Toronto-Dominion Becomes Biggest Bank Short With $3.7 Billion on the Line
Turns out, the biggest short in the banking industry anywhere in the world isn’t in Switzerland or Silicon Valley, but rather, in the relatively tame financial center of Canada.
In recent weeks, short sellers have upped their bearish bets against Toronto-Dominion Bank, and now have roughly $3.7 billion on the line vis-à-vis Canada’s second-largest lender, according to an analysis by S3 Partners. That’s the most among financial institutions globally and puts TD ahead of the likes of France’s BNP Paribas SA and Bank of America Corp.
TD is like the largest bank in Canada by assets and is within the top 20 largest banks in the world.
TD also holds a lot of mortgages. Canada is in a massive real estate bubble, with Vancouver and Toronto at the top of the list.
h/t hmtinc