Mexico's Pemex taps int'l bond markets

Friday, November 10, 2017

Mexico's Pemex has issued bonds worth 450mn British pounds (US$594mn) on the international markets.

The securities mature in 2025 and pay an annual yield of 3.83%, the state-run oil company said in a release.

Start your 15 day free trial now!


Already a subscriber? Please, login

The bonds were purchased by insurance companies, pension funds, and public and private banking institutions, mainly from Europe.

The placement agents were Barclays Bank and HSBC.

The bond sale in British pounds is part of the company's efforts to diversify its investor base by gaining access to sources of financing in a variety of formats and currencies. Pemex also said that it was taking advantage of favorable market conditions to strengthen its liquidity and optimize the profile of its debt portfolio.

Pemex had already covered its financial needs for 2017 and 2018 through bond issues and bank financing.

The bond sale was included in the goals established in the company's five-year business plan, announced in November 2016, in order to achieve a gradual debt reduction and a better financial equilibrium.