It’s 9:30 in the morning on the Continent and only 8:30 in London and already Glencore’s €500 million deal is several times oversubscribed. Glencore is a Swiss commodities company with €8.6 billion in debt. The firm is privately owned – in other words, it has no obligation to disclose its financial status. It’s on the cusp of junk and the new bond is being issued from a special-purpose vehicle.
Klaas Smits is head of credit at Robeco, a Dutch asset management firm that invests €20 billion in