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’s Dollar Bonds Inch Lower Amid Responding to Oil Spill in Gulf of Mexico
July 19, 2023
Pemex’s dollar bonds inched lower by over 1 point as it currently addresses an oil leak in the Gulf of Mexico near the area where a deadly explosion occurred earlier this month. The oil leak was first detected on July 4, mere days before the fateful explosion occurred. The oil spill covered an area of about 400 sq. km earlier this month and could have grown to about two-thirds the size of Mexico City, according to scientist Guillermo Tamburini Beliveau. However, Pemex responded to the allegations by saying that the oil spill was smaller than estimated and most of the oil was immediately recovered with the leak now under control. Nevertheless, experts have raised concerns over the leak, which was bigger and lasting much longer than usual. Pemex has had a long history of accidents and explosions at its facilities, with half of its refineries catching fire in the second half of May alone. The company was also recently downgraded by Fitch as a result of “continued weak operational performance” stemming from a slew of accidents since February.
Pemex’s dollar bonds have ticked lower since the start of the week. In particular, its 6.5% 2027s fell by 1.4 points to currently trade at 88.9 cents on the dollar, yielding 10.2%.
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.