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Bond Market News
Pemex Receives Large Financial Support from Government
October 30, 2023
Pemex said that it received MXN 55.9bn ($3.2bn) from the government to help strengthen its financial position with its CEO Octavio Romero saying, “It is support never seen before”. Pemex also received MXN 71.7bn ($3.96bn) over the previous quarter for debt amortizations. Separately, Pemex also received $5.8bn for its Olmeca-Dos Bocas refinery by end-September. The state-owned refinery company announced the above alongside its Q3 financial results where it saw a net loss of MXN 79.1bn ($4.4bn), widening from MXN 25.4bn ($1.4bn) in losses during Q2. Pemex’s outstanding debt stood at $106bn as of end-October. Pemex is also set to benefit from a larger tax relief proposal by the lower house of Congress last week as part of the government’s 2024 budget. The tax burden, which stood at 65% before the Mexican President AMLO took office, is currently 40% and is expected to head lower.
Pemex’s dollar bonds were trading stable with its 6.875% 2026s at 92.24, yielding 10.16%.
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