) have begun to build strategies to cut the carbon they emit. But state-owned Petroleos Mexicanos [PEMX.UL], one of the biggest borrowers in emerging markets, is determined to push in the opposite direction, three people in the company and in the government told Reuters.
Pemex, which employs nearly 150,600 workers and is the source of almost a fifth of Mexico’s budget revenues, is set to be a critical test case for both institutional investors and climate change campaigners looking to push through change. “It will become increasingly challenging for international institutional investors to invest in their bond issuances if they don’t address their sustainability concerns - whether climate, oil spills due to oil theft and health and safety,” Connan said.
“Those meetings that I’ve been in, they’ve been very tense and sometimes even a little bit heated,” he said. “We have so many questions for them.” Market pressure is already building. The company’s yield spreads have widened, showing it is already getting harder to borrow as even yield-hungry investors are rethinking their investments. Yields on Pemex bonds are between about 7% and just under 9% for the most frequently traded ones as of Aug. 28, according to MarketAxess data.
Why is that? Im going to the link👍😊
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