Pemex Taps Long Bond

Pemex Taps Long Bond

Mexico Bonds

Pemex has taken advantage of market conditions to add $1bn to its 2044 bond. The sale was heard drawing more than $3bn in orders, and brings the long-dated benchmark to a $2.75bn total size. The 5.50% coupon Baa1/BBB/BBB bond reopened at 110.91 to yield 4.824%, or UST+200bp. US investors were the largest block of investors represented, with European and Asian participation. Proceeds are marked for capex and debt refinancing. Deutsche Bank, Goldman Sachs and HSBC managed the sale, with BBVA and S

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