CVRD Makes Brazil’s Largest Offering

The world’s largest iron-ore producer, Brazilian Cia. Vale do Rio Doce (CVRD), has made Brazil’s largest corporate foreign currency offering with its $1 billion bond sale. The bonds were issued to help fund a buyback of up to $300 million of its 9% 2013 bonds which will cut the company’s borrowing costs. The record international bond sale, led by JP Morgan, mature on 16 January 2016 and were sold to yield 6.254%. CVRD’s debt has an investment-grade rating.