Quasi-Sovereign Bond of the Year: Pemex

Quasi-Sovereign Bond of the Year: Pemex

The next winner has repeatedly shown a knack for making award-winning transactions. And in this winning deal in February also showed a knack for good timing.

It raised $4bn in a dual tranche bond sale and timed its decision just after Mexico auctioned off 19 deepwater blocks. Investors put in some $25 billion in orders which allowed it to successfully upsize what had initially been expected to be a $3 billion deal.

The company ended up printing $2.5bn of new 10 year notes and $1.5bn of 30-year notes just before market conditions became severely tough amid volatility in US stock markets.

Please congratulate Pemex.