One of the highest dollars yields in the segment of Eurobonds with "investment" ratings is offered by the line of loans of the Mexican state company Petroleos Mexicanos. Thus, the issue placed a year ago with maturity in March 2027 now offers a yield of 6.8%, which seems to be a very competitive level on an international scale. There is no option for revising the coupon level for the issue of $ 5.4 billion. The minimum lot is 10 thousand dollars, the paper is serviced by NSD.
Founded in 1938, Petroleos Mexicanos is a state-owned non-public company engaged in the exploration and production of oil and gas in Mexico. Petroleos Mexicanos exports both petroleum and the main petrochemical products. Pay one third of all taxes collected by the Mexican government. The company employs 129 thousand people.
As of September 30, 188, Petroleos Mexicanos's revenue and EBITDA for the last 12 months amounted to $ 87.7 and $ 19.4 billion, respectively, and the net loss reached $ 17 billion. Agencies Moody's and S & P hold a "stable" outlook on changing issuer ratings, Fitch agency - "negative."
Following the upgrade to the “investment” stage of the Russian sovereign rating, Moody’s improved the ratings of a number of Russian companies. In particular, the ratings of NOVATEK and LUKOIL were upgraded to Baa2, as a result of which these two issuers became the only ones in the Russian Federation who now have a rating not lower than BBB from Moody’s, S & P and Fitch agencies. We note that the issues of these two companies are redeemed in 2022-2023. They look interesting in terms of profitability against the background of Eurobonds of international companies.
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