Bonds Unlikely for Vale: CEO

Bonds Unlikely for Vale: CEO

Brazil Bonds

Brazil-based miner Vale is unlikely to tap the bond market in 2014, as it divests non-core assets and shrinks its capex, the firm’s CEO says. Vale maintains relationships with a number of development banks including BNDES, JBIC, and Chinese and Korean lenders, Murilo Ferreira says, but does not plan to issue a bond. The miner last sold a bond in September 2012, a $1.5bn 30-year that was sold to yield 5.625%, or UST+300bp. Vale’s capex budget is $14.75bn for 2014, down from a recent high of $18bn

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