Published On: March 11th, 2026Categories: Trade Ideas
In this report, we review Pemex’s 4Q25 and FY25 results and revisit our investment thesis. The latest figures confirm a key shift in the credit story: Pemex has moved from a refinancing-risk narrative to a sovereign-managed liability restructuring case. While operational metrics remain weak and production continues to decline, government support and liability management operations have significantly reduced near-term liquidity risk. We therefore remain constructive on the front-to-intermediate part of the curve, while staying selective on longer maturities.
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