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    Photo of three men and a woman talking in an operation area with mountains of dirt and a machine in the background. The four are wearing uniforms, green button-down shirts, white helmets with Vale logo, goggles and ear protection. Photo of three men and a woman talking in an operation area with mountains of dirt and a machine in the background. The four are wearing uniforms, green button-down shirts, white helmets with Vale logo, goggles and ear protection.
    Photo of a woman in an operation area leaning against iron grid, holding and talking on a radio. She is wearing a uniform, a light green Vale shirt, gloves, ear protection, a mask, a helmet with Vale logo and goggles.
    Photographer: Ricardo Teles
    Photo of a woman in an operation area leaning against iron grid, holding and talking on a radio. She is wearing a uniform, a light green Vale shirt, gloves, ear protection, a mask, a helmet with Vale logo and goggles.
    Photographer: Ricardo Teles

    Debt Securities

    Learn more about the issued and outstanding Debt Securities.
    In the table below, you can also find the corporate credit risk rating - in foreign currency and local currency - and data on net debt, allowing an analysis of the investment in these fixed income securities.
    Debt securities issued and outstanding.
    Maturity Issue date Coupon (%) Currency Principal (million) ISIN Prospectuses Issuing Guarantor
    10-Aug-26
    06-Feb-2017
    6.250
    US$
    1.000
    US91911TAP84
     Notes 2026
    Vale Overseas
    Vale
    10-Aug-26
    03-Aug-2016
    6.250
    US$
    1.000
    US91911TAP84
       Notes 2026
    Vale Overseas
    Vale
    8-Jul-30
    6-Jul-20
    3.750
    US$
    1.500
    US91911TAQ67
       Notes 2030
    Vale Overseas
    Vale
    15-Sep-32
    18-Sep-02
    7.200
    USD
    400
    US453258AP01
       Notes 2032
    Vale Canada
    -
    12-June-33
    07-June-23
    6.125
    US$
    1.500
    US91911TAR41
       Notes 2033
    Vale Overseas
    Vale
    17-Jan-34
    15-Jan-04
     8.250
    US$
    500
    US91911TAE38
       Notes 2034
    Vale Overseas
    Vale
    17-Jan-34
    26-Oct-05
     8.250
    US$
    300
    US91911TAE38
       Notes 2034
    Vale Overseas
    Vale
    21-Nov-36
    21-Nov-06
     6.875
    US$
    2.500
    US91911TAH68
       Notes 2036
    Vale Overseas
    Vale
    10-Nov-39
    08-Set-10
    7
    US$
    750
    US91911TAK97
       Notes 2039
    Vale Overseas
    Vale
    10-Nov-39
    10-Nov-09
    6.875
    US$
    1.000
    US91911TAK97
       Notes 2039
    Vale Overseas
    Vale
    11-Sep-42
    04-Oct-12
    5.625
    US$
    1.500
    US91912EAA38
       Notes 2042
    Vale
    - 
    Corporate Credit Rating - Foreign currency
    Agencies Rating Last update
      Moody's
    Baa3
    10/26/2022
      Fitch
    BBB
    02/02/2022
      S&P
    BBB- 
    03/29/2022
    DBRS
    BBBL
    06/24/2022
    Corporate Credit Rating - Local currency
    Agencies Rating Last update
    Moody's
    Aaa.br
    03/04/2022
    Fitch
    AAA(bra)
    02/02/2022
    S&P
    brAAA
    03/29/2022

    Equity Debentures

    Equity debentures are securities issued by Vale that pay, in accordance with the terms established therein, semiannual premiums to investors.
    Unlike shares, debentures do not represent units of the company's share capital. Here you can access information on the issuance, payment and secondary trading of equity debentures.
    Photo of a man and a woman talking and walking in a land area in the operation. The woman is wearing a blue shirt with fluorescent lines, jeans, boots, a mask, goggles and a helmet. The man is wearing a green button-down Vale shirt, a green vest with fluorescent lines, jeans, boots, a helmet, goggles, a mask and has a radio fixed to his waist.
    Onda
    icon illustration of personal

    Further information

    In April 1997, Vale issued and distributed to its shareholders 388,559,056 non-convertible equity debentures, in the proportion of one debenture per common or preferred share. As of October 28, 2002, these securities began to be traded on the secondary market, through the National Debenture System (SND), managed and operated by CETIP S.A. - Organized Assets and Derivatives Counter.
    To find out whether the investor is the holder of equity debentures issued by Vale, it is necessary to look for a branch of Banco Bradesco S.A., with ID, CPF, proof of residence and bank domicile.
    Photo of two women talking and pointing to a big paper, and in the background, an area with construction works with tents, earth, cement and people working. One of the women is wearing a green Vale button-down shirt, an orange vest, goggles, a mask and a helmet. The other woman is wearing a blue shirt with fluorescent lines, a mask, goggles and a helmet.
    notebook icon

    Consult the secondary trading prices of the CVRDA6 equity debentures

    Photo of a man walking down iron stairs. He is wearing Vale uniform, green button-down shirt, pants, boots, ear protection, a helmet, gloves, a mask and goggles. Photo of a man walking down iron stairs. He is wearing Vale uniform, green button-down shirt, pants, boots, ear protection, a helmet, gloves, a mask and goggles.

    Fotógrafo: Ricardo Teles

    Bradesco Branches (responsible for verification

    Submit a copy of your ID Card (RG) or Individual Taxpayer ID (CPF), proof of residence and banking information (bank, account number and branch number) to verify your position and, if necessary, update your registration. In the case of Legal Entities, it is necessary to bring the Articles of Incorporation/Organization and power of attorney for representation. For questions about the operational procedures in the branch network, Banco Bradesco S.A. provides its employees with regulation 05.662 with guidelines on procedures.
    Investor Guidance Channel
    0800-701-1616
    Investor Relations
    Photo of a woman smiling in an office in front of a monitor. She has wavy hair, wears pearl earrings and a light green polo shirt with Vale logo.

    Additional information on the secondary trading of the debentures, as well as copies of the Prospectus for the Public Trading of Equity Debentures, can be obtained on our website, through GDC Partners Serviços Fiduciários DTVM Ltda., the debentures' fiduciary agent, or from the Brazilian Securities and Exchange Commission (CVM).

    Non-convertible debentures

    Follow information on the issuance of non-convertible debentures carried out by Vale.
    Photo of a woman in an operation area leaning against iron grid, holding and talking on a radio. She is wearing a uniform, a light green Vale shirt, gloves, ear protection, a mask, a helmet with Vale logo and goggles.
    Issue Maturity Coupon Principal (R$ million)  Moody's / S&P Rating
    2nd series
    01/15/2024
    IPCA + 6.57% p.a.
    150,000
    Aaa.br / brAAA
    3rd series
    01/15/2026
    IPCA + 6.71% p.a.
    100,000 
    Aaa.br / brAAA
    4th series
    01/15/2029
    IPCA + 6.78% p.a.
    150,000
    Aaa.br / brAAA
    Issue Maturity Coupon Principal (R$ million) Moody's / S&P Rating Coordinating Banks
    2nd series
    08/15/2022
    IPCA + 6.6252%
    550
    Aaa.br / brAAA / AAA (bra)
    Banco do Brasil, Bradesco, Itau BBA
    See below the history with information on the payments of dividends and interest on equity made from 1999 to 2021.
    Reference Fiscal Year Release Date Installment Payment Date Dividends          Type Total    
                                
    2022
                                
    02/16/2023
                                                              
    #2 installment 
                                
    03/22/2023
    R$ per share
    1,827646133
    US$ per share
    0,352596005
                                
    Dividends
    R$ / US$ million
    R$ 8.130,30 
    2022
    12/01/2022
    #2 installment 
    03/22/2023
    0,292012688
    0,056336128
    IOC
    R$ 1.319,00 
    2022
    07/28/2022
     
    #1 installment
    09/01/2022
    1.539376229
    0.284311508
    IOC
    R$ 7,000.0
    2022
    07/28/2022
    #1 installment
    09/01/2022
    2.032680337
    0.375421162
    Dividends
    R$ 9,243.2
    2021
    02/24/2022
    #2 installment
    03/16/2022
    3,719256588
    		N/A
    Dividends
    US$ 3,5 billions
    2021
    09/16/2021
    #1 installment ​
    09/30/2021
    8,197
    N/A
    Dividends
    R$ 40,200
    2021
    06/23/2021
    Extraordinary 
    06/30/2021
    0,702
    N/A
    Dividends
    R$ 3,634
    2020
    06/23/2021
    Extraordinary
    06/30/2021 
    1,469
    N/A
    		Dividends
    R$ 7,411
    2020
    02/25/2021
    #2 installment ​
    03/15/2021
    3.425910336
    N/A
    		Dividends R$ 17,577
    2020
    02/25/2021
    #2 installment​
    03/15/2021
    0.835736883
    N/A
    IOC
    R$ 4,288
    2020
    09/10/2020
    #1 installment
    09/30/2020
    1,414
    N/A
    Dividends
    R$ 7,234
    2020
    09/10/2020
    #1 installment
    ​​09/30/2020
    0.997
    N/A
    IOC
    R$ 5,116
    2019
    12/19/2019
    #1 installment 
    08/07/2020
    1.410
    N/A
    IOC
    		R$ 7,253
    2018
    07/25/2018
    #1 installment​​​
    09/20/2018 ​
    1.308
    N/A
    IOC
    R$ 6,801
    2018
    07/25/2018
    #1 installment ​
    09/20/2018
    0.171
    N/A
    Dividends
    R$ 893.
    2017
    02/27/2018
    #2 installment
    03/15/2018
    0.489
    N/A
    		IOC
    R$ 2,539
    2017
    12/14/2017
    #1 installment
    03/15/2018
    0.420
    N/A
    IOC
    R$ 2,182
    2016
    04/20/2017
    #2 installment
    04/28/2017
    0.905
    N/A
    IOC
    R$ 4,667
    2016
    11/28/2016
    #1 installment
    12/16/2016
    0.166
    0.048
    IOC
    R$ 856
    2015
    10/15/201​5
    #2 installment​ 
    10/30/2015​
    0.373
    0.097
    Dividends
    R$ 1,925
    2015
    04/14/2015
    #1 installment​
    04/30/2015
    0.602
    0.194
    IOC
    R$ 3,101
    Total
       
       
         
    0.975
    0.291
           
          
    2014
    10/16/2014
    ​#2 installment​
    10/31/2014
    0.650
    0.267
    IOC
    ​US$ 4,200​
    2014
    ​10/16/2014
    #2 installment​
    ​10/31/2014
    0.340
    ​0.139
    ​Dividends​
    US$ 4,200​
    2014
    04/14/2014
    #1 installment​
    ​04/30/2014
    0.899
    0.407
    ​IOC
    US$ 4,200​
    Total
           
    		                  
    1.889
    0.813
            
           
    2013
    ​04/16/2013
    #1 installment
    04/30/2013
    0.710
    0.359​
    IOC
    US$ 4,500
    2013
    04/16/2013
    #1 installment​
    04/30/2013​
    0.154​
    0.078​
    Dividends
    US$ 4,500​
    2013
    10/17/2013
    #2 installment
    10/31/2013
    0.824
    ​0.381
    IOC
    US$ 4,500​
    2013
    10/17/2013
    #2 installment
    10/31/2013
    ​0.121
    0.056
    Dividends
    US$ 4,500​
    Total
          
           
           
    1.809
    0.874
         
        
    2012
    04/13/2012
    #1 installment
    04/30/2012
    1.075
    0.588
    IOC
    US$ 6,000
    2012
    10/16/2012
    #2 installment
    10/31/2012
    0.525
    0.258
    IOC
    US$ 6,000
    2012
    10/16/2012
    #2 installment
    10/31/2012
    0.660
    0.324
    Dividends
    US$ 6,000
    Total
        
         
         
    2.260
    1.170
         
        
    2011
    01/14/2011
    Extraordinary
    01/31/2011
    0.320
    0.191
    IOC
    US$ 9,000
    2011
    04/13/2011
    #1 installment
    04/29/2011
    0.608
    0.383
    IOC
    US$ 9,000
    2011
    08/11/2011
    Additional
    08/26/2011
    0.933
    0.576
    Dividends
    US$ 9,000
    2011
    10/14/2011
    #2 installment
    10/31/2011
    0.634
    0.361
    IOC
    US$ 9,000
    2011
    10/14/2011
    #2 installment
    10/31/2011
    0.048
    0.027
    Dividends
    US$ 9,000
    2011
    10/14/2011
    Additional
    10/31/2011
    0.341
    0.195
    Dividends
    US$ 9,000
    Total
         
         
          
    2.885
    1.735
          
         
    Reference Fiscal Year ReleaseDate Installment Payment Date Dividends Type Total
    R$ per share
    US$ per share
    R$ / US$ million
    2010
    04/14/2010
    #1 installment
    04/30/2010
    0.421
    0.239
    IOC
    US$ 3,000
    2010
    10/14/2010
    #2 installment
    10/29/2010
    0.396
    0.239
    IOC
    US$ 3,000
    2010
    10/14/2010
    Additional
    10/29/2010
    0.158
    0.095
    IOC
    US$ 3,000
    Total
    0.975
    0.573
    2009
    04/16/2009
    #1 installment
    04/30/2009
    0.524
    0.239
    dividends
    US$ 2,750
    2009
    10/15/2009
    #2 installment
    10/31/2009
    0.400
    0.239
    IOC
    US$ 2,750
    2009
    10/15/2009
    Additional
    10/31/2009
    0.090
    0.050
    IOC
    US$ 2,750
    Total
    1.014
    0.528
    2008
    04/10/2008
    #1 installment
    04/30/2008
    0.238
    0.141
    IOC
    US$ 2,850
    2008
    04/10/2008
    #1 installment
    04/30/2008
    0.199
    0.118
    dividends
    US$ 2,850
    2008
    10/16/2008
    #2 installment
    10/31/2008
    0.402
    0.187
    IOC
    US$ 2,850
    2008
    10/16/2008
    #2 installment
    ​ 10/31/2008
    0.108
    0.050
    dividends
    US$ 2,850
    2008
    10/16/2008
    Additional
    10/31/2008
    0.113
    0.052
    IOC
    US$ 2,850
    2008
    10/16/2008
    Additional
    10/31/2008
    0.030
    0.014
    dividends  
    US$ 2,850
    Total
    1.090
    0.562
    2007
    04/16/2007
    #1 installment
    04/30/2007
    0.257
    0.127
    IOC
    US$ 1,875
    2007
    04/16/2007
    #1 installment
    04/30/2007
    0.433
    0.214
    dividends
    US$ 1,875
    2007
    18/10/2007
    #2 installment
    10/31/2007
    0.309
    0.170
    IOC
    US$ 1,875
    2007
    18/10/2007
    #2 installment
    10/31/2007
    US$ 1,875
    2007
    18/10/2007
    Additional
    10/31/2007
    0.072
    0.039
    IOC
    US$ 1,875
    2007
    18/10/2007
    Additional
    10/31/2007
    0.012
    0.006
    dividends
    US$ 1,875
    Total
     
    0.740
    0.388
    2006
    04/12/2006
    #1 installment
    04/28/2006
    0.666
    0.311
    IOC
    US$ 1,300
    2006
    04/12/2006
    #1 installment
    04/28/2006
    0.479
    0.224
    dividends
    US$ 1,300
    2006
    10/19/2006
    #2 installment
    10/31/2006
    0.559
    0.262
    IOC
    US$ 1,300
    2006
    10/19/2006
    #2 installment
    10/31/2006
    0.015
    0.007
    dividends
    US$ 1,300
    Total
    1.147
    0.536
    2005
    04/14/2005
    #1 installment
    04/29/2005
    1.11
    0.44
    IOC
    US$ 1,300
    2005
    10/14/2005
    #2 installment
    10/31/2005
    0.68
    0.30
    IOC
    US$ 1,300
    2005
    10/14/2005
    #2 installment
    10/31/2005
    0.30
    0.13
    dividends
    US$ 1,300
    2005
    10/14/2005
    Additional
    10/31/2005
    0.59
    0.26
    dividends
    US$ 1,300
    Total
    2.68
    1.13
    2004
    04/14/2004
    #1 installment
    04/30/2004
    2.06
    0.715
    IOC
    US$ 787
    2004
    10/13/2004
    #2 installment
    10/29/2004
    0.67
    0.24
    IOC
    US$ 787
    2004
    10/13/2004
    Additional
    10/29/2004
    0.36
    0.13
    IOC
    US$ 787
    2004
    10/13/2004
    Additional
    10/29/2004
    0.24
    0.08
    dividends
    US$ 787
    Total
     
     
    1.96
    0.69

     
     
    2003
    04/16/2003
    #1 installment
    04/30/2003
    1.62
    0.52
    IOC
    US$ 675
    2003
    08/27/2003
    Additional
    10/31/2003
    1.94
    0.65
    IOC
    US$ 675
    2003
    10/15/2003
    #2 installment
    10/31/2003
    1.48
    0.52
    IOC
    US$ 675
    Total
     
    5.04
    1.69
    2002
    11/13/2002
    12/10/2002
    2.68
    0.84
    IOC
    US$ 602
    Total
    2.68
    0.84
    2001
    11/22/2001
    12/10/2001
    2.31
    0.98
    IOC
    ​US$ 1,066
    2001
    11/22/2001
    04/30/2002
    2.31
    0.98
    IOC
    ​US$ 1,066
    Total
    4.61
    1.96
    2000
    12/30/2000
     
    02/20/2001
    3.33
    1.70
    IOC
    US$ 246
    Total
     
    3.33
    1.70
    1999
    08/04/1999
    08/20/1999
    1.11
    0.66
    ​ IOC
    US$ 452
    1999
    12/28/1999
     
    03/31/2000
    1.17
    0.62
    IOC
    US$ 452
    Total
    2.28
    1.28

    Learn more about Equity Debentures

    Banco Bradesco S.A., the custodian bank for Vale's shares, sends the shareholder's statement of shareholding position to the shareholder's address, when there is a change in the share position, when dividends / interest on equity are paid and for income tax purposes. Therefore, it is essential that the shareholder keep their address updated in the custodian's records. Also, at any time, shareholders can go to a Bradesco bank branch and request a certificate of their shareholding position in Vale. Shareholders whose custody is carried out by the CBLC - Companhia Brasileira de Liquidação e Custódia - should consult their position in this institution with the brokerage firm through which the investments were made.
    The change of registration data can be carried out at any branch of Banco Bradesco. In order to do so, the shareholder must present certified copies of their ID Card (RG), Individual Taxpayer ID (CPF) and proof of residence. Shareholders whose custody is carried out by the CBLC - Companhia Brasileira de Liquidação e Custódia - should contact the brokerage firm through which the investments were made.

    The person must look for any branch of Banco Bradesco (cost given Vale's shares) and inform their full name and Individual Taxpayer ID (CPF) so that a consultation can be made in the records of Vale's shareholding position.

    No, Vale is not a financial institution and, therefore, it does not trade shares and debentures with its investors. To trade any asset or debt security issued by Vale, investors must directly contact a brokerage firm.

    In March 2002, the third and final stage of Vale's privatization program was carried out, through the global sale of common shares held by the Federal Government and BNDES - National Bank for Economic and Social Development. On this occasion, the Federal Government allowed retail investors to take part in this stage of Vale's privatization using their deposits from the Severance Pay Indemnity Fund (FGTS) to purchase shares offered through the Mutual Privatization Funds – FMPs. The investors who made investments through FMPs acquired shares in an investment fund and not shares in Vale. The portfolios of Vale's FGTS FMPs, managed by several banks, are composed of various assets, mainly Vale's shares.

    Information and certificates of investments in FGTS FMPs must be requested from the banks where such investments were made. Vale does not have access to the position of the quotaholders of each of the FGTS FMPs.

    People who used their FGTS deposits acquired shares in FGTS FMPs. The holders of Vale's shares are the FGTS FMPs. Dividends / interest on equity are paid by the company to its shareholders, in this case the FGTS FMPs. The credit of dividends / interest on equity will be reflected in the value of the shares of the FGTS FMPs.

    The holder share certificates must be delivered to any branch of Banco Bradesco so that the shares can be updated and converted into registered and book-entry form. At Banco Bradesco, the shareholder must fill out form 1055-3 (provided by the bank itself), attach the originals of the certificates and keep a copy of this form as the protocol. After updating, the shareholder will receive, at the provided address, a "statement" informing their new shareholding position and the amount of dividends/JCP to which they are entitled. This amount will be deposited in the checking account of any bank in the country, as directed by the shareholder.

    Equity debentures represent credit securities issued by the Company in favor of debenture holders, who are entitled to receive a premium paid semiannually, under the terms of their deed, not to be confused with shares, as the latter represent units of the capital stock of a company.

    In the context of Vale's privatization process, attempting to guarantee pre-privatization shareholders the right to a stake in any future benefits from the mining deposits of Vale and its subsidiaries, the 6th Issue of Debentures (“Equity Debentures”) was carried out.

    On the date of the Extraordinary General Meeting, held on April 18, 1997, Vale's shareholders were entitled to receive the non-convertible equity debentures, in the proportion of one debenture for each share.

    The debenture holder's registration data is used, for instance, for the premium payment on Vale's equity debentures. Inconsistent or outdated data prevent the custodian bank from paying.

    In accordance with the law, the amounts that have been made available to the debenture holder for more than three (03) years shall revert in favor of the Company. Thus, as of the date of the registration update, the debenture holder will only be entitled to receive premiums referring to the three previous years.

    No. The hiring of financial advisory services for this purpose is not mandatory, and the registration update must be requested directly by the debenture holder to Banco Bradesco, the Company's bookkeeping agent, which will inform the procedure to be followed for the update. In general, to request the regularization of registration data, the debenture holder must look for a branch of Banco Bradesco S.A., the bookkeeping agent for Vale's equity debentures, with personal identification documents (RG, CPF and Proof of Residence), as well as a proof of bank domicile. Further guidance can be obtained by calling 0800-701-1616 (Investor Guidance Channel). Alternatively, investors can also contact Vale's Investor Relations department via e-mail at vale.ri@vale.com. There is no charge by Bradesco or Vale for providing information on equity debentures or for updating the registration.

    The Investor Relations Department can be contacted via email vale.ri@vale.com or telephone +55 21 3485-3900.

    EBIT (Earnings Before Interest and Taxes) is Vale's main operating profit measure. This represents operating profit, that is, it is calculated as profit after operating costs and expenses. Through EBIT, Vale can assess purely operational performance, that is, without the impacts of its financial structure, non-operating items and other tax-related items.

    Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is Vale's main measure of cash generation. This is calculated by adding adjusted EBIT to depreciation, amortization and depletion, non-recurring items (such as asset write-offs) and dividends received from unconsolidated subsidiaries. Asset write-off is not part of the calculation as it represents non-cash expenses. Dividends received from non-consolidated subsidiaries are also included in the EBITDA calculation as they represent cash owned by Vale.

    The record date is the day on which all shareholders holding Vale shares (common or preferred) at the close of trading will be entitled to receive interest on equity or dividends.

    Ex date is the date on which the shares (common and preferred) are traded without the right to remuneration approved at the meeting of Vale's Board of Directors.

    No. Only the shareholders who held Vale shares on the record date established for the second installment of the payment are entitled to receive the remuneration.

    Investors should look for a branch of Banco Bradesco, the custodian bank for Vale's shares. Shareholders whose custody is carried out by the CBLC - Companhia Brasileira de Liquidação e Custódia - should contact the brokerage firm through which the investments were made.

    No. The shares issued by Vale were not linked to Fund 157 or compulsory loans. Thus, amounts related to the fund cannot be converted or paid into shares issued by Vale. No contact, whether by telephone, e-mail or mail, about the aforementioned fund, shall originate from Vale.

    The debenture holder's registration data are used, for instance, for the premium payment on Vale's equity debentures. Inconsistent or outdated data prevent the custodian bank from paying.

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