US regulators have appointed BlackRock’s advisory arm to help sell a $114bn portfolio of securities inherited after the government takeovers of failed lenders Silicon Valley Bank and Signature Bank in March.
The fate of the holdings, which consist of mortgage-backed securities, collateralised mortgage obligations, and commercial mortgage-backed securities, had rattled bond markets, which feared the Federal Deposit Insurance Corporation could chose to dump the portfolio and push down prices.
However, the FDIC, which was left holding the assets after it seized control of the two banks, said the asset sales would be “gradual and orderly”.
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