Bond Market News

Commodity trader Trafigura reported its biggest annual profits in its 28-year history. For the year ending September 2021, it reported net profits of $3.1bn, 1.94x last year’s figures and revenues rose 57% YoY to $231bn. Its total assets jumped to $90.1bn from $57bn in 2020. Its Metals and Minerals revenue saw operating profits jump 95% to $2.45bn. Trafigura also declared a record dividend of $1.1bn, from $586mn last year. Trafigura traded an average of 7mn barrels of oil and petroleum products a day, up 25% YoY. While it reported stellar results, FT notes that it came with higher risk as measured by its Value at Risk (VaR). Its average 1-Day VaR stood at $47.9mn in 2021 from $26.4mn in 2020.

Trafigura’s dollar bonds were slightly higher with its 6.875% Perp up 0.2 points to 100.31, yielding 1.95%

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