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Bond Market News
Pemex Signs $1.99bn Deal with Carlos Slim’s Grupo Carso
October 2, 2025
Pemex has signed a $1.99bn deal with Grupo Carso, controlled by Mexican billionaire Carlos Slim, to finance the drilling of up to 32 onshore wells at the Ixachi field in Veracruz, one of Mexico’s top natural gas reserves. The three-year project aims to significantly boost oil and gas production in the region, where 28 wells already produce around 93,000 barrels of oil and 715 million cubic feet of gas per day. Under the agreement, Pemex will make monthly payments for each well delivered, starting in January 2027. The deal aligns with government efforts, led by President Claudia Sheinbaum, to attract private investment to the indebted state oil company and enhance Mexico’s energy self-sufficiency.
Pemex’s dollar bonds traded with a slight positive bias, with its 6.625% 2035s currently at 95.5, yielding 7.27%
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