Glencore gets tepid demand as rarities line up

By Mike Turner
23 Feb 2021

Glencore, the Swiss commodity trading company, got a lukewarm response from the euro bond market on Tuesday, as investors prepared their cash piles for a flurry of deals from rare and high beta names.

Glencore, rated Baa1/BBB+, opened books for an eight year bond (March 2029) at 115bp over mid-swaps and a 12 year (March 2033) at 145bp. BBVA, Crédit Agricole, Commerzbank, Société Générale and UBS ran the deal.

Demand hit €2bn by mid-morning, but fell away by the time the books closed.

The ...

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