LatAm Loans

Cemex España, the subsidiary of Mexican cement group Cemex, has begun the process of refinancing about $5bn of debt, most of which matures at the end of next year.

Margins have widened, tenors have shortened, promises of ancillary business have been made more specific and underwriting groups have expanded. Syndicated loans bankers have done all they can to get the market operating at full speed again — but to no avail. The loan market’s recovery now depends on factors outside their control.