P-cap for Pemex as SSAs zero in and insurers prep to print

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P-cap for Pemex as SSAs zero in and insurers prep to print

◆ Mexico throws Pemex innovative debt lifeline ◆ Callable ZCs in vogue for public sector issuers ◆ Why ECB regs update will drive insurance capital issuance

WASHINGTON, DC - APRIL 29: A New Era Pirates baseball hat cap with the yellow P Pirates logo sits on a baseball glove on the dugout bench during the Pittsburgh Pirates versus Washington Nationals MLB game 2 at Nationals Park on April 29, 2023 in Washingto

Pemex, Mexico's state-owned energy company, is a storied bond issuer. But lately it has been in a spot of bother. We explain what has been going and what an innovative bit of financing organised by the Mexican government this week — a P-cap — will do to ease the company's debt burden.

Meanwhile, a particular group of investors is buying callable structured notes from public sector bond issuers. We reveal who, the market forces driving this trend and what's in it for the investors, issuers and the banks that put them together.

We also discuss the ECB's latest regulatory update on what is known as the Danish Compromise. The guidance on this piece of regulation that governs how banks treat the capital of the insurance companies that they own is likely to lead to more issuance. Insurance capital is a small, specialist but popular asset class. We debate whether this will be its lift-off moment.

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