Mexico plans to issue dollar-denominated bonds, continuing last year’s borrowing spree; last year, the country became the largest borrower among emerging markets. According to a preliminary prospectus filed on Monday, the government is issuing notes maturing in 2034, 2038, and 2056. Barclays, Deutsche Bank, HSBC, Morgan Stanley, and Scotiabank are listed as joint bookrunners for the transaction, though the specific potential size has not yet been disclosed. Previously, Mexico raised a record $41 billion through hard-currency bonds in 2025, becoming the most active sovereign in emerging markets and driving a $184 billion debt boom across Latin America. Mexico now joins Chile as one of the first Latin American countries to issue dollar-denominated bonds this year. This intensive fundraising comes as the Mexican government is committed to supporting its state-owned oil company, Pemex. The company is under heavy pressure from approximately $100 billion in debt, and its oil production has fallen to a decades-low.