DCM Encouraged, Awaits UST Clarity

Jul 15, 2013

DCM watchers were encouraged by the secondary market performance of Pemex’s $3.0bn bond sale – LatAm’s first offer in several weeks – though the prospects for a broader reopening still remained uncertain heading into this week. Pemex’s new 2024, 2018 fixed and 2018 FRN bonds were trading up 0.50-1.00 points in the secondary Friday, investors say. Bankers were unsure if the deal signaled a reopening of the bond market, as uncertainty over the direction of US treasury bond rates keeps...

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