By Paul A. Harris
St. Louis, Jan. 28 - Mexico's Petroleos Mexicanos (Pemex) priced a $1 billion issue of 6% 10-year notes on Thursday to yield a 250 basis point spread to Treasuries, according to a market source.
The spread came at the tight end of the Treasuries plus 250 bps to 255 bps price talk.
The notes came at a reoffer price of 98.788, resulting in a 6.162% yield to maturity.
Credit Suisse, Barclays Capital and Citigroup were joint bookrunners.
| Issuer: | Petroleos Mexicanos (Pemex)
|
| Amount: | $1 billion
|
| Maturity: | March 5, 2020
|
| Securities: | Notes
|
| Bookrunners: | Credit Suisse, Barclays Capital, Citigroup
|
| Coupon: | 6%
|
| Price: | 98.788
|
| Yield: | 6.162%
|
| Spread: | 250 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
| Trade date: | Jan. 28
|
| Settlement date: | Feb. 5
|
| Issuer ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | Treasuries plus 250 bps to 255 bps
|
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