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Bond Market News
Mexico’s President Elect Names Pemex’s CEO Amid Debt Reduction Plans
August 27, 2024
Mexico’s President elect Claudia Shienbaum named Victor Rodriguez Padilla as CEO of Pemex. The move comes as the Mexican Government is trying to reduce the debt burden of the state-owned oil refiner. “Victor Rodriguez Padilla has 42 years of experience in the energy sector and of course he’s been a defender of the energy companies of the nation,” Sheinbaum said while announcing the appointment during a news conference yesterday. Pemex’s debt burden currently stands at $99.4bn. Pemex is also facing billions in late payments to service providers and suppliers. However, it recently got a tax relief from the state in June, helping ease some pressures.
Pemex’s bonds were slightly higher with its 5.5% 2025s up at 100.3, yielding 4.7%.
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