Vale beats target in buyback

Vale beats target in buyback

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Brazil Canada US

Brazil's Vale said it has agreed to buy back $1.08bn in six series of bonds than mature between 2022 and 2039, exceeding the original target of $1bn. In the first group of notes, the mining company agreed to repurchase $264m in 6.875% 2039 notes and $193m in 6.785% 2036 notes from Vale Overseas along with $103m in 7.2% notes from Vale Canada. In the second group, the company agreed to buy back $294m in 6.25% 2026 notes, $161m in 4.375% 2022 notes and $66.2m in 8.25% notes, all from Vale Overseas

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