Pemex' bond issue raises $ 600 mm on international capital markets

Sep 04, 2001 02:00 AM

Pemex' recent bond issue has raised $ 600 mm on the international capital markets. It runs for 42 months and was led by Lehman Brothers. The issue was originally meant to be only $ 500 mm but despite being stretched could not meet demand totalling $ 1.5 bn.

Institutional investors (investment grade specialists) accounted for 91 % of demand. The issue was boosted by Moody's timely announcement of a rise in Pemex' rating. This new bond will save the state oil and gas firm $ 15 mm since the money raised will be used to withdraw a higher-return bond set to mature in 2005.

Source: Excelsior/SABI via Newspage
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