by bondevalue | Apr 22, 2021 | High Yield Bonds
Mexico’s lower house congress approved President Andres Manuel Lopez Obrador’s (AMLO) reform to the hydrocarbon law that restricts private competition, strengthening state-run oil company Petroleos Mexicanos (Pemex). The vote was approved with 301 in favor vs. 147...
by bondevalue | Mar 29, 2021 | High Yield Bonds
Mexico president Andres Manuel Lopez Obrador (AMLO) sent a bill on Friday to the Mexican Congress, which allows the suspension of permits to private hydrocarbon companies on account of national security, significantly favoring the state oil company Pemex. Considering...
by bondevalue | Mar 11, 2021 | High Yield Bonds
Mexico successfully renegotiated the ethanol contract that was found onerous with Braskem Idesa, a subsidiary of Braskem that is in turn controlled (50.1% voting shares) by Brazilian construction giant Odebrecht. The new contract will generate savings of $667mn for...
by bondevalue | Mar 3, 2021 | Credit Ratings, High Yield Bonds
Mexican state oil company Petroleos Mexicanos (Pemex) has ended its contract with credit ratings agency Fitch Ratings, which will lead to Fitch withdrawing its BB- rating on the company. Fitch was the first of the big three rating agencies to downgrade Pemex to junk...
by bondevalue | Mar 1, 2021 | High Yield Bonds
Pemex reported an annual loss of $23bn, 38.2% wider compared to its 2019 loss, described by CEO Octavio Romero as the “worst crisis” in its history. Industrial transformation losses contributed to 45.6% of the overall loss and exploration, and production losses...
