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

Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen

Weekly News & Views (Suzano, YPF, Vista, Cemex, Minerva).

Cemex 3Q24: Long-Term Outlook Clouded by Near-Term Risks

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

Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

Pemex: Lack of Concrete Action Weights on the Outperform Thesis

PEMEX 3Q24: Government Support Continues to Strengthen

EM Spreads

Credit

<ul>
<li>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.</li>
<li>We would keep the name on our watchlist for potential investment should this risk of U.S. tariffs subside.</li>
<li>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.</li>
</ul>


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.


Cemex 4Q24: A Solid EM Credit, But Tariff Overhang Limits Near-Term Potential

Cemex SAB de CV

Cemex 4Q24: A Solid EM Credit, But Tariff Overhang Limits Near-Term Potential