Pemex’s $3 Billion Bond Program Boosted by Rally: Mexico Credit
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Petroleos Mexicanos, Latin America’s largest oil producer, plans to sell as much as $3 billion of bonds as soon as this month as speculation the company will reverse a six-year decline in output drives yields to a four-month low.
Yields on the company’s dollar notes due in 2020 have tumbled 48 basis points, or 0.48 percentage point, since Feb. 15, to 4.94 percent, the lowest since Dec. 13, according to data compiled by Bloomberg. Yields on similar-maturity notes from Petroleo Brasileiro SA, Brazil’s state-run oil company, fell 16.5 basis points to 5.06 percent in the same period.