Vale digs on right day for debt-neutral trade

Iron ore mine 230-150x
By Oliver West
09 Feb 2017

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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