The short interest in BNP Paribas (BNP) has been rising steadily over the past six months. The percentage of the company's Market Cap on Loan (%MCOL) has gone from 6% in October, down to 5% in December, and has now risen to 9.24% today. In the last week the %MCOL has risen from 8.3% to the figure today, as the price dropped again from 70EUR to 67EUR in the same time frame. Utilisation is at 22.1%, up from 12% in November and 18% in February. The average Utilisation for the rest of the CAC is 30%, and the rest of the EMEA Banks is 17%. For those wishing to buy back shares in BNP there are 15 Days to Cover.
BNP has kept itself out of the RBS and NRK style headlines, but on Tuesday the FT reported that JP Morgan was being 'particularly cautious' about Credit Agricole (ACA) and BNP Paribas, as the French Banks fell 1% and 1.7% respectively. The newspaper said that investors were concerned that further write downs and slow earnings might force Europe's banks to raise capital by issuing new shares.
Credit Agricole is a somewhat different beast, with a %MCOL of 5.5%, but this has decreased from 6.1% on April 9th when the shorts started to be covered and the price rose from 20EUR to 22EUR. The price has now decreased to 21EUR. Utilisation is at 31.5%, with 14.8 Days to Cover. Alliance and Leicester (AL.) has a %MCOL of 20.14%, Bradford and Bingley (BB.) is at 18.04%, and Société Generale (GLE) is at 13.99%.