Overview

• Pemex opened a cash offer to repurchase up to $9.9 billion across 11 dollar- and euro‑denominated bond series maturing from 2026 to 2029, with the offer expiring on September 30.
• Holders who tender by September 15 receive an early premium of $30 or €30 per $1,000/€1,000, with accepted bonds also paid accrued interest.
• Proceeds come from the SHCP’s $12 billion P‑Caps issued in July, an operation that drew $23 billion in demand from 295 investors.
• Repurchases will follow a stated priority by maturity and amount, beginning with the 4.50% notes due 2026, as Pemex seeks to reduce heavy near‑term obligations including $18.7 billion due in 2026.
• Fitch upgraded Pemex to BB on improved liquidity access, while S&P said the buyback does not change its rating in the short term but reinforces expectations of ongoing government support under the strategic plan.