A potential buyer for Silicon Valley Bank helped cast an uneasy calm over fragile markets on Monday, which have been roiled by worries of a credit crunch and wider systemic banking stress
"It's clearly not over," Australia and New Zealand Banking Group Chief Executive Shayne Elliott said in anposted to the bank's website, where he said the turmoil has the potential to escalate into a bigger financial crisis.
In Europe, bank bonds are under pressure and credit default swaps, or the cost of insurance against defaults, uneasily high. Deutsche Bank's five-year CDS hit their highest since late 2018 on Friday, data from S&P Global Market Intelligence showed. The FDIC has been trying to sell Silicon Valley Bank assets for several weeks, and had asked for separate offers for SVB Private and SVB after failing to sell them together.
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