Ep. 99 - Higher rates punish bond portfolios, weigh on bank M&A

Street Talk

The Federal Reserve's aggressive tightening of monetary policy has pushed bank bond portfolios deep into negative territory, altered previously struck bank M&A deals and has given pause to some would-be buyers. In the episode, bankers and advisers from Piper Sandler's depository investment bank team and PNC's Financial Institutions Advisory Group discuss how higher rates have negatively impacted bank deal math, tangible book value and changed the way acquirers communicate with the Street. S&P Global Market Intelligence Banking Reporter Lauren Seay highlights discussions with bankers and advisers as well as earnings call commentary from several seasoned acquirers, including Home BancShares, Seacoast Banking Corp., Community Bank System and Provident Financial.