International bondholders emerged as the main backers of Braskem’s $11 billion debt rework, which gave the petrochemicals giant another 90 days to hammer out a plan to balance its finances.

⚡️BREAKDOWN: Bondholders are offering the US Treasury about 10x its long-end buyback cap. Treasury runs liquidity support buybacks in the 10 to 30 year sectors, capped at $2 BILLION per operation. On Tuesday holders offered $19.87 BILLION. Treasury ended up taking $2 BILLION. Across 22 long-end operations this year, holders have offered more than $520 BILLION against a combined cap of $44 BILLION. When the first long-end operation ran in June 2024, offers covered the cap 1.93 times. On Tuesday they covered it 9.93 times. So Treasury doubled the cap, to at least $4 BILLION per operation from September 9 through November 4. Its stated reason was the "significant volume of high-quality offers" it keeps receiving. Even at $4 BILLION, that is negligible in a market worth $32.2 TRILLION, per Reuters. For context, Treasury launched the 2000 buyback program during an era of budget surpluses. That fiscal year closed with a $237 BILLION surplus, the largest ever recorded in nominal terms, as the government paid down publicly held debt. Today the stated purpose is liquidity support, the deficit is projected at around $2 TRILLION, and the national debt has crossed $40 TRILLION.

International bondholders owed tens of millions of dollars by Beijing-backed semiconductor group Tsinghua Unigroup are seeking to freeze its overseas assets

Just read "1873" by Liaquat Ahamed The US bondholder class was saying similar things back then (see their reaction to William Jennings Bryant's "Cross of Gold" speech in 1896) The ensuing several decades were TERRIBLE for bonds in real terms There is NOTHING new under the sun @nickgiva1 @Richard_Casey