SVB Financial bonds sink to 31 cents on the dollar after failure of Silicon Valley Bank

Heavy trading in SVB Financial Group’s SIVB, debt pulled its BBB rated 10-year bonds as low as 31 cents on the dollar in trading on Friday after its subsidiary Silicon Valley Bank was closed by regulators, marking the biggest bank failure since the Global Financial Crisis. The Santa Clara.-based financial services company has been reeling in recent days, with both its stock and bond prices hit hard, after it on Thursday disclosed a $1.8 billion loss from a sale of about $21 billion worth of securities. Its bond prices lost...