US EditionPemex Will Not Pay Suppliers Despite P-Caps, Warn
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The recent placement of $12 billion in pre-capitalized structured notes (P-Caps) will not fundamentally solve the liquidity problem of Mexican Petroleums (Pemex), experts point out. Although it has been held as a successful operation in the financial markets, the reality is that the resources will not be transferred directly to the oil company nor will it allow it to pay to its network of suppliers. On June 19, the president said that 147 billio…
What stands out most about the financing operation obtained in international markets is not how innovative it is for an emerging country—it is the first and second largest priced credit operation globally—but rather how it is included in the public sector's financial requirements to support Pemex's financial restructuring. I mentioned that the placement of these pre-capitalized debt instruments is a major innovation because it demonstrates the l…
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