Pemex Issues $1.8 Billion in Debt in Return to Mexico Markets

(Bloomberg) -- Mexican state oil company Petroleos Mexicanos has issued 31.5 billion pesos ($1.8 billion) in debt, ending a six-year absence from local markets.

The transaction consists of 5.5 billion pesos in notes known as “certificados bursátiles” maturing in 2036; 17 billion pesos due 2034; and 9 billion pesos maturing 2031. Demand stood at 2 times over the maximum amount, with the 2034 instrument with a fixed 10.8% rate attracting the most interest, according to a note from Banorte analysts Gerardo Valle and María José Hernández.

The deal is the first of a 100 billion peso shelf with a five-year window, according to filings with the Bolsa Mexicana de Valores.

“This issuance marked Pemex’s return to the financial markets and was supported by participation from both domestic and international investors, reaffirming investor confidence” in the company’s 2025-2035 strategic plan, the Finance Ministry said in a statement, adding that final terms were below price talk.

Proceeds from the transaction will be used to repay financial liabilities maturing in 2026, the Finance Ministry added. 

The last time Pemex tapped local markets was in December 2019, according to S&P Global. But the oil behemoth has been looking to address its massive debt load as part of a broader strategic plan — and Mexico’s government last year went on an unprecedented debt binge, in part to support the company. Chief Executive Officer Victor Rodriguez said this month that the company has reduced its total financial debt to its lowest level in 11 years.

Bookrunners for the transaction were Casa de Bolsa Banorte, Casa de Bolsa BBVA Mexico, MONEX Casa de Bolsa, Casa de Bolsa Santander, Scotia Inverlat Casa de Bolsa and Casa de Bolsa Ve por Más.

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