Pemex Costs Sink Below Petrobras as Sales Curbed: Mexico Credit
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Plans by Petroleos Mexicanos to sell the least debt in three years are helping push the oil producer’s 10-year borrowing costs below Petroleo Brasileiro SA’s for the first time since January.
Yields on dollar bonds due in 2020 from Pemex, as the Mexican state-owned company is known, dropped under rates for similar-maturity notes of Rio de Janeiro-based Petrobras in the past month and were as much as 13 basis points, or 0.13 percentage point, less on April 5. The Pemex securities have returned 2.1 percent this year, compared with a 1.6 percent advance in the Brazilian state-run oil company’s bonds.