PEMEX Launches US$9.9 Billion Bond Buyback for 2026–2029 Debt

PEMEX has opened a repurchase program of up to US$9.9 billion in bonds as part of efforts to manage its heavy debt burden. The state-owned oil company says that the offer applies to securities maturing between 2026 and 2029 and will run until Sept. 30.

The operation includes 11 bond series issued in both US dollars and euros. Investors who tender notes accepted in the transaction will also receive payment for interest accrued but not yet settled. By retiring part of its outstanding debt early, PEMEX aims to reduce upcoming repayment pressures and extend financial flexibility.

PEMEX is considered one of the most indebted energy companies worldwide. According to Reuters, the firm has consistently relied on federal backing to meet payment deadlines, and the government has committed to a strategy intended to bring the company to financial self-sufficiency by 2027. The buyback is one of several tools being used to stabilize the balance sheet while addressing looming maturities.

The company’s financial liabilities stand near US$99 billion, with an additional US$23 billion owed to suppliers. Its repayment schedule includes US$5.1 billion falling due in 2025, US$18.7 billion in 2026, and US$7.7 billion in 2027. By reducing obligations within this timeframe, PEMEX and the government seek to ease short-term refinancing risks.

The outcome of the bond repurchase is expected to provide a clearer signal of how the company plans to manage liabilities without intensifying pressure on public finances. The federal administration has signaled that further financial measures may follow to support PEMEX’s turnaround goals.