Overview

• Pemex opened a tender to repurchase up to $9.9 billion across 11 dollar and euro bond series maturing between 2026 and 2029.
• Holders who tender by September 15 receive a $30 or €30 early premium per $1,000 or €1,000 of principal, with the offer expiring at 17:00 New York time on September 30.
• Securities tendered may be withdrawn until 17:00 New York time on September 15, and accepted holders will also be paid accrued interest.
• The repurchase is funded with proceeds from the SHCP’s July issuance of $12 billion in five‑year pre‑capitalized notes as part of a broader refinancing plan.
• Pemex carries about $98.8 billion of financial debt with large maturities approaching, including $5.1 billion due in 2025 and $18.7 billion in 2026, factors that continue to weigh on liquidity.