PEMEX DEBT UP
TOGY wrote, Pemex said late on Monday that it had issued USD 4 billion in bonds in an effort to bolster the company's finances. It also announced that some USD 1.5 billion in debt had been repurchased.
The two bonds, valued at USD 2 billion each and issued in a financial operation that started early in September, will carry maturities of seven and close to 31 years. They pay yields of 4.62% and 6.75%, respectively, according to Pemex CFO Juan Pablo Newman. Now with greater maturity, Pemex's repurchased debt, which was due to mature in 2018 and 2019, has reduced the risks of the company's debt portfolio, Newman said.
The operation, which closed on Monday, saw the involvement of Barclays Capital, Citigroup, HSBC, Mitsubishi UFJ Financial Group and Natixis.
In other news, Mexico's National Hydrocarbons Commission said on Monday that parties interested in joining the country's deepwater joint venture for Pemex's Trion field would have extra time to submit questions. "This is an additional space for participants to study, analyse and comment on this new version of the joint operating agreement," president commissioner Juan Carlos Zepeda said. Bidders have until October 10 to comment. The commission's final clarifications will be published four days later.
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Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.
But we expect a rise in the sector's NPL ratio and muted credit demand in the second half of 2017 and 2018, reflecting the slowing economy. GDP growth slowed to 1.4% in 2016 from 3.4% in 2015 and we expect it to be below 1% in 2017 and 2018.
The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average.
The Japanese government will offer $10 billion to support firms bidding to build liquefied natural gas (LNG) infrastructure around Asia, the Nikkei business daily said on Monday.