May 17, 2023 | Premium Service | Bank stocks have stabilized at low levels over the past week. PacWest (PACW) closing above 0.2x book value is a victory of sorts for the smaller banks, but don't start celebrating just yet. As we noted in our last comment, maintaining the long large banks/short regional banks trade that is currently popular on the Street grows more problematic as market caps fall. Is this the time to buy credit?
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