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Bond Market News
Pemex Seeks Liquidity as Mixed Contracts Strategy Disappoints
January 27, 2026
Pemex is seeking to shore up liquidity amid mounting financial pressure and disappointing results from its mixed-contract strategy, which was designed to attract private capital while retaining state control. So far, these contracts have failed to deliver meaningful capital inflows or production gains. Heavy indebtedness and supplier arrears, with Pemex owing nearly $28bn to contractors by late 2025 have emerged as a central barrier to the success of mixed contracts. The National Works and Public Services Bank (BANOBRAS) has moved to ease Pemex’s liquidity strain by advancing payments, including a plan to settle MXN 180bn ($9.97bn) of supplier debts by end-2025. In parallel, the government and Pemex have used alternative financing tools, notably $12bn pre-capitalized notes (P-Caps) deal, in 2025 to meet obligations and near-term maturities. Despite these measures, analysts warn that Pemex may need to return to debt markets to fund investments and meet liabilities.
Pemex’s dollar bonds traded stable with its 6.625% 2035s currently at 95.5 yielding 7.3%.
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