MEXICO: Pemex Financial Strategy Includes State Support
Feb-27 16:28
- "MEXICO'S PEMEX REPORTS Q4 NET LOSS OF 190.47 BLN PESOS" (Reuters)
- Recapping some of the more pertinent headlines regarding Pemex
- Company reorganization to be finished in next weeks
- Pemex financial strategy includes state support
- Pemex official says financial situation and production levels are challenging
- CFO says management is working with finance and energy ministries to bring down debt, pay provider
- Pemex reports debt with providers was at 506.2 bln pesos at end-q4 2024 (Reuters)
- Pemex to accelerate payments to suppliers in next months (BBG)
- Pemex says $7.8 bln debt payments are due in 2025, $14.8 bln in 2026 (Reuters)
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EGB SYNDICATION: Austria dual-tranche: Priced
Jan-28 16:22
New 10-year Feb-35 RAGB
- Reoffer price 99.596 to yield 2.997%.
- Spread set earlier at MS+48bps (guidance was MS+51bps area)
- Size: E5bln inc E250mln retained (MNI expected E4.5-5.0bln including E250-500mln retention)
- Books closed in excess of E35bln (inc E3.15bln JLM interest)
- HR 98% vs 2.50% Feb-35 Bund +43.7bps (ref: 99.470 / 2.560%)
- Maturity: 20 February 2035
- Coupon: 2.95% Long first
- ISIN: AT0000A3HU25
1.85% May-49 Green RAGB tap
- Reoffer price 77.575 to yield 3.19%
- Spread set at MS+78bps (guidance was MS+80bps area)
- Size: E1.5bln inc E250mln retained (MNI expects E1.0-2.0bln)
- Books closed in excess of E15bln (inc E800mln JLM interest)
- HR 100% vs 1.25% Aug-48 Bund+43.0bps (ref: 74.110 / 2.760%)
- ISIN: AT0000A2Y8G4
For both:
- JLMs: BofA Securities, Deutsche Bank, Erste Group, J.P. Morgan, Morgan Stanley and Raiffeisen Bank International
- Timing: TOE 14:37GMT / 15:37CET. FTT immediately
From market source / Bloomberg
BTP: Spread To Bund Widens On Meloni Embezzlement Headlines
Jan-28 16:15
Headlines crossing from Reuters on Italian PM Meloni. Our Political Risk team are looking for further details:
- "ITALY'S PRIME MINISTER MELONI: UNDER INVESTIGATION FOR EMBEZZLEMENT" RTRS
"ITALY'S PRIME MINSITER MELONI: JUSTICE MINISTER AND OTHER GOVT OFFICIALS UNDER INVESTIGATION"
"ITALY PM MELONI: INVESTIGATION RELATED TO THE CASE OF REPATRIATED LIBYAN POLICE OFFICER"
Some widening in the 10-year BTP/Bund spread following those headlines. Spread now back at 108bps (vs 107bps this morning). BTP futures have fallen some 15 ticks, now back at 119.00 at typing (-6 ticks today).
FED: US TSY 2Y FRN AUCTION: NON-COMP BIDS $29 MLN FROM $30.000 BLN TOTAL
Jan-28 16:15
- US TSY 2Y FRN AUCTION: NON-COMP BIDS $29 MLN FROM $30.000 BLN TOTAL
