Pemex guides long 10-year bond at Treasuries plus 365 bps area; pricing expected Tuesday

By Paul A. Harris

Portland, Ore., Oct. 16 – Mexican state oil company Petroleos Mexicanos SAB de CV (Pemex) (Baa3/BBB+/BBB+) is in the market with a benchmark offering of senior notes due January 2029, according to a market source.

The long 10-year deal comes with talk in the Treasuries plus 365 basis points area, and the notes are set to price on Tuesday.

Joint bookrunner HSBC will bill and deliver for the Rule 144A and Regulation S with registration rights offering. HSBC, JPMorgan, Scotia and UBS are also joint bookrunners.

Proceeds will be used to finance the company's investment program and for working capital, as well as to repurchase or refinance debt.

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