The downgrade comes after another rating agency, S&P, cut the company on Monday by two notches to "B-", with a negative outlook. 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 . Why Evergrande matters for Tether... : Buttcoin China to order developers to disclose commercial paper ... At the end of 2020, it had $32 billion worth of commercial paper. Then instantly sell it for DAI or Gemini Stablecoin and cash out your 100 mil. Ardoino clarified that Tether does not hold Evergrande's commercial paper. China to order developers to disclose commercial paper ... 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. Tether Denies Holding Evergrande's Commercial Paper as ... 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 . In those two years, bitcoin's market cap has gone up eight times, from $159 billion to $1.3 trillion. In 2017-18, the discount rate on Evergrande paper could reach 15 per cent to 20 per cent. Evergrande is the biggest issuer of commercial paper in the Chinese real estate market, according to Reuters. . 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 shares have fallen 60% so far this year. 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. 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 . The most recent attestation states the average credit rating of its commercial paper holdings is "A-1" - an investment . "There is the stark reality that [a . Stuart Hoegner admits that Tether has Chinese Commercial ... At the end of 2020, it had $32 billion worth of commercial paper. 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 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. . A theory that Tether has been buying Evergrande commercial ... The outlet estimated that the actual figure could be even higher, since it has other units, which also issue commercial paper. 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. At the end of 2020, it had $32 billion worth of commercial paper. Where a rating is unavailable . EXCLUSIVE: The Beginning of China's Economic Collapse ... 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. Nearly half of the reserves were backed by commercial paper. "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. Ardoino clarified that Tether does not hold Evergrande's 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. 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. The outlet estimated that the actual figure could be even higher, since it has other units, which also issue commercial paper. 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 . 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. He references the rating, however, commercial paper tied to Evergrande, was rated AA, until the collapse. Tether Denies Holding Evergrande's Commercial Paper as Reserve for Stablecoin USDT. The downgrade comes after another rating agency, S&P, cut the company on Monday by two notches to "B-", with a negative outlook. 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 is the biggest issuer of commercial paper in the Chinese real estate market, according to Reuters. 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. It's still possible, of course, that the broader commercial paper market may take a hit, simply due to Evergrande's position. 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. Evergrande is roughly $305 billion in debt - for comparison, Lehman Brothers had around $619 billion of liabilities and its fall triggered 2008 financial crisis. 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. So ratings aren't exactly a ringing endorsement, just like in 2008 with the Global Financial Crisis. Tether revealed in May 2021 that the USDT stablecoin was backed by a combination of cash, U.S. Treasuries and other assets. 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, China's second-largest property developer by sales, recently warned that it was in . In those two years, bitcoin's market cap has gone up eight times, from $159 billion to $1.3 trillion. The most recent attestation states the average credit rating of its commercial paper holdings is "A-1" - an investment . 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.. 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. 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 . Although Tether denies specifically holding commercial paper issued by Evergrande, the inevitable collapse of the real estate developer coincidentally on the 13th . "Evergrande's liquidity position is eroding more quickly and by more than we previously expected," said S&P. Evergrande is the biggest issuer of commercial paper in the Chinese real estate market, according to Reuters. 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 Tether revealed in May 2021 that the USDT stablecoin was backed by a combination of cash, U.S. Treasuries and other assets. "These ratings refer to S&P short-term credit ratings, where available. 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. On September 8, Fitch Ratings . 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 . 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. The commercial paper for other developers was on averaged selling at 20% below the issue value. 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. It's still possible, of course, that the broader commercial paper market may take a hit, simply due to Evergrande's position. The company has repeatedly refused to disclose just who issued that commercial paper, instead just publishing the ratings. The commercial paper for other developers was on averaged selling at 20% below the issue value. 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 . Stablecoin Tether says it does not hold any commercial paper from Evergrande in recent a statement. Stuart Hoegner admits that Tether has Chinese Commercial Paper. . 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. 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. 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 . Tether Denies Holding Evergrande's Commercial Paper as Reserve for Stablecoin USDT. The outlet estimated that the actual figure could be even higher, since it has other units, which also issue commercial paper. JPMorgan estimated last week China Minsheng Bank 600016.SS has the highest . 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 . 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. It's worth 100 million USD, so give me 100 million Tether." You then take that 100 million USDT and buy BTC. 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, 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. 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. 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. Meanwhile, based on data from the People's Bank of China, Chinese commercial paper ended . Evergrande's liabilities involve more than 128 banks and over 121 non-banking institutions, according to the letter. 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 . 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 . 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. 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-. Holders of such commercial paper can sell the notes at a discount to raise cash. 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.. However, Tether is very secretive about its holdings, only disclosing that it does hold international commercial paper. He references the rating, however, commercial paper tied to Evergrande, was rated AA, until the collapse. Evergrande issues commercial paper (unsecured IOU's) to pay its debts. Evergrande's $ 300 billion debt crisis poses a systemic risk to the money industry.
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