Cemex España Nails Down €900m Bond

Cemex’s European asset holding company, Cemex España, has priced an all-European €900 million seven-year bond. The BBB notes were priced at 99.528 with a 4.75% coupon to yield 78.7 basis points over the 4.25% seven-year Bund, or 62 basis points over mid-swaps. More than 200 European investors, including asset managers, insurance companies, bank desks and corporate treasuries, put in orders worth more than €4 billion. BNP Paribas, Bank of America and HSBC led. Proceeds are apparently to be used for refinancing.