In September, 2000, Vale, the third largest mining company in the world, through its full subsidiary CVRD FINANCE LTD., issued US$300MM on the international bond market.

Due to a sophisticated securitization structure of its Carajás high quality iron ore exports, the CVRD FINANCE LTD bonds were the first investment graded issue from a fully owned Brazilian company subsidiary.

As Bank of America´s Head of Brazilian Capital Markets, Mr. Alexander was in charge of the negotiation and structuring of the whole transaction, coordinating a team of Bank of America´s specialists.