After the announcement by the President of Mexico, Andrés Manuel López Obrador about the government’s support for Petróleos Mexicanos (Pemex), the bonds issued by the oil company rose in price on the international market.
Andrés Manuel López Obrador reiterated on Friday that his government will continue to financially “support” the state oil company, when asked about the company’s heavy pending debt repayments for 2023.
This Friday, January 27, the notes with effect on January 23, 2043 increased 3.96%, to 65.44 dollars.
For its part, the paper that matures on September 21, 2047 went from 69.19 to 71 dollars, an increase of 3.71 percent.
Pemex bonds with a term of January 23, 2045 increased 3.17%, to 69 dollars from the previous 66.90 dollars. While those expiring on February 12, 2048 rose 2.97%, to 68.20 dollars.
One effective June 27, 2044 advanced 2.44% to $65.01. Another issue due June 2, 2041 rose 1.19% to $71.50 from $70.40 the previous day.
The increase in bonds may be explained by the support that it will continue to receive from the government and because investors, knowing that Pemex is going to issue more debt, do so at a higher rate, so they look for this to be reflected in the prices that are already in place. the market,” said Luis Gonzali, vice president and co-chief investment officer at Franklin Templeton.
In 2021, the oil company received contributions from the federal government to pay its debt amortizations for 129,336 million pesos.
Luis Gonzali said that “the support that the federal government is going to give Pemex is nothing new. We know that it will have it until 2024. The question is what will happen after that year when the federal administration changes.
Although there is no date on when the plan will be presented, the president said that support for the oil company could include tax cuts, as has already been done during his administration. He would also contemplate transferring Pemex’s liabilities to sovereign debt because the interest rate on the loans is lower in the latter case.
