Pemex Repositions its Risk

Pemex Repositions its Risk

Mexico

Petróleos Mexicanos, the national oil company, is growing accustomed to operating from a position of strength when it comes to the debt markets. Its crude oil is generating 20% more revenue than last year and the company has an investment-grade rating of Baa3 from Moody's Investors Service. In June, bond buyers reinforced Pemex's appeal, bidding aggressively in a reopening of its $500 million 2010 issue. Priced at 102.648, the reopening doubled the size of the original bond. "This was the tightest new issue to the underlying sovereign risk," says Joaquín Avila, co-head of investment banking at Lehman Brothers, the sole bookrunner on the

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