In the midst of speculation and contradictory reports, Petroleos Mexicanos (Pemex) last week sold the latest chunk of its oil receivables-backed $5 billion securitization program.

The gossip began even before the deal hit the market, with market watchers suggesting that the company had been looking to launch the deal as early as April but decided to postpone. And earlier this month, against the background of turmoil in Argentina, investors were saying that lead manager Morgan Stanley Dean Witter was having trouble placing the paper, with some investors talking about "Pemex overdose."

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