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BASIC INDUSTRIES: Glencore (GLENLN Baa1[P]/BBB+/NR): ESG

BASIC INDUSTRIES
  • LGIM has added Glencore to its divestment list citing concerns over plans for thermal coal production, having rowed back from divestment plans.
  • LGIM’s ESG funds will divest, while other funds are not affected.
  • Spreads are unchanged today and we don’t expect any short term impact, but if other ESG funds are going the same way this worsens technicals for the name, a la Oil and Tobacco.

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