Oil Trader Gunvor to Tap Bond Market for First Time Since 2013
- Market response to gauge success of Gunvor’s reputation shift
- Company bought back its first bond in 2015 after a scandal
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Gunvor Group Ltd. is seeking a return to the bond market for the first time in eight years, in a test of investor confidence in the trading house after it bought back and canceled its first public debt offering in 2015.
The Geneva-headquartered oil and gas trader wants to sell a U.S.-dollar denominated five-year bond, led by banks including Citigroup Inc., ING Groep NV and Societe General SA, Bloomberg News reported Wednesday. The bond would help diversify Gunvor’s funding sources, the bulk of which now come from short-term loans for its trading, refinery and asset operations.