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Vale: Acquires Ferrous Resources for $550 Mn

Worth Watching: 06 Dec 2018, 3:08 PM ET - Vale (Baa3/BBB-) announced the acquisition of Ferrous Resources for $550 mn, including $58 mn of debt as of YE17 that will be repaid at closing. The deal is expected to close in 2019, subject to antitrust approval in Brazil and other customary ..
Focused

Vale: Tenders for $1.0 Bn of Notes

Worth Watching: 19 Nov 2018, 9:19 PM ET - Vale (Baa3/BBB-) announced the tender of $1.0 bn of notes with maturities ranging from 2022-2042 and a December 10, 2018 expiration date for the tender offer. The 2022s will have first priority in this tender offer, capped at $400 mn. The early te ..
Focused

Vale 3Q18: Iron Ore Propelling Dividends

Earnings Note: 25 Oct 2018, 1:48 PM ET - We examine Vale's 3Q18 earnings results and take a look at the shift in capital allocation. 
Focused

Vale: 3Q18 Production, Breaking Records

Worth Watching: 15 Oct 2018, 10:17 PM ET - Vale (Baa3/BBB-) produced a record 104.9 Mt of iron ore in 3Q18, breaking the 100 Mt per quarter barrier by a considerable margin. 3Q18 iron ore production represents a 10% YoY and 8% QoQ increase, and VALEBZ reiterated its FY18 and FY19 iron ore ..
Focused

Vale: Samarco Victim Compensation Deal

Worth Watching: 03 Oct 2018, 10:19 PM ET - Vale (Baa3/BBB-): Minas Gerais prosecutors reached a deal with the Renova Foundation to allow for compensation payments to start for the relatives of the 19 people killed in the deadly dam disaster, as well as to people who lost their houses and o ..

BBB Tails: Spread Per Unit Default Risk

Risk Product Analysis: 18 Sep 2018, 9:51 PM ET - We screened the US investment grade index to find BBB issuers with high levels of spread compensation relative to their five-year default risk.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.
Focused

Vale 2Q18: Shareholder Rewards Rise

Earnings Note: 27 Jul 2018, 8:40 AM ET - We examine Vale's 2Q18 earnings results and take a look at shareholder rewards. 
Focused

Vale: Moody's Upgrades to Baa3

Worth Watching: 24 Jul 2018, 10:16 PM ET - Vale (Baa3/BBB-): Moody's upgraded the Brazilian iron ore miner by a notch back to IG with a stable outlook and is now rated investment grade by the four world's largest rating agencies. VALEBZ's senior unsecured notes were upgraded from Ba1 to Ba ..
Focused

Vale: 2Q18 Production Exceeds Estimates

Worth Watching: 16 Jul 2018, 9:13 PM ET - Vale (Ba1/BBB-) produced 96.8 Mt of iron ore in 2Q18, above consensus estimates of 96.3 Mt, a commendable quarterly record in light of the Brazilian truckers' strike which crippled the local economy (see: Brazil Truckers' Strike: Basic Industries ..
Focused

Vale/BHP: Samarco Settlement

Worth Watching: 25 Jun 2018, 9:54 PM ET - Vale/BHP have signed an agreement with Brazilian federal and state prosecutors that would presumably pave the way for a restart of the Samarco operations. The big cap miners agreed to establish a fund for clean-up costs & remediation and for compe ..
Focused

Vale/BHP: Samarco Settlement Close

Worth Watching: 18 Jun 2018, 11:33 AM ET - Vale/BHP: The owners of the Samarco iron-ore mine are said to be close to signing a deal with Brazilian prosecutors which will allow for a project restart, according to Bloomberg. There are still some legal negotiations to conclude before the comp ..
Focused

Vale: $690 Cobalt Streaming Deal

Worth Watching: 12 Jun 2018, 9:15 AM ET - Vale (Ba1/BBB-) agreed to a $690 mn streaming deal to sell 75% of its future production of cobalt from the Voisey's Bay nickel mine in Canada. The proceeds will help partially fund the $1.7 bn underground expansion project at the Canadian nickel m ..

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.
Focused

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 

April 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 30 Apr 2018, 9:21 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of April.
Focused

Vale 1Q18: Delicate Balance, Move to M/P

Earnings Note: 26 Apr 2018, 4:14 PM ET - Vale needs to balance the desire to reduce net debt and the need to appease shareholders. 
Focused

Vale: 1Q18 Production Lower, Margins Over Volume

Worth Watching: 17 Apr 2018, 8:47 PM ET - Vale (Ba1/BBB-/BBB+) posted iron ore production for 1Q18 of 82 Mt. Production was lower QoQ and YoY as management decided in 2Q17 to reduce production of lower grade and high-silica content ore in the Southeastern and Southern Systems. Nevertheles ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
Focused

Vale: Looking to Reduce Debt by $2.25 Bn

Worth Watching: 14 Mar 2018, 10:26 PM ET - Vale (Ba1/BBB-/BBB+) is looking to reduce debt by $2.25 bn. VALEBZ announced the redemption of its $498.8 mn outstanding 4.625% guaranteed notes due 2020 and has commenced a tender offer to purchase up to $1.75 bn of the 5.875% guaranteed notes du ..

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