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JPMorgan and Chinese banks join rescue of big nickel short
Chinese Nickel Giant Secures Bank Lifelines After Epic Squeeze
By Alfred Cang and Cathy Chan
Bloomberg News
Wednesday, March 9, 2022
The Chinese nickel company at the center of a historic short squeeze has secured a package of loans from local and international banks to help it meet a wave of margin calls, according to people familiar with the matter.
Tsingshan Holding Group Co., which faces billions of dollars in potential losses on short positions in nickel futures, won credit promises from banks including JPMorgan Chase & Co. and China Construction Bank Corp. in meetings that ran into the pre-dawn hours of this morning, the people said, asking not to be named since the matter is private.
Some of the terms, such as how much extra collateral Tsingshan needs to pledge, are still under discussion, the people said.
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Chinese authorities directed Tsingshan's domestic banks to offer more credit lines to the company, two of the people said. A majority of these new loans will be used for margin calls on its existing positions on the London Metal Exchange, the people said.
China Construction Bank and Tsingshan, the world's largest nickel producer, didn't immediately respond to requests for comment. JPMorgan couldn't immediately comment. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2022-03-09/chinese-nickel-giant-...
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