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Bond Market News
Mexico’s President Proposes Lowering Pemex’s Profit Sharing Tax
October 11, 2023
Mexico’s President AMLO has proposed to lower state-owned Pemex’s profit sharing duty payments further below the 35% level proposed in the Finance Ministry’s 2024 budget. The current level of 35% is already 5% below that of the previous year. According to AMLO, the lowering of this measure will help Pemex improve its finances. However, the President did not give a specific time-frame for the tax reduction. Pemex has the largest debt among global oil companies with a total debt of $106.3bn as of September 2023, of which about $25bn is in short-term debt alone.
PEMEX dollar bonds were slightly up with its 6.5% 2027s moving to 88 cents on the dollar, yielding 10.8%
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