April 28 (Reuters) - Short bets against beleaguered
First Republic Bank have been increasing in recent
weeks, despite surging costs to borrow the company's shares,
according to S3 Partners.
Short bets against the bank have increased by $63 million to
$376 million over the past 30 days, Ihor Dusaniwsky, managing
director of Predictive Analytics at S3, said in an email on
Friday.
Reflecting a limited supply of shares to short, traders in
some cases are paying borrowing fees equivalent to nearly 100%
per year, Dusaniwsky said.
Short sellers borrow shares and then sell them, hoping to
buy them back at a lower price before returning them.
(Reporting by Noel Randewich; Editing by Kirsten Donovan)
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