Pemex Hits the Road

Pemex plans to meet fixed-income investors in the US and Europe beginning January 9. The state-owned oil producer is scheduled to kick start the 5-day investor meetings in Boston and Chicago on Monday, January 9, followed by visits to accounts in Los Angeles on Tuesday. It will then go to New York on Friday, January 20, before wrapping up in London between January 23-24. The unusual roadshow schedule is thought to reflect management’s availability. BAML and HSBC are arranging the tour. In December, Pemex became the first corporate to issue global depository notes (GDNs), allowing international investors to participate in the local Mexican debt markets. HSBC, Santander led as bookrunners while Morgan Stanley served as structuring agent. Pemex (Baa1/BBB) last visited the international bond market in October 2011, when it made an opportunistic retap of its 6.5% 2041 that allowed it to raise $1.25bn with BNP Paribas and Deutsche Bank. On this occasion, BAML and HSBC are taking the credit on the road.