Pemex Scrapping Peso Bond Sale Deepens Slowdown: Mexico Credit
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Petroleos Mexicanos’s decision to scrap its first peso bond sale in seven months signals the slump in local debt issues is deepening.
Pemex, as Mexico’s state-controlled oil producer is known, canceled plans to raise as much as 10 billion pesos ($776 million) in a debt offering yesterday, citing “high volatility” in markets. Only Mexichem SAB has sold peso debt this month, extending a slump after offerings sank to a 10-month low of 7.4 billion pesos in August. In Russia, no company has tapped the local market this month after offerings fell to a four-year low of 20 billion rubles ($662 million) in August.