Pemex Issues US$44mn 27-day Bonds

Mexico's state oil company Pemex issued 27-day bonds for 500mn pesos (US$44mn) on the Mexico City stock exchange on Wednesday, the company said in a statement.

The fixed interest bonds pay 7.19%, and the auction was 17 times oversubscribed, the statement said.

JP Morgan will act as fiduciary and Scotiabank Inverlat and Santander Serfin acted as intermediaries on the transaction.

Credit ratings agency Standard and Poor's has assigned the MXA-1+ rating to the bond issue, which indicates that the agency is highly confident that Pemex will pay both the principal and interest in a timely fashion.

Credit ratings agencies Fitch and Moody's have assigned the F1+ (MEX) and MX-1 ratings on the issue, respectively.

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