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Bond Market News
Mexico Plans For State Support for PEMEX
May 9, 2024
PEMEX will continue to receive the Mexico state’s help as it looks to reduce its debt burden, according to Mexico’s Finance minister Rogelio Ramirez de la O. He said, “The balance sheet of the federal government will be more dedicated to attending the needs of PEMEX and the next step will involve more directly the sovereign debtor.” The current President also voiced the same opinion. However, it is unclear if the next President will continue to support PEMEX financially. PEMEX has nearly $102bn in debt outstanding currently.
PEMEX’s bonds traded stable with its 6.875% 2026 at 96.7 cents on the dollar, yielding 8.55%
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