In today’s briefing:
- Lucror Analytics – Morning Views Asia
- Pemex 3Q25: Extraordinary Sovereign Support Reprices Pemex Tighter
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Fosun International
- A group of moderate Senate Democrats have reportedly agreed to support a deal to re-open the US government as well as fund some departments and agencies for the next year, which could end the government shutdown.
- Under the agreement, Congress would pass full-year funding for the departments of Agriculture, Veteran Affairs and Congress, while funding other agencies until 30 January 2026.
Pemex 3Q25: Extraordinary Sovereign Support Reprices Pemex Tighter
- We maintain Overweight on Pemex, anchored by Mexico’s extraordinary support that effectively shifts refinancing needs to the sovereign balance sheet.
- We prefer the 2032s for value in the belly and the 2050s for long-end carry and upside.
- Near-Term credit remains well-supported, but structural production and downstream weaknesses limit medium-term tightening potential.
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