Mexico’s Pemex launches biggest ever EM corporate eurobond

1/14/2017 Financial Times

Pemex LogoPemex, Mexico’s state oil company, has sold €4.25bn in euro-denominated bonds in the biggest euro deal seen by any emerging market issuer, despite concerns about the sustainability of its debt levels and the outlook for Mexico’s economy with Donald Trump in the White House.

The three-tranche offering, which carried coupons of 2.5 per cent, 3.75 per cent and 4.875 per cent, was more than four times subscribed, Juan Pablo Newman, Pemex’s finance director, told the Financial Times. “This reflects the confidence there is in Pemex,” he added.

“We’re delighted. We went out thinking we’d get €2bn, maybe €3bn, but €4.25bn is a record,” echoed Jean-Marc Mercier, global co-head of debt capital markets at HSBC in London, one of the bookrunners. “I’m sure EM corporates are all looking at this transaction.”

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