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Bond Market News
Pemex Announces Temporary Freeze on New Deals With Contractors
November 28, 2024
Pemex announced a temporary freeze on new contracts with service providers as it aims to pay off debts owed to suppliers amounting to about $20bn. The freeze applies to new agreements with contractors that have not yet been formalized. The move comes after the release of Mexico’s draft 2025 budget, which allocates less funding for Pemex’s exploration and production activities. However, it is to be noted that Pemex may approve certain contracts deemed essential. Pemex’s CEO Victor Rodriguez revealed yesterday that Mexico’s finance ministry is preparing to arrange financing through a group of banks to help settle such outstanding payments. Pemex’s financial strain comes alongside having to navigate fiscal responsibilities while balancing the need for continued operations in Mexico’s oil sector.
Pemex’s dollar bonds were trading stable with its 5.95% 2031s are trading at 86.15 cents on the dollar, yielding 8.92%.
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