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Angel Oak's Pate: Bank debt should 'outperform in the current environment'
The NAVigator
English - October 27, 2023 11:26 - 12 minutes - 17.2 MB - ★★★★★ - 5 ratingsInvesting Business closedendfunds Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: John Cole Scott reviews a rough quarter for closed-end funds
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Cheryl Pate, senior portfolio manager at Angel Oak Capital -- co-manager of the Angel Oak Financial Strategies Income Term Trust (FINS) -- says the banking industry's wild ride since the failure of Silicon Valley Bank in March has created "a market dislocation" in pricing for bank equities and debt, which has created a strong opportunity for bank debt to outperform moving forward. Pate notes that the banking industry has quelled fears over failure contagion, the Fed is nearing the end of the rate-hike cycle and deposits have stabilized. Banks have proven resilient and posted solid earnings, which should combine to create stronger results as the rebound from last March continues.