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.
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 centre of Canada.
Part of it has to do with the general skittishness toward the banking sector after three U.S. regional banks failed and Credit Suisse was forced into a shotgun wedding with UBS Group AG. And there are few signs Canadian lenders have any of the liquidity issues that investors have zeroed-in on recently. But analysts also point to worries about TD’s exposure to the country’s housing slowdown, as well as its ties to the U.S. market through its stake in Charles Schwab Corp.
TD’s position atop the list of biggest bank shorts comes as it seeks to close a $13.4 billion deal for First Horizon Corp., which would expand its foothold in the U.S.. TD is widely expected to renegotiate the deal after the recent bout of turmoil among US regional banks drove share prices lower in March.
“TD sits uniquely in the middle of two broad headwinds,” Rohinton said. “The fears around Canadian housing will be projected onto TD.”
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