Pemex Readies Domestic Jumbo

Mexican state-owned oil company Pemex is turning its fundraising plans to the domestic market, and aims to issue up to MXP25bn ($1.89bn), according to sources familiar with the transaction. In the works are a 5-year floating-rate bond, a 10-year peso-denominated tranche and a 15-year UDI-denominated portion. Pemex plans an investor lunch on November 14 and is targeting a November 30 pricing. Proceeds from the issue, rated AAA on a national scale, are to be used for investment purposes and to finance projects. Banamex, BBVA Bancomer, HSBC, Morgan Stanley and Santander are managing the transaction, with Actinver and CI Casa de Bolsa are co-managers. Pemex last issued in the domestic market in 2011, raising MXP10bn.