Mexico Sells $14 Billion of Bonds in Two Days to Aid Pemex

Mexico tapped international debt markets for the second time this week as it doubles down on its efforts to aid state-owned company Petroleos Mexicanos, the world’s most indebted oil major.

The country sold $8 billion in dollar bonds Tuesday, following a 5 billion euro-denominated ($5.9 billion) offer that priced the previous day. Proceeds will be used for general purposes as well as a capital contribution to Pemex, which will go toward partially repaying, redeeming and repurchasing some of its outstanding securities, a person familiar with the matter said. Mexico had already raised $12 billion in debt to support Pemex in the form of pre-capitalized securities, or P-Caps, earlier this year.