Bass has said that liquid reserves in Hong Kong and China are lower than the reported headline figures and that he expects a "full-fledged banking crisis" in Hong Kong by the end of this year. A vocal critic of China’s Communist Party, the 50-year-old investor wrote in a Newsweek op-ed last month that Hong Kong has become “ground zero for the ideological clash between democracy and heavy-handed Chinese communism.”Kyle Bass is going for broke on a currency trade that has burned bearish speculators for more than three decades.That could be a serious problem for Bass's investors since, as Bloomberg points out, the insane leverage ratio means that losses will be 100% if the peg isn't broken within 18 months.Hong Kong Financial Secretary Paul Chan said this month that the city is ready to defend the exchange rate and that, if necessary, the mainland would backstop the peg via swap lines with the PBOC. Bass told prospective investors that the Hayman Hong Kong Opportunities Fund, LP-Prodigious Series was due to launch on June 1 and could see a 64-fold return if the currency declines by 40%, according to a person familiar with the matter, who asked not to be identified because it's private.The trade is audacious even for Mr. Bass, who profited handsomely during the subprime crisis but has since had less success with doomsday calls on everything from Japanese government bonds to the Chinese yuan. On the surface, Kyle Bass’s highly leveraged all-or-nothing bet on a collapse of the Hong Kong dollar looks audacious. The city's stock market has rallied along with global shares since March. Anti-government protests and the coronavirus pandemic have plunged the financial hub into its worst recession on record, while China's decision last month to impose a controversial national security law has stoked fears of capital flight and potentially damaging U.S. sanctions.It's possible that investors in Mr. Bass's fund will take a similar approach, though details of their exposure weren't immediately available. Bass… will use option contracts to leverage the new fund’s assets by 200 times, the people said….These Greek banks are gonna blow up once voters throw these red bums out.You think this is bad? Kyle Bass, the often-bearish hedge-fund manager who won big during the global financial crisis, has trained his sights anew on the Hong Kong dollar. Bass's new fund will lock in investor cash for two years and charge a one-time management fee of 2%, people familiar with the matter said. More than half of those positions are betting on a slide to 7.85 -- the weakest the currency is technically allowed to trade.It all means traders can buy cheap protection against wild moves in the Hong Kong dollar, while at the same time positioning themselves to win big if the peg eventually breaks.Still, quirks in the derivatives market mean that even if you think Bass’s bet is a long shot, it’s not expensive to copy him. (Bloomberg) -- Kyle Bass is going for broke on a currency trade that has burned bearish speculators for more than three decades. I mean, the SEC is grateful for his help, but did he have to use the words “Ponzi scheme”?The hedge fund manager’s distaste for the Chinese Communist Party is deep and strong.Bass told prospective investors that the Hayman Hong Kong Opportunities Fund, LP-Prodigious Series was due to launch on June 1 and could see a 64-fold return if the currency declines by 40%But in case he doesn’t make it, he’s not taking his yuan short with him.No one has been this invested in a Steve Mnuchin failure since Steve Mnuchin’s father.The anti-China crusader sees a true ally in the most-hated woman on Wall Street.All Bass needs is for China to stop being China.While the strategy is designed to generate outsized gains if Hong Kong’s currency tumbles against the dollar, investors stand to lose all their money if the peg is still intact after 18 months.The Dallas-based founder of Hayman Capital Management is starting a new fund that will make all-or-nothing wagers on a collapse in Hong Kong’s currency peg…. Hedge fund veteran Kyle Bass is betting against the Hong Kong Dollar, in expectation that the US will remove a key peg against the dollar, Bloomberg reported. It will levy a 15% performance fee that rises to 20% if the fund's net return exceeds 100%.It's unclear how much money he's raised for the strategy, which is an offshoot of an existing fund focused on Hong Kong. The Dallas-based founder of Hayman Capital Management is starting a new fund that will make all-or-nothing wagers on a collapse in Hong Kong’s currency … In fact it's been so strong in recent months that the city's de-facto central bank has sold more than HK$40 billion ($5.2 billion) since April to prevent the currency from appreciating outside its trading band.To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.He's far from the only investor to take aim at Hong Kong's dollar. Bass, who began warning the peg was at risk more than a year ago, is starting his fund during a period of extreme economic and political turbulence in Hong Kong.Mr.
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