Published On: March 4th, 2021Categories:

The Mexican government has recently reaffirmed its willingness to support the oil giant Pemex.

From a fundamental perspective, nothing has changed and Pemex’s standalone profile remains fragile. Therefore, we still see continuous need for government support given the company’s large debt burdens and heavy taxes.

While remaining cautious on the issuer, we acknowledge that recent news is a positive catalyst for Pemex spreads, which allow us to consider a tactical trade with a limited investment horizon.

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