Mexico has decided to sell around $1 billion in global 10-year bonds, the government announced, its first major foray into international markets since two ratings agencies downgraded its sovereign debt late in 2009.

According to the statement issued by the finance ministry, the issue, which comes amid high investor looks for high-yielding assets, was oversubscribed by 1.6 times.

Moreover, the 5.125% notes were valued at 99.037 to yield 5.25%, or 142.4 basis points as compared to United States Treasuries.

Bank of America-Merrill Lynch and Citigroup were lead managers for the deal.

On the other hand, the finance ministry’s chief of debt operations Gerardo Rodriguez said, “The government planned to issue the equivalent of $1 billion in peso-denominated 10-year and 30-year bonds in Mexico over the coming weeks.”

Moreover, Poland has already introduced a 3 billion euro bond and according to the reports, Indonesia is also aiming a two-tranche bond amounting around $2 billion.

Turkey and the Philippines also announced bonds last week with a joint size of $3.5 billion.