Pemex Prices $2bn in Bonds

Mexican state oil company Pemex priced a $1.5bn 2018 bond issue at 99.316 with a 5.75% coupon to yield 5.84%, or 128bp over UST. A $500m retap of 2035 6.625% notes priced at 103.697 to yield 6.339%, or 150bp over UST. Demand was at least $4bn on the 2018 notes and $1bn on the 2035, according to bankers on the deal. Moody’s rated the bonds Baa1, and S&P BBB+. Proceeds will go towards the repurchase offer of notes announced last week. Lead managers are Credit Suisse, Deutsche Bank and Merrill Lynch.