Mexico’s Pemex talks benchmark dollar notes due 2032 in high 6% area

By Cristal Cody

Chicago, Dec. 7 – Details emerged on Tuesday morning for a benchmark bond offering from Petroleos Mexicanos (Pemex) that was launched on Monday, according to information from a market source.

A Rule 144A and Regulation S tranche of senior notes due Feb. 16, 2032 (Ba3/BBB) is on deck with talk in the high 6% area.

As reported Monday from a press release, the new money securities will constitute unsecured obligations of Pemex and will be guaranteed by Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica.

The issue is being offered to improve the company’s financial condition.

BofA Securities, Citigroup, Goldman Sachs and HSBC Securities have been hired as bookrunners.

The state-owned petroleum company is based in Mexico City.

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