Obbligazioni valute high yield MESSICO, PEMEX e Obbligazioni in pesos (MXN)
- Creatore Discussione Gaudente
- Data di Inizio
Near
Forumer storico
oh ma guarda l'upstream è redditizio nonostante impianti decotti
invece il downstream è in perdita
un cenno di cosa si tratta
Downstream (petrolio) - Wikipedia
m.m.f
Forumer storico
demox000
Forumer attivo
bloomberg.com
Scott Squires, Michael O'Boyle
3-4 minuti
Mexico is studying options to absorb as much as $40 billion in Pemex debt, the equivalent of what will come due in the next presidential term, one of its top finance officials told investors in New York.
The government is considering options that could include repurchasing bonds issued by the heavily indebted state oil firm Petroleos Mexicanos or issuing sovereign debt to fund buyouts, Deputy Finance Minister Gabriel Yorio told investors, according to people who participated in the meeting. The plan would be gradual, to be exercised over the course of the next six years, and any significant operations would require legislative changes, he said at the meeting.
Yorio declined to tell the investors details of the option the government is leaning toward. Other potential paths include removing more taxes and moving to a policy of paying dividends, one of the people said. He also said he expects to be named to a post in the Finance Ministry or at Pemex under the next administration, added the people, who asked not to be identified discussing a private conversation.
Pemex’s $4 billion in outstanding bonds due 2027 slipped about 0.8 cent Wednesday to around 94 cents on the dollar. The company’s longer-dated notes due 2050 trade around 70 cents on the dollar, underscoring investor jitters over how Mexico plans to address the company’s massive debt burden over the long term.
Yorio serves under Finance Minister Rogelio Ramirez de la O, whom presidential frontrunner Claudia Sheinbaum has publicly lobbied to remain in his post as she campaigns to keep the ruling party in power.
A spokesman for Mexico’s Treasury didn’t immediately reply to a request for comment sent after business hours on Wednesday. Pemex also didn’t immediately reply to a request for comment.
Pemex stands as one of the greatest challenges Mexico’s next president will inherit, given the company’s $102 billion debt burden, which has grown so large in recent years that it has hindered market access.
Sheinbaum told Bloomberg last month the government would work toward refinancing Pemex’s debt ahead of large maturities coming due in 2025. While the government has said it would cover the majority of its debt due this year, it has another $6.8 billion in bonds due next year.
Read more: Mexico Presidential Frontrunner Sees Pemex Refinancing Debt
Current President Andres Manuel Lopez Obrador has propped the company up financially in recent years, granting Pemex around $80 billion in support in the form of cash injections and tax breaks since coming to office in 2018. Mexico’s election will be held June 2, with a transition of power at the beginning of October.
Pemex’s oil production has slumped by half from its peak about two decades ago. It’s been plagued by accidents, oil spills and methane leaks as money that could be going to repair aging infrastructure is instead spent on interest payments and unpaid invoices.
Ramirez de la O said this week that Mexico’s government would continue to provide direct financial support to Pemex while it refinances its debt, and that the company and the government would also begin reviewing cost reduction options to shore up the company’s finances.
Read More: Mexico’s Plan for Pemex Debt Refinancing Includes State Help
Pemex Debt: Mexico Weighs Options to Absorb Up to $40 Billion
Scott Squires, Michael O'Boyle
3-4 minuti
Mexico is studying options to absorb as much as $40 billion in Pemex debt, the equivalent of what will come due in the next presidential term, one of its top finance officials told investors in New York.
The government is considering options that could include repurchasing bonds issued by the heavily indebted state oil firm Petroleos Mexicanos or issuing sovereign debt to fund buyouts, Deputy Finance Minister Gabriel Yorio told investors, according to people who participated in the meeting. The plan would be gradual, to be exercised over the course of the next six years, and any significant operations would require legislative changes, he said at the meeting.
Yorio declined to tell the investors details of the option the government is leaning toward. Other potential paths include removing more taxes and moving to a policy of paying dividends, one of the people said. He also said he expects to be named to a post in the Finance Ministry or at Pemex under the next administration, added the people, who asked not to be identified discussing a private conversation.
Pemex’s $4 billion in outstanding bonds due 2027 slipped about 0.8 cent Wednesday to around 94 cents on the dollar. The company’s longer-dated notes due 2050 trade around 70 cents on the dollar, underscoring investor jitters over how Mexico plans to address the company’s massive debt burden over the long term.
Yorio serves under Finance Minister Rogelio Ramirez de la O, whom presidential frontrunner Claudia Sheinbaum has publicly lobbied to remain in his post as she campaigns to keep the ruling party in power.
A spokesman for Mexico’s Treasury didn’t immediately reply to a request for comment sent after business hours on Wednesday. Pemex also didn’t immediately reply to a request for comment.
Pemex stands as one of the greatest challenges Mexico’s next president will inherit, given the company’s $102 billion debt burden, which has grown so large in recent years that it has hindered market access.
Sheinbaum told Bloomberg last month the government would work toward refinancing Pemex’s debt ahead of large maturities coming due in 2025. While the government has said it would cover the majority of its debt due this year, it has another $6.8 billion in bonds due next year.
Read more: Mexico Presidential Frontrunner Sees Pemex Refinancing Debt
Current President Andres Manuel Lopez Obrador has propped the company up financially in recent years, granting Pemex around $80 billion in support in the form of cash injections and tax breaks since coming to office in 2018. Mexico’s election will be held June 2, with a transition of power at the beginning of October.
Pemex’s oil production has slumped by half from its peak about two decades ago. It’s been plagued by accidents, oil spills and methane leaks as money that could be going to repair aging infrastructure is instead spent on interest payments and unpaid invoices.
Ramirez de la O said this week that Mexico’s government would continue to provide direct financial support to Pemex while it refinances its debt, and that the company and the government would also begin reviewing cost reduction options to shore up the company’s finances.
Read More: Mexico’s Plan for Pemex Debt Refinancing Includes State Help
marcob77
Moderator
PEMEX's Dollar Bonds Rally on Mexican Government's Debt Absorption Plans
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.
m.m.f
Forumer storico
...sa molto di propaganda elettorale...ne parlano da anni e,escono ora.
Basta aspettare e,nemmeno troppo.
Lady Gain
Forumer attivo
Per curiosità perché dovrebbe essere una manovra elettorale?
m.m.f
Forumer storico
...sono sotto elezioni o sbaglio?
Magari per prendere piu voti da una certa parte dell'elettorato.Tu che dici? Ci sta? Prometto e non mantengo e' un classico sotto elezioni vedesi in Italia per dirne uno.Qualche pollo che ci casca c'e' sempre.
Lady Gain
Forumer attivo
Quale elettorato dovrebbe indurre a votare Morena dopo questa manovra?
Cosa cambia per il messicano?