Cemex Switching EUR for Longer USD

Cemex Switching EUR for Longer USD

Mexico Bonds

Mexico’s Cemex is set to replace shorter-term euro-denominated debt with attractively priced 6-year money, tightening the yield on a new $600m bond more than 50bp from initial talk while getting $8.3bn demand. The Mexican cement maker launched a tender for its 2014 euro bonds Thursday while simultaneously popping up for its first DCM tap of 2013. The B/B+ senior secured notes priced at par with a 5.875% coupon to yield 5.875%, tight to 6.25%-area guidance and earlier mid 6%-area whispers. The bo

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