The US$8bn Pemex loan: Deafening silence cannot be a good sign
There is a worrying lack of information about the details of the US$8bn syndicated Pemex loan announced on 13 May and, in turn, about whether the deal is good or bad for Pemex bondholders.
The key questions:
1) Will the loan be secured by collateral and, if so, by what collateral specifically?
2) Will the credit lines that will be paid from the proceeds of the loan also be collateralised, and by which assets?
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