Billionaire David Tepper has bought bonds of SVB Financial Group in a bet that the debt value will rise as parts of the group are auctioned off, the Financial Times reported Friday, citing unidentified people brief on the matter.
Tepper had acquired the bonds along with preferred stock via Appaloosa, which mostly manages his family’s money, FT said.
Photographer: Andrew Harrer/Bloomberg
The securities were acquired in the period between the bank collapsing and the bankruptcy filing, according to the report.
SVB Financial Files for Bankruptcy to ‘Preserve Value’
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Natalie Choy in Singapore at ...