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Cemex SAB, the largest cement maker in the Americas, is posting the biggest rally in Mexico’s bond market as investors bet yields that earlier this month exceeded 20 percent exaggerate the risk of default.
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Mexico’s bonds, the emerging-market securities most correlated with U.S. Treasuries, are no longer moving in lockstep with debt from its northern neighbor as Europe’s debt crisis curbs demand for all but the safest assets.
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Cemex SAB, the largest cement maker in the Americas, is selling asset-backed debt for the first time in two years to obtain lower yields as slumping demand for building materials drives up its benchmark borrowing costs.
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Sales of fixed-rate corporate bonds in Mexico’s local market are in their longest drought in six months as investors shun the securities on speculation the central bank will boost benchmark borrowing costs next year.
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Mexican local corporate bond sales are poised to climb to a five-month high in September as companies from Mexichem SAB to Petroleos Mexicanos take advantage of falling borrowing costs.
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Mexico’s efforts to bail out cash- strapped states may jumpstart the municipal bond market in Latin America’s second-largest economy.
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Mexican corporate debt is lagging behind stocks by the most in eight months as investors bet a rebound in U.S. economic growth will fuel bigger gains in the equity market.
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Bonds sold by Cemex SAB, the largest cement maker in the Americas, are posting the biggest losses among major issuers of junk debt in the U.S. after the company posted its seventh straight quarterly loss.
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Bonds sold by Grupo Financiero Banorte SAB, Mexico’s fourth-largest bank by outstanding loans, are outperforming debt from financial peers in Latin America after an acquisition helped the company boost lending by 29 percent.
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America Movil SAB’s bond yields are falling faster than Mexico’s as more investors turn to the wireless carrier controlled by billionaire Carlos Slim for refuge from the global sell-off than the government.
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