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Pemex softens but remains above new issue; Unifin sets roadshow
By Paul A. Harris
Portland, Ore., Sept. 16 – The week’s big Latin American corporate deal, the $4 billion offering from Petroleos Mexicanos SAB de CV (Pemex), split evenly between seven-year and 31-year paper (Baa3/BBB+/BBB+), remained above its new issue prices heading into Friday’s close, a market source said.
However both bonds were off highs seen earlier in the week.
The 4 5/8% notes due 2023 were at par 1/8 bid, par ½ offered on Friday, down from par ½ bid on Wednesday.
The longer duration 6¾% notes due Sept. 21, 2047 were at 101 3/8 bid, 101 7/8 offered, down from 102 3/8 bid on Wednesday.
Investors stuck to their guns on pricing, a debt capital markets banker told Prospect News.
Pricing on the short-maturity notes tightened a mere 1/8% from initial guidance, while pricing did not budge whatsoever from initial guidance on the 6¾% 31-year paper, the banker said.
Elsewhere in emerging markets debt, Turkey closed 2 to 3 bps tighter, with the belly of the curve outperforming in balanced two-way trading, a market source said.
The iShares JPMorgan USD Emerging Markets Bond (EMB) ETF was 33 cents lower on the day at $115.35 per share, down 0.29%.
Unifin sets roadshow
In primary news, Mexico’s Unifin Financiera, SAB de CV plans to run an international roadshow in the week ahead for up to $500 million of seven-year senior notes (/BB/BB), according to a market source.
Credit Suisse, Citigroup and UBS are the leads.
The Mexico City-based financial services provider plans to use the proceeds to refinance debt and for general corporate purposes.
Banco Inbursa benchmark
Mexico’s Banco Inbursa, SA has been on roadshow over the past week ahead of a possible benchmark offer of dollar-denominated 10-year senior notes (/BBB+/BBB+), according to a market source.
As of Friday morning, the books had not yet opened nor was any guidance available, the source said.
Bank of America Merrill Lynch, Citigroup and Credit Suisse are the dealers.
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