The Mexican government tried to put a happy gloss on its announcement of an $8 billion loan from private-sector banks to its state oil producer Pemex on May 13.
The market even bought it – briefly – with a rally in the company’s bonds (the 10- and 30-year benchmarks both rallied about 15 basis points shortly after president Andrés Manuel López Obrador, frequently abbreviated to Amlo, broke the news).
But the rally faded quickly – and for obvious reasons: the loan confirms the lack of appetite for the credit among international institutional investors.
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