British government bonds on Monday were on track for their biggest one-day price gain since the day the Bank of England launched quantitative easing in March 2009, excluding wild market moves last year during the premiership of Liz Truss, Reuters reported. Part of a huge rally in global government bond markets following the collapse of U.S. lender Silicon Valley Bank, the 10-year gilt yield was down 33 basis points on the day as of 1413 GMT.
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Italy's Economy Minister Giancarlo Giorgetti is closely watching market developments following the collapse of the Silicon Valley Bank (SVB), the ministry said on Monday, adding that the European Union should act quickly to shore up banks if needed, Reuters reported. "We appreciate the timeliness with which the U.S. authorities intervened and trust that, if necessary, European authorities will intervene with the same timeliness, assessing the implications for the conduct of monetary policy and financial stability," the economy ministry said in a statement.
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Crypto hedge fund executive Marco Lim spent Monday racing to open bank accounts in Hong Kong after the sudden collapse of three U.S. lenders, Reuters reported. The hedge fund, MaiCapital, is based in the city and had cash at one of the fallen institutions, Signature Bank. MaiCapital needs alternatives and managing partner Lim was pressing lenders to speed up account opening. “The two biggest crypto friendly banks are gone,” Lim said, referring to Signature and Silvergate Capital Corp., which also had many crypto clients and said Wednesday it would liquidate.
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The Bank of England said it would place Silicon Valley Bank’s U.K. subsidiary into insolvency procedure following the collapse of its parent in the U.S., the Wall Street Journal reported. In a statement late Friday, the BOE said Silicon Valley Bank’s U.K. arm will stop making payments or accepting deposits. “The Bank of England, absent any meaningful further information, intends to apply to the court to place Silicon Valley Bank UK Ltd. into a bank insolvency procedure,” it said. Silicon Valley Bank’s branch in the U.K.
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Canada’s banking regulator seized control of SVB Financial Group’s branch in the country Sunday and said it will seek a legal order to wind up the operation, Bloomberg News reported. Peter Routledge, the country’s financial superintendent, “took this action to preserve the value of the assets held at the branch” after US regulators shut down the California-based parent bank on Friday, his office said in a statement. Finance Minister Chrystia Freeland spoke with banking executives and Bank of Canada officials on Sunday evening, and said the government continues to watch the situation.
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The Australian Prudential Regulation Authority said on Monday it was seeking more information from Australian banks regarding any impact form the collapse of U.S. startup-focused lender SVB Financial Group, Reuters reported. "While the Australian banking industry has limited connections with the US-based Silicon Valley Bank, APRA is intensifying supervision of the local banking industry and is seeking more information from them on any potential impacts," APRA said in a statement.
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Liquidators for defunct crypto exchange FTX asked a judge to approve the sale of its interest in a fund of venture capital firm Sequoia Capital to an Abu Dhabi state-backed investment firm, in a deal valued at $45 million, Bloomberg News reported. FTX agreed to sell the interest in the Sequoia Capital Fund, which previously belonged to its sister trading outfit Alameda Research’s venture arm, to Al Nawwar Investments RSC Limited on Wednesday, its estate said in a filing to Delaware’s bankruptcy court late that same day.
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Loyalty Ventures Inc. filed for bankruptcy Friday, blaming its financial problems largely on its 2021 spinoff from its parent company, a move that it said left the new business with substantial debt and limited cash flow, WSJ Pro Bankruptcy reported. The Dallas-based loyalty-programs operator filed for chapter 11 in the U.S. Bankruptcy Court in Houston and said it plans to sell its customer-rewards programs including its Air Miles Reward Program, a loyalty program popular in Canada, and its Europe-based BrandLoyalty program for grocers and other retailers.
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Restaurants Canada is proposing a solution to help small businesses, particularly restaurants, struggling with pandemic-related debt, NetNewsLedger reported. With the Canada Emergency Business Account (CEBA) loan reimbursement deadline approaching, Restaurants Canada suggests extending the payback period for 36 months and implementing a scaled-down model for the forgivable portion to save thousands of restaurants and small businesses from declaring bankruptcy. “The program was a key tool to assist thousands of businesses who had begun waiving their white flag as a result of the pandemic.
The Bank of Canada needs more evidence to gauge if interest rates are high enough to tame inflation, in part because the economies of major trading partners are doing better than forecast, senior deputy governor Carolyn Rogers said on Thursday, Reuters reported. She spoke a day after the central bank left its key overnight interest rate on hold at 4.50%, becoming the first major central bank to suspend its tightening campaign as inflation eases. The BoC has said it will hold rates where they are as long as inflation comes down as it forecast in January, hitting 3% at about mid-year.