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Pemex has launched a tender offer for up to $10bn of its offshore bonds maturing between 2026 and 2029. The tender offer is set to expire on 30 September 2025 with an early tender deadline of 15 September 2025. The state-owned driller is looking to repurchase 11 series of notes denominated in euros and dollars (see table below). The Mexican government will seek financing before the offer expires and hand over the proceeds to fund Pemex’s buyback. The move underscores continued state support for Pemex, which carries around $100bn in debt. The buyback will prioritize 2026 maturities, aiming to ease a near-term repayment wall of $19bn, alongside $5.1bn due in late 2025 and $20bn owed to service providers. The government already sold $12bn in pre-capitalized securities in July, which helped Pemex secure a Fitch upgrade, and is also raising $13.3bn through a new investment vehicle backed by local banks. Pemex’s long-term plan targets financial self-sufficiency by 2027 and aims to attract private partners, though doubts persist over its execution.