Having the distinction of being the widest constituent in the Markit iTraxx Europe is clearly one that most companies would prefer not to have. Yet Glencore has held this dubious honour since the last index roll in March and beyond. It had a challenger in fellow miner Anglo American, but Anglo’s downgrade to junk and consequent removal from the investment grade index left the field open to the Swiss firm.

Glencore’s current CDS 5-year spread of 227bps has an implied rating of ‘B’, suggesting that its membership of the index is also