Glencore International, the Swiss-based natural resource business involved in the physical trading of commodities, such as metals, minerals, energy and agricultural products, recently brought to market the largest ever trade receivables securitization to be sold in the bond market. Deutsche Bank acted as arranger and bookrunner for the $700 million transaction, called Energy & Metals Finance Ltd.

Glencore has already gained experience of securitization through a $650 million asset backed commercial paper conduit, which the latest deal is tied to. Proceeds from short-term contracts already fixed and arranged between two companies in the Glencore group - one based in Baar, Switzerland and the other in Stamford, U.S. - and over 500 customers in 42 countries, are put into the special purpose vehicle.

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