By Christine Van Dusen
Atlanta, July 11 - Mexico's Petroleos Mexicanos SAB de CV (Pemex) priced a four-tranche issue of $3 billion notes due in five and 10½ years (Baa1/BBB/BBB+) in a Rule 144A and Regulation S deal, a syndicate source said.
The deal included $1 billion 3½% notes due July 18, 2018 that priced at 99.542 to yield Treasuries plus 220 basis points. The notes were talked in the 230 bps area.
The second tranche of $1 billion 4 7/8% notes due Jan. 18, 2024 priced at 99.481 to yield Treasuries plus 235 bps. The notes were talked at a spread in the Treasuries plus 245 bps area.
The third tranche - $500 million floating-rate notes due in 2018 - came to the market at par to yield Libor plus 202 bps.
Pemex also priced an increase of its existing 6½% notes due June 2, 2041 at 99.556 to yield Treasuries plus 290 bps.
Barclays, Morgan Stanley and Banco Santander are the bookrunners for the deal.
Pemex is a Mexico City-based petrochemical company.
| Issuer: | Petroleos Mexicanos SAB de CV (Pemex)
|
| Amount: | $3 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, Morgan Stanley, Banco Santander
|
| Trade date: | July 11
|
| Settlement date: | July 18
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | July 18, 2018
|
| Description: | Senior fixed-rate notes
|
| Coupon: | 3½%
|
| Price: | 99.542
|
| Spread: | Treasuries plus 220 bps
|
| Price talk: | Treasuries plus 230 bps area
|
|
|
| 101/2-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 18, 2024
|
| Description: | Senior fixed-rate notes
|
| Coupon: | 4 7/8%
|
| Price: | 99.481
|
| Spread: | Treasuries plus 235 bps
|
| Price talk: | Treasuries plus 245 bps area
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | 2018
|
| Description: | Floating-rate notes
|
| Coupon: | Libor plus 202 bps
|
| Price: | Par
|
| Yield: | Libor plus 202 bps
|
|
|
| Bonds due 2041
|
| Amount: | $500 million
|
| Maturity: | June 2, 2041
|
| Description: | Notes
|
| Coupon: | 6½%
|
| Price: | 99.556
|
| Spread: | Treasuries plus 290 bps
|
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