Banks give Mexico breathing space

JPMorgan, HSBC and Mizuho are underwriting an $8 billion syndicated loan for Pemex, Mexico’s state oil company — the largest in the company’s history — designed to enable the debt-laden company to refinance its borrowings.

The new loan goes hand-in-hand with tax changes announced by Carlos Urzúa, finance minister, to ease the burden on Pemex, whose total borrowing is $106.5 billion.