by Amruth Sundarkumar | Jul 29, 2022 | Corporates, High Yield Bonds
Pemex posted a 9x growth in net income from MXN 131bn ($6.5bn) in Q2 2022 from MXN 14.4bn ($0.7bn) one year prior, on strong revenues of MXN 655bn ($32.3bn), up 88.6% YoY. Domestic and export revenues both improved significantly by 89.2% and 88.5% respectively from...
by Amruth Sundarkumar | Jul 20, 2022 | Corporates, High Yield Bonds
Suppliers of Pemex are incurring losses upon selling their holdings of Pemex’s swapped/refinancing bonds. In June, Pemex refinanced its debts owed to suppliers via the issuance of new 8.75% bonds due 2029 instead of paying cash. This was done because Pemex was...
by Amruth Sundarkumar | Jul 12, 2022 | Credit Ratings, Sovereign Bonds, Sovereigns
Mexico was downgraded to Baa2 from Baa1 by Moody’s on the back of weak economic and fiscal trends which are expected to undermine Mexico’s overall credit profile. The weakening trends would align it with that of Baa2-rated peers, they said. Moody’s...
by Amruth Sundarkumar | Jun 23, 2022 | Corporates, High Yield Bonds
Mexican state oil company Pemex’s flagship oil refinery project (known as Olmeca) cost has more than doubled since 2019 to $18bn. The projected, budgeted at $8bn in 2019 is due to open a week from now and has significantly overshot the budget. As per sources,...
by Amruth Sundarkumar | Jun 2, 2022 | Corporates, High Yield Bonds
Mexican state oil company Pemex received more than $13bn from January to May 2022 for the crude oil it sold in international markets. The amount received was around $5.4bn more than budgeted for the same period, thanks to oil prices rallying above 45% YTD. Pemex’s...
