Mexico places $ 12,000 million in bonds to help Pemex

The Government of Mexico has completed the International Debt issuance for $ 12,000 million to refloat Pemex’s finances, the most indebted oil company in the world. The federal agency has reported that the placement of pre -capitized notes, expiring in 2030, is the second largest structured bonds in history in a single section. The operation was carried out through the Eagle Funding Luxco investment vehicle. “During the placement process, a total demand of $ 23.4 billion was received, from 295 institutional investors globally, which represents almost double the amount finally assigned,” he said. The Government of Mexico issued the debt, through the aforementioned trust. The resources obtained will be used to acquire Treasury bonds from the United States and the value of those bonds will be given to Pemex.

The market received this placement with great appetite. This high interest, said Treasury, allowed them to increase the original amount of 10,000 million dollars to 12,000 million and reduce the differential on the United States Treasury bond of 200 base points to 170 base points. Thus, the fixed coupon rate of the instrument was 5.5% per year. “This decision reflects market confidence in the macroeconomic solidity of the country and in the credit quality of the issuer. The resources captured will be used to pay financial obligations and amortizations and debt interest in 2025 and 2026 of Pemex,” added the federal agency under Edgar Amador Zamora.

Sheinbaum has given a new lifeguard to Pemex, through this sophisticated financial scaffolding. The precapitalized notes are a mechanism to finance debt, which is outside the balance of the company until it requires it, giving a greater margin of maneuver to the oil company. Through this instrument, Pemex managed to obtain debt in dollars at a much more competitive rate than if it had issued it directly. The operation will be incorporated into the historical balance of the financial requirements of the public sector, in accordance with the guidelines established by the Federal Budget Law and Fiscal Responsibility and the Federal Public Debt Law.

The millionaire debt placement in favor of Pemex lands in a crucial week for the parastatal. The oil company reported profits during the second quarter of the year, after months in losses, as well as a reduction in its total financial debt, which went from 101 billion dollars to 98.8 billion dollars. In addition, President Sheinbaum is expected to announce her company’s comprehensive sanitation proposal.

Since its administration started, the president has taken a 180 -degree turn to Pemex’s financial and operational management, although the company received the last six -year term more than one billion pesos from the federal government, it failed to shake the ballast of its financial and operational debts. This year, it must cover short -term debt for more than 5,000 million dollars, plus the debt of almost 23,000 million dollars to its suppliers. In the operational trench, the objective of this six -year period is to raise the oil production of 1.6 million barrels per day to 1.8 million barrels per day of crude oil. To achieve this, the Executive has opened the door to mixed projects with private. In his most recent report to investors, Pemex announced at least 11 projects under this model with 28 companies interested in participating.