Glencore International Plc stock prices jumped sept 8 2011

Glencore International Plc stock prices jumped sept 8 2011 ; Glencore International Plc jumped the most since its initial public offering in London after First Reserve Corp. sold convertible bonds in the world's largest publicly traded commodities supplier and bought shares.

Glencore rose 7.6 percent to 436.5 pence by the 4:30 p.m. close, the biggest gain since the shares first traded on May 19 and the highest level since Aug. 2. First Reserve said it sold $800 million of the bonds and bought stock at 425 pence apiece. Glencore yesterday said it welcomed the sale.

"We consider this to be a bullish signal for Glencore's shares," Liberum Capital Ltd. wrote today in a note. First Reserve Chairman and Chief Executive Officer William Macaulay is a Glencore non-executive director and Liberum expects the investment firm to remain a "long-term" shareholder, it said.

Glencore sold $10 billion of stock at 530 pence each in an initial public offering in May, the biggest IPO in the world this year. The stock purchase by First Reserve is equivalent to 2 percent of the shares in issue, Liberum analysts wrote, keeping Glencore as a "conviction buy."

Credit Suisse Group AG and Morgan Stanley managed the bond offering, First Reserve said today. The 5 percent bonds convertible into stock were sold at $135,313.89 per $100,000 principal amount of the bond.

Glencore sold $2.2 billion of convertible bonds, its first such offering, in December 2009, saying the debt could be exchanged for shares in the event of an IPO. BlackRock Inc., Government of Singapore Investment Corp., Zijin Mining Group and First Reserve invested in the bonds.

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