Pemex Finishes Exim Issuance

Pemex has issued another $400m in bonds backed by the US Export-Import bank, the third and final issuance under a $1.2bn program guaranteed by the American ECA. The 2022 bonds with a 5.71-year average life priced at par with a 1.70% coupon, yielding inside of 1.75%-area guidance. Proceeds from the issue will help fund payments of goods and services purchased by Pemex and its subsidiary entities from US suppliers. Credit Agricole, Goldman Sachs and JPMorgan managed the sale, aimed at US high-grade accounts. The previous two transactions in the series were executed in the final week of June. In addition to providing a cheap and diversified source of funding, the deals under the program represents the first time an issuer has issued a US Ex-Im backed structured bond for purposes outside of aviation funding, according to bankers following the trades.