Padres edge Braves in completion of suspended game

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Fernando Tatis Jr. hit a tiebreaking homer in the top of the seventh inning as the Padres beat the Atlanta Braves 6-5 on Friday night in San Diego in the conclusion of a game that was suspended in Atlanta on July 21.

The 419-foot homer was the 41st of the season for Tatis, tying him for second in Padres history with Phil Nevin (2001).

The Padres led 5-4 after 4 1/2 innings when the July 21 game was suspended after a rain delay of approximately three hours. The game was seven innings long because the original contest was the second contest of a doubleheader.

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The finish included an hour-long delay due to heavy rain and lightning in typically clear downtown San Diego.

Atlanta pinch hitter Adam Duvall slugged a tying one-out homer in the sixth inning off right-hander Daniel Hudson (5-2). The 408-foot blast was Duvall’s 38th of the season and 16th in 48 games with the Braves since being acquired from the Miami Marlins at the trade deadline.

Braves left-hander Will Smith (3-7) served up the leadoff homer to Tatis on a full-count fastball. Atlanta’s National League East lead over Philadelphia fell to one game after the Phillies’ 8-6 win over the Pittsburgh Pirates.

San Diego right-hander Mark Melancon struck out two in the seventh to record his major-league-leading 38th save. Freddie Freeman walked with two outs, and Ozzie Albies’ drive to left was caught on the warning track by Jake Marisnick to end it.

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The Padres are 6 1/2 games behind St. Louis in the hunt for the NL’s second wild card after the Cardinals swept a doubleheader against the Chicago Cubs on Friday.

In the first part of the game two months ago in Atlanta, the Padres scored four runs in the first inning off Braves right-hander Bryse Wilson. Eric Hosmer hit a sacrifice fly, Wil Myers drew a bases-loaded walk and Ha-Seong Kim delivered a two-run double.

San Diego added a run in the top of the second on Jake Cronenworth’s run-scoring single.

Atlanta scored four times in the bottom of the second. Guillermo Heredia smacked an RBI double, Orlando Arcia hit a sacrifice fly, pinch hitter Ehire Adrianza hit an RBI double and Joc Pederson had a run-scoring single.

Wilson allowed five runs and four hits in two innings, walking four and striking out two.

Padres right-hander Reiss Knehr lasted just 1 2/3 innings and gave up three runs on one hit and two walks with one strikeout.

–Field Level Media

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172 Ontario hospital workers suspended without pay, threatened with termination for refusing COVID-19 jabs

WINDSOR, Ontario (LifeSiteNews) – The jobs of over 170 Ontario healthcare workers are at risk because they have not taken the experimental COVID-19 injections. 

On Wednesday, the public learned that 172 employees at two hospitals in the Canada-USA border city of Windsor, Hôtel-Dieu Grace Healthcare (HDGH) and Windsor Regional Hospital (WRH), are currently suspended without pay  for their refusal to be jabbed with vaccines that have yet to finish clinical trials 

The hospitals’ policies have stipulated that the employees have until October 6, or October 7, respectively, to show proof they have been “vaccinated” or they face “termination with cause.” 

“As it stands now, having [the unvaccinated staff] continue with us, the risk is too high given the statistics and given the type of population Windsor Regional Hospital cares for,” said Windsor Regional Hospital  CEO David Musyj. 

“We’ll be able to cope without them, I hope,” he added. 

Musyj, a lawyer by trade, told the media via video conference that unvaccinated people pose a particular risk when it comes to spreading COVID-19 to patients. 

Currently, there has yet to be any evidence produced in clinical trials that proves vaccinated individuals cannot spread COVID, or that unvaccinated people pose more of a risk when it comes to transmitting the virus compared to vaccinated people.  

In fact, Health Canada explicitly states, “Your vaccination status only changes your risk of catching COVID-19 and becoming ill. It doesn’t change your risk of exposure to the virus out in the community.”  

Further, in Ontario, which has a vaccine passport system in place, people are still being required by public health officials to wear a mask even in places that require proof-of-vaccination for entry.  

This means that if a person enters a restaurant that requires them to show proof-of-vaccination, ensuring that everyone in the establishment is double-jabbed, they will still need to wear a face-covering.  

“Face coverings in indoor public settings (and) physical distancing requirements remain in place,” said Dr. Kieran Moore, Ontario’s Chief Medical Officer of Health, when talking about the implementation of the provincewide vaccine discrimination system.  

“The Delta variant is the dominant strain in Ontario, and it continues to pose a threat to public health,” he added.  

According to the Canadian Broadcasting Corporation, 84 of the 172 staff members that have yet to be vaccinated are considered “clinical staff.” Doctors, nurses, physician assistants, technicians, and therapists, among others, are included under the “clinical staff” designation.  

When asked why some hospital staff members are hesitant to receive the jab despite working on the frontlines during the pandemic, WRH’s Chief of Staff Dr. Wassim Saad told the media that there are a “variety of reasons” behind the skepticism.  

“I’ve spoken to at least a dozen [employees who do not want to take the inoculations] by now, and a lot of their questions were legitimate questions,” Saad said. 

According to Saad the “legitimate questions” surrounded the safety and efficacy of the vaccines in certain situations: while pregnant, while already having an autoimmune disease, and while having a history of adverse effects related to vaccinations. 

In a previous statement on September 13, WRH’s Musyj admitted that there is a “very vocal” group in his hospital against the mandatory coercion policy, with some of the staff opposed to the vaccine being doctors and nurses.  

“Some people are of the opinion COVID’s fake, some people are of the opinion it is an experimental vaccine,” stated Musyj. 

When asked if some of the people fielding these opinions are medical professionals, Musyj exclaimed “Oh, of course!” He revealed further that some of the vaccine objectors include “physicians.” 

The suspension of the 172 Windsor health workers happened only days after the September 15 statement by the British Columbia Nurses Union (BCNU) questioning their own vaccination mandate. 

“In response to the government’s announcement on September 13 of its plans to extend the mandatory vaccination order to all health-care workers, yesterday BCNU expressed its support for vaccination while raising concerns that consequences to this order could contribute to the severe nurse shortage in this province,” the statement reads.  

“There is potential for a significant number of health-care workers to be removed from an already depleted workforce. Taking nurses away from the bedside will have serious impacts on patient care,” they added. 

Citing the reasons for not getting the jab, nurses in British Columbia mentioned concerns about the safety of the vaccine, especially during pregnancy and while breastfeeding.  

According to BCNU vice president Aman Grewal, the 20 percent of nurses that remain unvaccinated have informed the union that “they have read the science, but they are not satisfied with the science that is out.” 

Dr. Michael Yeadon, a former Pfizer vice president with degrees in biochemistry and toxicology and a doctorate in respiratory pharmacology, told LifeSite that women of childbearing age, especially pregnant and nursing women, should entirely reject the COVID-19 inoculations. 

“You never, ever give inadequately tested medicines, medicinal products, to a pregnant woman,” he stated.  

“And that is exactly what is happening. Our government is urging pregnant women, and women of childbearing age, to get vaccinated. And they’re telling them they’re safe. And that’s a lie because those studies have simply not been done.”  

Having reviewed studies in both rats and pregnant women, Yeadon has concluded that it is very likely that vaccines pose a threat to a women’s fertility.  

“So, now we have a second problem, that the vaccine, at least in a rat, distributes into the ovaries,” he said. 

“And I will tell you, a general rule of thumb in toxicology is if you don’t have any data to contradict what you’ve learned, that’s the assumption you make for humans,” Yeadon continued.   

“So, my assumption at the moment is that is what is happening to every female who’s been given these vaccines. These vaccines are concentrating in her ovaries.” 

“It is very worrying. So, we don’t know what that will do, but it cannot be benign, and it could be seriously harmful because the vaccines will then express the coronavirus spike protein, and we know that there are unwanted [results] from that spike protein.”  

Referencing the recent small-scale experiment done on pregnant women, Dr. Yeadon continued to explain his opposition to the vaccination for this cohort. 

“Fifteen women were given the Pfizer vaccine. They drew blood samples every few days. When they measured antibodies against spike protein, which took several weeks to appear, they also measured antibodies against the placenta, and they found that within the first one to four days an increase of two and a half to three times. That’s a 300% increase in the antibodies against their own placenta in the first four days,” he explained. 

“So, I’m sorry to say this, but that is a vaccine-induced autoimmune attack on their own placenta, “ he added.  

“And I think you can only expect that that is happening in every woman of childbearing potential. It’s generating antibodies against this critical protein required for fertilization and successful pregnancy.” 

LifeSiteNews has reached out to Windsor Regional Hospital for comment but has not yet received a reply. 

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Gun-Toting McCloskeys Facing Official Effort to Have Their Law Licenses Suspended

The St. Louis husband and wife known for waving guns outside their home last year to ward off Black Lives Matter protesters are now facing a challenge to revoke their law licenses over the incident.

Mark and Patricia McCloskey, both lawyers in Missouri, have been the subject of attention in the state and nationwide over the June 2020 confrontation.

In court filings, Missouri Chief Disciplinary Counsel Alan Pratzel has asked the state’s Supreme Court to suspend their law licenses due to their guilty pleas to misdemeanors stemming from the incident, according to KCUR-FM in Kansas City.

“Mark McCloskey pleaded guilty on June 17 to misdemeanor fourth-degree assault and was ordered to pay a fine of $750. Patricia McCloskey pleaded guilty on the same date to misdemeanor harassment, with a $2,000 fine,” the NPR outlet wrote in a Twitter post published Monday.

They were pardoned by Missouri Gov. Mike Parson, the post added.


Border Agents Furious After What Kamala Harris Said About Them

The legal move against the McCloskeys could be seen as a political effort as well. Mark McCloskey is running in the Republican primary for the U.S. Senate to replace Republican Sen. Roy Blunt, who plans to retire in 2022.

If he had his license suspended, it could give Democrats ammunition against him if he won the nomination.

The McCloskeys were originally charged by Circuit Attorney Kim Gardner in July with unlawful use of a weapon and evidence tampering. They became famous due to widely published images of them in front of their property facing Black Lives Matter protesters: Mark McCloskey with an AR-15 and Patricia with a silver handgun.

While the protesters were heading to the home of then-St. Louis Mayor Lyda Krewson, Patricia McCloskey told Fox News the protesters said “that they were going to kill us.”

“They were going to come in there. They were going to burn down the house. They were going to be living in our house after I was dead, and they were pointing to different rooms and said, ‘That’s going to be my bedroom and that’s going to be the living room and I’m going to be taking a shower in that room,’” she said.

To the mainstream media, of course, the crowd was simply “peaceful protesters” who were walking by, “calling for police reforms.”


15-Year-Old Boy Charged in Shooting of Two Fellow High School Students

In June, the McCloskeys pleaded guilty to minor charges related to the incident.

Mark pleaded guilty to fourth-degree assault, which is a Class C misdemeanor, and his wife, Patricia, 62, pleaded guilty to second-degree harassment, a Class A misdemeanor, according to the St. Louis Post-Dispatch.

The two were given $750 and $2,000 fines, respectively, but neither party faced any jail time.

As part of the deal, both McCloskeys also agreed to give up their weapons, the Post-Dispatch reported.

“This particular resolution of these two cases represents my best judgment of an appropriate and fair disposition for the parties involved as well as the public good,” Richard G. Callahan, the special prosecutor in the case, said in a statement.

The convictions were for much less severe crimes than those in their original indictment, which were two felony charges of unlawful use of a weapon and evidence tampering.

Parson pardoned the McCloskeys in August.

In defense of their actions at the time of their plea agreement, the McCloskeys alleged that protesters had broken down the gate to their private street, trespassed on their property and even threatened to murder the couple.

Mark McCloskey said this ruling was a win for him and his wife. Following the proceedings, he even said “this is a good day for the McCloskeys,” according to the Post-Dispatch.

Do you think this effort against the McCloskeys is politically motivated?

“The prosecutor dropped every charge except for alleging that I purposely placed other people in imminent risk of physical injury, right, and I sure as heck did,” he said.

“That’s what the guns were there for and I’d do it again any time the mob approaches me … In other words, I stood out on the porch with my rifle and made them back up. And that’s what I’d do again. If that’s a crime in Missouri, by God I did it, and I’d do it again.”

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Report: Appeal of suspended Cowboys OL focuses on absences

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Suspended Dallas Cowboys offensive lineman La’el Collins is pointing to excused absences from the team as a reason he missed drug tests in his appeal, ESPN is reporting.

Collins, 28, was suspended without pay last week for violating the league’s substance abuse policy. NFL Network reported that Collins was suspended for missing drug tests.

The five-game ban begins with Sunday’s game against the Los Angeles Chargers.

According to ESPN, his appeal claims that Collins had valid reasons for several of the missed tests.

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He reportedly missed a November 2020 test when players had been sent home early to mourn the death of strength and conditioning coach Markus Paul.

A second missed test occurred while he was attending an uncle’s funeral, with permission from the team.

He reportedly missed another test last October on a day that he was scheduled to have hip surgery and was flagged for codeine after the fact, despite being prescribed the drug after the surgery.

The report also says that Collins hasn’t tested positive for marijuana over the previous 18 months.

Collins started at right tackle in the season-opening 31-29 road loss to the Tampa Bay Buccaneers and played 99 percent of the snaps.

After the suspension, his agent issued a strongly worded statement criticizing the NFL’s decision.

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“We are extremely disappointed in how the NFL has handled this entire matter from trampling on Mr. Collins’ rights to prematurely releasing the information knowing a timely appeal was filed to intentionally (mislead) the court at the hearing,” agent Peter Schaffer said in a statement. “The extent and effort the NFL went to accomplish its ends is appalling.”

Unless he wins the appeal, Collins won’t be allowed to return to the active roster until Oct. 18, the day after the Cowboys’ Week 6 game at New England. The Cowboys have a bye in Week 7, so he will not be eligible to play again until the Week 8 contest at Minnesota on Oct. 31.

Ty Nsekhe and Terence Steele are the primary backups at left and right tackle, respectively, but Nsekhe has been ruled out with a non-COVID illness.

Collins signed a five-year, $50 million contract extension in September 2019. Undrafted out of LSU in 2015, he has started 62 of his 63 games with the Cowboys. He missed all of last season with a hip injury that required surgery.

–Field Level Media

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Comedian Ben Bankas’ Instagram Page Suspended

Stand-up comedian and sketch artist Ben Bankas had his Instagram page suspended suddenly this week, apparently without warning.

“None” was the response provided from the Toronto-based comic to Rebel News when asked if he had been given a reason by the popular platform.

Bankas, who is popular for his sketches and parodies surrounding politics, lockdowns, and other COVID-related topics certainly hasn’t made any establishment friends with his voice-over work that mocks speeches by political figures such as Theresa Tam, Justin Trudeau and Premier Doug Ford.

Bankas received an email from Instagram, stating that he must prove that he is the owner of the account, but no other instructions/details regarding his suspension were given.

Ben Bankas is noted as the first comedian in Canada to hold comedy shows during lockdowns, hosting shows outdoors, which resulted in both large turnouts but also large fines for social gatherings.

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Around 3,000 health workers suspended in France over vaccination-minister

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PARIS — Around 3,000 health workers who have not been vaccinated against COVID-19 have been suspended in France, Health Minister Olivier Veran said on Thursday, a day after the country made vaccination mandatory for all healthcare and care home workers.

President Emmanuel Macron’s government imposed the rule to boost vaccination uptake and help prevent a new wave of infections in the autumn that might jeopardize France’s economic recovery.

“Most of the suspensions are only temporary … many of them have decided to get vaccinated as they see that the vaccination mandate is a reality,” Veran told French RTL radio.

According to local daily Nice Matin, nearly 450 health workers have been suspended in a hospital in the city of Nice, in southern France. (Reporting by Blandine Henault and Ingrid Melander; Writing by Matthieu Protard; Editing by Alex Richardson)

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Quebec healthcare workers to be suspended without pay for refusing COVID vaccines 

LifeSiteNews has produced an extensive COVID-19 vaccines resources page. View it here. 

QUEBEC CITY, Quebec (LifeSiteNews) – Healthcare workers in Quebec will have to choose between bodily autonomy and their pay.  

On Tuesday, Quebec health minister Christian Dubé told healthcare workers in the province that if they are not fully vaccinated with coronavirus injections by October 15, they will be suspended without pay.  

Dubé told the public that the new directive will apply to “everybody … 100 percent of employees.” This includes doctors, nurses, and private clinic workers, as well as midwives, medical imaging technicians, and paramedics. 

The vaccine passport system in Quebec, which went into effect last week and requires patrons to present a QR code sent to them by the government before access is granted into certain businesses, will also become stricter as a result of the new directive.    

The medical discrimination passport initially only applied to “non-essential services,” such as gyms and restaurants, but with this new mandate will now also apply to anyone visiting a hospital. A person will not be able to enter a hospital to visit a sick or dying relative if the visiting person is not vaccinated.  

“We are going to have to reorganize the healthcare system,” said Francois Legault, Quebec’s premier, who went on to say that Quebec’s healthcare system is experiencing a worker shortage as many people have quit their jobs due to the pandemic. 

Legault said he is debating using incentives, such as increased pay and improved working conditions, to convince former health workers to come back to their positions. 

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Powerful nations of the world, including China, the UK, and Canada are discussing plans to require so-called ‘vaccine passports’ as a condition for travel, and possibly to restrict entry to shopping and entertainment venues.

Israel has already put in place a system to discriminate against those who choose not to take the COVID vaccine, and, in the United States, Joe Biden has signed a new executive order which could pave the way for the implementation of a ‘vaccine passport’ system. [See more below.]

This kind of medical dictatorship must be resisted, and therefore, we must act quickly before these authoritarian notions take root and spread!

Please SIGN and SHARE this urgent petition to SAY NO to government ‘vaccine passports.’ Tell your legislators to respect your freedom not to vaccinate without fear of repercussion.

People should not have to live in fear of government retribution for refusing a vaccine which is being rushed to market by Big Pharma and their fellow-travelers in NGOs, like the Bill and Melinda Gates Foundation.

It would be intolerable and immoral for the government to coerce someone, and their family, to take a COVID vaccine against their will just so they can do their weekly grocery shopping, go to a high school soccer game, travel on public transport, or visit their relatives who live in a different part of the country, or overseas.

Medical freedom must be respected in principle and also in practice.

So, it is now time that our policy-makers listen to all voices involved in this vital conversation, and start to represent those who will not tolerate being punished, restricted, or tracked for refusing an experimental vaccine.

Simply put, legislatures must begin to act as legislatures again.

Questions must be asked. Hearings and investigations must be held. And, the legislatures of each state and country must return to the business of representing the people who voted for them, assuming their rightful place as the originator of legislation.

We will no longer accept the dictates of executive branches without question. And, neither can we accept the dictates of some doctors who seem detached from reality and from science.

Please SIGN and SHARE this urgent petition which asks national political leaders (as well as state and provincial legislators in the U.S. and Canada) to pledge to respect the rights of those who refuse a COVID vaccine, and NOT introduce ‘vaccine passports,’ or any other system which would discriminate on the basis of taking the COVID vaccine.


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‘UK advances plans for vaccine passports to travel, enter stores’ –

‘Canada’s health minister: Gov’t ‘working on the idea of vaccine passports’’ –

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The new measure, which forces healthcare workers to receive two doses of an experimental vaccine or lose their source of income, triggered immediate backlash. 

“We’re not sure that it’s the best means going forward,” Jeff Begley, head of the federation of health and social services union (FSSS-CSN), said. “We think that despite the obligation of vaccination, that the key is to keep the protections [of worker autonomy] in place.” 

According to the Canadian Broadcasting Corporation, 87 percent of Quebecers have received at least one dose of the vaccine. In addressing the 13 percent who are unvaccinated, Legault claims “that experts say this [Delta] variant is so contagious, they are worried the whole of the 13 percent could end up in hospital.” 

Legault’s claim contradicts recent evidence out of Israel that found vaccinations are not the best method of protection against COVID or the Delta variant.

“Natural immunity confers longer lasting and stronger protection [than vaccines] against infection, symptomatic disease and hospitalization caused by the Delta variant of SARS-CoV-2,” states a recent Israeli study. 

Dr. Peter McCullough, a leading doctor and COVID-19 treatment pioneer, has also stated that natural immunity is superior to vaccination in regard to preventing health complication caused by the virus. Natural immunity is “robust, complete, and durable,” stated McCullough, “There is no meaningful chance of having a second serious case of COVID.” 

“In fact, it’s never happened in a confirmed case so far in the world,” he added. McCullough is an internist and cardiologist, along with being a professor of medicine at Texas A&M University Health Sciences Center. 

Last month, Todd Zywicki, a law professor at George Mason University in Virgina, was granted an exemption from the university’s vaccine mandate as he proved that his natural immunity was better than the immunity given via inoculation, citing studies from IsraelEngland, and the Cleveland Clinic 

The vaccines, all of which use cells from aborted babies in their development processes, do not come free of risks for recipients.

With thousands of deaths and serious adverse effects having been reported worldwide, the Canadian government even set up a fund to pay funeral expenses and burial costs for those killed by the shot.  

Just last week, Ontario revealed that at least 106 young people, aged 12 to 24, were diagnosed with potentially fatal heart inflammation conditions such as myocarditis and pericarditis. 

In the European Union, there have been over two million vaccine injury cases reported, with adverse effects including capillary leak syndrome, blood clots, facial paralysis, anaphylaxis, and death. 

Furthermore, with respect to purported COVID-19 infections, there were 68 people in intensive care units in Quebec as of Monday. With a population of nearly 8 million, this means only 0.0008% of Quebec residents are currently being impacted significantly by COVID-19. 

As reported by the CBC, Dubé “hinted” that the province is also considering limiting the activities of the unvaccinated even further, by requiring the passport to access even more places than already required.  

Medical experts are already weary of the safety of the vaccines, which do not finish clinical trials until at least 2023, but there is even more cause for concern as mandates have increased the scope of the experiment to an unprecedented size.  

The COVID-19 mass vaccination program “will go down as one of the most deadly, one of the most injurious and costly in human history,” Dr. McCullough has stated.

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China Evergrande bonds fall sharply on default worries, onshore bond temporarily suspended

FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip

September 9, 2021

SHANGHAI/HONG KONG (Reuters) – Indebted China Evergrande Group’s shares and bonds were under fresh pressure on Thursday after media reports that the company would suspend interest payments due on loans to two banks later this month and also all payments to its wealth management products.

Investors are factoring in an increasing likelihood of a default. Regulators have warned that Evergrande’s 1.97 trillion yuan ($304.7 billion) of liabilities could spark broader risks to the country’s financial system if not stabilised.

Shenzhen-traded January 2023 bond were halted from trading temporarily in the morning, after falling more than 20% in early trade, the Shenzhen Stock Exchange said in a statement.

Dollar bonds due November 2024 dropped 0.8 cents to trade at 23.558, while the Hong Kong-listed stock dropped over 10% to HK$3.32, the lowest since July 8, 2015.

Financial information provider REDD reported on Wednesday Evergrande informed two banks it will suspend the interest payment due Sept 21, pending further instruction about an extension plan.

Evergrande has also delayed payments to several trust firms, REDD said, and it might suspend all payment on its wealth management products starting Wednesday.

Evergrande declined to comment on the report.

The bond selloffs also followed a series of downgrades by rating agencies including Fitch, Moody’s and China Chengxin International (CCXI) in recent days.

Fitch Ratings cut the ratings of Evergrande and two of its subsidiaries to “CC” on Wednesday, adding a default appears probable, due to tight liquidity, declining contracted sales, pressure to address delayed payments to suppliers and contractors, and limited progress on asset disposals.

($1 = 6.4605 Chinese yuan renminbi)

(Reporting by Andrew Galbraith in Shanghai and Clare Jim in Hong Kong; Editing by Shri Navaratnam and Michael Perry)

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China Evergrande bonds suspended as prices slump

FILE PHOTO: A logo of China Evergrande Group is displayed at a news conference on the property developer’s annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip/File Photo

September 6, 2021

By Andrew Galbraith

SHANGHAI (Reuters) – Bonds issued by heavily indebted developer China Evergrande Group plunged on Monday on growing investor worries over the company’s ability to pay its debts, prompting China’s stock exchanges to halt trading.

The Shanghai Stock Exchange said in a statement that it had temporarily suspended trading in China Evergrande Group’s 6.98% July 2022 corporate bond following “abnormal fluctuations.” The exchange had also suspended trading in the bond on Friday.

Shanghai exchange data showed the bonds sliding more than 25% to a low of 40.18 yuan after the resumption of trade on Monday afternoon, reflecting investor doubts that Evergrande will be able to repay investors in full on the bond’s maturity next year.

The company’s 5.9% May 2023 Shenzhen-traded bond, which was also suspended from trading, fell more than 35% after trading resumed on Monday afternoon.

The slump in bond prices on Monday comes after China Securities Depository and Clearing Co. (CSDC) on Friday effectively erased their value for use in collateral repo trading by reducing the “conversion ratio” of the July 2022 bond to zero, effective Sept. 7.

Other Evergrande bonds, including the May 2023 Shenzhen bond, had been included on a CSDC table of conversion ratios on Thursday for use on Sept. 6, but were not included in Friday’s table.

The conversion ratio determines leverage limits for repo financing given a specific bond pledged as collateral. CSDC is owned by the Shanghai and Shenzhen stock exchanges.

A director at a local brokerage said that the reduction in the conversion ratio was a “grey rhino” – a highly obvious yet ignored threat. “It was bound to happen.”

China Evergrande declined to comment.

Worries surrounding Evergrande, which has been scrambling to raise funds to pay lenders and suppliers, have spilled into broader concerns that a debt crisis could send shockwaves through China’s banking system.

On Friday, an index of high-yield Chinese dollar issuers fell to its lowest level since spring 2020.

(Reporting by Andrew Galbraith; Additional reporting by Clare Jim in Hong Kong; Editing by Shri Navaratnam and Emelia Sithole-Matarise)

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