Evergrande's $ 300 billion debt crisis poses a systemic ... Stablecoin Tether says it does not hold any commercial paper from Evergrande in recent a statement. It's still possible, of course, that the broader commercial paper market may take a hit, simply due to Evergrande's position. Although Tether denies specifically holding commercial paper issued by Evergrande, the inevitable collapse of the real estate developer coincidentally on the 13th . Tether Denies Holding Evergrande's Commercial Paper as ... According to commercial paper marketplace Weipiaobao website, the commercial paper of Evergrande Yuanlin, a unit that designs and builds gardens for the parent firm's projects, was selling on Tuesday at 36% below its issue value. Evergrande has now had to suspend trading of that unit's onshore corporate bonds following a downgrade, another red flag pointing towards an impending default. Evergrande's liabilities involve more than 128 banks and over 121 non-banking institutions, according to the letter. The commercial paper for other developers was on averaged selling at 20% below the issue value. At the end of 2020, it had $32 billion worth of commercial paper. The most recent attestation states the average credit rating of its commercial paper holdings is "A-1" - an investment . The downgrade comes after another rating agency, S&P, cut the company on Monday by two notches to "B-", with a negative outlook. The company has repeatedly refused to disclose just who issued that commercial paper, instead just publishing the ratings. Evergrande shares have fallen 60% so far this year. Tether revealed in May 2021 that the USDT stablecoin was backed by a combination of cash, U.S. Treasuries and other assets. It's still possible, of course, that the broader commercial paper market may take a hit, simply due to Evergrande's position. Where a rating is unavailable . The most recent attestation states the average credit rating of its commercial paper holdings is "A-1" - an investment . JPMorgan estimated last week China Minsheng Bank 600016.SS has the highest . The commercial paper for other developers was on averaged selling at 20% below the issue value. Holders of such commercial paper can sell the notes at a discount to raise cash. So ratings aren't exactly a ringing endorsement, just like in 2008 with the Global Financial Crisis. The downgrade comes after another rating agency, S&P, cut the company on Monday by two notches to "B-", with a negative outlook. Tether Denies Holding Evergrande's Commercial Paper as Reserve for Stablecoin USDT. Photo: VCG Debt-plagued China Evergrande Group has had more assets frozen in the wake of a series of lawsuits filed by creditors over the property giant's missed loan . "These ratings refer to S&P short-term credit ratings, where available. Regardless of what commercial paper you hold, bonds and commercial paper would take a hit and some issuers may even fold," tweeted Adam Cochran, partner at Cinneamhain Ventures. Evergrande is roughly $305 billion in debt - for comparison, Lehman Brothers had around $619 billion of liabilities and its fall triggered 2008 financial crisis. Evergrande is the biggest issuer of commercial paper in the Chinese real estate market, according to Reuters. On Thursday, August 5, S&P downgraded the company's credit rating from B- to CCC (two levels), while also lowering the long-term rating on U.S. dollar notes issued by Evergrande from CCC+ to CC-. Tether, the world's largest 'stablecoin', said in a statement it does not hold any commercial paper or securities issued by embattled developer China Evergrande Group, as regulatory scrutiny into . Since the end of 2020, Evergrande has refused to repay commercial paper in several instances, and the overdue payments have stacked up in the second quarter, Caixin has learned. Stablecoin Tether says holds no Evergrande commercial paper 9/16/2021 Travis County, Texas arson: Man arrested for setting fire inside a Democratic county building, authorities say Its flagship unit, Evergrande Real Estate Group, had 205.7 billion yuan ($32 billion) worth of commercial paper at the end of 2020, 24% higher than 2019 and 390% higher than 2015, filings showed. Amid speculation over whether China's second largest real estate developer, Evergrande Group, will default on $ 300 billion, analysts wonder whether or not the company's collapse could pose a risk to the crypto industry. Evergrande is the biggest issuer of commercial paper in the Chinese real estate market, according to Reuters. In those two years, bitcoin's market cap has gone up eight times, from $159 billion to $1.3 trillion. Fitch Ratings cut the ratings of China Evergrande Group (3333.HK) and two of its subsidiaries on Wednesday, the latest in a series of downgrades targeting the property firm over its struggles to . Then instantly sell it for DAI or Gemini Stablecoin and cash out your 100 mil. . Evergrande, for its part, is the largest commercial paper issuer in China's real estate market, owning some $32 billion worth of commercial paper at the end of last year. Where a rating is unavailable, publicly available industry-standard conversion tables have been used to convert ratings from Moody's or Fitch to the S&P equivalent," the statement added. In 2017-18, the discount rate on Evergrande paper could reach 15 per cent to 20 per cent. Note that most people here think that it's probably #1 or #3 (there's not much of a difference because Tether is Bitfinex), but the strong case that Tether had backing was #4. In those two years, bitcoin's market cap has gone up eight times, from $159 billion to $1.3 trillion. A commercial paper report from Evergrande at the end of 2021 showed its main unit had $32 billion, just around 10% of its total liabilities. "These ratings refer to S&P short-term credit ratings, where available. notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's . "Evergrande's liquidity position is eroding more quickly and by more than we previously expected," said S&P. Evergrande, for its part, is the largest commercial paper issuer in China's real estate market, owning some $32 billion worth of commercial paper at the end of last year. A commercial paper report from Evergrande at the end of 2021 showed its main unit had $32 billion, just around 10% of its total liabilities. Meanwhile, based on data from the People's Bank of China, Chinese commercial paper ended . Evergrande shares have fallen 60% so far this year. Evergrande, China's second-largest property developer by sales, recently warned that it was in . Meanwhile, based on data from the People's Bank of China, Chinese commercial paper ended . Evergrande issues commercial paper (unsecured IOU's) to pay its debts. He references the rating, however, commercial paper tied to Evergrande, was rated AA, until the collapse. The rating also considered Evergrande's concentrated ownership by its key shareholders, Hui Ka Yan and his wife, who held a 77% stake in the company as of the end of 2020. . Evergrande has now had to suspend trading of that unit's onshore corporate bonds following a downgrade, another red flag pointing towards an impending default. A commercial paper report from Evergrande at the end of 2021 showed its main unit had $32 billion, just around 10% of its total liabilities. Stuart Hoegner admits that Tether has Chinese Commercial Paper. On September 8, Fitch Ratings . However, Tether is very secretive about its holdings, only disclosing that it does hold international commercial paper. Tether Denies Holding Evergrande's Commercial Paper as Reserve for Stablecoin USDT. He references the rating, however, commercial paper tied to Evergrande, was rated AA, until the collapse. The outlet estimated that the actual figure could be even higher, since it has other units, which also issue commercial paper. Evergrande's $ 300 billion debt crisis poses a systemic risk to the money industry. It's not clear just how much commercial paper Evergrande as a group has issued, but its flagship unit Hengda Real Estate Group Co Ltd disclosed some $32 billion worth as of end-2020. I go to Tether and say "I'll give you "commercial paper" for my real estate company. Its flagship unit, Evergrande Real Estate Group, had 205.7 billion yuan ($32 billion) worth of commercial paper at the end of 2020, 24% higher than 2019 and 390% higher than 2015, filings showed. Evergrande has now had to suspend trading of that unit's onshore corporate bonds following a downgrade, another red flag pointing towards an impending default. Fitch downgraded China's most indebted property developer Evergrande Group on Wednesday to "CCC+" from "B" to reflect the company's diminishing margin of safety in preserving liquidity.. Photo: VCG Debt-plagued China Evergrande Group has had more assets frozen in the wake of a series of lawsuits filed by creditors over the property giant's missed loan . It's worth 100 million USD, so give me 100 million Tether." You then take that 100 million USDT and buy BTC. Evergrande, for its part, is the largest commercial paper issuer in China's real estate market, owning some $32 billion worth of commercial paper at the end of last year. Evergrande bought the harbourside building, which is located in Hong Kong's commercial and night life district and covers an area of 345,000 square feet, from local peer Chinese Estates Holdings . Now onto the crypto context, if you have not guess it already, Tether's USDT that tracks the value of the US dollar is backed by a significant amount of Chinese commercial paper. Ardoino clarified that Tether does not hold Evergrande's commercial paper. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment . Nearly half of the reserves were backed by commercial paper. Tether, the world's largest 'stablecoin', said in a statement it does not hold any commercial paper or securities issued by embattled developer China Evergrande Group (3333.HK), as regulatory . "There is the stark reality that [a . Since the end of 2020, Evergrande has refused to repay commercial paper in several instances, and the overdue payments have stacked up in the second quarter, Caixin has learned. Where a rating is unavailable . Fitch downgraded China's most indebted property developer Evergrande Group on Wednesday to "CCC+" from "B" to reflect the company's diminishing margin of safety in preserving liquidity.. Evergrande is the biggest issuer of commercial paper in the Chinese real estate market, according to Reuters. The company has repeatedly refused to disclose just who issued that commercial paper, instead just publishing the ratings. Post-Evergrande, any Chinese commercial paper that they might have is probably toilet paper, but Tether will continue to specify its reserves at the face value. The rating also considered Evergrande's concentrated ownership by its key shareholders, Hui Ka Yan and his wife, who held a 77% stake in the company as of the end of 2020. . Nearly half of the reserves were backed by commercial paper. It happens to be the largest issuer of commercial paper in China with $305 billion in debt and it is in financial duress. . Evergrande is China's largest issuer of commercial paper, unless something dramatic happens its on a direct path to bankruptcy. At the end of 2020, it had $32 billion worth of commercial paper. Tether revealed in May 2021 that the USDT stablecoin was backed by a combination of cash, U.S. Treasuries and other assets. Some Evergrande unit's offshore bondholders not paid interest due Nov 6, say sources Evergrande was due to make semi-annual coupon payments on Saturday worth a combined US$82.49 million (S$111.4 . The outlet estimated that the actual figure could be even higher, since it has other units, which also issue commercial paper. The outlet estimated that the actual figure could be even higher, since it has other units, which also issue commercial paper. Stuart Hoegner admits that Tether has Chinese Commercial Paper. So ratings aren't exactly a ringing endorsement, just like in 2008 with the Global Financial Crisis. However, Tether is very secretive about its holdings, only disclosing that it does hold international commercial paper. Ardoino clarified that Tether does not hold Evergrande's commercial paper. As a result, even though Tether says it doesn't hold commercial paper issued by Evergrande, an upheaval in the commercial paper market could still have wider . Where a rating is unavailable, publicly available industry-standard conversion tables have been used to convert ratings from Moody's or Fitch to the S&P equivalent," the statement added. notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's . At the end of 2020, it had $32 billion worth of commercial paper. According to commercial paper marketplace Weipiaobao website, the commercial paper of Evergrande Yuanlin, a unit that designs and builds gardens for the parent firm's projects, was selling on Tuesday at 36% below its issue value.
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