Mexican cement maker Cemex issued $800m (Eu567m) of senior secured floating rate notes at 525bp above Libor on Tuesday evening, in one of the first drive-by high yield deals since Japan’s earthquake. Demand for the dollar portion of the note was such that the borrower decided against issuing a euro tranche.
The September 2015 bond, launched on Tuesday morning and expected to be rated B/B+, priced at 99.001 with a coupon of Libor plus 500bp.
The yield came at the tight end of guidance of 525bp-537.5bp and inside whispers in the 550bp area.
Cemex had initially planned to issue euro