Commodity trading and mining company作者: tianfangye 时间: 2015-10-5 20:08
OTC GLNCY, UP FROM $2.1 TO $3.35 in week。
big hedge funds hold major shares so it couldn't BK作者: aimei 时间: 2015-10-5 20:30
全部被收购？作者: tianfangye 时间: 2015-10-5 21:08
全部被收购？
aimei 发表于 2015-10-5 20:30
---ZT----
and down 62% this year. From Gait and colleagues:
“Commodity traders are not banks; they are engaged in the process of physical rather than financial transformation. All of the commodity traders we have looked at have current assets well in excess of current liabilities. They are not reliant on the provision of short term credit to fund illiquid longer term assets and so have balance sheets that look nothing like those of the banks prior to the financial crisis of 2008 …
The current value of imports of the major commodities is about $2.6 trillion, with about 50% of this in the hands of the 12 biggest trading firms (#1, Vitol and #2 Glencore) … Glencore has currently an immediate access to ~$13 billion of cash liquidity … as well as undrawn committed funding facilities that cannot be withdrawn. Furthermore Glencore generates significant positive free cash flow at spot prices and flat costs, the FCF could expand is if the company freezes growth capex projects and really cut sustaining capex to the bone. Glencore does not need to go onto the bond market before at least mid-2017!
The current revolving credit facility of $15.3 billion (with $6.9 billion already withdrawn) comprises:
A line of ~$6.8 billion, which has a maturity of five years and which expires in May 2020. This five-year line has been extended every year since then, meaning that if it goes on like this, the line will expire in 2021 and so on.
A line of $8.5 billion, which has a maturity of one year and which expires in May 2016. At that time, in May 2016, Glencore has the option to renew this facility for another year – and this is at Glencore’s discretion. The banks have committed and must therefore extend the revolving line if Glencore wishes so.
Financial assets are a very small proportion of the overall asset base for Glencore. Financial assets represent just 7% of Glencore’s current assets and “level 3″ financial assets are just 0.5% of current assets or ~$280 million. It seems highly unlikely that mispricing of financial assets could hide a liability big enough to warrant the current fears around the trading business.”
See our recent posts, As Glencore Debt Fear Hammers Miners, Is BHP Safest? and Glencore Lifts Miners.作者: aimei 时间: 2015-10-5 21:10
