By Christine Van Dusen
Atlanta, Jan. 29 – Petroleos Mexicanos SAB de CV (Pemex) priced a $5 billion three-tranche issue of notes due in 2019, 2021 and 2026 (expected ratings: Baa1/BBB+/BBB+) on Thursday, a market source said.
The $750 million 5½% notes due Feb. 4, 2019 priced at par to yield 5½%, or Treasuries plus 446.9 basis points, after being talked in the high-5% area.
The $1.25 billion 6 3/8% notes due Feb. 4, 2021 priced at par to yield Treasuries plus 497.5 bps after talk of a yield of 6 5/8% to 6¾%.
The $3 billion 6 7/8% notes due Aug. 4, 2026 priced at 99.815 to yield at 6.9%, or Treasuries plus 491.6 bps, after talk in the 7 3/8% area.
BBVA, BofA Merrill Lynch, JPMorgan and Santander were the bookrunners for the Rule 144A and Regulation S.
The proceeds will be used to finance Pemex’s investment program and for working capital.
| Issuer: | Petroleos Mexicanos SAB de CV (Pemex)
|
| Amount: | $5 billion
|
| Description: | Notes
|
| Bookrunners: | BBVA, BofA Merrill Lynch, JPMorgan, Santander
|
| Trade date: | Jan. 28
|
| Expected ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2019 notes
|
| Amount: | $750 million
|
| Maturity: | Feb. 4, 2019
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | Treasuries plus 446.9 bps
|
| Price talk: | High-5% area
|
|
|
| 2021 notes
|
| Amount: | $1.25 billion
|
| Maturity: | Feb. 4, 2021
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | Treasuries plus 497.5 bps
|
| Price talk: | 6 5/8% to 6¾%
|
|
|
| 2026 notes
|
| Amount: | $3 billion
|
| Maturity: | Aug. 4, 2026
|
| Coupon: | 6 7/8%
|
| Price: | 99.815
|
| Yield: | 6.9%
|
| Spread: | Treasuries plus 491.6 bps
|
| Price talk: | 7 3/8% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
