By Reshmi Basu
New York, Sept. 21 - Petroleos Mexicanos priced $1.75 billion of perpetual bonds (Baa1/BBB-) at par to yield 7¾%, according to a market source.
In a rare sale, the senior unsecured fixed-rate notes have no set maturity.
The notes carry a coupon of 7¾% and are callable after five years.
Citigroup, HSBC and Merrill Lynch ran the books for the Regulation S deal on behalf of Mexico's state-owned oil monopoly.
| Issuer: | Pemex Project Funding Master Trust
|
| Guarantor: | Petroleos Mexicanos (Pemex)
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| Amount: | $1.75 billion
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| Issue: | Senior unsecured fixed-rate notes
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| Maturity: | Perpetual (No step-up)
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| Call: | Year five and every coupon payment date thereafter
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| Coupon: | 7¾%
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| Price: | Par
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| Yield: | 7¾%
|
| Lead managers: | Citigroup, HSBC, Merrill Lynch
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| Ratings: | Moody's: Baa1
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| Standard and Poor's: BBB-
|
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