RIO DE JANEIRO, BRAZIL - Vale went to the foreign market to seek US$1 billion (R$5 billion) in 10-year-yield bonds and an initial rate estimate of 4.375 percent per annum. Early in the afternoon, the operation recorded four-fold demand and further increased.
As a result, the giant mining company - with revenues tied to the dollar - raised US$1.5 billion at a cost of 3.85 percent per year, an indication that investors abroad are willing to buy debt from Brazilian companies at the current rates. At today's exchange rate, this amounts to R . . .