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The Mexican government said that it has cut Pemex’s debt burden by $3.2bn. According to a statement from the Finance Ministry, the government swapped debt that was expiring soon for a new bond with a 10Y maturity, while also refinancing some medium maturity debt that was cheap. The ministry said that the operation will reduce financial pressure on Pemex by $10.5bn between 2024 and 2030. However it said that the refinancing would not reduce the fiscal budget. Bloomberg notes that the government contributed $3.5bn to the operation, which helped narrow the spread to sovereign bonds by 50 basis points, reducing Pemex’s annual financial costs by $180 million.

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