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

Fifth Third leads charge with $12.6bn transfer from AFS to HTM pen

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 its securities, of which only $2 million were marked as HTM four days earlier. The move resulted in

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