Has the bond market improved sufficiently to be more attractive for commodity producers than the pre-export finance market?

Yes- investment grade producers will want to dispense with high maintenance finance structures such as pre-export financings. If they can’t go unsecured they will certainly use the bond market rather go for pre-export financings.		18%
No – bond investors aren’t ready yet for to do these types of credit. This is why we are now seeing a lot of listed metal producers in developed markets mandating for pre-export loans for the first time. The bond market is still much too volatile.		64%
Maybe – the bond market has not been tested this year for large commodity producers. It depends if any of the producers feel brave, or foolish, enough to attempt it and perhaps create a benchmark for others to follow.		18%

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