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Saturday, October 10, 2020

Pemex Issues $1.5 Billion Bond To Refinance Massive Debt -- October 10, 2020

Link here.

  • first time since receiving a BBB- rating, Pemex raises new debt
    • 6.875% coupon
    • $10 billion bid for the bond
  • already the most-indebted energy company in the world
    • $100 billion in debt prior to this new bond
  • despite efforts by AMLO to ameliorate debt crisis
    • Pemex given tax relief
    • reversal of liberalization measures taken by the previous government
  • hope springs eternal
    • bond substantially oversubscribed
  • production:
    • previous forecast: 2.027 million bpd
    • new forecast: 1.857 million bpd on average
    • most recent: 1.692 million bpd -- much below its forecast for the year
    • will have to have spectacular months going forward to get back to forecast average

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