Clock Ticks on Beijing Property Loan in Latest Sign of Turmoil
Welcome to The Brink. I'm Apple Ka Ying Li, a reporter in Hong Kong, where I've been reporting on Parkview amid the ongoing financial pressures facing Chinese commercial real estate. We also have the latest on Ardagh, Sunnova, Mitel and Trump's impact on credit spreads. Follow this link to subscribe. Send us feedback and tips at debtnews@bloomberg.net.
The clock is ticking for Parkview Group 's iconic mall complex in Beijing, which faces a potential default on a $940 million loan tied to the complex.
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According to the CME group, this 'back-to-back' hedging lets a producer or consumer offset price risk. Options give the right, but not the obligation, to transact at a set price. For instance, buying a call option lets you lock in a maximum purchase price (for a premium) while retaining upside if prices fall. Conversely, a put option can guarantee a minimum sale price for stored metal. See the details about the pros and cons of call and put options in MetalMiner's free guide 5 Best Practices of Metal Based Sourcing. The LME notes that a buyer pays a known premium for 'unlimited potential upside,' effectively capping the cost at the strike price. For example, a copper buyer might buy calls struck near current levels. If market prices spike, the call payoff compensates for the higher cost. To reduce premiums, companies can use collars (buying a put and selling a call) to set both floor and ceiling prices. In practice, options are best for insuring against rare extreme moves, whereas futures lock in cheaper prices when a move is expected. Over?the?counter fixed?price swaps or long-term supply agreements can also hedge budgets. In a swap, the buyer and bank agree on a fixed forward price. Monthly cash settlements then pay out any difference between the market average and that strike. For instance, a manufacturer could enter a 3-month swap on LME aluminum. If the monthly average LME price exceeds the swap price, the bank pays the company the difference (and vice versa). This ensures the company effectively 'locks in' its spend. Similarly, forward contracts with smelters or traders can fix quantities at agreed prices. If available, swap-based commodity funds or structured notes from banks (akin to swaps) are another option. This strategy is regularly covered in MetalMiner's Monthly Metals Outlook report for copper and other major base metal industries. These instruments allow hedging even when exchange liquidity is thin on certain tenors. Buyers can also negotiate contract terms with suppliers. A straightforward approach is a fixed-price agreement (tied to a metal index) for a set volume over a period. Alternatively, adding price caps or collars to contracts effectively shares risk. For example, the contract might allow price increases only up to a capped percentage or tie index adjustments to an agreed maximum. LME commentators note that collars 'define the maximum and minimum prices,' thus avoiding extreme swings. This way, if the market soars, the buyer only pays up to the cap. If prices fall, the supplier still gets at least the floor. Variations of this particular strategy include escalator clauses (prices rise only with a commodity index up to a limit) or step-up pricing. Holding extra metal inventory can act as a de facto hedge against shortages or sudden price jumps, but it also carries a cost. 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Procurement experts caution that multiple sourcing 'loses price leverage on volume commitment,' but note it limits counterpart risk. Relatedly, companies are exploring near-shoring and regional alliances to avoid tariffs or geopolitical risks. Forming strategic partnerships (e.g., joint buying consortia) can also lock in volumes and get better terms. Regardless of the tools chosen, rigorous risk management is essential. Establish clear policies (what percent of exposure to hedge, for how long), and use scenario planning to quantify potential losses without hedges. Track key indicators (inventory levels, exchange stocks, macro drivers) and adjust hedge ratios dynamically. As one banker advised, hedging should align with the company's risk tolerance. It's 'not a way to win a market bet; the goal is to mitigate risk, increase certainty.' In other words, companies should use hedges to stabilize budgets, not to gamble on prices. Global growth and trade jitters have cooled demand expectations, even as supply-side shifts (China policy, decarbonization) keep markets tight in spots. In this environment, proactive hedging is critical. By employing a mix of hedge fund strategies like futures, options, swaps and smart contract terms, procurement teams can lock in most of their costs and avoid budget-busting surprises. As experts note, robust hedging brings 'price predictability' and protects margins. By Metal Miner More Top Reads From this article on
