Glencore gets tepid demand as rarities line up
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 ...