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Wednesday, November 18, 2020
Who owns Donald Trump's debt?
We needed to see this. It is essentially what i actually expected. It is run conservatively and i do believe the trump tower alone could be sold to pay it all off. The 2,5b is a low ball. what you would expect from a mature developer's property portfolio.
His days of over extension are now thirty years in the past. All those debts are completely paid out now.
This subject was actually pretty well covered by an article in today’s (26 October 2020) Financial Times.
The total amount of leverage appears to be US$1.1 billion, but that is a little bit deceptive, as a reasonable chunk of the debt is actually intra-group and so is internal debt owed to other parts of the Trump Empire. By my count, just under half the debt is intra-group, so the external debt appears to be “only” about $600 million. The largest single creditor is clearly Deutsche Bank, but as you would expect there is a spread of indebtedness held by various creditors through the bond markets and other small bilateral loans.
As the article itself points out: that isn’t really very much when viewed in the round:
On paper, Mr Trump is not particularly levered: his net worth has been estimated at $2.5bn by Forbes. But the economy is still on a precarious footing, and if his debts come under strain, he could play hardball with his creditors, as he has in the past.