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Bond Market News
Pemex Reports Worst Loss Since Pandemic
July 29, 2024
Pemex reported its worst loss since the first quarter of 2020 during the pandemic. It reported a Q2 loss of MXN 256bn ($14bn) vs. a MXN 25bn ($1.4bn) profit during the same period last year mainly due to the peso’s weakening in recent months. Pemex’s acting-CFO Carlos Cortez added that they are not currently considering a return to capital markets to help cover debt payments. Analysts consider that the losses are a negative signal for President-elect Claudia Sheinbaum who is trying to solve the company’s financial woes besides also having to appoint a new CEO for the company. She has addressed that she would likely continue state support for the oil producer.
Pemex’s dollar bonds inched higher with its 9.5% 2027s up 1.3 points to 100.1, yielding 9.4%
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