US banks rejig securities to cut mark-to-market losses

- By Lorenzo Migliorato and Joshua Walker
- 26 Jan 2024

Fifth Third Bank transferred $12.6 billion of available-for-sale (AFS) securities to its near-empty held-to-maturity (HTM) portfolio, the largest of a flurry of investment book rejigs by some US banks through the bond price rally at the turn of the year.

The switch, which took place on January 3, was equivalent to 26.3% of Fifth Third’s total AFS portfolio and substantially altered the balance of

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