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Bond Market News
Pemex’s Dollar Bonds Rally Amid Payment of Supplier Debts by March
January 16, 2025
Pemex’s dollar bonds were up by over 1.3 points across the curve. Mexican President Claudia Sheinbaum said that she expects Pemex’s debt due to suppliers to be paid-off in March. Late last year, Pemex’s CEO Victor Rodriguez said that Mexico’s Finance Ministry was preparing to collaborate with a consortium of banks to help the company manage its debts owed to suppliers. He stated that while Pemex has a debt ceiling, it cannot use it due to high costs. At the time, analysts noted that Pemex’s payments backlog to suppliers which exceeds $20bn (as per some estimates) may be cleared and be borne by the sovereign’s balance sheet. In 2024, Pemex paid $13.2bn to its suppliers. The state-owned company is separately expected to receive MXN 136bn ($6.7bn) in budgetary support via a cash transfer from the government for 2025.
Pemex’s 5.95% 2031s were higher by 1.3 points to trade at 84.9 cents on the dollar, yielding 9.28%.
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