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A little-known risky bond could play a big role in the banking crisis.

These bonds can either be wiped out or converted into shares.

And what that means is that the obligations or liabilities of the bank decline.

It's like a pressure valve.

And how the crisis is hitting small business owners.

Many small businesses and mid-sized businesses are conservative

and they have a fair amount of cash on hand

and this has made them rethink those banking relationships.

Plus, another massive round of layoffs hits the tech sector,

this time at Amazon.

It's Monday, March 20th.

I'm Ann Marie for Toley for the Wall Street Journal.

This is the PM edition of What's News,

the top headlines and business stories that moved the world today.

Bond markets are playing a central role in the banking crisis.

On this morning's show, we talked a bit about

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