A Never-Ending Bond

A Never-Ending Bond

Mexico

With petroleum prices above $50 a barrel, it seemed only natural for Mexico's national oil company to return to the global bond market for the ninth time this year with a unique offering. Pemex mandated bookrunners Merrill Lynch, HSBC and Citigroup to place a perpetual bond, the first ever by an emerging market issuer. The bond was a blowout, with the deal attracting $4.9 billion in offers. This allowed the leads to raise $1.75 billion, mainly from Asian retail investors. Investors were hungry for yield and anxious for an opportunity to diversify their portfolios. Pemex, a giant oil company controlled by an investment grade country, looked just right. Pemex is one of Lati

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