中级农民
- 积分
- 105
- 大米
- 颗
- 鳄梨
- 个
- 水井
- 尺
- 蓝莓
- 颗
- 萝卜
- 根
- 小米
- 粒
- 学分
- 个
- 注册时间
- 2022-5-20
- 最后登录
- 1970-1-1
|
https://www.wsj.com/articles/mor ... 00?mod=hp_lead_pos7
https://www.wsj.com/articles/sho ... ?mod=article_inline
Some short sellers believe that a chunk of Tether’s commercial-paper holdings, which totaled $24 billion at the end of 2021 and made up a little less than one-third of Tether’s reserves, came from shaky Chinese property developers. A faltering Chinese real-estate market and concerns about developers’ excessive debt levels have led to selloffs and ratings downgrades in their bonds.
Tether said that it has consciously reduced its commercial-paper holdings since its settlement with New York’s attorney general, including a 21% drop in the last three months of 2021. In response to questions about credit exposure to Chinese property developers, Tether referred to a January report from crypto exchange Coinbase that looked at what Tether has disclosed about its commercial paper. That report said that even if Tether “had owned any short-term liabilities associated with weak sectors, such as Chinese real estate, it would no longer be in its portfolio, as rating agencies have downgraded much of that debt to sub-investment grade over the past year.”
Some short sellers believe that tether’s “other” bucket includes equity stakes in or digital tokens issued by unproven crypto startups, people familiar with their trades said. These types of investments are riskier than ultrasafe Treasury bonds.
Companies including crypto lender Celsius Network LLC and Exordium Ltd., the maker of a to-be-released science-fiction videogame, have said that companies affiliated with Tether or its executives made stock or token investments.
Short sellers also liked the asymmetry of the trade: Borrowing tether to sell it short costs between 6% and 8% a year, according to Genesis. That is more expensive than many stocks but would still yield considerable profit if tether drops precipitously. Meanwhile, there was a very low probability that tether would trade above $1 for an extended period since then holders of it would pocket a premium by selling it, according to Genesis. That meant a short squeeze in tether would be unlikely.
|
|