Cleary Gottlieb represented long-time client Petróleos Mexicanos (Pemex), the Mexican state oil company, in the increase on January 22, 2013 in the size of its Medium-Term Notes program from $22 billion to $32 billion. On the following day Pemex launched a Reg S/Rule 144A offering of $2.1 billion 3.500% notes due 2023 that closed on January 30. Banco Bilbao Vizcaya Argentaria, Citigroup Global Markets and J.P. Morgan Securities acted as joint lead managers. The notes are listed on the Luxembourg Stock Exchange and have been admitted to trading on the Euro MTF market of the exchange.
The notes’ yield was the lowest ever achieved by Pemex for an issuance with a ten year maturity. The transaction priced on January 23 during New York market hours, at which time Pemex offered $2.0 billion principal amount of notes. The transaction also provided for an extended offering period, which enabled Pemex to offer an additional $100 million principal amount of notes during Asian market hours on January 24 at the issue price of the notes sold during New York market hours on January 23.