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Bloomberg
Just as Petroleos Mexicanos’ bonds finally recovered from last year’s rout, a dismal earnings report sent them tumbling back down.
Pemex said that its oil output declined 12 percent in the first quarter from a year ago, while its refineries operated at just 34 percent of capacity. In the next five days, yields on the company’s bonds maturing in 2027 jumped 31 basis points to 6.539 percent, making them the laggards among Mexican peers in that period.
The results are another blow to Pemex, the world’s most indebted oil major with about $106.5 billion in outstanding debt.