Petroleos Mexicanos, better known as PEMEX, earlier this week, sold two sets of senior unsecured 10.5-year bonds, guaranteed by the Export-Import Bank of the United States (Ex-Im Bank), sources said. On Tuesday, the $400 million of 2% notes due Dec. 20, 2022 priced at par, at a spread of MS+88.66. And yesterday, the $400 million of 1.95% notes also due Dec. 20, 2022, priced at par, at a spread of MS+86.9.

The Ex-Im Bank authorized $1.2 billion in export financing, which will take place in four transactions, to support the export of U.S. goods and services to PEMEX.

“For the first time, Pemex will offer Ex-Im-guaranteed bond issuances to capital markets to fund the transactions. Pemex anticipates four-to-seven bond offerings that will occur from June to September 2012. In the event the funding cost is prohibitive, Pemex may exercise the option to seek Ex-Im direct loans,” Ex-Im Bank said in a press release earlier this week. “Pemex ranks as Ex-Im Bank’s top borrower. Since 1998, the Bank has approved approximately $10.6 billion in financing to support Pemex’s activities in the oil and gas sector.,” the bank noted.

Washington D.C.-based Ex-Im Bank operates as an export credit agency, which provides guarantees of working capital for U.S. exporters.

PEMEX, a crude-oil and natural-gas company, is majority owned by the Mexican government. Terms: