Vale Markets Infra Debentures

Vale Markets Infra Debentures

Brazil Bonds

Vale has joined the growing group of high-quality Brazilian issuers taking advantage of the country’s infrastructure debenture legislation, and was scheduled to begin meeting investors Monday for a BRL750m ($322m) deal. The miner plans four series of inflation-linked senior secured bonds, it says, upsizable to BRL1.01bn. A 2020 tranche would pay a fixed rate matching the yield on the NTN-B government bond at the time of pricing plus up to 40bp. A 2022 would pay NTN-B plus up to 55bp, a 2024 woul

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