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Chihuahua Offers Rare Mexican Spread

Feb 4, 2013

Grupo Cementos Chihuahua (GCC) returned to the international bond markets after a nearly 7-year hiatus to print a new $260m 2020 NC3. A broad weakening in EM assets earlier in the week and fairly cautious tone in markets did not keep the Mexican cement company that counts Cemex as a minority owner from generating $1.6bn in demand and tightening its yield by 37.5bp. The bond priced at par with an 8.125% coupon, to yield...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management