The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Best corporate borrower - Latin America


With Latin American economies booming and fiscal policy across the region generally sound, the largest issuers, especially Mexico, are barely to be seen in the international capital markets any more.

But Mexico's fabulous fiscal situation is a bit of a fiction – it has got to it only by taxing state oil company Pemex at stratospheric rates. Mexico is essentially passing its borrowing needs on to Pemex. Pemex, in turn, has become the latest darling of the capital markets.

By far the best Latin deal of 2004, for instance, was Pemex's $1.75 billion perpetual deal, sold largely to Asian retail investors in September. The biggest Latin corporate bond of all time, it had long duration – something oil companies always want – and also opened up a new universe of buyers for Pemex's debt.

The blow-out success of the deal came as a surprise to all three lead managers (Citigroup, Merrill Lynch and HSBC) as well as to Pemex's treasurer, Octavio Ornelas. The bond, originally envisaged as being no larger than $750 million, racked up $5 billion in orders in Asia alone, and it was easy to cancel the European leg of the scheduled roadshow.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree