Pemex Preps MXP Bond

Mexican state-owned oil company Pemex plans to issue up to MXP10bn ($735m) in the domestic market, market conditions permitting, says a Pemex spokesperson. “Given the current volatility, windows have been opening and closing quickly. When the next window opens we will look at executing a transaction,” he adds. So far, Pemex has filed its next proposed issuance under its MXP200bn bond program with Mexico’s CNBV. The proposed MXP10bn fixed-rate bonds will carry a 10-year tenor and will be guaranteed by Pemex-Exploracion y Produccion, Pemex-Gas y Petroquimica Basica and Pemex-Refinacion, according to Moody’s. The ratings agency has assigned a Baa1 global scale local currency and Aaa.mx national scale ratings to the deal. Pemex last sold a total of MXP10bn ($740m) in floating and UDI-denominated bonds in September. The MXP7bn 2017 floating rate bonds priced at TIIE +24bp and MXP3bn in 10-year UDI-denominated bonds came at 3.55%, or MBonos+95bp.