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Glencore sets level at 2.25% on bond issue

Reuters - UK Focus

By Laura Benitez

LONDON, April 26 (IFR) - Glencore (Xetra: A1JAGV - news) has set guidance at 2.25% for a minimum SFr225m May 2021 bond issue, according to a lead manager.

The commodity trader and miner started marketing a SFr150m minimum May 2021 bond issue at an indicative yield of 2.25% area, equivalent to 280bp area over mid-swaps earlier on Tuesday.

It (Other OTC: ITGL - news) later raised the size to a minimum SFr200m, while guidance remained unchanged at 2.25% area.

The deal is expected to price later today via lead managers Credit Suisse (LSE: 0QP5.L - news) and UBS (LSE: 0QNR.L - news) .

The issuer is rated Baa3 by Moody's and BBB- by S&P. (Reporting By Laura Benitez, Editing by Helene Durand)