Pemex provides relief, not solution on tough day

Pemex Refinery
By Oliver West
14 May 2019

Mexican state-owned oil company Petróleos Mexicanos (Pemex) was the highlight of a difficult start to the week for Latin American bonds. But though news of a new $8bn loan allowed it to outperform the market, analysts warned its troubles were far from over.

President Andrés Manuel López Obrador (Amlo) announced early on Monday that Pemex had signed a $8bn five year loan underwritten by HSBC, JP Morgan and Mizuho, with the banks planning to syndicate the deal to local and international lenders.

As US-China trade war fears again triggered ...

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