Some US banks defy yield uncertainty to grow AFS securities

Treasuries remain preferred buy, but regionals also pile into munis, MBS in Q2

A handful of US lenders, led by US Bancorp and First Citizens, added billions of dollars’ worth of bonds to their available-for-sale (AFS) books in the second quarter, seemingly unconcerned about incurring further mark-to-market losses as yield volatility fails to abate.

US Bancorp’s AFS bonds increased by $4.2 billion in amortised-cost (AC) terms during the period, or 6% in proportional terms. First Citizens, meanwhile, gobbled up $3 billion in securities, marking a 30% surge.


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