Mexico Slashes Pemex Debt By $3.2 Billion

Mexico has reduced the debt burned of state-owned oil major Pemex by as much as $3.2 billion through a refinancing operation, Bloomberg reports, citing a statement by the Mexican finance ministry. The operation involved swapping debt that was close to expiring with a new bond that will mature in 10 years.

The government also refinanced some medium-term debt taking advantage of low refinancing costs. This is not the first time the government has used debt swap and refinancing tools in its efforts to reduce the debt burden of the state oil company,…