The good news: It probably won’t force banks into equity sales. The bad: their capital levels have withstood a multibillion dollar hit.

That’s part of the Reuters analysis on the bond market selloff over the last couple months.

Some of the United States’ biggest financial institutions — including Wells Fargo and JPMorgan Chase — have seen the portfolio of securities that they invest in perhaps taking the biggest hit, according to the news agency.

And it has implications for the new global regulatory framework governing banks’ capital levels: Basel III.