Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Cemex Prices US$1.5bn 5.750% 2036 Senior Unsecured Notes

Cemex 2Q26: Pricing Power Drives a Margin Step-Up

Cemex 3Q25: Strong Results and Outlook Support Credit View

Cemex 4Q25: Entering 2026 from a Stronger Position

U.S. Tariffs and Their Potential Impact on Cemex and Pemex

EM Spreads

Credit

<ul>
<li>
Key Outcome: Cemex’s Mexico recovery, pricing discipline, and Project Cutting Edge savings support margin expansion, reinforcing a constructive credit trajectory despite a Neutral stance.</li>
<li>
Risk/Volatility: U.S. residential weakness, trade uncertainty, energy inflation, and Mexico-specific risks could pressure volumes or spreads in a broader EM risk-off move.</li>
<li>
Valuation Driver: Bonds already trade tight to averages, making curve selection critical, with 2029s defensive and 2031s offering better risk-adjusted carry.</li>
</ul>



Key Outcome: Cemex’s Mexico recovery, pricing discipline, and Project Cutting Edge savings support margin expansion, reinforcing a constructive credit trajectory despite a Neutral stance.

Risk/Volatility: U.S. residential weakness, trade uncertainty, energy inflation, and Mexico-specific risks could pressure volumes or spreads in a broader EM risk-off move.

Valuation Driver: Bonds already trade tight to averages, making curve selection critical, with 2029s defensive and 2031s offering better risk-adjusted carry.


Cemex 1Q26: Mexico Recovery and Cost Savings Drive EBITDA Beat

Cemex SAB de CV

Cemex 1Q26: Mexico Recovery and Cost Savings Drive EBITDA Beat