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Mexico is preparing to sell up to $10bn of debt to help bail out Pemex, the indebted state oil company that has fallen behind on billions of dollars of payments to suppliers, people familiar with its plans have said.
据知情人士透露，墨西哥正准备出售最多达100亿美元的债务，以协助纾困负债累累、已拖欠数十亿美元供应商款项的国有企业墨西哥石油公司(Pemex)。
Pemex’s bonds rallied as President Claudia Sheinbaum’s government said on Tuesday it was planning the sale as part of “a series of measures” to support the company in managing and improving its balance sheet. The yield on Pemex’s bond due 2050 fell from about 10 per cent to 9.6 per cent after the debt sale plan was announced.
在墨西哥总统克劳迪娅•辛鲍姆(Claudia Sheinbaum)政府周二宣布将发债作为“一系列支持措施”的一部分，以帮助Pemex管理和改善资产负债表之后，Pemex债券价格上涨。消息公布后，Pemex一笔2050年到期债券的收益率从约10%降至9.6%。
Once a cash cow for Mexico, Pemex has increasingly been a drag on the country’s finances. Production has fallen to record lows while debt is the highest of any oil group in the world, presenting Sheinbaum with one of her most pressing political challenges.
Pemex曾经是墨西哥的摇钱树，但现在却日益拖累国家财政。产量已降至历史最低点，而债务则是世界上所有石油集团中最高的，这给辛鲍姆带来了最紧迫的政治挑战之一。
The size of the bond sale was not disclosed but Pemex owes at least $20bn to suppliers and it reported almost $30bn in losses last year.
此次债券销售的规模未予披露，但Pemex欠供应商至少200亿美元，去年亏损近300亿美元。
Mexico’s finance ministry did not immediately respond to a request for comment on the deal size. It said in a statement earlier in the day that the transaction was aimed at improving liquidity and reducing liabilities and financial costs.
墨西哥财政部没有立即回应就交易规模发表评论的请求。墨西哥财政部在当天早些时候的一份声明中表示，此次交易旨在改善流动性，减少负债和财务成本。
“This is all with the aim of contributing to energy security and the country’s economic development,” the ministry said.
该部表示：“这一切都是为了促进能源安全和国家经济发展。”
The country will use a Luxembourg-based special purpose vehicle to sell bonds due in 2030, and use the cash to buy US Treasuries, according to a government filing with the US Securities and Exchange Commission.
根据墨西哥政府向美国证券交易委员会(SEC)提交的文件，该国将通过设在卢森堡的一家特殊目的载体(SPV)发行2030年到期的债券，并用筹得资金购买美国国债。
The Treasuries would then be handed to Pemex, which would use them as security for loans from JPMorgan, Bank of America and Citi, it added.
随后，这些美国国债将转交给Pemex，后者将其作为抵押品，从摩根大通、美国银行和花旗银行获得贷款。
The use of an SPV will allow the Mexican government to avoid directly stepping in to support Pemex’s debts. The bonds will be classed as Mexican public debt but “will not be consolidated with the liabilities of Pemex or Mexico”, according to the filing.
通过特殊目的载体，墨西哥政府将能够避免直接介入支持墨西哥石油公司的债务。根据申报文件，这些债券将被归类为墨西哥公共债务，但“不会与墨西哥石油公司或墨西哥的负债合并”。
Pemex’s bonds are favoured by many emerging market fund managers because they pay a premium over the sovereign debt while enjoying strong backing from an oil nationalist ruling party.
许多新兴市场基金经理偏爱墨西哥石油公司的债券，因为这些债券相较于主权债务提供了溢价，同时又得到了主张石油民族主义的执政党的有力支持。
The company is one of Mexico’s largest and the money it owes its suppliers is becoming an economic drag in towns on the Gulf of Mexico. Suppliers are growing impatient at having to wait years for payment, with some of the world’s largest oil services groups, such as Halliburton, owed money.
这家公司是墨西哥最大的企业之一，其拖欠供应商的款项正成为墨西哥湾沿岸城镇的经济负担。供应商们对多年未能收到付款越来越不满，包括哈里伯顿(Halliburton)等全球最大的石油服务集团也在被拖欠款项。
Sheinbaum has promised that a broader “long term” plan for the company is almost ready and will address its financial and production issues.
辛鲍姆承诺，该公司更广泛的“长期”计划已基本就绪，将解决其财务和生产问题。
Her predecessor, Andrés Manuel López Obrador — a leftist from an oil- producing state — promised to “rescue” Pemex but oil production hit record lows and he spent $20bn on a new refinery that is only just starting to increase production. He also increased direct federal government budget support for the company, although it has continued to make regular quarterly net losses.
她的前任安德烈斯•曼努埃尔•洛佩斯•奥夫拉多尔(Andrés Manuel López Obrador)——一位来自产油州的左翼人士——曾承诺要“拯救”墨西哥石油公司，但石油产量却创下新低。他还花费了200亿美元新建了一座炼油厂，这座炼油厂直到最近才开始提升产量。此外，他还增加了政府对该公司的直接预算支持，尽管公司依然持续出现季度净亏损。
One Pemex bondholder said Tuesday’s financing structure was “elegant”, as it took the debt off balance sheet but still gave the company access to cheap funding at sovereign rates, though they cautioned that investors were awaiting broader, more meaningful reform.
一位Pemex债券持有人表示，周二公布的融资结构“颇为巧妙”，因其将债务转移到表外处理，同时仍使公司能够以主权利率获得低成本融资。但他也指出，投资者仍在等待更广泛、更具实质性的改革方案。
“It’s positive in the sense that it implies a recognition that something new is needed, but it’s only half the story,” the person said. “If this is all they’ve got, then we’re going to be back here in five years’ time.”
“从某种意义上说，这是积极的，因为这意味着大家认识到需要一些新的东西，但这只是事情的一半，”该人士表示。“如果他们只有这些举措，那么五年后我们还会回到原点。”