MEXICAN oil company Pemex appeared to sacrifice some spread this week to issue $1bn worth of 10 and 30 year global bonds amid a deluge of Latin American sovereign paper resulting from the Brady debt exchanges. The offering, led by Goldman Sachs and Chase on the 30 year tranche and by Goldman Sachs and UBS Securities on the 10 year, was increased from an original $750m size, with $600m of 10 year bonds and $400m of 30 year paper.
September 12, 1997