Glencore syndication exuberance underscores loan market sickness
![glencore 230x150](https://assets.euromoneydigital.com/dims4/default/87f1b0d/2147483647/strip/true/crop/230x150+0+0/resize/840x548!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F4b%2F02%2F454b032278282b9010f7a70409d5%2Fglencore-230x150.jpg)
Commodity trader Glencore received a glorious response from the loan market to its latest refinancing, with the size of its annual revolver leaping by almost $4bn during syndication to close at $9.7bn. But senior bankers warned that this is a sign of lender desperation, not borrower strength, writes Michael Turner.
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