Pemex’s annual European outing on Wednesday came as a pleasant surprise to many Lat Am bond bankers, showing Lat Am issuers still have significant pulling power. But the euro market is unlikely to pull more borrowers from the region, even as dollar funding costs rocket.
Despite tough times in Lat Am bond markets, Baa3/BBB+/BBB+ rated Pemex sold €3.15bn ($3.7bn) across four tranches on the back of an order book that peaked at €5.7bn before dropping to €5.2bn at final pricing levels. It had last tapped the euro market in February 2017, raising €4.25bn of
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