AKL Capital Management LLC
Long/short equity, value

BOK Financial: A Valuation Fantasy

Introduction:

BOK Financial (NASDAQ:BOKF) is a US-based financial services holding company that operates predominately in the West South Central States with a long history of lending to the energy sector. In this current boom-bust cycle, it is our opinion that they have become way too exposed to the sector and are vulnerable to the default cycle already underway. As a long/short investor in the energy sector, we went looking for the other side of the debt on energy producers books when it became apparent to us that even senior secured debt will not be spared. At BOKF's current valuation, we feel it represents an attractive short position with a risk reward heavily weighted to the downside because of

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