Traders at Wall Street firm Jefferies are reaching out to startup founders whose cash is tied up at Silicon Valley Bank, offering to buy their deposit claims at a discount, according to people familiar with the matter.
Jefferies is offering a claim of at least 70 cents on the dollar for deposits, although that price could change, the people said. The team was in conversations with the startup over the weekend, but no deal has been reached, according to one person familiar with the matter. If there are no signs that the FDIC will quickly find a buyer for SVB's assets, the startup's willingness to sell deposits could grow by early next week. (The Information)