Overview
- The Treasury will close the off-balance issuance of $7–10 billion in pre-capitalized notes through Luxembourg SPV EFL I by July 28, transferring the liability to public debt.
- JP Morgan serves as sole advisor with BofA Securities and Citigroup as joint bookrunners on the deal.
- The notes mature in August 2030 and carry scheduled amortizations of about 14% in 2027, 43.5% in 2028, 14% in 2029 and 28.5% in 2030.
- Following the announcement, Pemex bond prices recovered and five-year credit-default swaps tightened, and Fitch Ratings placed the company on Rating Watch Positive.
- S&P Global Ratings and energy analysts warn the injection covers only 7–10% of Pemex’s financial debt and will not resolve its ongoing cash-flow deficits or deep-rooted operational challenges.