First Republic Bank bonds, stock rally as big banks reportedly draw up rescue funding plan

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

The lender’s 4.375% coupon bonds due August 2046 were pegged at a spread of 379 basis points over risk-free Treasurys, rallying about 100 basis points, according to MarketAxess.

On a…