• The bonds were issued at 10 years, with a coupon rate of 3.5%.
  • The bid-to-cover ratio was 4.3 times.
  • The bonds were acquired by a diversified base of local and international investors, primarily institutional.

As Structuring Agent and Co-Lead Underwriter, BBVA Bancomer successfully completed the placement of USD2.1bn in bones for Petróleos Mexicanos (PEMEX) bonds at 10 years, with a coupon rate of 3.5%.

Demand exceeded the placement by 4.3 times, demonstrating the market's confidence in this type of issuance and the interest of both local and international investors in the state-owned oil company.

The transaction was launched on the market without the need for preliminary information or prior meetings with investors, due to Pemex's powerful and renowned financial infrastructure.

The coupon rate on this new issuance was the lowest ever attained on this type of 10-year corporate bond.
The issuance was distributed across a diversified base of investors, primarily institutional.

The bonds received a rating of Baa1 from Moody's, BBB from Standard & Poor's (S&P) and BBB from Fitch.

The proposal was well-received, with the participation of more than 360 investors.  The largest component of the demand was from American accounts, with 40%, and Europeans, with 34%. With this, the institution reaffirms its leadership on both national and international markets and demonstrates the strong interest that exists among investors for the securities of this company.

Contact details: 
CIB Communications & Brand
Tel. +34 91 374 33 00
mjuste@bbva.com


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