DPST - Regional banks get another leg up on vaccine news PNC's BBVA deal

Regional banks are rising after Treasury yields climbed after news that a second COVID-19 vaccine will be submitted for emergency use authorization in coming weeks.10-year Treasury yield rises to ~0.91%, up from 0.87% in earlier trading.The S&P 1500 Composite Regional Banks Index rises 3.8% after Moderna announced its COVID-19 vaccine candidate showed 94.5% efficacy; a week ago the index jumped 14% on the news of Pfizer/BioNTech's positive COVID-19 vaccine news.In addition, interest may have perked up in the sector after PNC Financial (PNC) agreed to acquire the U.S. operations of Spain's BBVA for $11.6B, a potential harbinger for more bank mergers.Truist analyst Jennifer Demba had expected that Regions Financial ([[RF]] +4.5%), Synovus ([[SNV]] +4.2%), and Comerica ([[CMA]] +4.4%) might slip after the PNC/BBVA news as those names had been considered potential targets for PNC.The deal, though, may offer "some merger disruption opportunities for more established banks in the BBVA markets", namely Prosperity

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Regional banks get another leg up on vaccine news, PNC's BBVA deal