The collapse of Silicon Valley Bank and Signature Bank may not have started a bank run chain reaction, but they could potentially rock the Agency MBS, CMO, and CMBS markets with $114 billion in the bonds that the Federal Deposit Insurance Corporation needs to sell.

The agency has brought in BlackRock Financial Market Advisory to help manage the process while trying to keep those markets from taking a tumble. But investors have been holding back to avoid being burned in a fire sale.

The FDIC, receiver for the two failed banks, did find buyers for many of the banks' assets. Flagstar Bank, a subsidiary of New York Community Bancorp, purchased $38 billion of assets: $25 billion in cash (including deposits, which are considered liabilities) and $13 billion in loans, paying $2.7 billion for the latter. The assets purchased didn't include $60 billion in other assets or $4 billion in deposits Signature's digital bank.