Avino Silver & Gold Mines Ltd
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Materials : Metals & Mining | Small Cap Growth
Based in Canada
Company profile

Avino Silver & Gold Mines Ltd. is a Canada-based company, which is engaged in the production and sale of silver, gold and copper, and the acquisition, exploration and advancement of mineral properties. The Company operates the Avino Mine, which produces copper, silver and gold at the Avino property. Its subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company's mineral claims in Mexico are divided into four groups: Avino mine area property, Gomez Palacio/Ana Maria property, Santiago Papasquiaro property and Unification La Platosa properties. The Company’s La Preciosa consists of 15 exploration concessions totaling approximately 6,011 hectares located in Durango, Mexico, within the municipalities of Panuco de Coronado and Canatlan. The property is located within 20 kilometers of the Company’s Avino mining operations. The Company also owns interests in mineral properties located in British Columbia and Yukon, Canada.

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Bank debt swoons as Fed moves to contain fallout from SVB, Signature Bank collapses

8:25 pm ET March 14, 2023 (MarketWatch)

By Joy Wiltermuth

Fed's 'tool shed' is larger now than when Lehman Brothers collapsed in 2008

An earlier version of this article misspelled Wendy Wyatt's last name. It has been corrected.

Bonds issued by highly rated banks and U.S. financial institutions were under pressure on Monday after the sudden collapse of Silicon Valley Bank and Signature Bank sparked concerns about the banking system.

Bonds issued by banks and financial companies, like their stock prices, were some of the biggest movers on Wall Street on Monday.

Debt issued by Charles Schwab Corp. (SCHW), PNC Financial Services Group (PNC) and Synchrony Financial (SYF) was particularly hard-hit among investment-grade corporate bond issuers, according to MarketAxess data.

"You get the first disruption of the event. It is a shock," said Wendy Wyatt, a portfolio manager at Dupont Capital, speaking of the two regional bank failures since Friday. "Then everyone tries to figure out if it is an individual shock or something that could be systemic."

Here's a visual look at the spread on 10-year bonds of six financial companies on Monday compared with the start of the year, from BondCliQ, showing a big upward swing since Friday.

Spreads are the extra level of compensation above a risk-free rate, like Treasurys, that investors require to invest in bonds that lack government guarantees. That level often increases when markets get choppy or investors become more concerned about potential default risks.

The above chart shows the spread on 10-year corporate bonds issued by Ally Financial (ALLY) quickly topping 400 basis points above the Treasury rate, up from below 300 basis points to start the year.

See:Biden says Americans can have confidence that banking system is safe

Wyatt said spreads on bonds issued by big banks only were about 10 basis points wider on Monday, but that a gloomier backdrop was developing for regional banks, particularly those who saw a "creep in their mandate" in recent years into more exotic corners of finance.

On Monday, SVB Financial Group (SIVB), the parent of the failed Silicon Valley Bank, saw its 2.1% coupon bonds due May 2028 quoted at a weighted average spread of 1,582 basis points above Treasurys, according to MarketAxess.

On a price basis, the bonds were pegged at about 45 cents on the dollar, according to MarketAxess, down from 84 cents on the dollar in early March. Wall Street broadly considers bonds distressed once prices fall below 70 cents on the dollar.

Silicon Valley Bank, a lender to the Bay Area's "clubby" world of tech startups, venture-capital and private-equity firm, failed on Friday. It was heavily invested in rate-sensitives mortgage-backed securities that it was forced to sell at a loss as its base of deposits began to decline.

Crypto-friendly Signature Bank(SBNY) was closed Sunday, with the Treasury Department, Fed and Federal Deposit Insurance Corp. quickly stepping in to ensure all deposits of both banks would be made whole. The Fed on Sunday also rolled out a new lending facility to help banks meet withdrawal requests, without having to sell securities at a loss.

Read: Regional banks are seeing flight of deposits to too-big-to-fail megabanks

Crypto assets, bonds, stocks and other financial assets have been dealt a sharp blow by the Federal Reserve's tighter monetary policies, including its rapid pace of interest-rate hikes in the past year to fight high inflation.

Investors looking for safety in bonds pushed the 10-year Treasury yield BX: TMUBMUSD10Y back down to 3.515% on Monday, a part of its biggest three-session yield drop since March 2020, when the Fed was rolling out a series of emergency lending facilities to help shore up financial markets.

Stocks ended mostly lower Monday, with the S&P 500 index down about 0.2%, the Dow Jones Industrial Average 0.3% lower and the Nasdaq Composite Index up 0.5%.

Many companies, including those in the financial industry, were able to borrow cheaply in the past few years after the Fed slashed its policy rate to almost zero in an effort to keep credit freely flowing during the pandemic.

Low-yielding bonds have come back to bite as inflation has remained stubbornly high and interest rates have climbed. Still, Wyatt doesn't anticipate another Lehman Brothers moment to unfold, referring to the contagion that gripped the global banking system after the lender failed in 2008 under the weight of its subprime mortgage and related derivatives holdings that turned toxic.

"I think the tool shed and the government's playbook is a lot larger than it was prior to the Lehman default," she said, pointing to efforts by regulators on Sunday to shore up confidence in banks and customer deposits, but also its pandemic-era program of buying corporate debt.

The Fed can also say, "Let's bring back 'buy corporate bonds' again," she said. "They can step back in and tighten the market back up."

Read: Banking industry jitters could mean more pain for stocks by dragging out Fed's battle with inflation

-Joy Wiltermuth


This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

March 14, 2023 20:25 ET (00:25 GMT)

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