Mexico Launches 5-Billion-Euro Bond Issue to Partially Fund Pemex Bond Buyback

(Reuters) – Mexico launched on Monday a three-tranche bond issue for up to 5 billion euros ($5.88 billion) to partially finance a $9.9 billion bond buyback from state-run oil company Pemex, LSEG’s fixed-income news service IFR reported.

The issue consists of four-year bonds for up to 2.25 billion euros, eight-year bonds for 1.5 billion euros, and 12-year bonds for 1.25 billion euros.

The proceeds will be used for the general purposes of the Mexican government, as well as to “make a capital contribution to Petroleos Mexicanos (Pemex), which in turn will be used by Pemex partially repay, redeem and repurchase certain of its outstanding securities,” IFR said.

Reporting by Javier Leira; Editing by Brendan O’Boyle

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