In today’s briefing:
- Cemex 4Q24: A Solid EM Credit, But Tariff Overhang Limits Near-Term Potential
Cemex 4Q24: A Solid EM Credit, But Tariff Overhang Limits Near-Term Potential
- We maintain our Market Perform recommendation on Cemex. Current spreads do not offer an attractive entry point, particularly given the potential risk of U.S. tariffs on Mexican imports.
- We would keep the name on our watchlist for potential investment should this risk of U.S. tariffs subside.
- Within Cemex’s capital structure, we prefer the CEMEX (BBB-/BBB-) 5.20% 2030 notes, which trade wider than the Mexican sovereign, the EM BBB index, and comparable peers.
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