Singaporean sovereign wealth fund GIC is seeking to swap a US$ 250 million (HK$ 1.9 billion) portion of its holding in Glencore International convertible bonds into shares in the company, in a vote of confidence as the commodities trader wraps up its takeover of miner Xstrata.

Just days ahead of a May 2 completion date for Glencore’s tie-up with Xstrata, GIC, a shareholder in both, said it wanted to sell part of its investment in Glencore’s next year bond via an accelerated bookbuild.