At midMay he contracted loans for almost 7

The information is not really a surprise. According to the "Financial Times", Glencore, the undisputed world leader of the physical trading of raw materials, have begun preliminary discussions with its bankers to study the possibility of an introduction on the stock exchange. Speculation of the market on this theme have multiplied, especially since the worsening of the crisis of credit due to the bankruptcy of Lehman Brothers in September 2008. This operation could take the form of a private placement that leverage the group between 30 and 40 billion. Glencore chosen a rating of its actions on two places, Zurich and London.

Has a strong operational base, the company of Baar, in the Swiss canton of Zug, nevertheless saw the value of its assets decline since then, over correction of the price of natural resources. This which had never problem previously, debt management, has become a major topic for the Group at the legendary discretion, founded in 1974 by the businessman Marc Rich. End of March, the financial rating agency Moody's had emphasized that the debt of Glencore (11,204 billion of net debt at March 31) remained relatively "high, although a large part of it consists of borrowing correlated with working capital funds that cancel themselves." The Agency then amounted to 20 cash flow ratio on net debt. It corresponded to about twice the operating income (Ebitda) at the end of the first quarter.

If the situation of the balance sheet of the trader is no concern, it did nonetheless took to Glencore of quick to restructure its debt. At mid-May, he contracted loans for almost $ 7.5 billion in rates in the middle of what is currently practised. Collected capital were used to renew in advance a loan of 8.2 billion maturing in 2011 and to extend one-year credit of $ 925 million 364-day relay. As a result, the Group should more face to major payments before 2012.

Lack of transparency

Glencore has therefore no particular difficulties to find financing. But the chronic lack of transparency in the genetic code of the trader since its inception did not fail him playing tricks between September and December 2008. At the height of the crisis, December 5, the performance of its CDS to five years had peaked at 3.325,5 basis points before a rapid descent that drove these days under the 700 basis points at a certain recovery in natural resource markets. This incident certainly provided material for society thought. "In times of stress, the faculty to permanently access the capital markets may be of great assistance", said one London analyst.

Recently, Glencore assigned to Xstrata mining company diversified and listed it holds more than 34 of the capital, assets in the coal to finance its participation in the giant issue of new shares of the latter. This operation had aroused the anger of a part of Xstrata shareholders, who have felt this transaction as a gift made by their firm Glencore so that it is not diluted and does not have to get out of cash.

Able to finance more easily and more widely will also allow the trader to support more Xstrata in its projects of organic growth or mergers. A measure of its development, Glencore also requires increasingly large working capital funds. All these considerations therefore argues for the marking of a part at least of the capital of Glencore. However, it is unlikely that this project materializes in the very short term, given the persistent fragility of the markets. Barclays Capital, which considers very positively this turning point, nevertheless considers that the introduction on the stock exchange may only be a matter of months.