Mexico Announces Debt Issuance to Support PEMEX Liquidity

The Ministry of Finance and Public Credit (SHCP) announced it will issue Pre-Capitalized Notes to strengthen PEMEX’s financial position and address its short-term obligations. This operation is part of an integral financial strategy for PEMEX, aimed at improving liquidity, optimizing debt maturity profiles, reducing liabilities, and lowering financial costs. The SHCP noted that this operation does not constitute a guarantee to PEMEX.

According to Bloomberg, Mexico aims to raise between US$7 billion and US$10 billion through this debt sale to increase resources for the state oil company. The offering will consist of dollar-denominated debt maturing in August 2030, structured as Pre-Capitalized Amortizing Securities (P-Caps), a form of asset-backed financing.

The SHCP shared its commitment to continuous communication through an exclusive information channel, ensuring transparency and certainty in implementing these measures. It also highlighted prudent management of public finances toward strengthening state-productive enterprises as drivers of national development. The operation complies with Mexico's Federal Public Debt Law, the Federation's Revenue Law, and falls within the borrowing limits authorized by the Union Congress for the 2025 fiscal year, as well as the Law of the State Productive Enterprise, Petróleos Mexicanos.