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墨西哥将推出全球最大的石油对冲基金

   2020-07-29 3570

    中国石化新闻网讯 据7月25日Trend报道,墨西哥已要求华尔街主要银行提交其庞大石油对冲计划的报价,而原油期权交易本周在大宗交易前有所增加。

    知情人士称,财政部已要求银行提供报价,暗示执行对冲的过程已经开始。外交部没有立即对此发表评论。

    墨西哥每年购买多达10亿美元的金融合同,以保护其石油收入,这是世界上最大的石油对冲项目。参与交易双方的银行家和官员预计,今年对冲规模将缩小,因为用于保护石油利润的期权比去年更为昂贵。

    今年早些时候,石油市场崩盘,美国原油基准价格在4月份跌至每桶负40美元。上周五,它的交易价在43美元左右。

    到位的对冲措施保护了墨西哥免受股市暴跌的冲击。据墨西哥财政部称,2020年的对冲是在2019年安排的,当时的价格是每桶49美元。墨西哥政府今年4月说,对冲将产生约1500亿比索(约合60亿美元)的收益。

    由于今年的波动性更高,预计墨西哥将为2021年的保单支付更多费用,但承保范围将减少。不过,消息人士称,预计该公司将继续推进,以避免进一步损害其在国际投资者心目中的财务地位。该国的信用评级近几个月来已经被下调,而且有进一步下调的危险。

    市场消息人士称,欧洲和美国的交易商和银行本周一直是隐含波动率期权的积极买家。这些消息人士说,这是一个信号,表明交易商正在为财政部购买债券后的大规模购买做准备。

    由于双方都试图在一项竞争激烈的交易中为银行争取到最佳条款,因此谈判非常秘密,参与者也很少。

    就2020年对冲而言,墨西哥购买的期权有三分之二与国际布伦特原油基准指数挂钩,而不是墨西哥主要生产的玛雅石油。

    目前布伦特原油2021年的平均价格约为每桶46美元,为3月初以来的最高水平。

    邹勤 摘译自 Trend

    原文如下:

    Mexico moves to launch world's largest oil hedge

    Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal, Trend reports citing Reuters.

    The finance ministry has asked banks for price quotes, one source with direct knowledge of the matter said, signaling the beginning of the process to execute the hedge. The ministry was not immediately available for comment.

    Every year, Mexico buys as much as $1 billion in financial contracts, the world’s largest oil hedge program, to protect its oil revenues. Bankers and officials on both sides of the deal expect a smaller hedge this year because the options used to protect oil profits are more expensive than last year.

    The oil market crashed earlier this year, with the U.S. crude benchmark falling to negative-$40 a barrel in April. It was trading around $43 on Friday.

    Having the hedge in place protected Mexico from the plunge. The 2020 hedge, arranged in 2019, was completed at $49 a barrel, according to the country’s finance ministry, and Mexican President Andres Manuel Lopez Obrador said in April that the hedge would yield roughly 150 billion pesos ($6 billion).

    Because volatility is higher this year, Mexico is expected to pay more for less coverage for the insurance policy for 2021. However, it is expected to go ahead to avoid further damaging its financial standing with international investors, sources have said. The country’s credit rating has been cut in recent months and is in danger of additional declines.

    Trade shops and banks based in Europe and the United States have been active buyers of implied volatility options this week, market sources said. That is a signal that dealers are preparing for the extensive buying that comes with the finance ministry’s purchases, those sources said.

    Negotiations are very secretive and limited to few participants as both sides attempt to secure the best terms in a highly competitive deal for banks.

    For the 2020 hedge, sources estimated two-thirds of the options Mexico bought were indexed to the international Brent crude benchmark, shifting away from the Maya oil Mexico mainly produces.

    Average Brent crude prices for 2021 are currently at about $46 a barrel, their highest since early March.

 
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