Pemex guides pricing on euro-denominated multi-tranche notes

By Rebecca Melvin

New York, May 16 – Petroleos Mexicanos SAB de CV has guided pricing of four benchmark-sized tranches of euro-denominated notes (expected ratings: Baa3/BBB+/BBB+) expected to price later Wednesday, according to a syndicate source.

Pricing of the 4.5-year fixed-rate tranche was guided to mid-swaps plus 220 basis points from initial price thoughts of mid-swaps plus 230 bps to 235 bps.

Pricing of the 5.25-year floating-rate tranche was guided to Euribor plus 240 bps to 245 bps from initial talk at Euribor plus 260 bps area.

Pricing of the 7.5-year fixed-rate notes was guided to mid-swaps plus 290 bps to 295 bps from initial talk at mid-swaps plus 305 bps area.

Pricing of the 10.75-year fixed-rate notes was guided to mid-swaps plus 370 bps to 375 bps from initial price talk at mid-swaps plus 385 bps to 390 bps.

The combined order book stood at more than €4.5 billion.

The Regulation S only notes were being sold via joint bookrunners BBVA, Deutsche Bank AG London Branch (billing and delivery), Santander and Societe Generale.

The proceeds will be used to repurchase notes in a concurrent tender offer, with the remainder, if any, to finance Pemex’s investment program.

Pemex is a Mexico City-based oil and gas company.

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