Petróleos Mexicanos Issues the Largest-Ever Euro-Denominated Debt Offering by an Emerging Market Company

February 15, 2017

Cleary Gottlieb is representing long-time client Petróleos Mexicanos (Pemex), the Mexican state oil company, in its €4.25 billion Regulation S offering of debt securities, scheduled to close on February 21, 2017.

The securities are being issued in three tranches under Pemex’s medium-term notes program. The transaction is reported to be the largest euro-denominated emerging-market corporate-bond offering on record.

BNP Paribas, Crédit Agricole, Deutsche Bank and HSBC are acting as joint lead managers. The securities will be listed on the Luxembourg Stock Exchange and admitted to trade on the Euro MTF market of the exchange.