Pemex reduced debt by $3.2 billion, with support from SHCP

This Sunday the Ministry of Finance and Public Credit (SHCP), reported that it completed the process of refinancing the short-term debt of Petróleos Mexicanos (Pemex), in a coordinated operation that is considered by analysts as a success. Through a statement, the agency reported that this process had 3,500 million dollars contributed by the federal government to enhance the refinancing of the short-term maturities of Pemex.La SHCP explained that the refinancing of the debt was focused on exchanging maturity bonds in the short term for a new ten-year bond, In addition, part of the resources were used to buy back bonds that were at a lower price and with a maturity in the medium term”It was possible to compress the rate differential that Pemex paid on the sovereign rate by 50 basis points, which achieved a reduction in the financial cost by 180 million dollars per year,” the statement said. It was added that thanks to this transaction it was possible to reduce the financial cost of the public sector and the market debt of Pemex, at the time that the debt of the state company decreased by 3,200 million dollars and reduced its financial pressure, between 2024 and 2030, by 10,500 million dollars. Read more: Cannabis Law to be debated in next regular session: Mancera “The resources of the federal government used in this operation do not jeopardize the execution of public spending or imply any budget cuts. The instruction of the President of Mexico is to support the oil company, which belongs to all Mexicans, and at the same time keep public finances healthy and public debt under control,” the statement concluded.



Original source in Spanish