Vale follows Brazil fashion for long dated bonds with 30yr

06 Nov 2009

Brazilian mining firm Vale went long this week, selling $1bn of 30 year notes with a spread of 265bp over Treasuries.

The trade, led by Deutsche Bank, HSBC and JPMorgan, was priced on November 3 at 98.564 with a 6.875% coupon to yield 6.99%.

The issue comes after Vale sold $1bn of 10 year notes at the beginning of September, which were priced at 99.232 with a 5.625% coupon. ...

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