PFO: Assault On Regional Banks

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Binary Tree Analytics


  • PFO is a closed end fund focused on preferred shares.
  • The vehicle is overweight bank and insurance companies' preferred equities.
  • Although it has a granular build, the CEF is a leveraged take on bank preferred shares, a sector which has been hit hard in the past few days.
  • We do not think the SIVB default is the end of this crisis, and the reverberations are just starting to occur.
  • Expect more weakness in the space with spreads set to widen and prices set to fall.
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Top Sectors (Fund Website)


We are yet again witnessing momentous times - yesterday, March 10th, SVB Financial Group (SIVB) became the largest bank to fail since the 2008 financial crisis. Based in California, the lender was ranked as the 16th biggest in the U.S. at

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With a financial services cash and derivatives trading background, Binary Tree Analytics aims to provide transparency and analytics in respect to capital markets instruments and trades.We are reachable at BinaryTreeAnalytics@gmail.com_____________________________

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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