欺诈疑云笼罩，美国区域银行优先股成为“风暴眼”

Core Insights - The preferred shares of U.S. regional banks are facing significant sell-off pressure, primarily due to fraud disclosures that have rapidly eroded investor confidence since the collapse of Silicon Valley Bank [1][5] - Zions Bancorp and Western Alliance Bancorp reported loan fraud incidents, leading to a sharp decline in their stock prices, with Zions' preferred shares dropping 6.36% to $20.38, marking an 18-month low, and Western Alliance's preferred shares falling 2.87% to $20.83, the largest drop since April 2024 [1][2] Group 1: Fraud Incidents and Market Reaction - The fraud incidents at Zions and Western Alliance occurred during a period of heightened market tension following the bankruptcies of Tricolor Holdings and First Brands Group, prompting JPMorgan CEO Jamie Dimon to warn of a "cockroach effect" in the credit sector [1][3] - The preferred shares of larger banks remained stable, while smaller banks' preferred shares saw an average decline of approximately 0.7%, indicating a clear market differentiation [2] Group 2: Credit Quality Concerns - Analysts have raised alarms about potential credit quality issues, suggesting that the incidents highlight a lack of risk management focus amid a rush for assets [3] - The fraud losses reported by Zions and Western Alliance, amounting to tens of millions of dollars, are significantly smaller than the losses associated with the bankruptcies of First Brands and Tricolor, yet they reignite discussions on the sustainability of the loose monetary era [3] Group 3: Historical Context and Current Sentiment - The 2023 crisis surrounding Silicon Valley Bank was triggered by rising interest rates from the Federal Reserve, which pressured the bond portfolios of regional banks [4] - The current market sentiment remains cautious, with investors highly alert to any negative news that could trigger a similar chain reaction as seen in previous crises [5]