Pemex Revisits Swiss Investors

Pemex has continued its multi-market fundraising push with a reopening of its 3.5% of 2014 Swiss franc bonds for CHF150m. The notes originally sold in October were reopened at 101.751 to yield 3.086%, or mid-swaps plus 160bp. The transaction was heard driven by reverse inquiry from Swiss accounts. It priced about flat to secondary levels and the Mexican state-owned oil producer’s dollar curve, says a banker on the trade. Credit Suisse managed the deal. The original CHF350m sale priced to yield 3.525%, or mid-swaps plus 185bp. Pemex has raised $1bn from the dollar markets and MXP15bn from the local markets in the last month.