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Pemex’s Dollar Bonds Rally as Mexico Mandates Debt Sale to Support the Company
July 23, 2025
Pemex’s dollar bonds traded higher by over 1.5 points after the Mexican government sought to raise between $7-10bn via a debt sale to support the state-owned company. The government said that it was implementing a series of measures to help improve the management’s performance and improve its balance sheet. This bond offering will consist of dollar denominated debt maturing in August 2030, in the form of amortizing pre-capitalized securities (P-Caps), a type of instrument used in asset-backed finance. Once issued, the P-Caps will not be consolidated with the liabilities of Pemex or Mexico but constitute public debt of the Mexican Government.
Pemex’s 6.84% 2030s were up 1.7 points to trade at 97.3, yielding 7.55%. Its 6.625% 2035s were up 1.9 points to trade at 85.4, yielding 8.9%.
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