“科技大时代”落幕的缩影：硅谷银行利润缩水，市值暴跌，成为空头的“瓮中之鳖”

华尔街见闻2023-02-23

“科技大时代”的落幕并不止于科技企业的节衣缩食，那些曾经为他们“撑腰”的银行们如今也面临“清算”。据报道，美国加州为初创企业提供融资的硅谷银行(Silicon Valley Bank, SVB)正面临审查，原因是该行在科技热潮时期做出的一项投资如今造成了150亿美元的未变现亏损，动摇了该行的盈利能力。该银行坚持将其910亿美元的债券组合持有至到期，这一决定使其利润免受去年金融市场动荡的影响，因为...

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uiv
2023-02-23
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Becker接受媒体采访时表示：今年对科技行业而言将是充满挑战的一年……我们真的只看到了一个开头。将会有更多关于失败和(科技行业)裁员的头条新闻。无论这个波动期是12个月还是18个月，我们的目标是能够确保我们有能力支持客户度过这段时间。决策失误错误的投资决策和对美联储加息节奏的误判，也是导致SVB困境的主要原因。SVB的收入来自基金、资产管理等常规金融业务，但与其他银行所不同的是，SVB的核心业务集中在为科技初创企业筹集的现金提供存款服务。在2021年科技投资的热潮中，SVB的客户存款从1020亿美元激增至1890亿美元，充斥着“过剩的流动性”。与此同时，SVB保管这些存款的方式是：购买美国政府机构发行的长期抵押贷款支持证券。实际上，这种策略相当于将其一半的资产锁定在未来十年的投资中，按照今天的标准，这些投资的收入很少。Becker解释称，这些 \"保守 \"的投资是支撑银行资产负债表的计划的一部分:2021年，坦率地说，估值和正在筹集的资金数额显然处于史诗般的水平......所以我们看了看，决定更加谨慎。这一决定意味着，SVB将更容易受到利率变化的影响。问题在于，SVB从贷款等资产上赚取的利息和它在存款上支付的利息之间的差异——也就是净利息收入——正在变得越来越少。当利率处于低位时，几家大银行将更多的存款放在政府债务上，在经济不确定的时期接受较低的回报率。而SVB的相对风险敞口远远超过了其同行。截至2022年底，SVB拥有1200亿美元的投资证券，其中包括910亿美元的抵押贷款支持证券组合，远远超过了740亿美元的贷款总额。相比之下，美国银行拥有8630亿美元的债务证券，包括6330亿美元的持有至到期资产，低于其约10万亿美元的贷款和租赁。贷款与存款差额巨大的结果是，摩根大通、美国银行、花旗和富国银行在2022年最后一个季度的利息收入合计近600亿美元，比去年同期增长30%。与此同时，SVB告诉投资者，预计2023年其净利息收入将比去年的45亿美元下降17-19%。一位证券分析师对媒体表示：利率长期以来一直很低，很多人都认为利率会永远低下去。SVB在这方面下了比一般人更大的赌注。Becker则表示：我们预计利率会上升，但没有想到会像现在这么多。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9957891959,"gmtCreate":1677139885071,"gmtModify":1677139888631,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957891959","repostId":2313835550,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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