Pemex has maturities for 8,000 million dollars

This year, Petróleos Mexicanos (Pemex) has debt maturities for 8,000 million dollars, according to the report of the State productive company from September of last year. A large portion of those maturities are in the first quarter of this year.

This Monday, January 30, the Mexican state oil company has a bond for 2,100 million dollars due and another promissory note in the international market denominated in euros matures next March 15, which would reach around 5,000 million. dollars to be paid in the first quarter of this year.

According to the Pemex website, in the debt section, the oil company will face the maturity of five bonds, three of them denominated in US currency and two more in euros.

This Monday a promissory note that pays a rate of 3.5% matures; that of March 15, in euros, pays a premium of 5.13% and that of August 24, in euros, a premium of 1.87 percent. On September 21, another bond matures, in dollars, with a premium of 4.63% and on the first day of December, another promissory note in dollars matures that has an interest rate of 8.63 percent.

In the bond market in pesos, issued on the Mexican Stock Exchange (BMV), Pemex has no maturities this year.

At the beginning of the year, the general director of the Mexican oil company, Octavio Romero Oropeza, reported that they were working with the Ministry of Finance to meet their debt commitments, at least at the start of the year.

In June 2022, to pay debt to suppliers, Pemex sought to issue a bond for 2,000 million dollars, of which it only placed 1,500 million at a rate of 9.25%, which the director of Analysis at Banco Base, Gabriela Siller, described as of “extremely high rate”.

But the Mexican government’s support for Pemex is not new.

In fact, Mexico has been working with the company to improve its financial situation, after it experienced months of stress in recent years as it was considered a speculative asset by the three main global credit rating agencies, with ratings of ‘BB-‘. from Fitch Ratings, ‘B1’ from Moody’s Investors Service and ‘BBB’ from S&P Global.

On the BMV, 18.7% of the long-term debt belongs to Pemex and the Federal Electricity Commission (CFE), being the first and second most indebted companies in Mexico, according to a Banorte report.

44.6% of long-term bonds are issued by 10 companies.

Pemex, CFE, Fovisste, the Instituted Trusts in Relation to Agriculture (FIRA), Coca-Cola Femsa, Fibra Uno and América Móvil, among others, stand out. (With information from Infosel)