Overview
- SHCP said Pemex’s bond tender closed on September 15 with $12.0 billion in investor participation, including $9.9 billion focused on 2026–2029 maturities.
- Between September 15 and 16, the government placed €5.0 billion across 4, 8 and 12 years and $8.0 billion at 5, 7 and 10 years, with euro coupons of 3.50%, 4.50% and 5.125% and dollar coupons of 4.75%, 5.375% and 5.625%.
- Pricing tightened versus initial indications by about 30 basis points on the euro tranches and roughly 25 basis points on the dollar tranches.
- The three operations drew orders from 573 investors with peak demand of $50.64 billion equivalent, or about 3.65 times the amount sold.
- Hacienda said these steps complement pre‑capitalized notes and an investment fund, conclude the refinancing phase, and coincide with upgrades by Fitch to BB and Moody’s to B1 and a fall in Pemex 10‑year yields from 9.19% to 6.97%, while a capital contribution equal to the market placements is planned to help smooth maturities.