Pemex flies in secondary after wait to issue

Pemex, Jose Antonio Gonzalez Anaya, latam, Mexico
By Oliver West
13 Jul 2017

Mexican state-owned oil company Pemex on Tuesday sold $5bn of bonds that left investors very happy. The curve had widened significantly in the run-up to the deal, but the new bonds popped as much as two points in the aftermarket.

Bankers on and off the deal agreed that Pemex’s execution on the day had been spot on; the concession of 15bp-20bp was viewed as fair for a company with such large funding needs. 

“Pemex left around two points on the table, so I’m not surprised to see it trade ...

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