Overview

• On July 14, Pemex filed with the BMV and CNBV to list its $3.777 billion PEM0131 bond due 2031 at a 5.95% coupon on the SIC, with trading slated to begin July 17.
• The bond was originally issued in January 2020 under a Medium-Term Note program on the Luxembourg Stock Exchange alongside a 2060 issue.
• Proceeds from the SIC listing will be used to liquidate, repurchase and refinance Pemex’s existing debt obligations.
• Pemex’s total financial debt topped 2 trillion pesos in early 2025, increasing pressure ahead of significant 2026 maturities.
• Rated B3 by Moody’s and B+ by Fitch, Pemex is relying on S&P Global’s BBB rating while courting domestic investors who may accept higher-yield state debt.