Mexico's national oil company Pemex said on Monday that recent bond placements totaling about $5 billion would cover its minimum financing needs through the end of 2018.

Petroleos Mexicanos, as the company is formally known, said on Sunday it had successfully reopened two long-term bonds to raise about $5 billion, and would use some of the proceeds to repurchase debt expiring over the next two years.

Petroleos Mexicanos said in a statement the operations would consolidate its financial liquidity and diversify its sources of financing.

The bonds reopened mature in 10 and 30 years, when they will pay a return of 5.75 percent and 6.90 percent, respectively.

Pemex has been battling heavy debt and faces increased competition from private firms after a sweeping opening up of the energy industry was finalized in 2014 and ended the company's decades-long monopoly.

President Enrique Pena Nieto, who appoints the chief executive of the Mexican oil company, will end his six-year term in November 2018.

Source: Reuters - https://www.reuters.com/article/mexico-pemex-idUSL1N1KF0S8