Mexico’s Pemex launches $5 billion three-tranche offering of notes due 2019, 2021, 2026

By Christine Van Dusen

Atlanta, Jan. 28 – Petroleos Mexicanos SAB de CV (Pemex) launched a $5 billion three-tranche offering of notes due in 2019, 2021 and 2026 (expected ratings: Baa1/BBB+/BBB+), a market source said.

The $750 million notes due in February of 2019 launched at 5½% after being talked in the high-5% area.

The $1.25 billion notes due in February of 2021 launched at 6 3/8% after talk of a yield of 6 5/8% to 6¾%.

The $3 billion notes due in June of 2026 launched at 6.9% after talk in the 7 3/8% area.

BBVA, BofA Merrill Lynch, JPMorgan and Santander are the bookrunners for the Rule 144A and Regulation S offering.

The proceeds will be used to finance Pemex’s investment program and for working capital.

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