Pemex Benchmark Sees $8bn Demand

Pemex Benchmark Sees $8bn Demand

Mexico Bonds

Pemex priced a new $2bn 2023 bond Wednesday, getting $8bn in orders as it took a sizeable bite out of its 2013 financing needs. The UST+170bp yield comes versus a level UST+160bp level seen on the Mexican state-owned oil company’s 2022s. The Baa1/BBB bond priced at 99.724 with a 3.500% coupon to yield 3.533%, tight to UST+185bp-area price thoughts. The bonds were trading flat to slightly up late Wednesday. Investors saw 10bp-15bp concession. “The market has been making space for a Pemex issue an

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