High yield corporate with the best bond market strategy; Mexican corporate with the best capital markets strategy

High yield corporate with the best bond market strategy; Mexican corporate with the best capital markets strategy

The global economic crisis caught Cemex off guard in 2008, a year after the company paid around $16 billion to take over Australian cement firm Rinker. Facing slower sales and overburdened by debt, the Mexican cement maker had to pay a high price to raise funds, but it staged quite a comeback, restructuring $15 billion of bank borrowings in 2009 and then using a string of liability management exercises to refinance its debt and extend its maturity profile. Cemex’s rise from the ashes continues to impress investors and bankers alike. “Cemex has done quite well and it seems that they don’t like their junk status and they’re trying to work hard to get somewhere closer to investment grad

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