ican and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Research, Bloomberg Finance LP 2017E Glencore 1Y CDS spread Grant Sporre, (44) 20 754 58170 Michael Hsueh, (44) 20 754 78015 EFTA01476156 Page 66 Deutsche Bank AG/London Dec-2014 Feb-2015 Apr-2015 Jun-2015 Aug-20