SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Mexican state-owned Petroleos Mexicanos (Pemex) cancelled three contracts with Vitol after the company refused Pemex’s proposed amendments to terms. In March 2021, Pemex sought to renegotiate contracts with Vitol following the company’s bribery scandal, which involved Pemex and Petroecuador. Amongst the contracts that were cancelled are deals for butane gas, naptha and propane gas. The value of the cancelled contracts due until 2023 remains unknown. According to Reuters, Vitol acknowledged responsibility. “Vitol acknowledged Pemex’s concerns, and over several months senior officials at both Vitol and Pemex sought to negotiate a resolution acceptable to both parties”, said Vitol. The company also added, “although the discussions did not lead to an agreement between the companies, Vitol remains open to continuing its dialogue with Pemex officials and working toward a mutually beneficial solution.”

Pemex´s dollar bonds were stable with its 6.875% 2026s trading at 111.092, yielding 4.32%

For the full story, click here

Show Buttons
Hide Buttons