The investment firm that triggered a massive share price crash for Glencore this week with a gloomy report believes it's too early to relax over the commodity giant's financing.
On Wednesday, Glencore reassured investors that it had $50 billion in short-term credit lines from over 70 lenders to back its trading business. But Jeremy Wrathall, head global natural resources at Investec, warned the Anglo-Swiss firm's good relationship with banks can't be relied on to obtain financing.
"In other situations, we've seen banks lose confidence very quickly. That's the key issue facing companies like Glencore, where suddenly bank confidence evaporates overnight. That hasn't happened yet, but if commodity prices continue to fall, we'll see what happens," he told CNBC on Friday.
A note released by Investec analysts on Monday questioned whether there was any equity value left in Glencore as a result of its high debt load. The widely-circulated report saw Glencore's London-listed shares crash 29 percent on Monday, followed by another 27 percent slide in Hong Kong Tuesday.
"Our report hit a raw nerve with a lot of people since it highlighted how heavily indebted some of these mining companies are," Wrathall said.
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He notes that many companies borrowed heavily when cash was plentiful in the years that followed the global financial crisis. Now that borrowing costs are on their way up, these companies are feeling the strains.