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Bond Market News
Glencore’s Dollar Bonds Rally Amid Asset Transfer, With Potential Merger in Sight
May 30, 2025
Glencore has undertaken a global restructure effort by transferring nearly $22bn in foreign assets into its Australian subsidiary, Glencore Investment. This strategic move effectively doubles the Australian entity’s total assets to $42bn and involves $3.8bn in internal cash transfers and $614mn in intra-company share issuances to facilitate the asset migration. According to reports, this consolidation is being viewed as laying the groundwork for a future mega-merger with a rival mining heavyweight and helps position Glencore with a simplified structure closer to Asian markets. The restructure centralizes Glencore’s global coal mines from Canada, South Africa and Colombia, along with a major copper project in Argentina, under the Australian unit. This follows Glencore’s $6.9bn acquisition of Teck Resources’ steelmaking coal assets and its decision to proceed with internal asset realignment despite abandoning earlier plans for a coal division spin-off.
Glencore’s dollar bonds have trended higher – for instance its 5.673% 2035s were higher up over 1.4 points, to trade at par, yielding 5.67%.
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