Week in review
The prospect of two further rate cuts puts more pressure on the Australian dollar, while evidence builds for a rate rise in the US
Opinion
Where does the UK’s immediate future lie? No one knows but if Britain votes to exit the European Union there are likely to be widespread implications for investors
Company updates
BlueScope Steel has received a credit rating upgrade from Moody’s, while Glencore announced sales of a 40% stake in its agricultural business. PMP’s Griffin Press will now be the largest digital book printer in Australasia
Company updates
News in the past week: 360 Capital delivered a solid 1H16 result, Moody’s downgraded BHP Billiton, CBL Corporation released strong FY15 results, Emeco reported on 1H16, Fortescue bond prices have rallied on recent events and Glencore increases debt reduction target along with FY15 result
Company updates
Glencore has released its FY15 result. While the results are materially down on 2014, due to the significant falls in commodity prices, we believe this was already priced in when we launched coverage. Importantly, the company has improved its debt reduction target by a further USD1bn
Company factsheets
The issuer is a wholly owned indirect subsidiary of Glencore International AG which is one of the guarantors under the bond. Glencore is a leading integrated global commodity producer and marketer
Company factsheets
The issuer is a wholly owned indirect subsidiary of Glencore plc (Glencore) which is a guarantor under the bond. Glencore is a leading integrated global commodity producer and marketer
Trade opportunities
We have added an investment grade AUD fixed rate bond with an indicative yield to maturity of 8.83%pa to our DirectBonds list. The bond is available to wholesale investors only in $10,000 parcels
Company research
Glencore plc is a leading integrated global commodity producer and marketer. Its business covers over 90 commodities encompassing metals & minerals, energy products and agricultural products as well as related marketing and logistics activities
Company factsheets
Glencore Australia Holdings Pty Limited (Glencore Australia) is a wholly owned indirect subsidiary of Glencore plc (Glencore) which is a guarantor under the bond