First Republic Bank is back, hat in hand. Its rescuers from March have reasons to keep ponying up, but a solution will still be devilishly hard to reach.
The beleaguered bank needs to shed assets from its balance sheet to pay back the expensive debt that is propping it up. But rising rates have reduced the market value of those assets, so it can only sell them quickly by posting a loss—something it can’t afford right now.
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