Pemex Returns for Ex-Im Backed Bonds

Pemex has sold a $350m bond backed by the US Export-Import bank, according to people familiar with the trade. The 2024 bond with a 5.53-year average life priced at par with a 2.29% coupon, equal to MS+66bp and in line with 66bp-area guidance and earlier 70bp initial price thoughts. Proceeds will be used for general corporate purposes. BNP Paribas and Credit Agricole managed the sale, rated AAA. The sale follows a $750m floating-rate US Ex-Im backed deal in September, in which the issuer paid Libor+43bp.