LatAm steams ahead with OAS, Pemex

pemex px 230
By Oliver West
26 Jun 2014

Mexican state oil company Pemex pounced on very strong market conditions to reopen its peso-denominated global depositary notes on Thursday, attracting MP57bn ($4.4bn) of demand for a MP11bn tap to continue the run of major new issues in Latin America.

Earlier in the week, Mexico-based bakery firm Grupo Bimbo (see separate story) and Brazilian construction company OAS received hefty oversubscriptions and paid no new-issue concessions for their new money.

“It’s not easy to be an investor right now,” said one EM bond portfolio manager. “New issues are not ...

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