Deals
Glencore Offers Bonds in Australia as It Assesses Local Targets
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Glencore Plc, the miner that’s said it’s assessing acquisitions in Australia, is selling debt in the country for the first time after the discount for shifting funds out of the local currency climbed to an almost two-year high.
The world’s largest exporter of power-station coal, which last year completed a $29 billion all-share takeover of Xstrata Ltd., is planning to sell five-year senior unsecured Australian dollar-denominated notes via its local unit, according to a statement from joint sale manager National Australia Bank Ltd. The five-year Australian dollar basis swap, a measure of the benefit borrowers get to move funds into U.S. dollars, climbed as high as 32.8 basis points today, the most since October 2012.