Glencore Debt Swaps Jump to Six-Year High as Copper Price Slides
- Copper trades below $4,400 a ton for first time since 2009
- Glencore may need to reduce debt further: Union Investment
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The cost of insuring Glencore Plc’s debt against default rose to a more than six-year high as the price of raw materials such as copper continued to tumble.
The trader and miner’s credit default swaps increased to as much as 946 basis points, the highest since April 2009 on a closing basis, according to data from S&P Capital IQ’s CMA.