Pemex, the Mexican state-owned petroleum company, and one of the largest companies in Latin America, has listed its first debt instruments on the Irish Stock Exchange (ISE). This offering of Mexican debt securities, also known as Cebures (Certificados Bursátiles), is denominated in Mexican Pesos (Ps) and valued at Ps 25.3bn. The securities are part of a fungible issue of three debt listings on the ISE’s Global Exchange Market (GEM).
The Cebures are due in 2026 with a coupon rate of 7.47%. The most recent admission of two Ps 8bn and Ps 9bn bonds follows Pemex’s first debt listing on the ISE of a Ps 8.3bn Cebures. This Ps 8.3bn bond was originally only distributable in Mexico through a domestic listing in November 2014. By extending its listing into Europe through GEM, Pemex will be able to distribute their Cebures to international investors.
Other Mexican issuers listing on the ISE’s markets include Grupo Bimbo, Grupo Femsa, CEMEX and BBVA Bancomer.
In February 2012, the ISE admitted the first ever Global Depositary Note (GDN) to a European exchange market when Citibank listed a US$70m GDN related to an offering by Pemex of 7 billion 7.65% Mexican Peso debt due in 2021.