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Mexico's Pemex Sells $3 Billion Upsized Debt Deal
July 12, 2013 - Dow Jones
Mexico's state-owned oil company Petroleos Mexicanos, or Pemex, sold a $3 billion, four-tranche dollar bond Thursday, a person familiar with deal said.
The strong demand for the paper--a day after U.S. Federal Reserve Chairman Ben Bernanke indicated that the U.S. may keep its accommodative policy stance for longer than expected--boosted the size of the offering.
Pemex sold $1 billion, five-year tranche at a yield of 3.601%, or 220 basis points over comparable Treasury yields. The $500 million, five-year floating-rate part was sold at 202 basis points over three-month Libor. The 10.5-year bond sold at a yield of 4.939%.
Pemex added a fourth part to the deal by reopening its existing 2041 bond and selling $500 million more at a yield of 6.534%.
The capital raised is to finance investment programs, working capital needs and to refinance the company's debt, the person said.
Pemex's foray marks the gradual reopening of the bond market for emerging-market issuers. Such issuance had fallen sharply in June as a result of the selloff in all emerging-market assets on investors' caution after indications that the Fed may begin to withdraw its stimulus.
On Wednesday, Indonesia sold $1 billion in 10-year notes, marking only the second emerging-market sovereign bond sale so far this month.
Pemex tapped international debt markets earlier this year, when it sold $2 billion in 10-year notes at the lowest yield ever for the company.
Barclays, Morgan Stanley and Banco Santander were the bookrunners on the deal.
July 12, 2013 - Dow Jones
Mexico's state-owned oil company Petroleos Mexicanos, or Pemex, sold a $3 billion, four-tranche dollar bond Thursday, a person familiar with deal said.
The strong demand for the paper--a day after U.S. Federal Reserve Chairman Ben Bernanke indicated that the U.S. may keep its accommodative policy stance for longer than expected--boosted the size of the offering.
Pemex sold $1 billion, five-year tranche at a yield of 3.601%, or 220 basis points over comparable Treasury yields. The $500 million, five-year floating-rate part was sold at 202 basis points over three-month Libor. The 10.5-year bond sold at a yield of 4.939%.
Pemex added a fourth part to the deal by reopening its existing 2041 bond and selling $500 million more at a yield of 6.534%.
The capital raised is to finance investment programs, working capital needs and to refinance the company's debt, the person said.
Pemex's foray marks the gradual reopening of the bond market for emerging-market issuers. Such issuance had fallen sharply in June as a result of the selloff in all emerging-market assets on investors' caution after indications that the Fed may begin to withdraw its stimulus.
On Wednesday, Indonesia sold $1 billion in 10-year notes, marking only the second emerging-market sovereign bond sale so far this month.
Pemex tapped international debt markets earlier this year, when it sold $2 billion in 10-year notes at the lowest yield ever for the company.
Barclays, Morgan Stanley and Banco Santander were the bookrunners on the deal.
grazie Gion
su Chassix Inc mi ero informato per via del taglio umano ma....
Dear Sir,
The 9.25% Chassix 2018 (US16169PAA57 or USU1617QAA05) is not liquid @ all from what I can see on my Bloomberg screen.
Same indicative bid&ask price @ 102.50... Regarding the rating, you are right, Moody's B3 / S&P B.
il ft indica un outstanding di 350 non mi sembra illiquida, magari tra qualche mese sarà più facile prenderla.
di RKI Exploration & Production sai qualcosa?
grazie
