First Republic Bank bonds, stocks rally as big banks reportedly prepare rescue funding plan

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Bonds issued by First Republic Bank FRC were rallying on Thursday as investors digested a report about a possible rescue plan for the California-based lender.

The lender’s 4.375% coupon bond due August 2046 was pegged at a spread of 379 basis points over risk-free Treasuries, nearly 100 basis points, according to MarketAxess.

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