By Reshmi Basu
New York, Feb. 15 - Petroleos Mexicanos priced €1 billion of 20-year bonds (Baa1/BBB) at 99.086 for a spread of mid-swaps plus 160 basis points, according to a market source.
The new bonds priced at the tight end of price guidance which had been set at mid-swaps plus 160 to 165 basis points.
Barclays Capital and Deutsche Bank ran the books for the Rule 144A/Regulation S deal.
This will be the only euro-denominated deal for the issuer in 2005, according to an investor note.
Pemex, based in Mexico City, is a state-owned oil company.
| Issuer: | Pemex Project Funding Master Trust |
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| Guarantor: | Petroleos Mexicanos (Pemex)
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| Amount: | €1 billion
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| Maturity: | Feb. 24, 2025
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| Coupon: | 5½%
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| Issue price: | 99.086
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| Spread: | Mid-swaps plus 160 basis points
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 24
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| Bookrunners: | Barclays Capital, Deutsche Bank
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| Ratings: | Moody's: Baa1
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| Standard & Poor's: BBB
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| Price guidance: | Mid-swaps plus 160 to 165 basis points
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