Vale returns to global debt markets with sale of dollar bonds

Vale, the world’s second largest iron-ore producer, is tapping international bond markets for the first time in a year amid a debt buyback. Vale Overseas, a subsidiary of the Rio de Janeiro-based firm, is selling new dollar notes maturing in 30 years, according to people familiar with the matter. Initial price talks are taking place at a spread of about 250 basis points over similar US Treasuries, said the people, who asked not to be identified because they’re not authorized to speak about it.