New Issue: Pemex sells $1.5 billion in retap of 2015 and 2035 bonds

By Reshmi Basu

New York, Jan. 26 - State oil company Petroleos Mexicanos SA de CV (Pemex) sold $1.5 billion in a retap of its bonds due 2015 and 2035 (Baa1/BBB/BBB-), according to a market source.

Pemex sold an additional $750 million of the bonds due 2015 at 98.889 to yield 5.89% and $750 million of the bonds due 2035 at 99.26 to yield 6.682%.

Bookrunners were Credit Suisse, Lehman Brothers and UBS Investment Bank. Co-managers were Barclays Capital, Deutsche Bank and JP Morgan.

Issuer:	Petroleos Mexicanos SA de CV (Pemex)
Issue:	Reopening of 2015 and 2035 bonds
Total amount:	$1.5 billion
Pricing date:	Jan. 26
Bookrunners:	Credit Suisse, Lehman Brothers, UBS Investment Bank
Co-managers:	Barclays Capital, Deutsche Bank, JP Morgan
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB
	Fitch: BBB-
2015 bonds
Amount:	$750 million
Maturity:	Dec. 15, 2015
Coupon:	5¾%
Issue price:	98.899
Yield:	5.89%
Spread:	138 basis points more than Treasuries
2035 bonds
Amount:	$750 million
Maturity:	June 15, 2035
Coupon:	6 5/8%
Issue price:	99.26
Yield:	6.682%
Spread:	198 basis points more than Treasuries

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