Petróleos Mexicanos in First Offering of Cebures through Euroclear

Cleary Gottlieb represented long-time client Petróleos Mexicanos, the Mexican state oil company, in its offering of Ps. 17,000,000,000 aggregate principal amount of 7.47% Certificados Bursátiles due 2026 (Cebures), consisting of (i) an international offering outside of Mexico under Rule 144A/Reg S of Ps. 9,000,000,000 of Cebures and (ii) a concurrent offering to the public in Mexico of Ps. 8,000,000,000 of Cebures. The offering closed on February 11, 2015. This issuance of Cebures represented a reopening of the same series of Cebures originally issued on November 27, 2014 in an offering to the public in Mexico.

The Cebures are the first corporate debt securities governed by Mexican law to clear through Euroclear, the international clearing system. Mexican sovereign peso bonds have been available on Euroclear for more than a decade, but the Mexican corporate bond market has been restricted to local trading until now. This innovation was made possible by regulatory reforms recently enacted by the Mexican government as part of a strategy to grow Mexico’s corporate debt market by making it easier for Mexican companies to place peso-denominated debt with international investors.

BBVA, BofA Merrill Lynch, Citigroup, HSBC, Morgan Stanley and Scotiabank acted as placement facilitation agents in the international offering of Cebures. Morgan Stanley acted as sole structuring agent for the offering. The Cebures were registered with the Registro Nacional de Valores maintained by the Comisión Nacional Bancaria y de Valores in Mexico and are listed on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Cebures are also expected to be listed on the Irish Stock Exchange and admitted for trading on its Global Exchange Market.