The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Pemex could receive $7 billion to pay ballooning debt

Pubdate:2019-03-25 10:35 Source:liyanping Click:

MEXICO CITY (Bloomberg) -- Bankers in Guayaberas huddled in Acapulco to roll out a new online payment system and to pledge financial inclusion. But all anyone could talk about in the corridors was the nation’s ailing oil company, Pemex, and a new plan to try and save it.

It began with news reports that Mexico would dip into a stabilization fund to pay some Pemex debt. Then Deputy Finance Minister Arturo Herrera told Bloomberg News this would give the state-owned oil producer as much as $7 billion to face debt obligations over the next year and a half.

Central bank Governor Alejandro Diaz de Leon was bombarded with questions from media about the fund story, which graced the front pages of financial newspapers Friday, and it was followed by research notes from banks. The new payment system known as CoDi became second-tier news. Diaz de Leon chose to respectfully deflect reporters’ queries until more details were on hand, which are expected in about two weeks. He told Bloomberg News he’s looking for "sustainable" solutions to Pemex’s ballooning debt load.

Finally, Finance Minister Carlos Urzua explained that he’ll seek to change the law so that the Oil Revenue Stabilization Fund can be used to prevent Pemex from having to go to market to refinance its debt this year at high costs. Bond yields have soared following a two-level credit downgrade by Fitch Ratings in January as the oil major’s debt load hit $108 billion.

Click here to read more about Pemex's problems.

Read about AMLO's efforts to save Pemex

‘Isn’t the best’

This could mean using $6 billion to $7 billion from the fund, Urzua said, although the plan is still being considered. After all, if rescue announcements themselves help Pemex bonds, refinancing might end up being more doable this year. Longer term, Urzua said Pemex must produce a credible business plan, which he expects late in April or early May.

"Pemex must show that it really has a very robust business plan in the mid- and long-term," Urzua said. "At this point, the risk perception that global investors have about Pemex isn’t the best," he said.

The reaction to the plan has been mixed. Banorte said in a research note that using the fund known as FEIP will help generate confidence among public investors and the $7 billion would cover 73% of 2019 maturities. JPMorgan Chase & Co. wrote it represents a longer-term aid for the company but implications for Pemex’s credit ratings remains uncertain.

While it may delay downgrades "we do not believe that this support is sufficient to justify a re-notching of Pemex ratings higher relative to the sovereign at either Fitch or Moody’s," JPMorgan writes. "It is insufficient to allow for further investment in upstream capex to maintenance levels, appears to be a one-off capital injection or liquidity boost rather than a structural reduction in the onerous government take, and does not increase confidence therefore that production declines may stabilize."

Yields fell on Pemex dollar bonds due in 2027 to as low as 6.20%, the lowest in five months

主站蜘蛛池模板: 麻豆国产精品va在线观看不卡 | 三级黄在线观看| 青娱乐在线视频盛宴| 曰韩无码二三区中文字幕| 国产欧美综合一区二区| 亚洲图片欧美日韩| 天堂在线最新资源| 欧美午夜在线视频| 国产精品igao视频网| 亚洲av中文无码乱人伦在线观看| 青青操在线免费观看| 欧洲熟妇色xxxx欧美老妇| 国产欧美综合一区二区三区| 久久综合九色综合欧美就去吻| 91秦先生在线| 日本在线观看www| 回复术士的重来人生第一季樱花动漫| 中文字幕日韩亚洲| 精品深夜av无码一区二区老年 | www.日本高清| 波多野结衣家庭教师奇优| 国产色秀视频在线观看| 亚洲导航深夜福利| 日本片免费观看一区二区| 日韩美女hd高清电影| 国产乱码一区二区三区| 中文字幕亚洲一区二区三区| 精品xxxxxbbbb欧美中文| 夜里18款禁用的视频软件| 亚洲激情视频在线观看| 最近中文字幕更新8| 日韩电影中文字幕在线网站| 国产三级在线免费| 一级欧美一级日韩片| 爱情岛论坛亚洲品质自拍视频网站| 国产裸体舞一区二区三区| 亚洲av无码久久寂寞少妇| 蜜臀av无码精品人妻色欲| 婷婷色天使在线视频观看| 亚洲男女内射在线播放| 欧美性另类高清极品|