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Amundi’s total exposure to Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank assets was already negligible before SVB’s collapse: 0.003% of its global assets under management as of March 8, 2023.
Amundi US Advisory: Portfolio exposure of Pioneer Mutual Funds to SVB Financial Group, Signature Bank and Silvergate Capital Corp.
Pioneer Open-Ended Mutual Funds Pioneer Variable Contract Trusts
In this video, Lisa Jones, CEO of Amundi US, discusses with Ken Taubes, CIO of Amundi US, the economic implications of the Silicon Valley Bank collapse, the response of the US Federal Reserve, and the possibility of a hard economic landing ahead.
Keep checking back for our latest news and updates on Silicon Valley Bank
In the US, the credit crunch, which is already starting to materialize, will impact growth and will determine how pronounced the recession will be. Amid a weaker economic outlook, the market is reassessing central banks' actions. European banks' earnings growth will still be positive, just less so than previously thought. Concerns about credit crunches in Europe appear excessive amid the strong liquidity profile and capital position of European banks. While we already started the year with a cautious stance in risky assets, we have become increasingly prudent in credit high yield. We have also become more constructive on US duration, as it has started to work again as a diversifier of risk in periods of turmoil.
In our view, the European bank sell-off is mainly driven by profit-taking and a reassessment of recessionary risks, which is not supportive for the profitability of the sector. In the case of a further escalation in this crisis, we expect the majority of the counterparty exposures to be collateralized, so we do not expect material losses from a potential resolution or wind down. The sector is well-capitalized and liquid and we don't see any other specific instances that pose large risks to other banking stocks. It will be important to monitor liquidity and deposit flows for the sector over the coming periods.
The SVB bank failure is the third after Signature Bank and Silvergate Bank, and it is the largest bank failure since the 2008 financial crisis, with SVB being the 16th biggest US bank. The failure was mainly due to an asset-liability mismatch, which resulted in the materialization of losses from sales of quality bonds that were trading down amid rising yields over the last year.
Unless otherwise stated, all information contained in this document is from Amundi Asset Management US (Amundi US). Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi US and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results. Amundi Asset Management US is the US business of the Amundi Asset Management group of companies.
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