PEMEX Returns to BMV With MX$31.5 Billion Bond Sale

Petróleos Mexicanos (PEMEX) is set to return to the Mexican Stock Exchange (BMV) this week, marking its first local debt issuance since 2019. The state-owned oil company will place three bond tranches totaling MX$31.5 billion (US$1.83 billion), part of a broader MX$75.5 billion corporate debt wave projected for 1Q26.

The issuance includes the PEMEX 26, PEMEX 26-2, and PEMEX 26U instruments. The PEMEX 26 bond has a 5.2-year term, a monthly variable coupon rate and a bullet principal repayment at maturity. The PEMEX 26-2 bond, also peso-denominated, offers a semiannual coupon and an 8.5-year maturity. The third tranche, PEMEX 26U, is denominated in inflation-linked Investment Units (Udis), carries a 10.5-year maturity and pays a fixed real semiannual coupon.

S&P Global Ratings assigned an "mxAAA" rating on the national scale to the unsecured certificates. PEMEX said the proceeds will be transferred to its treasury to refinance financial liabilities maturing this year.

PEMEX Highlights Strategic Projects

PEMEX also announced a targeted investment of MX$38 billion ($2.2 billion) for 2026 to reinforce strategic assets in Tamaulipas and the Gulf of Mexico, as previously reported by MBN. The plan forms part of the company’s Strategic Plan 2025–2035, aimed at reversing long-term production declines and advancing energy sovereignty under President Claudia Sheinbaum’s administration.

The capital will support development of the ultra-deepwater Trion project and expand activity in the Burgos Basin. Trion, located in the Perdido Fold Belt, is a greenfield development operated in partnership with Australia’s Woodside Energy. The Burgos Basin remains one of Mexico’s largest onshore natural gas-producing regions and is considered critical to reducing dependence on pipeline imports from the United States.

PEMEX Director General Víctor Rodríguez said the 2026 roadmap is designed to counteract structural declines in hydrocarbon output. The company is targeting liquids production of 1.794 million barrels per day (MMb/d) in 2026, up from an average of 1.635 MMb/d at the end of 2025. The production objective aligns with efforts to supply the national refining system, including the Olmeca refinery in Dos Bocas.

A central element of the revised strategy is a mixed-contract framework that allows PEMEX to retain majority control while incorporating private capital and technical expertise. The company plans to expand this model to as many as 21 agreements.

Corporate Debt Market Trends

The PEMEX placement contributes to a rebound in the local debt market after a slow January. Gerardo Valle Trujillo, deputy director of corporate debt, Banorte, said projected first-quarter placements represent a 129% year-over-year increase, according to El Economista.

BMV data show that outstanding medium- and long-term corporate debt reached MX$1.35 trillion at the end of January 2026. The market includes securities issued by private corporations, infrastructure projects, states and government entities.

Market concentration remains elevated, with 10 issuers accounting for 38.7% of total long-term local debt. The Federal Electricity Commission (CFE) holds the largest share at 10.25%, with MX$138.18 billion outstanding. Other major issuers include FIRA with MX$56.5 billion, Grupo Bimbo with MX$48 billion and Fovissste with MX$45.23 billion. Infrastructure-related issuances account for 18.4% of the total market.

Banorte analysts noted continued investor preference for variable-rate instruments, which represented 54.4% of total issuance volume last year. That trend is expected to continue in 2026 as markets anticipate a terminal interest rate of around 6.5% in the first half of the year.

Equity Market Performance

The expansion of the debt market coincides with record levels in Mexican equity markets. The S&P/BMV IPC rose 0.99% to close at 71,509.45 points, while the FTSE BIVA advanced 0.82% to 1,415.40, marking a third consecutive session of gains amid the ongoing corporate earnings season.

Among the top performers were Cemex, up 4.28%, Gentera, which gained 4.09%, and Orbia Advance, which rose 3.71%. The parallel strength in debt and equity markets reflects heightened activity across Mexico’s financial and industrial sectors.