Cover Story: Hitting the bottom

Cover Story: Hitting the bottom

Brazil Colombia Mexico Bonds Loans Economy & Policy M&A Corporate & Sovereign Strategy

On a chilly day in early December, Pemex’s treasurer Rodolfo Campos sat down with the Mexican company’s lenders in New York. West Texas International crude oil was tradingat a little over $63 a barrel, having lost around 40% of its market value in four months.Campos was in town to discuss a term loan and a contingent line of credit already in place. “We had in mind supporting our credit rating, particularly with regard to liquidity,” says Carlos Caraveo, Pemex’s associate managing director of finance. “Ratings agencies base a lot of their analysis on the lines of credit that you have available in the short term.”As the discussions evolved over the coming weeks, the price of crude continued i

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