIC sent people to SVB's offices early in the morning of March 10, 2023, to look at the company's finances. Several hours later, the California Department of Financial Protection and Innovation (DFPI) issued an order taking possession of SVB, citing inadequate liquidity and insolvency, and appointed the FDIC as receiver. The FDIC then established the Deposit Insurance National Bank of Santa Clara to re-open the bank's branches the following Monday and enable access to insured deposits.
周五一大早美联储和 FDIC 进驻硅谷银行。FDIC 被加州 DFPI 任命为接管者。周一，被FDIC 保险的存款（每位客户最多 25 万美元）可以提款——这部分低于总存款 3%。
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硅谷银行崩盘的原因
我们来看这个人的解释：
An explainer on what is going on with Silicon Valley Bank:
- In 2021 SVB saw a mass influx in deposits, which jumped from $61.76bn at the end of 2019 to $189.20bn at the end of 2021.
- As deposits grew, SVB could not grow their loan book fast enough to generate the yield they wanted to see on this capital. As a result, they purchased a large amount (over $80bn!) in mortgage backed securities (MBS) with these deposits for their hold-to-maturity (HTM) portfolio.
- 97% of these MBS were 10+ year duration, with a weighted average yield of 1.56%.
- The issue is that as the Fed raised interest rates in 2022 and continued to do so through 2023, the value of SVB’s MBS plummeted. This is because investors can now purchase long-duration "risk-free" bonds from the Fed at a 2.5x higher yield.
- This is a liquidity issue as long as SVB maintains their deposits, since these securities will pay out more than they cost eventually.
- However, yesterday afternoon, SVB announced that they had sold $21bn of their Available For Sale (AFS) securities at a $1.8bn loss, and were raising another $2.25bn in equity and debt. This came as a surprise to investors, who were under the impression that SVB had enough liquidity to avoid selling their AFS portfolio.
他还回复一个人的提问时说：
For each $1bn they put in they will get that amount plus ~1.56% annualized interest out eventually, but the MBS is currently marked at something like 80-85% of cost basis due to the fed rate. If deposits drop substantially they become forced sellers they will take a loss on it, and they will have liquidity issues. If they don't have to sell they don't have a liquidity issue.
按照 $80bn 和 80% 的市值率来计算，如果发生 100% 的挤兑，那么硅谷银行亏损 $16bn。
现在的问题是当硅谷银行筹集资金的时候，嗅觉敏感的客户已经开始提款了，比如 Peter Thiel 和美团的王兴等。
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解决办法
大家都知道最理想的解决办法当然是一家或者多家银行（共同）接手硅谷银行。
虽然 SVB 买的长期投资看起来最终会回本，但是这个投资毕竟低于市面回报率，别的银行来接手，相当于注入自己的资金，这些资金是要拿当前市场回报率的，所以这是亏本的操作。
不过，有信誉有实力的银行来接手，此时，绝对大多数客户不会挤兑，实际注资肯定不会完全等于 SVB 的客户存款，实际亏损肯定远远低于 $16bn 那么多。
SVB 被停牌的时候市值 $6.28bn，总股本是 $16.30bn，现金和短期投资是 $6.53bn。因此，SVB 被接手是完全可以做得到的。
FDIC 拍卖程序在 2023 年 3 月 12 日周日的下午两点截至，周日晚上会公布投标情况。目前市场还不知道到底有没有投标人。
据英国天空电视台报道，汇丰控股和摩根大通有可能是硅谷银行英国分部的竞购者。
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国家救存款
周日 2023 年 3 月 12 日 6:15 PM 美国财政部、美联储、FDIC 联合声明。
- 无论投保的还是未投保的存款从周一起都可以取。
- 美联储正在制定紧急贷款计划以保持资金流向银行。
- 股东和无担保债务人将不受保护。高级管理人员已被撤职。
- 根据法律要求，存款保险基金为支持未投保的存款人而遭受的任何损失，将通过对银行进行特别评估来弥补。
- 今天被纽约州关闭的 Signature Bank 也被同样处理。
- 纳税人不会背负引起的损失。
这个第 6 条我是无法理解。因为第 3 条里的背锅侠吗？
第 3 条太残酷，所有股东和银行的未投保的债券持有人全部被清洗。
这个声明是有依据的。FDIC 虽然规定只要求银行担保 25 万美元的存款，是因为不想让银行背负更多的保险费，实际上，国家因此背书了银行的所有存款。这也是为什么 FDIC 能全盘接手银行，这也是法律规定的。而股东等相当于公司的实际所有人，董事会都是股东选出来的，搞成这样，股东自行负责了。
同一时间还有美联储还发了一个声明。
...the Federal Reserve Board...will make available additional funding to eligible depository institutions...The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to...institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral...the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP...institutions may obtain liquidity against a wide range of collateral through the discount window...the discount window will apply the same margins used for the securities eligible for the BTFP, further increasing lendable value at the window.
主要就三点：（1）美联储成立了一个爆雷基金 BFTP。（2）财政部还从金融稳定基金 ESF 拿出高达 $25bn 的基金作为后援（backstop）。（3）银行可以把自己被套牢的高质量的债券、证券等用作抵押以十分优惠条款获得爆雷基金来给自己注入流动性。
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加拿大的 OSFI 接管硅谷银行加拿大分部。
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汇丰控股以一英镑的价格接手硅谷银行英国分部
下面是汇丰控股的声明：
很多人在 Twitter 说怎么不卖给我啊，我可以出两英镑。说出这话就很无知。你没资源，你接手就是挤兑，手上的资产就得亏本甩卖。汇丰的资源也是有成本的。接手另外一家银行的过程也是有成本的。汇丰控股在英国伦敦股市今天一路下跌，Mar 13, 1:11 p.m. GMT 时刻下跌 4.61%，这说明投资者对风险忍耐度很低，且持怀疑态度。
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其他流动性不强的银行
First Republic Bank
虽然 FRC 在周日说自己有七百亿美元的流动资金，但是这些资金主要来自美联储和摩根大通。来自美联储的那部分应该是来自爆雷基金，来自摩根大通是通过两家之间的协议。这变相承认自己没有流动性。FRC 的存款有 65% 左右是没有 FDIC 承保的。
PacWest Bancorp
Western Alliance Bancorporation
其他大跌的金融机构还有 Credit Suisse Group AG 瑞士信贷银行。这不奇怪，这家处于旋风中有很长时间了。瑞士政府不久前宣布暂时不插手这家银行，让其自救。
嘉信理财证券商 Charles Schwab Corporation 也是盘前大跌。它是金融资产在美国第八大的金融机构。
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加息期望大幅降低
在 2023 年 3 月 13 日早上高盛预测说美联储下次不会加息了。市场已经完全不期望会加息 50 个基点。大部分现在认为加息 25 个基点。
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2023 年 3 月 23 日开盘后银行股血流成河
美国地区性银行普遍跌幅超过 20%。大的银行 BAC WFC C 跌幅 7% 左右。
加拿大银行六大银行十分稳定，跌幅在 5% 以内。Canadian Western Bank 和 Laurentian Bank of Canada 跌幅都不大。
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Bloomberg 的 Matt Levine 详细解释了硅谷银行破产，已经联储为什么是最后的救命稻草。
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