Pemex to Visit Europe

Pemex is preparing to meet bond investors in Europe next week, according to people familiar with the matter. Starting Monday, the Mexican state-owned oil producer will visit London, Frankfurt, Amsterdam and Paris, finishing Wednesday. BBVA, Credit Suisse and HSBC are managing. A transaction may follow if market conditions permit. Pemex last issued in euros in 2009, pricing a EUR1bn 2017 at 99.311 with a 5.500% coupon to yield 5.623%, or mid-swaps plus 250bp. When laying out international issuance plans for 2013, company officials had said they would monitor the euro market as well as some South American currencies – Peru and Colombia the most likely – for potential issuance in addition to USD. Pemex also plans to become a more regular Mexican domestic market issuer. Its last visits to the international bond market were US Export-Import bank-backed deals in September and October, raising $350m and $750m.