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Pemex & Mexico – a seat at the table
We are in constant contact with the finance ministry and central bank in Mexico to discuss fiscal and monetary policy respectively. Our connections with these individuals also informs our understanding of the quasi-sovereign oil company, Pemex, which features in our sovereign bond benchmark index. In 2024, we leveraged the transition to a new government by meeting with the outgoing finance ministry team, policy advisers to the likely (and de facto) winner of the presidential election, Claudia Sheinbaum, and to Pemex management and other stakeholders to propose a sustainable solution to the debt overhang at the company, which leaves Pemex reliant on piecemeal government support. This proposal was well received, gave us an opportunity to assess the priorities of the incoming administration, and informed our portfolio positioning.