Norinchukin Sends Warning to World on Higher-for-Longer Rates [BNN Bloomberg (Canada)]
First Citizens BancShares, Inc. - Class A (FCNCA)
US:NASDAQ Investor Relations:
firstcitizens.com/about/who-we-are/annual-report
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Source: BNN Bloomberg
Now Norinchukin Bank has become one of the biggest casualties of an entirely different financial world — where higher-for-longer borrowing costs are exacting a painful toll on the market's weakest hands. The agricultural bank surprised the market this week by saying it would sell $63 billion of low-yielding US and European government bonds that had become unprofitable to hold after the firm's shorter-term funding costs jumped. The unlisted firm warned that losses this fiscal year may swell to 1.5 trillion yen ($9.5 billion), triple an estimate made less than a month ago. While Norinchukin and the Japanese government have expressed confidence in the bank's ability to weather the losses, the episode is a reminder of the dangers still lurking in the financial system 15 months after the collapse of SVB Financial Group's Silicon Valley Bank. Signals from the Federal Reserve and other central banks that they are in no rush to cut rates have caught out many investors betting on more agg
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FCNCA
Earnings
- 7/25/24 - Beat
FCNCA
Sec Filings
- 9/6/24 - Form 4
- 8/19/24 - Form 4
- 8/14/24 - Form S-3ASR
- FCNCA's page on the SEC website