Reuters scoops competition on eagerly anticipated Glencore meeting with HK exchange over $10 bln IPO

Reuters scooped the competition with news that commodities trading giant Glencore was meeting last week with the listing committee of the Hong Kong stock exchange, indicating the company could soon file for an initial public offering, expected to total nearly $10 billion. Glencore’s credit default swaps were the best performers in the Itraxx Europe index the day the story ran, down 3 basis points, signaling investors optimism about the companys debt profile with the new cash from the IPO. The Wall Street Journal followed the Reuters story with a similar piece hours later on its website, while Bloomberg could not match the story. The Reuters story was picked up by the widely-read Dealbook blog at the New York Times and several other global newspapers, such as the South China Morning Post and France`s Le Figaro. Reuters also broke the story about the Hong Kong bourse giving its nod to the IPO.