Thanks for the note! I'll change the wording in my article WRT bills/notes. :)
With regards to safety, I noted that I think there are two types of safety to note here:
1. Default risk.
2. Asset price volatility.
Ultimately if someone is willing and able to hold to expiry, they aren't subject to #2, but this clearly wasn't the case with SVB and may also be the case with other institutions. I think it lacks nuance to not consider the middle states between the purchase of a bond and the full return of the bond upon expiry.
With regards to safety, I noted that I think there are two types of safety to note here:
1. Default risk. 2. Asset price volatility.
Ultimately if someone is willing and able to hold to expiry, they aren't subject to #2, but this clearly wasn't the case with SVB and may also be the case with other institutions. I think it lacks nuance to not consider the middle states between the purchase of a bond and the full return of the bond upon expiry.