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Bonds

Historic Pemex BondsMexico's national oil company, Pemex, issued ?1 billion in 20-year notes that sparked a frenzy among high-grade corporate bond investors. Oversubscribed nearly four times, the issuance became the longest-dated euro offering ever by an emerging market issuer. Pemex sold the bonds at a 160 basis points spread over. Deutsche Bank and Barclays were lead managers on the deal. The bond, priced attractively compared with Pemex's dollar curve, resulted in the tightening of the spread differential between the sovereign and Pemex in both euros and dollars. Pemex also sold $1.3 billion in five- and eight-year bonds. The five-year issue was priced to yield 51 basis points over US

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