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Bond Market News
Mexico’s Hydrocarbons Law Reforms Designed to Aid Pemex Approved
April 15, 2021
Mexico’s Chamber of Deputies approved President AMLO’s new bill to reform Mexico’s Hydrocarbons Law, which seeks to strengthen Petróleos Mexicanos (Pemex). The reform was approved with 292 votes in favor, 153 against and 11 abstentions. The new bill essentially seeks to amend established principles of free competition in the petroleum products markets in order to grant Pemex monopoly control over the market. The reforms are justified on the basis of fight against corruption and protection of national sovereignty in the energy sector by imposing a minimum storage of petroleum products, the ability to refuse and revoke permits if these violate legal provisions, and the suspension of permits in the event of “imminent danger to national security, energy security or for the national economy.”
Pemex´s dollar bonds remained unchanged, its 6.49% 2027s at 106.005, yielding 5.24% and its 6.625% 2049s at 84.9, yielding 7.8%.
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