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Bond Market News
PEMEX’s Dollar Bonds Rally on Mexican Government’s Debt Absorption Plans
May 10, 2024
PEMEX’s dollar bonds rallied by 1-2 points across the curve after the Mexican government was said to be looking at options to absorb $40bn of PEMEX’s debt. The options include repurchasing bonds of PEMEX or issuing sovereign debt to fund buyouts, as per Deputy Finance Minister Gabriel Yorio. He said that the plan would be gradual and would be exercised over the course of the next six years. Other options include removing more taxes and a possible policy of paying dividends, a source said. While it is a positive step in PEMEX’s favor, some analysts note that the absorption of its debt into the government’s balance sheet would deteriorate Mexico’s fiscal outlook.
PEMEX’s 10% 2033s and 5.95% 2031s jumped higher by 2.8 and 2.4 points to trade at 101.5 and 82.1, yielding 9.73% and 9.63% respectively.
PEMEX’s 10% 2033s and 5.95% 2031s have recently been added on BondbloX and are available for trading.
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