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Glencore PLC

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Glencore Capital Finance DAC

by Anastasiia Shchehlova

Aug 27, 2026 10:10 AM ET

PRICED: Glencore Capital Finance DAC € €600m 8yr Sr Unsec; MS+110bp

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	Coupon	Price	Yield	Spread	IPT-PXD
Glencore Capital Finance DAC	8yr	3-Sep-34	€600m	Sr Unsec	Fixed	4.314%	100	4.314%	MS+110	-30

Reoffer: 8yr: MS+110bp / 100 / 4.314%
Benchmark: 8yr: DBR 2.600% 15-Aug-34 @ 96.19 / B+116.5bp / HR 98%

Launched: 8yr: €600m @ MS+110bp - Books > €1.75bn (closed)
Spread set at: 8yr: MS+110bp - Books above €2bn
IPTs: 8yr: MS+140a

Issuer: Glencore Capital Finance DAC (Ticker: GLENLN, Country: IE)
Issuer LEI: 213800HCUCI1HC7X6Q34
Guarantors: Glencore plc, Glencore International AG, Glencore (Schweiz) AG
Issuer Ratings: A3 (stable) / BBB+ (stable) (Moody's/S&P)
Expected Note Ratings: A3/BBB+ (Moody's/S&P)
Format: Reg S (Category 2), Bearer, New Global Note (NGN) Senior, Unsecured
Size: €600m
Reoffer: MS+110bp / 100 / 4.314%
Benchmark: DBR 2.600% 15-Aug-34 @ 96.19 / B+116.5bp / HR 98%
Coupon: 4.314% Annual, ACT/ACT (ICMA)
Settlement Date: 3-Sep-26 (T+5)
Maturity Date: 3-Sep-34
Documentation: EMTN Programme base prospectus dated 13-May-26 (the "Base Prospectus") as supplemented on 18-Aug-26 (the "First Supplement"), €100k + €1k, Luxembourg Listing, English Law
Selling Restrictions: As per the Base Prospectus
Canadian Sales: Yes, via exemption
Optional Redemption: 3-month par call, Make-Whole call, Residual Call (75%)
Make-Whole Call: B+20bp
Use of Proceeds: General corporate purposes, other than related to thermal coal mining
Target Market: Manufacturer target market (EEA MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or key information document (KID) or UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or in the UK.
ISIN: XS3385597557
Active Bookrunners: BBVA / HSBC (B&D) / Standard Chartered Bank
Clearing: Euroclear / Clearstream, Luxembourg
Advertisement: The Base Prospectus and the First Supplement are available on the Luxembourg Stock Exchange https://www.luxse.com/issuer/GlenCapFin/100829 and the Final Terms, when published, will also be available on the same website
TOE: 14:52 UKT
Timing: FTT at 15:15 UKT