MP Materials Financing Deal Inspires Rare Earth Bonds Proposal, but Can Wall Street Solve China's Industrial Chokepoints?

Highlights

• Kirsten Asdal, Tom Koch, and Tao Tan propose contingent convertible bonds triggered by Chinese geopolitical disruption of critical mineral supplies
• China could undermine supply through selective licensing and delayed approvals without triggering clearly defined contractual bond protections
• A price floor on neodymium and praseodymium does not solve shortages of dysprosium, terbium, samarium, or yttrium
• REEx warns that bonds distribute financial risk but cannot manufacture the industrial time needed to close the Transition Vulnerability Window