Vale digs on right day for debt-neutral trade
Lat Am bond bankers said that Brazilian mining giant Vale had found the perfect window to tap its dollar bonds due 2026 on Monday — some four months after it had mandated banks for the trade.
Vale took advantage of a huge recovery in iron ore prices since Donald Trump won the US presidential election to raise $1bn of debt with a new issue concession in single digits.
By Thursday, having been reoffered at 107.793, the bonds were up around 20 cents.The sale marked an ...
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