Pemex New York Roadshow Backfires as Investor Concerns Grow
- Benchmark bond yield jumps amid doubts after investor meetings
- Stone Harbor calls CFO unimpressive, asks for his ouster
This article is for subscribers only.
Executives from Petroleos Mexicanos traveled to New York with a message for analysts and investors: Mexico’s giant state-owned oil company is back on track after years of mismanagement. The message didn’t stick.
The yield on the state-owned producer’s $5.4 billion of bonds due in 2027 jumped more than 40 basis points after company managers and a delegation from Mexico’s Ministry of Finance met this week with investors at a hotel, and later analysts in the Barclays building in Manhattan’s Midtown. The trip was meant to reassure the market that the company is restoring refining ability and production capacities after being starved for investments.