On Friday, the President of Mexico Andres Manuel Lopez Obrador celebrated Pemex's debt placement, calling it one of the most successful financial operations in the history of the State-owned oil company. AMLO said that the operation reflected the market's confidence not only in the company but in his administration as well.
"Yesterday was carried out one of the most successful financial operations in the history of Pemex's finances, contrary to all estimates. There was debt restructuring, selling of bonds, and it turned out that the demand was 7 times higher than what was projected," AMLO said this Friday.
The oil company, one of the priorities of the 4th Transformation -AMLO's nickname for his administration- placed debt for 7,500 million dollars in the form of ten different types of bonds with maturities between 2020 and 2023.
"Pemex came out very well from this operation because investors are very well informed, they know that Pemex is going to consolidate, is a company with a lot of future, high profitability, and with big potential," Lopez Obrador said. "Even with low rates in the long term" the placement of debt was a success.
"Imagine that we went out to the markets and offer these bonds and you don't even get [to place] 5 thousand, they offer 3 thousand, how would we be today? But in this case, the offers were 5, 6 times more than what was being projected".
In the new budget, it is projected that by 2020 Pemex will be injected with 4,400 million dollars, 2,350 million in capital and the rest in the form of tax cuts, confirming the importance that the President has given to the oil company.
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