Capital markets

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave
May 23, 2012 - 10:15 GMT
Seven days is a long time in the investment world, but last week must have felt longer than most.
Glencore takes control of Mutanda in $340m deal
May 22, 2012 - 11:53 GMT
Glencore has taken majority control of Mutanda Mining and its operations in the Democratic Republic of Congo, in a $340 million share purchase deal.
European Commission to investigate Inoxum-Outokumpu merger
May 22, 2012 - 11:10 GMT
The European Commission has opened an antitrust investigation into the proposed €2.7 billion ($3.45 billion) merger of stainless steel makers Inoxum and Outokumpu, it said on Tuesday May 22.
SocGen directors to launch Belaco Capital commodities fund
May 21, 2012 - 14:32 GMT
Société Générale managing directors Frédéric Lasserre and Christophe Cordonnier are set to leave the French bank to launch Belaco Capital, a multi-commodity discretionary hedge fund based in Paris, the fund announced on Monday May 21.
Ring, dates and sheds will stay if LME sells
May 18, 2012 - 09:57 GMT
None of the bidders looking to buy the London Metal Exchange plan to make substantial changes to the exchange's date structure, warehouses or open-outcry trading ring, Metal Bulletin understands.

Capital Raising

May 24, 2012 11:32 CAML launches one plant; looking into launching another
May 23, 2012 10:15 EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave
May 21, 2012 21:09 Kaiser Aluminum offering nets $225 million
May 21, 2012 11:19 BHP Billiton will continue to divest – Kloppers
May 21, 2012 09:21 Hudbay Minerals scraps $400m note offering due to strong rates
May 17, 2012 17:30 Iron ore newcomer Manabi Brasil plans IPO
May 16, 2012 11:56 Ruukki plans 90 job losses in $64m efficiency drive

[more]

Hedge Funds & Private Equity

May 21, 2012 14:32 SocGen directors to launch Belaco Capital commodities fund
May 15, 2012 10:41 Marex Spectron sees copper price at $9,000 by Q4 after short-term dip lower
May 15, 2012 10:19 Commodities analysts failing to measure macro mood, Marex Spectron says
May 14, 2012 15:01 Baja's Greenslade quits
May 11, 2012 17:33 IRON ORE DERIVATIVES WRAP: Volumes rocket on falling physical prices
Apr 27, 2012 10:21 ASIAN FUTURES: Deregulation in China will spur growth for metal brokers, Newedge says
Apr 26, 2012 10:29 ASIAN FUTURES: Asian business has grown by an annual 15-20% – Marex Spectron

[more]

M&A

May 24, 2012 11:23 Xstrata Copper bets on China demand in second half
May 22, 2012 14:47 LME sale narrowed to two bidders: Ice and HKEx
May 22, 2012 14:22 Anglo and Codelco suspend legal proceedings over Sur
May 22, 2012 11:53 Glencore takes control of Mutanda in $340m deal
May 22, 2012 11:10 European Commission to investigate Inoxum-Outokumpu merger
May 21, 2012 18:00 Australia’s IMX takes over Tanzania nickel project as it buys partner Continental
May 21, 2012 11:20 Glencore acquires 28.5% of Mineração Caraíba

[more]

Stock markets

May 22, 2012 08:44 SHFE vs LME arbitrage: copper, aluminium, zinc
May 21, 2012 15:32 MEIR ON METALS: Markets mixed following G8 summit; lots of pledges, but few specifics
May 21, 2012 14:32 SocGen directors to launch Belaco Capital commodities fund
May 21, 2012 12:20 Chinese steel majors become Global Ore founding shareholders
May 21, 2012 02:00 RBC downgrades Anglo share recommendation on PGM uncertainty
May 17, 2012 15:20 MEIR ON METALS: Markets adrift as Greek elections loom, Spanish rates push higher
May 17, 2012 14:31 IRON ORE DERIVATIVES WRAP: Swaps volumes edge lower

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Trade & project finance

May 24, 2012 08:30 Vetria reaffirms port solution for 27.5m tpy iron ore project
May 24, 2012 08:22 SHFE vs LME arbitrage: copper, aluminium, zinc
May 23, 2012 13:23 Rwanda seeks bidders for tin deposit
May 21, 2012 10:49 China’s copper imports slip in April
May 21, 2012 09:21 Hudbay Minerals scraps $400m note offering due to strong rates
May 17, 2012 15:11 BHP Billiton may slow spending on its Olympic Dam project — analysts
May 15, 2012 13:35 RESOURCE NATIONALISM: Indonesia plans ore export quota

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Capital markets data brought to you by Dealogic	Latest update
Metals & Steel Industry Top 10 banks by Revenue Last 12 Months (Rolling)	21 May 2012
Metals Targeted M&A Volumes 12 Months (Rolling)	21 May 2012
Iron & Steel Capital Market Volumes 12 Months (Rolling)	21 May 2012
Non-Ferrous Metals Capital Market Volumes 12 Months (Rolling)	21 May 2012
Top 10 Metals Industry* M&A deals 2011 YTD - Globally	21 May 2012
Top 10 Metals Industry* ECM deals 2011 YTD- Globally	21 May 2012
Top 10 Metals Industry* DCM deals 2011 YTD - Globally	21 May 2012
Top 10 Metals Industry* Loans deals 2011 YTD - Globally	21 May 2012

Comment & Analysis

MAN OF STEEL: The only way is down

Bleak news wherever we look. We see examples of low prices for all steel products being achieved in China, India, Brazil, the USA and Europe. The Russian market is weak and the CIS mills are now eyeing all export markets to get rid of serious tonnage.
Why buy for stock? A stockist responds to Man of Steel

“Why buy for stock?” was the question recently raised in our Man of Steel column. The assertion that the market is currently fundamentally flawed and leaving participants uncertain over whether to stay short or go long, has aroused some opposition, and prompted this stockist, who wishes to remain anonymous, to write.
MAN OF STEEL: Why buy for stock?

A remarkable amount of mixed messages proliferate in the market right now. Headlines about mills asking for increases in list prices, lead straight into stories about softening demand.

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Poll of the week

To what extent has the handling of the MF Global bankruptcy, UBS’ rogue trading scandal and now JP Morgan’s harpooning of the London Whale damaged your confidence in the City as a global financial hub?

Not at all – these events could have happened anywhere
Slightly – large losses and the slow recovery of client cash suggest the regulatory framework could be stronger
Moderately – These events show global banks are using London to take risks they couldn’t take anywhere else
Drastically – I’ll be in Singapore by the end of the week