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Bond Market News
Pemex Could Receive Potential $55bn Government Support, Analysts Say
May 16, 2025
Pemex’s bonds surged by 1-1.5 points across the curve following Barclays analysis indicating potential Mexican government support of approximately $55bn over the next five years. Barclays analysts upgraded their recommendation on the Pemex bonds to market-weight from underweight, citing their base-case scenario of government contributions within the $45-55bn range. The analysts suggested a lower probability of the government absorbing or swapping a portion of the company’s debt, noting that any cash contribution would likely prioritize suppliers or capital expenditure. Pemex is currently burdened by debt exceeding $100bn and faces production challenges due to aging oil fields and equipment. The Mexican government has expressed concern regarding Pemex’s obligations.
Its 5.95% 2031s were up by over 1.5 points to trade at 86.53, yielding 9.03%.
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