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Pemex reported a profit in its Q4 results with a net income of MXN 106.9bn ($6.3bn) as compared to a loss of MXN 79.13bn ($4.6bn) in the previous quarter. The company has received about MXN 870bn ($51bn) in capital injections from the government since 2019 alongside tax breaks of nearly MXN 500bn ($29.3bn). Earlier this month, the government granted Pemex $4.1bn in tax relief. The company has about $8.8bn in debt payments due in 2024 and while the Mexican President AMLO has hinted at covering a majority of those payments, no plan has been detailed on how to reduce Pemex’s debt burden over the long-term.
Pemex’s 5.35% 2028s were trading stable at 87, yielding 9.35%.
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