Pemex Issues US$877mn in Bonds

Mexican state oil company Pemex issued on Friday 10bn pesos (US$877mn) in bonds on the local market, Pemex said in a statement.

The eight-year bonds will yield the 28-day TIIE interbank lending rate less 0.07% and the issue was close to three times oversubscribed, the company said.

Institutional investors, including pension fund managers and insurance companies, bought the bonds.

The issue was handled by Banamex-Accival, BBVA Bancomer, HSBC and Bank of America.

The bonds were rated mxAAA by Standard and Poor's, AAA(mex) by Fitch and mx.AAA by Moody's de México. All the ratings are the highest possible on the respective agencies' local scales.

Pemex did not say how it will use the funds.

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