MEXICO CITY -- Petroleos Mexicanos, the state oil company known as Pemex, said it raised $366 million in a 7 1/2-year "asset securitization" deal in which Citibank was the lead manager.
Pemex said it raised the money by selling to institutional investors certificates of participation in a trust fund. Pemex will divert to the trust fund a portion of future earnings from oil sales to 10 U.S. clients.
Investors will receive interest payments at 165 basis points above a base U.S. Treasury rate. Standard & Poor's Corp. gave the deal an A rating, Pemex said.
Pemex also has gone to the Eurobond market for the second time this year with a $150 million issue, with Deutsche Bank as agent. The bonds have a three-year maturity and will pay an annual coupon of 6.25%, priced at 183 basis points over comparable U.S. Treasuries.
