México, país rico de Latinoamérica con salarios muy pobres  • Forbes México

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Pemex places debt for 7,500 million dollars; It has 5.1 times demand

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Pemex placed 3 billion dollars in 30-year bonds and there was participation of investors from the US, Europe, Asia, South America and the Middle East.

Petróleos Mexicanos (Pemex) concluded on Thursday the placement of debt for 7,500 million dollars in the international market. The bonds, the company said, registered a subscription of 5.1 times.

The total demand for the bonds was 38 billion dollars and the issuance was attended by investors from the United States, Europe, Asia, South America and the Middle East.

The operation, which is part of the debt refinancing strategy announced Wednesday, was divided into three seven, 10 and 30 year bonds.

The national oil company placed 3 billion dollars in 30-year bonds with a yield of 7.7 percent; 3 thousand 250 million dollars in 10-year instruments and 1,250 million dollars in seven-year bonds.

These last two with interests of 6.85 and 6.5 percent, respectively.

Initially, the oil company had told investors that it was looking for between 5 billion and 6 billion dollars before launching the agreement for 7,500 million dollars based on an order book of 37 billion dollars according to people With knowledge of the transaction.

Pemex seeks to attack its debt burden on three fronts. An injection of 5 billion dollars in cash from the government this week will be used to repurchase ten series of bonds due in the next four years, according to a statement on Thursday. The proceeds from the sale of bonds will be used to refinance short-term debt, and the company also expects to launch an exchange offer aimed at dollar denominated notes with maturities between 2022 and 2048.

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The use of capital to manage the short-term reinvestment line and short-term maturity bonds is a smart move that reduces the immediate financial pressures on the company," says Andrew Stanners, chief investment officer at Aberdeen Standard Investments, which owns Pemex bonds. "It's good news for Pemex."

While markets have welcomed government support of nearly $ 10 billion this year, including the infusion of $ 5 billion this week, some Pemex observers and credit assessors say it is not enough. The company has a heavy tax burden and requires tens of billions of dollars in investment to reverse almost 15 years of production declines.

"The company needs to invest higher without further affecting its balance sheet in order to stabilize its ratings," says Lucas Aristizábal, an analyst at Fitch Ratings, which in June downgraded the company to trash. "The only way to do this is to retain the cash flow generation, but if you don't want to manage the business differently, the rating will reflect it."

One way in which the rating could stabilize is if Mexico cuts Pemex's large tax contributions in half, says Aristizábal. Additional government funds could also provide some relief. "Our rating incorporates the assumption that the government will intervene again in this way in case the need arises again," he added.

With a debt of 104 thousand 400 million dollars, Pemex is the largest borrower among all the oil companies. Fitch maintains a negative outlook on its garbage rating, and Moody’s, which rates Pemex a level above high performance, lowered its company's outlook to negative also in June.

An important concern is that the Dos Bocas refinery, an 8 billion dollar project that will be managed by Pemex, could distract the company from its main drilling business.

With information from Bloomberg.

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Felipe Calderón miente !! -Las pruebas lo contradicen

Lo que ayer escribio en su cuenta de tuiter. 👇👇

Twitter de Felipe Calderón

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Felipe Calderón, miente con total y absoluto descaro, aqui abajo ” DOCUMENTOS DE LA PGR de Calderón: ABSUELVEN Definitivamente a MOREIRA… lease, definitivamente.

DOCUMENTO INTERNO DE LA PGR

Aqui algunas de sus mentiras: Datos del desastre que fue como presidente, ladrón y espurio.

Mas de 120,000 hermanos mexicanos a la murieron por su total neglicencia.

Una desgracia, ni la guerra de Vietnam y Korea juntas en numeros de bajas.

Felipe Calderón

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Tulum, Qr. Sep/19.