Mexico’s presidential race begins

Former Mexico City mayor Claudia Sheinbaum was unveiled as the ruling Morena party’s presidential candidate this week and with her facing off against the main opposition candidate Xóchitl Gálvez in next June’s elections, Mexico is on track to elect its first female president. Ms. Sheinbaum is currently leading in the polls and, if elected, is likely to continue with the vast bulk of the policies of President López Obrador. But it looks like both candidates will shift policy in a more environmentally-friendly direction which spells bad news for the state oil company, Pemex. We think the next president will oversee a restructuring of the firm’s debt.