June 19 (Bloomberg) -- Petroleos Mexicanos, the world’s third-largest oil producer, is offering a benchmark issue of dollar-denominated bonds.
The state-owned company, also known as Pemex, plans to issue 32-year debt, according to a person familiar with the transaction. The offering will be of benchmark size, typically at least $500 million.
Pemex last sold dollar-denominated debt in January, issuing $2.1 billion of 4.875 percent, 10-year securities at a relative yield of 315 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg.
Barclays Plc, JPMorgan Chase & Co., and Banco Santander SA are managing the sale, said the person, who asked not to be identified because the terms are private. The bonds may be rated Baa1, three levels above speculative-grade, by Moody’s Investors Service.
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