This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Pemex Will Not Be Privatized, Says Presidential Nominee; Govt to Inject $8.25bn as per Draft Budget
September 11, 2023
Pemex received a boost after the Presidential nominee Xochitl Galvez voiced out that she will not privatize the company if she takes office. She said, “Pemex isn’t going to be privatized, it’s going to be modernized”. This comes after the current President AMLO said that Galvez will privatize Pemex. Galvez on Thursday said that she would undertake a sweeping reform of Pemex if elected, and open the energy sector to private investment and supercharging renewables. Galvez said that Pemex can take advantage of the capacity of its engineers to source energy from natural resources such as white or green hydrogen and move towards cleaner energy.
Separately, according to a draft budget, Pemex’s overall budget allocation by the government will be cut by 36% from 2023 levels. The allocation includes a new capital injection of MXN 145bn ($8.25bn). The ministry said that the capital injection is subject to Pemex maintaining “moderate indebtedness”. The draft also includes a tax cut for Pemex, lowering its profit sharing tax rate to 35% from 40% next year.
Pemex’s dollar bonds were steady with its 6.7% 2032s at 76.99, yielding 10.95%.
For more details, click here
Go back to Latest bond Market News
Related Posts:
Mexico To Begin Refinancing Pemex Debt with IMF Reserves
September 7, 2021
Mexico Cuts Pemex’s Debt Burden by $3.2bn
January 10, 2022
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.