Crescent Capital BDC Inc. CCAP said Wednesday it has no direct exposure to the failed Silicon Valley Bank SIVB and Signature Bank SBNY, along with the broader regional banking sector. However, the small business lender has been in active dialogue with the sponsors and management teams of its portfolio companies to assess their exposure to the banks and sector. “While we’ve identified certain instances of portfolio companies having exposure to SVB through deposit accounts only, we believe that the direct risk of cash depository loss of any portfolio company has likely been remediated based on Sunday’s decision by the Treasury, Federal Reserve and FDIC to fully protect all SVB and Signature depositors,” the Los Angeles, Calif.-based company said in a statement. It added that it does not believe most of the SVC deposit account balances were big enough to have meaningfully impacted the portfolio companies had depositor support not been provided. The companies have no relationship with SVB in credit facilities. Crescent Capital stock has fallen 20% in the last 12 months, while the S&P 500 SPX has fallen 8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Read Full Story
- Metals Stocks: Gold marks its third loss in four sessions as dollar gains, safe-haven rally fades - March 29, 2023
- The Moneyist: ‘I would hate to see their efforts evaporate’: How do I help my adult sons manage their finances — without being an interfering parent? - March 29, 2023
- Key Words: Elon Musk and Steve Wozniak are among those signing petition calling for halt to AI development - March 29, 2023
