Mexican state owned Petroleos Mexicanos (Pemex) named its risk management chief Antonio Lopez Velarde as the new Chief Financial Officer (CFO), replacing Alberto Velazquez Garcia. Yesterday, Lopez started the position in an interim capacity, but there is no certainty that he will remain in the job. Former CFO Velazquez will run the newly created Pemex subsidiary that will offer petroleum products, gas and petrochemicals to the domestic market with the aim of gaining a larger share. Pemex stated that the new subsidiary would not lead to higher costs for the company. Alejandra Leon, Latin America upstream director at IHS Markit said, “The decisions being taken at Pemex are now coming from the finance ministry and the presidency.”

Pemex’s USD bonds were up with its 5.625% 2046s up 2.14 points to 77.671, yielding 7.67%.

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