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Bond Market News
PEMEX Gets Tax Relief From the State
June 27, 2024
PEMEX was granted a deferral on its monthly tax payment by Mexico, according to the decree published. The government has deferred the DUC levy for the month of May, to 31 July. The levy was originally due this month. The order didn’t specify the amount due in May, but previous monthly payments made for February and March averaged MXN 15.5bn ($851mn), according to the central bank. The tax deferral is the latest aid for PEMEX provided by President AMLO. The government earlier granted DUC taxes relief from October to January to PEMEX earlier this year, and had also reduced Pemex’s profit-sharing duties to 30% for 2024.
Pemex’s dollar bonds were trading stable with its 6.875% 2026s at 98, yielding 7.9%.
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