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Bond Market News
Pemex’s Dollar Bonds Continue to Inch Higher
September 8, 2023
Pemex’s dollar bonds inched higher by 0.5-1.5 points across the curve. The move comes after news that Pemex is set to receive a budget allocation from the Mexican government for its amortization payments in 2024 totaling about $11bn. This is the first time the government has allocated money in the budget for Pemex in advance. Separately, Mexico’s main opposition presidential candidate Xochitl Galvez called sweeping reforms of Pemex, in an attempt to open the energy sector to private investment and supercharging renewables. However, she did not commit to privatizing the company. She further criticized current Mexican President AMLO for throwing money at Pemex and building a mega-refinery that saw large cost overruns and delays.
Pemex’s 6.7% 2032s rallied by 1.5 points to 76.8, yielding 10.99%.
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