Interesting little chart from Sanford Bernstein highlighting bank exposures to Glencore debt. With Glencore shares marching higher overnight it looks like some of the fear has faded. The chart below shows top syndicated loan exposures to $16.1 billion of Glencore debt. Credit Agricole has the largest exposure in absolute terms while the cumulative exposure for the Big Four is $2.4 billion. NAB has the largest with $651million representing 2% of Tangible Net Asset Value.