Larry McDonald/The Bear Traps Report
- A 40% plunge in Apple's bonds highlights the risks facing banks' debt portfolios, according to Larry McDonald.
- The markets guru highlighted risks tied to mortgage-backed securities, which are on track for a third annual decline.
- Silicon Valley Bank's collapse in March, which set off a wave of banking turmoil, was caused by the losses on its bond portfolio.
Apple's long-term bonds have lost 40% of their value since late 2020 thanks to the Federal Reserve's interest-rate increases - and that's highlighting the mounting risks for banks from their debt holdings, according to Larry McDonald.