Glencore’s €1.1bn dual is uphill climb

By Jon Hay
27 Mar 2014

Glencore Xstrata issued a €1.1bn seven and 12 year euro bond on Tuesday, as so many industrial blue chips have done in recent weeks, but unlike most of the other deals, it was no blowout. Unlike those deals, Glencore's seven year tranche was better bid than the 12 year.

Recent concerns about Chinese economic growth, which had undermined equities on Monday, may have sapped appetite for the mining and commodities group’s transaction, especially at the long end – but most bankers attributed the lukewarm reception to aggressive pricing from the outset.

Deutsche Bank, ING, Lloyds Bank and ...

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