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Deputy Finance Minister on Pemex, USDMXN Hovering Above 17.90

MEXICO
  • USDMXN continues to hover around a key pivotal level ahead of the FOMC rate decision later today. Despite the bout of risk off on Tuesday, USDMXN rallies continue to be well sold into and a break of 17.8981 would reinforce bearish conditions. This would open up the potential for a move to 17.5746, the Aug 25 2017 low.
  • In an interview with Bloomberg, Mexico’s Deputy Finance Minister, Gabriel Yorio, said that Mexico is not currently considering giving a capital injection to Pemex this year to help pay their debt. Yorio stated that Pemex is saving $5-$6 billion a year from tax reductions. Additionally, he reiterated that the Government intend to keep Pemex’s DUC (profit sharing rate) at 40% this year.
    • Pemex will report its Q1 earnings followed by a call with analysts and investors at 10am local time.
  • Separately, Yorio said the government are providing a bridge loan on phase 1 Iberdrola purchase. They are looking to transition from bridge loan to a special purpose vehicle that will use mix of debt and equity.
    • In that stage, the government will seek to “partially exit” the transaction and involve local market participants, Yorio said in a separate interview.
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