Investors Bet Sheinbaum Can Rescue Pemex Where Others Failed
Claudia Sheinbaum during an event commemorating the 87th anniversary of Mexico’s oil expropriation, at the Pemex headquarters in Mexico City, on March 18.
Photographer: Mayolo Lopez Gutierrez/BloombergFor a company drowning in debt, Petroleos Mexicanos SA is enjoying a rare wave of investor optimism. Buyers are snapping up the driller’s bonds, betting President Claudia Sheinbaum can stabilize its finances and restore credibility for the state-owned giant.
The extra yield investors demand to hold the company’s debt over Mexican sovereign bonds has shrunk to almost three percentage points, hovering near a record low on speculation that the government will unveil a sweeping package of about $50 billion to shore up Pemex.