New Pemex notes mixed; CBQ launches $500 million notes; Venezuela poised ahead of election

By Rebecca Melvin

New York, May 17 – Petroleos Mexicanos SAB de CV’s newly priced notes traded mixed on Thursday after the Mexico City-based oil and gas company priced €3.15 billion of the notes in four tranches during a “stable window” on Wednesday.

The Pemex 4¾% notes due 2029 were quoted at 100.06 bid, 100.20 offered in the early going after they priced at a reoffered 99.434.

Meanwhile Pemex’s 4½-, 5¼- and 7½-year paper traded wider in spread from the break on very little volume driven by broker activity, a New York-based market source said.

But the 2029 notes traded tighter from the break on follow-through appetite by accounts, the source said.

Elsewhere, Commercial Bank of Qatar opened the books and launched an offering of $500 million five-year notes to yield a spread of mid-swaps plus 212.5 basis points.

In addition, Qatar National Bank began pricing a three-year floating-rate Formosa note. Those notes, which will be issued in the Taiwan market but denominated in U.S. dollars under Regulation S, were talked at Libor plus 135 bps.

In Latin America, Venezuela and Petroleos de Venezuela SA were mostly quiet and wavered at slightly lower prices after a rally of about two points on average from May 8 to 14, ahead of presidential elections slated for the troubled country on Sunday.

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