By Rebecca Melvin
New York, Jan. 5 – Mexico priced $3.2 billion of notes, including an upsized $2,555,196,000 of new 10-year global notes and an upsized $645,274,000 tap of its 4.6% global notes due 2048, according to filing on Thursday.
The deal sizes were $2 billion of new 10-year notes and $600 million of notes added to the 2048 series when the deal originally priced on Wednesday.
The $2,555,196,000 of 3¾% notes due 2028 priced at 99.571 to yield 3.802%, or Treasuries plus 135 basis points.
The $645,274,000 tap of the sovereign’s 4.6% notes due 2048 priced at 98.493 to yield 4.694%, or Treasuries plus 190 bps.
Final terms came tight compared to initial yield talk of the Treasuries plus 160 basis points area for the 10-year notes and Treasuries plus 205 bps for the 30-year notes.
The tranche of 2048 notes is being consolidated to form one series with the outstanding $1.88 billion of 4.6% notes due 2048 issued on Oct. 2. Pricing at that time came at yield of 175 bps over Treasuries.
BBVA Securities Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch are joint lead underwriters for the new note offering.
Application is being made to list the new notes on the Luxembourg Stock Exchange and for trading on the exchange’s Euro MTF Market.
Concurrently with the sale of new notes, the sovereign is tendering for six series of shorter-dated bonds.
Among the tender offers to purchase for cash are $1 billion outstanding of its 3½% global notes due 2021 at a fixed price of $1,035.08 per bond, as well as $1,343,671,000 of its 8 1/8% notes due 2019, $2,471,606,000 of its 3 5/8% notes due 2022, $3,449,928,000 of its 4% notes due 2023, $2,474,863,000 of its 3.6% notes due 2025 and $2,796,000,000 of its 4 1/8% notes due 2026.
| Issuer: | Mexico
|
| Amount: | $3.2 billion
|
| Description: | Global notes
|
| Bookrunners: | BBVA Securities Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch
|
| Pricing date: | Jan. 3
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $2,555,196,000, upsized from $2 billion
|
| Maturity: | Jan. 11, 2028
|
| Coupon: | 3¾%
|
| Price: | 99.571
|
| Yield: | 3.802%
|
| Spread: | Treasuries plus 135 bps
|
| Initial price talk: | Treasuries plus 160 bps area
|
|
|
| Add-on notes due 2048
|
| Amount: | $645,274,000, upsized from $600 million
|
| Maturity: | Feb. 10, 2048
|
| Coupon: | 4.6%
|
| Price: | 98.493
|
| Yield: | 4.694%
|
| Spread: | Treasuries plus 190 bps
|
| Initial price talk: | Treasuries plus 205 bps
|
| Total deal size: | $2.53 billion, including $1.88 billion of notes issued on Oct. 2 at 175 bps over Treasuries
|
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