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Bond Market News
Pemex Reports $9.4bn Q4 Loss With Renewed Concerns on Debt Payments
February 28, 2023
Pemex reported a loss of $9.4bn in its 4Q 2022 results vs. a $2.5bn loss in the quarter prior to it. This comes at a time when concerns are rising regarding the petroleum major’s ability to pay off its debts due this year. “We are addressing our upcoming maturities with a three-component strategy. One is an orderly return to the market” Jose Alberto Jimenez, Pemex’s associate MD of finance. Pemex has $10bn in bond payments and amortizations due in 2023 of which $5.5-6bn are due in Q1 alone. The Mexican government initially said that Pemex would have to refinance its dues on its own without state support, but later retracted on it. As per Bloomberg, Pemex is in talks with Goldman Sachs and JPMorgan Chase for raising least $1bn in collateralized debt, following its $2bn 10Y bond issuance in January at a yield of 10.375%.
Pemex’s dollar bonds were trading stable with its 10% 2033s at 97.28, yielding 10.45%.
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