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

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Cemex 4Q25: Entering 2026 from a Stronger Position

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

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

Cemex 3Q25: Strong Results and Outlook Support Credit View

EM Spreads

Credit

<ul>
<li>
Selective IG exposure: Cemex remains Neutral at issuer level, but the new 2036s are the preferred bond as the cleanest 10Y curve entry point.</li>
<li>
Carry, not concession: The Buy is driven by 5.8% YTW, benchmark liquidity and curve access, not by a clear new issue discount.</li>
<li>
Valuation caps rerating: Restored BBB- quality supports the credit, but fair spreads, Mexico macro risk and U.S.-Mexico trade uncertainty limit issuer-level upside.</li>
</ul>



Selective IG exposure: Cemex remains Neutral at issuer level, but the new 2036s are the preferred bond as the cleanest 10Y curve entry point.

Carry, not concession: The Buy is driven by 5.8% YTW, benchmark liquidity and curve access, not by a clear new issue discount.

Valuation caps rerating: Restored BBB- quality supports the credit, but fair spreads, Mexico macro risk and U.S.-Mexico trade uncertainty limit issuer-level upside.


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

Cemex SAB de CV

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