Market Chatter: Jefferies' Point Bonita Fund Reviews Exposure to Radiant World

MT Newswires Live07-31

Jefferies Financial Group's (JEF) Point Bonita fund is one of at least two creditors currently reviewing their exposure to Radiant World after two trading houses found invoices or other documents the company provided to banks were not valid, Bloomberg reported Friday, citing people familiar with the matter.

Vitol Group and Cargill have stopped trading with Radiant, one of the world's largest iron ore traders, while Glencore is no longer doing new business with the company, the report said, citing people familiar with the matter.

Along with Jefferies' fund, Intesa Sanpaolo is looking over its exposure and has taken a provision on it, the report said, citing the people.

Jefferies, Vitol, Cargill, Glencore and Intesa Sanpaolo did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 53.76, Change: -1.36, Percent Change: -2.47

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