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LatinNews Daily - 13 September 2019
In brief: Mexico’s Pemex places US$7.5bn worth of bonds
* Mexico’s state-owned oil company Pemex has announced the placement of US$7.5bn worth of bonds in the international market that will be used for debt refinancing. This refinancing operation represents the highest transaction of its kind in the company’s history and one of the best received; according to Pemex, the placement was more than five times oversubscribed, with total demand reaching US$38bn. The operation is divided into short-, medium- and long-term bonds with maturities of seven, 10, and 30 years at the following rates: US$1.25bn at 6.5%, US$3.25bn at 6.85%. and US$3bn at 7.7%. Participating firms include JP Morgan, Goldman Sachs & Co, HSBC, Citigroup, Crédit Agricole CIB, Mizuho Securities, and Bank of America Merrill Lynch. The issuing of bonds represents a key objective within Pemex’s wider strategic operation to refinance debt and strengthen the company’s finances.
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