September 16, 2019 |
Investors placed $37bn in orders for Pemex's $7.5bn bond deal last week, attracted by high yields and improving prospects for Mexico's state-owned oil company, sources told LatinFinance.
"You don't see that many investment grade companies paying yields of 6% to 7%, especially in this environment, where high-yield names are paying very little," said a bonds banker who worked on the deal.
Although Fitch Ratings relegated Pemex from investment grade in June, other agencies have decided to leave the
Bondbuyers pile into the $7.5bn debt deal, attracted by 7% returns and improving prospects for the state-owned oil company