Best Corporates: A new era

Best Corporates: A new era

Corporate & Sovereign Strategy Mexico

When its sales collapsed in the wake of the financial crisis, Cemex paid a high price. Its bond issues had to offer high single-digit yields amid concern over the firm’s ability to meet its debt covenants. But now, with a multi-billion dollar restructuring behind it, the company has finally made progress in bringing down its once crippling interest payments. And today, it boasts the much-needed flexibility to cut its debt costs further. Cemex restructured $15 billion of bank borrowings in 2009, and has used liability management exercises in the years since to lengthen its maturity profile. In 2012, it met a high take-up on a liability management exercise to extend the tenors on some $7 b

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