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Vale Raises Tight Long Funds

Sep 5, 2012

Vale has emerged with a tightly-priced $1.5bn 2042 bond, allowing the issuer to secure capex funds at attractive rates. The Baa2/BBB+/A minus transaction drew more than $4.5bn in demand. The new benchmark priced at 99.198 with a 5.625% to yield 5.625%, or UST+300bp, in line with 300bp-area guidance, that had come in from 310bp whispers. The bond was heard trading at...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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