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Pemex’s Tax to Be Simplified at 30% as Mexico Plans for the Company to Not Tap Markets to Fix Debt
November 14, 2024
Mexico is working to address Pemex’s $97.3bn debt burden without relying on debt markets in the short-term. The government revealed plans to simplify Pemex’s tax obligations, from three separate duties to a single 30% general tax starting next year. While Pemex’s debt refinancing is not currently planned, Mexican President Claudia Sheinbaum has not ruled it out in the future. It is expected that Mexico’s 2025 budget may allocate significant funds of about $6bn to support Pemex, as per sources citing a draft budget.
Pemex’s dollar bonds were trading broadly positive, with its 9.5% 2027s up 1.6 points to 100.5, yielding 9.3%.
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