Ministry of Finance Plans Third Debt Rescue for PEMEX

The Ministry of Finance will launch a third financial support package for state oil company PEMEX aimed at refinancing market debt under more favorable terms, Deputy Minister of Finance María del Carmen Bonilla Rodríguez told lawmakers ahead of the confirmation.

Bonilla said the first measure underway is an “optimization” to reduce financing costs and pay down expensive debt, including pre-capitalized bonds backed by assets. The second step, announced with development banks, is to guarantee PEMEX’s capital expenditure to sustain production targets and advance new projects in its 2025–2035 plan.

A third measure, focused on market debt amortizations, will be unveiled later, she said, reiterating that President Claudia Sheinbaum and Finance Minister Rogelio Ramírez de la O expect the strategy to drive a reduction in PEMEX’s overall debt.

Bonilla stressed that asset-backed debt is not direct debt, noting that any potential contingency is unlikely according to market ratings agencies. She pointed to the NOC’s credit default swap trading at its lowest level in six years as a sign of improving perceptions.

Reducing the cost gap between federal borrowing rates, around 5.5%, and PEMEX’s previous rates of 9.5–10% is key, she said, freeing resources for working capital and investment.