Vale SA , the world’s biggest iron-ore producer, is beating BHP Billiton Ltd. and Rio Tinto Group in the bond market on speculation record earnings will give the company enough cash to avoid borrowing.
Bondholders of former billionaire Eike Batista’s oil producer should pump more money into the Rio de Janeiro-based company to maximize the equity they’ll receive as part of a swap offer, according to Barclays Plc.
Cia. Siderurgica Nacional SA, Brazil’s third-largest steelmaker, is paying the least to borrow relative to Gerdau SA in more than two months on prospects the economy will grow at the fastest pace in 24 years.
The bond-market collapse of OGX Petroleo & Gas Participacoes SA has been so severe investors are offering to sell their claims for 19 cents on the dollar. The true value may be as little as zero, according to Barclays Plc.
Cemex SAB’s bonds are yielding more than twice the average for Mexican corporate debt, prompting Citigroup Inc. and Barclays Plc to recommend buying the notes in a bet the company’s cement sales will weather the global economic slowdown.
America Movil SAB bondholders who applauded the Mexican phone company’s decision to abort a takeover in Europe are welcoming the alternative: investing in Brazil, its second-biggest market, and paying down debt.