By Christine Van Dusen
Atlanta, Jan. 15 – Mexico’s Petroleos Mexicanos SAB de CV (Pemex) priced a three-tranche issue of $6 billion notes due in 2020, 2026 and 2046 (expected ratings: A3/BBB+/BBB+), according to a company announcement.
BBVA, Citigroup, HSBC and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S transaction.
The deal included $1.5 billion notes due in July of 2020, $1.5 billion due in January of 2026 and $3 billion due in January of 2046.
The 2020 notes priced at a spread of Treasuries plus 235 basis points while the 2026 notes came at a spread of 280 bps, a market source said. Other pricing details were not immediately available on Thursday.
The deal was the biggest completed in Mexico, according to Pemex, and the 30-year notes carried a historically low coupon.
The notes attracted orders from pension funds, portfolio managers and financial institutions in the United States, Europe, Asia, Mexico and the Middle East.
Pemex is a Mexico City-based petrochemical company.
| Issuer: | Petroleos Mexicanos SAB de CV
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| Amount: | $6 billion
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| Description: | Senior notes
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| Bookrunners: | BBVA, Citigroup, HSBC, Morgan Stanley
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| Trade date: | Jan. 15
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| Settlement date: | Jan. 23
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| Expected ratings: | Moody’s: A3
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| Standard & Poor’s: BBB+
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| Fitch: BBB+
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| Distribution: | Rule 144A/Regulation S
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| Amount: | $1.5 billion
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| Maturity: | July 2020
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| Spread: | Treasuries plus 235 bps
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| Amount: | $1.5 billion
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| Maturity: | January 2026
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| Spread: | Treasuries plus 280 bps
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| Amount: | $3 billion
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| Maturity: | January 2046
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