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EUROBONDS: Banks Sell Euro Bonds as Credit Rally Holds On

By Art Patnaude Banks and emerging-market companies rushed to sell debt in the European primary bond market Tuesday, as the rally stemming from last week's European Union summit continued to forge ahead. After a dismal second quarter of issuance, banks were using the positive tone in the market to issue senior unsecured bonds, with even a rare Italian lender entering the fray. Italian bank Intesa Sanpaolo SpA (ISP.MI) was selling a three-year, euro-denominated bond. Data-provider Dealogic pointed out that second-quarter bond sales from the country were down 75% compared with the year earlier. EU leaders put forward measures last Thursday to tackle Spain's bank bailout which, together with doubts over the senior creditor status of the region's permanent rescue fund, helped quell concerns about solvency in the euro zone. Dutch lender ING Bank NV priced a 1.5 billion euro ($1.89 billion) three-year, senior unsecured bond. Austrian bank Raiffeisen Bank International AG (RBI.VI) was selling a EUR750 million, five-year deal. Dutch lender ABN Amro Bank NV planned to sell a euro-denominated, 10-year subordinated bond. Initial price thoughts were 525-550 basis points over midswaps. Tier 2 bonds are subordinated debt that rank above Tier 1 debt, with fewer equity-like features but paying a higher return than senior debt. As for insurers, Italian insurer Assicurazioni Generali SpA (G.MI) moved ahead with its 30-year senior subordinated bond, confirming the size at EUR750 million. In the emerging market space, Brazilian mining company Vale SA (VALE) planned a benchmark-size, euro-denominated bond maturing in January 2023. Initial price thoughts are in the area of 185 basis points over midswaps. Russian energy company OJSC Gazprom (GAZP.RS) was setting up a series of investor meetings ahead of a potential bond sale. Gazprom will meet with investors in the U.S. and Europe on July 9 and 10. As credit markets cheered the EU initiatives, investors were left to speculate that further aid will soon come from central bankers, with the focus on the Bank of England and European Central Bank Thursday. At around 1300 GMT, the iTraxx Europe index, which comprises 125 high-grade borrowers, was at 157 basis points, five basis points tighter from the close Monday, according to data-provider Markit. The Crossover index of 40 mostly sub-investment-grade European corporate borrowers was 13 basis points tighter at 634 basis points. Elsewhere, the Dutch State Treasury Agency Tuesday said it priced its EUR6 billion bond, the DSL, 1.25% January 2018. The new DSL was sold at a uniform price of 99.71 and a uniform yield of 1.305%, the DSTA said. (Ben Edwards and Sarka Halas contributed to this report.) Write to Art Patnaude at art.patnaude@dowjones.com

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
07/29/201417:41:02Brazil Stocks Close Lower; Real Weakens Against Dollar
07/28/201418:10:48Brazilian Stocks Close Lower; Real Stronger Against Dollar
07/24/201410:20:21Brazil's Vale Posts Record 2Q Iron-Ore Output
07/24/201409:57:32Brazil's Vale Posts Record 2nd-Quarter Iron-Ore Output
07/17/201413:06:40Brazil's Vale Signs $2.5 Billion Financing Agreement With Bank...
07/17/201408:24:55Zambia Jan-May Copper Output Up 18% on Year on Expansions
06/04/201417:31:41Brazil's Suzano to Buy Forest Assets for BRL529 Million
06/03/201422:30:15Iluka Agrees Titanium Venture With Vale in Brazil
05/16/201416:55:55ADR Shares End Higher; Total, Baidu Shares Active
05/16/201414:30:14Rio Tinto Assures Guinea on Iron-Area Project
05/12/201404:37:37Obtala Gets Further Order for Timber Railway Sleepers from Vale
05/08/201418:23:44Brazil's Vale Unsure When New Caledonia Nickel Output To Resume
05/08/201407:07:03Emerging-Market Currencies Higher--Update
05/08/201406:50:16Nickel Hits 2-Year High on Supply Fears
05/05/201414:50:38Eike Batista Returns to Brazil's Ibovespa Index
05/05/201414:38:19Eike Batista's MMX Mineracao e Metalicos Joins Ibovespa Index
04/30/201418:34:46Vale Earnings Fall on Sliding Iron-Ore Prices -- 2nd Update
04/30/201411:49:46Vale Earnings Fall on Sliding Iron-Ore Prices -- Update
04/25/201408:40:10Brazil Court Rules in Favor of Vale
04/25/201408:00:12Brazilian Court Rules in Favor of Vale in Foreign-Tax Dispute

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