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Pemex Dollar Bonds Underperform, Unemployment Rate Dips Below Expectations

MEXICO
  • Pemex’s dollar debt was among the worst-performing in high-yield markets on Wednesday, with bonds due in 2041 slumping as much as 2.3 cents amid the state-run company’s plan to sell at least $2 billion in new debt.
  • In some of his first comments since being nominated to the Banxico board, Omar Mejia said that its board will consider the next moves by the Fed as well as inflation data in Mexico for early January in its next interest rate decision on Feb. 9, according to comments to reporters during a Bloomberg Linea video.
    • Mejia added that an eventual decoupling with the Fed is another topic that will be discussed in the bank’s next meeting, stating that “it’s an important element but it is not the only one”.
  • Unemployment in December came in at 2.76, down from 2.85% in November, and below the median surveyed estimate of 2.8%.
  • 1830GMT/1330ET: Fitch hosts event on 2023 Mexico credit outlook.
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