Hedge fund bets against Canada's TD Bank Group on Wednesday hit $4.2 billion, making it the most-shorted banking stock globally, according to data provider ORTEX's calculations, with some analysts concerned about the bank's exposure to U.S. regional lenders.
have urged the Canadian bank to either scrap the deal or renegotiate a lower price.
The First Horizon deal would catapult TD to the sixth-biggest commercial bank in the U.S. from the tenth-largest now, according to the Federal Reserve. The next-largest Canadian bank in the U.S. is BMO, which is number 23 on the list. TD shares are down 15.7% since the beginning of the regional bank crisis and down 3.4% this week. Peer Bank of Montreal
is down 15.8% over the same time period and is down 2.2% this week. Around 2.9% of BMO's outstanding shares were out on loan to hedge funds, or about $1.8 billion."The bank’s acquisition of First Horizon is also not looking great in the current context," Eric Compton, equity analyst at Morningstar, told Reuters via email. "TD has the most exposure to the U.S. regional banking system," Compton added.of its takeover of First Horizon.
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