{"id":582652,"date":"2023-03-12T00:00:00","date_gmt":"2023-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/what-really-happened-at-svb\/"},"modified":"2023-03-12T00:00:00","modified_gmt":"2023-03-12T00:00:00","slug":"what-really-happened-at-svb","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/what-really-happened-at-svb\/","title":{"rendered":"What really happened at SVB?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Silicon Valley Bank just became the second-largest bank failure in US <\/span><span style=\"font-weight:700\">history:<\/span><span> Silicon Valley Bank (SVB) last week became the biggest casualty so far of surging interest rates, collapsing on Friday following a frantic two-day bank run. The bank \u2014 one of the most popular banks for startups in the world \u2014 was shuttered by US regulators on Friday, triggering panic not just in Palo Alto, but in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/finance\/uk-finance-minister-bank-england-governor-touch-over-svb-collapse-2023-03-11\/\" style=\"\">the UK<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/techcrunch.com\/2023\/03\/10\/silicon-valley-banks-debacle-panics-chinas-tech-industry\/\" style=\"\">China<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bnnbloomberg.ca\/canadian-banks-erase-19-7-billion-in-value-on-svb-contagion-1.1893950\" style=\"\">Canada<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/techcrunch.com\/2023\/03\/11\/silicon-valley-bank-collapse-is-impacting-many-indian-startups\/\" style=\"\">India<\/a><\/span><span style=\"font-weight:400;\"> as startups worldwide faced the prospect of losing bns of USD in deposits.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The story\u2019s Egypt angle: Scores of local startups are believed to have deposits at SVB<\/span><span style=\"font-weight:400;\">, as we note above.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">How did this happen? <\/span><span style=\"font-weight:400;\">Fundamentally, it looks a lot like this:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Startups raised tons of money amid the flood of cheap cash in 2019-early 2022. <\/span><span style=\"font-weight:400;\">Hardly a day went by in any market around the world without a tech company touting its latest raise. Most threw the money in the bank, and SVB was the bank of choice. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- That means SVB had tons of deposits and wasn\u2019t going to make a ton of money putting it to work in the form of productive loans. <\/span><span style=\"font-weight:400;\">That\u2019s fundamentally how banks make money: Take on low-cost deposits, give out more-expensive loans (and tack on a bunch of fees). So SVB engaged in what we in Egypt like to call \u201ctreasury operations\u201d: It used those deposits to buy long-dated asset-backed securities and corporate paper \u2014 securities it bought when interest rates were at historic lows. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#3- Then the Fed started drawing the era of cheap money to a close<\/span><span style=\"font-weight:400;\">, shrinking its balance sheet and (critically) raising interest rates. SVB had tons of cash tied up in long-term, fixed-rate securities \u2014 illiquid securities that, if it sold today, would see it losing money: The value of long-term, fixed-rate securities goes down as interest rates go up.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#4- The slowdown in fundraising on Planet Finance prompted plenty of companies to start drawing down their deposits. <\/span><span style=\"font-weight:400;\">In simple terms: Less VC cash coming in meant more startups were pulling more money from SVB to finance their daily operations. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#5- SVB decided to raise fresh cash <\/span><span>\u2014 <\/span><span style=\"font-weight:700\">and announced it before it was completed. <\/span><span>Their equity partner pulled out, word spread the bank was in danger, and startups started pulling their deposits, starting a good, old-fashioned bank run. <\/span><span style=\"font-weight:400;\">One downgrade from Moody\u2019s on Wednesday (it had previously rated the bank A1) added fuel to the fire, precipitating the collapse of the country\u2019s sixteenth-largest lender in just 48 hours.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The financial markets didn\u2019t react well to the news:<\/span><span style=\"font-weight:400;\"> Stocks fell worldwide on Friday as investors headed for safe havens amid talk of contagion and further weak links in the US banking system. The S&P 500 came close to turning negative YTD after falling 1.5%, while yields on two-year treasuries plunged 28 bps and gold rose more than 2.0%. Meanwhile, more than USD 70 bn was erased from the crypto markets on Friday, pushing BTC to dip below the USD 20k mark for the first time since January.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Investors are begging for government intervention:<\/span><span> Investor <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/BillAckman\/status\/1634564398919368704?cxt=HHwWgIC2gaPqka8tAAAA\" style=\"\">Bill Ackman<\/a><\/span><span>, Y Combinator\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/garrytan\/status\/1634260576431136768?s=20\" style=\"\">Garry Tan<\/a><\/span><span> and entrepreneur <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/DavidSacks\/status\/1634292056821764099\" style=\"\">David Sacks<\/a><\/span><span style=\"font-weight:400;\"> are among those warning of systemic contagion and are calling on the government to act to guarantee deposits immediately.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Must read: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2023-03-10\/startup-bank-had-a-startup-bank-run?sref=mmeFTDW1\" style=\"\">Startup bank had a startup bank run<\/a><\/span><span style=\"font-weight:400;\">, by Bloomberg\u2019s Matt Levine.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The news is dominating the international business press this morning:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/258d0732-d37b-49d6-8de8-b230a6568965\" style=\"\">FT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/us\/silicon-valley-banks-demise-began-with-downgrade-threat-sources-2023-03-11\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/where-were-the-regulators-as-svb-crashed-35827e1a?mod=hp_lead_pos1\" style=\"\">Wall Street Journal<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/technology\/2023\/03\/11\/silicon-valley-bank-startups-payroll\/?itid=hp-top-table-main_p001_f002\" style=\"\">Washington Post<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-11\/svb-fallout-spreads-around-the-world-as-uk-firms-plea-for-help?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/03\/11\/silicon-valley-bank-failure-has-investors-calling-for-government-aid.html\" style=\"\">CNBC<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/03\/11\/business\/dealbook\/silicon-valley-bank-collapse.html\" style=\"\">New York Times<\/a><\/span><span style=\"\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the second largest bank failure in US history<\/p>\n","protected":false},"author":1,"featured_media":582653,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[204,104,72,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-banking","tag-economy","tag-enterpriseam","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"5baed3c9-57cf-4488-9aac-3e245c8ac42b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/SVB-1600px.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[582645],"teaser":"This is the second largest bank failure in US history","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.63145a2b-9102-48ba-b676-4a594f2d2c6f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What really happened at SVB? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/what-really-happened-at-svb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What really happened at SVB?\" \/>\n<meta property=\"og:description\" content=\"This is the second largest bank failure in US history\" \/>\n<meta property=\"og:url\" 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