Petróleos Mexicanos announced that the amounts received under its voluntary bond repurchase programme exceeded the $9.9bn cap established for the operation. The Mexican state-owned company, known by the acronym PEMEX, launched a series of offers in early September targeting multiple bond issuances denominated in dollars and euros, with maturities ranging from 2026 to 2029.
Excess submissions before the early deadline
Data recorded at 5:00 p.m., New York City time, on September 15, indicated that the total volume of bonds tendered exceeded the authorised maximum. The highest volume was recorded for the 6.500% notes due 2027, with $2.81bn tendered against an initial outstanding amount of $4.02bn. Other highly demanded notes included the 6.875% due 2026 ($1.49bn) and the 5.350% due 2028 ($1.18bn).
Euro-denominated bonds at 4.875% and 2.750% were also heavily represented, with €830.92mn and €907.75mn tendered respectively. All bonds submitted before the early deadline will be reviewed according to a pre-established priority order and may be subject to proration.
Withdrawal rights expire and early settlement considered
Withdrawal rights expired on the same date, and validly tendered bonds can no longer be withdrawn unless required by applicable law. PEMEX may exercise an early settlement right if the conditions of the offer are met or waived. In such case, a press release will outline the accepted bonds, the total amount paid per series, accrued interest, and the early settlement date.
PEMEX confirmed that bonds submitted after September 15 will not be considered, as the offer is already oversubscribed. Bonds not accepted will be returned to holders without delay.
Each issuance treated independently
Each bond series is subject to a separate, independent offer. This allows the company to modify or withdraw any single offer without affecting the others. The final expiration date remains set for September 30, but holders submitting bonds after the early deadline will no longer be eligible.
The operation is coordinated by Global Bondholder Services Corporation, acting as the information and tender agent. Several financial institutions, including BofA Securities, Citigroup, J.P. Morgan, and HSBC, have been appointed as lead dealer managers to support the offer.
