Couple scenarios here:
1) Wells is looking to acquire regional banks to grow accounts (most likely IMO)
2) They have MTM losses on bonds and need to shore up balance sheet
3) They don’t know how to read the room and just want a run for funsies
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Doesn't the 2tn asset cap preclude #1?
It does and I’m not even going to pretend this is my area of expertise. Who put asset cap in place, the fed? Could remove it and allow Wells to swoop in and help out here.
I think asset cap might get lifted if that situation pops up.
But in terms of the mixed shelf offering, I think its normal and actually goo for WF. just poor timing and adding fuel to the fire when it comes to spooking the market.
Is this different to their normal shelf registrations?
This is very common, especially for banks, so that they can issue without having to do standalone docs every time they want to issue. (For reference Wells also did a $93bn shelf in Feb this year)
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