Overview
- SHCP said Pemex’s bond buyback closed on Sept. 15 with $12.0 billion in investor participation, including $9.9 billion targeting 2026–2029 maturities.
- Between Sept. 15–16, the treasury sold €5.0 billion in 4-, 8- and 12-year bonds and $8.0 billion in 5-, 7- and 10-year bonds, totaling $13.8 billion equivalent.
- Coupons were set at 3.500%, 4.500% and 5.125% in euros, and 4.750%, 5.375% and 5.625% in dollars, as strong demand compressed spreads by 30 bps in euros and 25 bps in dollars.
- SHCP reported participation from 573 investors and peak demand of $50.64 billion, or 3.65 times the amount placed, citing improved market conditions.
- Fitch upgraded Pemex to BB from B+, and Moody’s to B1 from B3 with a stable outlook, as Hacienda said these moves conclude the recapitalization and refinancing phase alongside pre-capitalized notes and an investment fund.