Pemex Retaps Local Floater, Waits on GDN

Pemex Retaps Local Floater, Waits on GDN

Mexico Bonds

Pemex set aside plans to issue a new 2024 benchmark global depository note (GDN) Tuesday, opting to print only a reopening of its 2017 floating-rate notes to raise MXP2.5bn ($193m). The Mexican state-owned oil producer reopened at TIIE+3bp, 7bp tight to TIIE+10bp guidance, which was the level of the previous reopening. Demand topped 5.2x, according to people familiar with the sale. “Floating-rate notes are a defensive trade, and allow investors a place to park their money in shorter-duration tra

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