On Tuesday, October 20, 2026, Vale (VALE3) reported that its wholly owned subsidiary Vale Overseas Limited submitted to the National Association of Financial Market Institutional Investors of China (NAFMII) a registration application for a renminbi-denominated debt securities program for the period from 2026 to 2028, with an aggregate principal amount of up to RMB 10 billion, referred to as the Panda Bond Program.
According to the company, any debt securities issued under the Panda Bond Program will be fully and unconditionally guaranteed by Vale. Registration of the program is still subject to NAFMII approval, and the filing of the application does not, in and of itself, constitute a Panda Bond issuance.
Vale emphasized that any future issuance under the Panda Bond Program will be subject, among other factors, to prevailing market conditions. The notice also reiterates that any potential offer and sale of the Panda Bonds will be carried out exclusively in the China Interbank Bond Market, in accordance with the applicable laws and regulations of the People’s Republic of China.
