By Rebecca Melvin
New York, July 24 – Mexico priced $3 billion of notes, including $2 billion of 4½% global notes due 2050 and a $1 billion tap of its 4½% global notes due 2029, according to news release.
The new 2029 notes priced at 106.162 for a 3.738% yield to maturity, or a reoffer spread of 165 basis points over U.S. Treasuries. They will be consolidated and form a single series with $2 billion existing 4½%, 2029 notes.
The new 4½% notes due 2050 priced at 99.147 to yield 4.552%, or a yield spread of 192.5 bps over Treasuries.
Both tranches are callable for a make-whole of 30 bps over Treasuries.
About $730 million of the new 2029 notes and $1 billion of the 2050 notes are expected to be used to fund the purchase of preferred tenders in a concurrent tender offer. The sovereign is tendering for 16 series of existing notes.
BBVA Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC were joint lead underwriters for the Securities and Exchange Commission-registered notes.
| Issuer: | Mexico
|
| Amount: | $3 billion
|
| Description: | Global notes
|
| Bookrunners: | BBVA Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC
|
| Pricing date: | July 23
|
| Distribution: | SEC registered
|
|
|
| Notes due 2050
|
| Amount: | $2 billion
|
| Maturity: | Jan. 31, 2050
|
| Coupon: | 4½%
|
| Price: | 99.147
|
| Yield: | 4.552%
|
| Spread: | Treasuries plus 192.5 bps
|
|
|
| Add-on notes
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| Amount: | $1 billion
|
| Maturity: | April 22, 2029
|
| Coupon: | 4½%
|
| Price: | 106.162
|
| Yield: | 3.738%
|
| Spread: | Treasuries plus 165 bps
|
| Total deal size: | $3 billion
|
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