Petróleos Mexicanos (Pemex), Mexico's largest company, and the third-largest producer of crude oil in the world, had a goal of moving beyond its traditional European and American investor base. Merrill Lynch designed and delivered a unique solution — the largest perpetual bond in history and the first ever issued by a nonfinancial institution.
Perpetual bonds have no maturity date and pay regular interest, and are typically issued by financial institutions with steady cash flow and large capitalizations. Merrill Lynch recognized that Pemex, though not a financial institution, also met these criteria and that a perpetual bond would be an attractive way to access new markets.
Leveraging our local knowledge of the Asian markets, we were able to tap into strong investor demand and price the groundbreaking $1.75 billion bond. It took Merrill Lynch's global reach, capital markets expertise and powerful private client franchise to execute this award-winning transaction like a well-oiled machine.
