Morning Commentary: New Pemex 2029 notes edge up slightly; Commercial Bank of Qatar launches

By Rebecca Melvin

New York, May 17 – Petroleos Mexicanos SAB de CV’s newly priced 10.75-year notes edged up in trade on Thursday after the Mexico City-based oil and gas company priced €1.25 billion of the 2029 notes at the tight end of talk. The tranche was one of four that Pemex priced on Wednesday.

The Pemex 4¾% notes due 2029 were quoted at 100.06 bid, 100.20 offered in the early going after the tranche priced at a reoffered 99.434.

Pemex priced a total of €3.15 billion in four tranches on Wednesday. The other deals, including 4.5-, 5.25- and 7.5-year tranches, were not heard in trade.

Elsewhere, Commercial Bank of Qatar opened the books and launched an offering of $500 million five-year notes to yield a spread of mid-swaps plus 212.5 basis points.

The Doha-based retail and wholesale banking services provider tightened guidance from initial price thoughts at mid-swaps plus 237.5 bps.

Meanwhile, Qatar National Bank, which is the country’s biggest commercial bank, began pricing a three-year floating-rate Formosa note. Those notes, which will be issued in the Taiwan market but denominated in U.S. dollars under Regulation S, were talked at Libor plus 135 basis points.

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