Cemex Seen Offering Value

Cemex Seen Offering Value

Mexico Structured Finance

Mexico's Cemex is a surprise top corporate pick on the EMTA panel. The high grade stalwart's recent hybrid issuance offers a significant pick up if priced to call, says Deutsche's Milne. The perps with 5 and 10 year calls have large step-ups. "If you know Cemex, you know they never want to give investors or creditors any extra money," says Milne. On a yield to call basis, they offer 50bp-100bp over Telmex or América Móvil. In sub-investment grade, she likes companies with restructured

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