Year: 2020

Winner: Cemex

Mexico’s Cemex showed that retuning to the market a few times in a year can be a good thing, especially when something new is achieved on each one.

One of the largest cement companies in the world, Cemex executed three separate $1-billion bonds in the 12 months ending in September 2020.

The first, in November 2019, was a successful return to U.S. dollar market after a 3.5-year absence. Wildly oversubscribed, the bond closed with a reduction of 230 base points from the previous 2016 issue.

The second placement, in June 2020, was the first high-yield corporate bond out of Latin America after the COVID-19 pandemic hit the region. The third, in September 2020, was the company’s lowest 10-year yield, with a 42.5 base point spread from the IPT.

Taken together, the three issuances guaranteed Cemex’s spot for our corporate issuer of the year award.

The transactions provided key support for the company. The first bond helped reposition Cemex’s with investors and improved its yield curve, while the second solidified the company’s position by taking advantage of a market window when many corporates were still trigger shy because of the uncertainties created by the pandemic.

The third bond built on the first two, with Cemex sensing that it could go back to the market to secure a low yield, using the proceeds to repay other debts with higher coupons.

The second and third bonds, which were launched during the pandemic, also highlighted the company’s quick ability to adapt, replacing in-person events with a net roadshow and virtual investor day to whip up interest among investors. – LF


BANKS: BBVA, BNP Paribas, Bank of America, BNY Mellon, Citi, Credit Agricole, HSBC, IMI – Intesa Sanpaolo, ING, JPMorgan, Mizuho, Santander

LAW FIRMS: Cleary Gottlieb Steen & Hamilton; Galicia Abogados; Skadden, Arps, Slate, Meagher & Flom

All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email