Mexico’s Cemex said Wednesday it raised MXN6 billion ($334 million) in its first local bond sale since 2008, amid growing investor appetite for peso-denominated debt.

The cement maker priced MXN5 billion worth of seven-year sustainability linked notes at a fixed rate of 11.48% and MXN1 billion of three-year bonds over the TIIE interbank lending rate plus 0.45%, according to a securities filing.

Cemex said it will use the proceeds to pay down debt and further its goal of reaching an “investment grade capital structure.”

The bond sale “confirms our commitment to fostering the development of a deep and liquid capital market in Mexico,” said CFO Maher Al-Haffar, adding that the deal is in line with Cemex’s objective of having 85% of its debt linked to sustainability metrics by 2030.

In recent years, Cemex has focused its fundraising efforts on the international bond market while using bank loans to refinance debt.

Cemex is not the only Mexican company now taking a fresh look at the domestic market amid growing liquidity in peso-denominated debt. América Móvil’s CFO, Carlos García, said last month the firm plans to tap the local market regularly over the next five years to take increased demand from local and foreign investors.


Banco Latinoamericano de Comercio Exterior, the multilateral trade finance lender known as Bladex, is planning to issue MXN500 million ($28 million) in peso-denominated bonds in the Mexican market, according to S&P Global Ratings.

The Panama City-based bank intends to price the six-year bonds at a fixed rate and use the proceeds to fund the growth of its portfolio in Mexican pesos and to finance its operations, S&P said in a report late on Tuesday.

S&P and Fitch Ratings both rate the bonds AAA.

Bladex last tapped Mexican market in July, issuing MXN4 billion in peso-denominated bonds and previously raised MXN5.49 billion in August last year. Jorge Salas, its CEO, has said the bank could also issue hybrid bonds to raise funds for working capital.