Mexico completed a $12 billion debt offering to support state-owned oil company Pemex, the most indebted oil major. The offering includes dollar-denominated debt maturing in August 2030, priced at 170 basis points over Treasuries. The issuance is in the form of P-Caps, allowing Mexico to support Pemex while keeping the obligations off its books. Pemex reported a net income of 59.52 billion pesos in the second quarter, its first profit in over a year. The offering is expected to improve the Mexican government’s support for Pemex, potentially resulting in a multiple-notch upgrade by Fitch Ratings.

Read more at Yahoo Finance: Mexico Wraps Up $12 Billion Debt Offering to Support Pemex