Cemex Concedes Ground on Pricing

Cemex Concedes Ground on Pricing

Mexico Structured Finance

Mexican cement company Cemex conceded some ground to domestic investors Tuesday after pricing a MXP2.5bn ($202m) ABS due 2015 at benchmark rate TIIE+200bp, or 100bp over official price talk. “At the end of the day, they raised the pricing to a level where we wanted to participate,” notes a participating investor. Several accounts were seeking at least 200bp over, which was already 50bp inside where the company priced its last ABS issue in 2009. The deal was oversubscribed by just 1x wi

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