Pemex Gets Exim Funds, Preps Bonds

The US Export-Import Bank has authorized $1.2bn export financing for Mexico’s Pemex, it says, which the oil producer will seek to use in the form of guaranteed bonds. Pemex anticipates 4-7 such US Ex-Im guaranteed issuances in the capital markets in the next few months for up to $1bn, but does not offer additional details. In the event bond funding is not feasible, US Ex-Im could provide direct loans. The package also includes a $200m facility to support purchases from US small businesses. Proceeds would fund oil and gas exploration projects.