有分析師警示，正忙于應(yīng)對大量債務(wù)和疲弱的美國經(jīng)濟(jì)的墨西哥水泥生產(chǎn)商Cemex，如果對到期的數(shù)百萬美元債務(wù)重新談判失敗，將可能在今年夏天出現(xiàn)資金短缺。
近日一位Cemex 的發(fā)言人對路透社說 “我們正在談判，如果有了新的進(jìn)展，我們將告之”，除此之外沒有透露其他細(xì)節(jié)。
Cemex是美國最大的水泥供應(yīng)商，目前陷入145億美元的債務(wù)中。其中三分之一于今年到期。一些投資者猜測，墨西哥政府可能救助公司。
在墨西哥，美國和世界其他地區(qū)，水泥等建筑材料需求枯竭，分析師們預(yù)測到6月底Cemex將剩下很少的現(xiàn)金。并且如果未能說服債權(quán)人重組其債務(wù)，公司現(xiàn)金將沒有補(bǔ)給。
這些預(yù)測沒有計(jì)入Cemex所需要的額外現(xiàn)金，以及一旦有領(lǐng)先的墨西哥藍(lán)籌公司購買Cemex在世界各地的公司來資助其日常業(yè)務(wù)。
墨西哥城券商Actinver的研究部主管Francisco Suarez說“Cemex在一二季度有足夠的流動(dòng)資金支付，除非他們不能抓緊時(shí)間調(diào)整?！?。
2009年接下來的時(shí)間里，Cemex面臨38億美元債務(wù)到期，公司計(jì)劃其中大部分通過銷售資產(chǎn)和現(xiàn)金流產(chǎn)生的錢支付。分析師認(rèn)為，Cemex今年可能已經(jīng)支付或再融資了3億美元。
據(jù)信 CEMEX公司3月份已經(jīng)完成了其目標(biāo)，并且在二季度末可能產(chǎn)生4億美元現(xiàn)金。
但是，3月9日瑞士信貸在一份報(bào)告中表示，“下一季度形勢將會(huì)更加嚴(yán)峻，因?yàn)槲覀児烙?jì)該公司除了資產(chǎn)負(fù)債表上的最低運(yùn)營現(xiàn)金水平將不會(huì)再有任何現(xiàn)金產(chǎn)生，到期的債務(wù)將超過產(chǎn)生的現(xiàn)金?！痹珜戇^報(bào)告的分析師 Vanessa Quiroga近日表示，她并沒有改變她的觀點(diǎn)。
Cemex在七月到九月間面臨4.28億美元債務(wù)到期，此外，四季度將有22.1億美元債務(wù)到期
Cemex是墨西哥的大公司之一，其他大公司還有國家石油公司PEMEX和億萬富Carlos Slim’的Telmex和美洲移動(dòng)電話運(yùn)營公司。
一旦失敗 損失巨大
一些分析家說，類似于美國政府擔(dān)憂金融機(jī)構(gòu)陷入絕境帶來的損失巨大，墨西哥當(dāng)局可能認(rèn)為CEMEX公司如果不履行其債務(wù)責(zé)任的損失巨大。
Cemex的違約將打擊到持有其債務(wù)的墨西哥養(yǎng)老基金，增加其他墨西哥公司的融資成本，并可能使已經(jīng)飽受打擊的比索受到壓力，三月初比索已創(chuàng)下16年來的最低水平。
3月9日以來，對于政府不會(huì)讓CEMEX走入絕境的猜測使得CEMEX的股價(jià)上漲了50%以上。
券商Actinver的一份報(bào)告中說“CEMEX債務(wù)的嚴(yán)重性對墨西哥經(jīng)濟(jì)來說是非常重要的。排除與貿(mào)易相關(guān)的債務(wù)，CEMEX的債務(wù)占了墨西哥私營部門大約百分之三十的貸款。”
CEMEX公司還警告說 ， 它的周轉(zhuǎn)性信貸設(shè)施已充分利用，如果它的經(jīng)營業(yè)績惡化或是資產(chǎn)出售計(jì)劃完成不了，它可能無法支付貸款。
今年三月初，取消了傳統(tǒng)的水泥季度業(yè)績預(yù)期，降低預(yù)期為公司將克服困難。
CEMEX5年的投保費(fèi)用，從3月9日以來以美元計(jì)價(jià)的債務(wù)增加了6%，已接近歷史最高水平，顯示了債券市場投資者的關(guān)注。
近日瑞銀在一份報(bào)告中預(yù)測，墨西哥央行可能不久將購買300億美元的美聯(lián)儲(chǔ)發(fā)行的政府債券，以此可以借錢給政府全資銀行，然后救助CEMEX。
近日CEMEX公司的股票上漲了0.11%至9.25比索。
一個(gè)交易商告訴路透“目前仍有很大的傳言稱政府要介入救助公司”。
附英文：
Cemex may run out of cash by summer
近日一位Cemex 的發(fā)言人對路透社說 “我們正在談判，如果有了新的進(jìn)展，我們將告之”，除此之外沒有透露其他細(xì)節(jié)。
Cemex是美國最大的水泥供應(yīng)商，目前陷入145億美元的債務(wù)中。其中三分之一于今年到期。一些投資者猜測，墨西哥政府可能救助公司。
在墨西哥，美國和世界其他地區(qū)，水泥等建筑材料需求枯竭，分析師們預(yù)測到6月底Cemex將剩下很少的現(xiàn)金。并且如果未能說服債權(quán)人重組其債務(wù)，公司現(xiàn)金將沒有補(bǔ)給。
這些預(yù)測沒有計(jì)入Cemex所需要的額外現(xiàn)金，以及一旦有領(lǐng)先的墨西哥藍(lán)籌公司購買Cemex在世界各地的公司來資助其日常業(yè)務(wù)。
墨西哥城券商Actinver的研究部主管Francisco Suarez說“Cemex在一二季度有足夠的流動(dòng)資金支付，除非他們不能抓緊時(shí)間調(diào)整?！?。
2009年接下來的時(shí)間里，Cemex面臨38億美元債務(wù)到期，公司計(jì)劃其中大部分通過銷售資產(chǎn)和現(xiàn)金流產(chǎn)生的錢支付。分析師認(rèn)為，Cemex今年可能已經(jīng)支付或再融資了3億美元。
據(jù)信 CEMEX公司3月份已經(jīng)完成了其目標(biāo)，并且在二季度末可能產(chǎn)生4億美元現(xiàn)金。
但是，3月9日瑞士信貸在一份報(bào)告中表示，“下一季度形勢將會(huì)更加嚴(yán)峻，因?yàn)槲覀児烙?jì)該公司除了資產(chǎn)負(fù)債表上的最低運(yùn)營現(xiàn)金水平將不會(huì)再有任何現(xiàn)金產(chǎn)生，到期的債務(wù)將超過產(chǎn)生的現(xiàn)金?！痹珜戇^報(bào)告的分析師 Vanessa Quiroga近日表示，她并沒有改變她的觀點(diǎn)。
Cemex在七月到九月間面臨4.28億美元債務(wù)到期，此外，四季度將有22.1億美元債務(wù)到期
Cemex是墨西哥的大公司之一，其他大公司還有國家石油公司PEMEX和億萬富Carlos Slim’的Telmex和美洲移動(dòng)電話運(yùn)營公司。
一旦失敗 損失巨大
一些分析家說，類似于美國政府擔(dān)憂金融機(jī)構(gòu)陷入絕境帶來的損失巨大，墨西哥當(dāng)局可能認(rèn)為CEMEX公司如果不履行其債務(wù)責(zé)任的損失巨大。
Cemex的違約將打擊到持有其債務(wù)的墨西哥養(yǎng)老基金，增加其他墨西哥公司的融資成本，并可能使已經(jīng)飽受打擊的比索受到壓力，三月初比索已創(chuàng)下16年來的最低水平。
3月9日以來，對于政府不會(huì)讓CEMEX走入絕境的猜測使得CEMEX的股價(jià)上漲了50%以上。
券商Actinver的一份報(bào)告中說“CEMEX債務(wù)的嚴(yán)重性對墨西哥經(jīng)濟(jì)來說是非常重要的。排除與貿(mào)易相關(guān)的債務(wù)，CEMEX的債務(wù)占了墨西哥私營部門大約百分之三十的貸款。”
CEMEX公司還警告說 ， 它的周轉(zhuǎn)性信貸設(shè)施已充分利用，如果它的經(jīng)營業(yè)績惡化或是資產(chǎn)出售計(jì)劃完成不了，它可能無法支付貸款。
今年三月初，取消了傳統(tǒng)的水泥季度業(yè)績預(yù)期，降低預(yù)期為公司將克服困難。
CEMEX5年的投保費(fèi)用，從3月9日以來以美元計(jì)價(jià)的債務(wù)增加了6%，已接近歷史最高水平，顯示了債券市場投資者的關(guān)注。
近日瑞銀在一份報(bào)告中預(yù)測，墨西哥央行可能不久將購買300億美元的美聯(lián)儲(chǔ)發(fā)行的政府債券，以此可以借錢給政府全資銀行，然后救助CEMEX。
近日CEMEX公司的股票上漲了0.11%至9.25比索。
一個(gè)交易商告訴路透“目前仍有很大的傳言稱政府要介入救助公司”。
附英文：
Cemex may run out of cash by summer
(MONTERREY, Mexico) -- Mexican cement maker Cemex, dealing with massive debt and the weak U.S. economy, could run out of cash by summer if it fails to renegotiate millions of dollars in maturing debt, analysts warned.
"We are renegotiating and when we have something we will let you know," a Cemex spokesman told Reuters on Friday without elaborating.
Cemex, the United States' No. 1 cement supplier, is struggling with $14.5 billion of debt, a third of which is due this year, and some investors speculate the Mexican government could bail the company out.
As demand for building materials like cement dries up in Mexico, the United States and other parts of the world, analysts' are forecasting that Cemex will have very little cash left by the end of June and could miss payments if it fails to convince creditors to restructure its debt.
Those forecasts do not factor in additional cash needed by Cemex, once a leading Mexican blue-chip that bought companies around the world, to fund its day-to-day operations.
"Cemex has enough liquidity to make payments in the first and second quarters, but if they can't restructure they are running against the clock," said Francisco Suarez, head of research at the Actinver brokerage in Mexico City.
For the remainder of 2009, Cemex faces $3.8 billion in maturities, most of which it plans to pay with money from asset sales and cash flow generation. Analysts think the company may have already paid, or refinanced, $300 million this year.
Cemex is believed to have met its obligations through March and may have nearly $400 million in cash left by the end of the second quarter.
But, Credit Suisse said in a report on March 9, "The situation will be tighter for the following quarters, since we estimate the company will not have any cash beyond the minimum operating cash level on its balance sheet, and debt maturities should exceed cash generation." Analyst Vanessa Quiroga, who wrote the report, said on Friday that she had not changed her views.
Cemex faces maturities of $428 million between July and September and has $2.21 billion due in the fourth quarter.
Cemex is one of Mexico's largest companies, along with state oil company Pemex and billionaire Carlos Slim's Telmex and America Movil telephone operators.
TOO BIG TO FAIL
Similar to the U.S. government's concerns about financial institutions too big to fail, Mexican authorities may decide that Cemex is too big to be allowed to default on its debt, some analysts have said.
A default by Cemex would hit Mexican pension funds that hold its debt, drive up financing costs for other Mexican companies and could pressure the already battered peso, which hit a 16-year low earlier this month.
Speculation that the government will not let Cemex fail has pushed Cemex's stock up more than 50 percent since March 9.
"The magnitude of Cemex's debt is material for the Mexican economy," said a report from Actinver brokerage. "Excluding trade-related debt, Cemex's debt accounts for approximately 30 percent of loans to the Mexican private sector."
Cemex has warned that its revolving credit facilities are fully drawn and that if its operating results worsen or if it is doesn't complete planned asset sales, it may not be able to comply with payments.
Earlier this month, Cemex canceled its traditional quarterly results forecast, dampening expectations that the company would overcome its problems.
The cost of insuring Cemex's 5-year, dollar-denominated debt has increased by 6 percent since March 9 and is near an all-time high, illustrating concern among debt market investors.
UBS predicted in a report this week that Mexico's central bank would soon likely tap a $30 billion swap line with the U.S. Federal Reserve and then could lend money to a government-owned bank, which could then bail out Cemex.
Cemex shares edged up 0.11 percent to 9.25 pesos on Friday.
"There is still a very strong rumor that the government wants to step in and rescue the company," one trader told Reuters.
"We are renegotiating and when we have something we will let you know," a Cemex spokesman told Reuters on Friday without elaborating.
Cemex, the United States' No. 1 cement supplier, is struggling with $14.5 billion of debt, a third of which is due this year, and some investors speculate the Mexican government could bail the company out.
As demand for building materials like cement dries up in Mexico, the United States and other parts of the world, analysts' are forecasting that Cemex will have very little cash left by the end of June and could miss payments if it fails to convince creditors to restructure its debt.
Those forecasts do not factor in additional cash needed by Cemex, once a leading Mexican blue-chip that bought companies around the world, to fund its day-to-day operations.
"Cemex has enough liquidity to make payments in the first and second quarters, but if they can't restructure they are running against the clock," said Francisco Suarez, head of research at the Actinver brokerage in Mexico City.
For the remainder of 2009, Cemex faces $3.8 billion in maturities, most of which it plans to pay with money from asset sales and cash flow generation. Analysts think the company may have already paid, or refinanced, $300 million this year.
Cemex is believed to have met its obligations through March and may have nearly $400 million in cash left by the end of the second quarter.
But, Credit Suisse said in a report on March 9, "The situation will be tighter for the following quarters, since we estimate the company will not have any cash beyond the minimum operating cash level on its balance sheet, and debt maturities should exceed cash generation." Analyst Vanessa Quiroga, who wrote the report, said on Friday that she had not changed her views.
Cemex faces maturities of $428 million between July and September and has $2.21 billion due in the fourth quarter.
Cemex is one of Mexico's largest companies, along with state oil company Pemex and billionaire Carlos Slim's Telmex and America Movil telephone operators.
TOO BIG TO FAIL
Similar to the U.S. government's concerns about financial institutions too big to fail, Mexican authorities may decide that Cemex is too big to be allowed to default on its debt, some analysts have said.
A default by Cemex would hit Mexican pension funds that hold its debt, drive up financing costs for other Mexican companies and could pressure the already battered peso, which hit a 16-year low earlier this month.
Speculation that the government will not let Cemex fail has pushed Cemex's stock up more than 50 percent since March 9.
"The magnitude of Cemex's debt is material for the Mexican economy," said a report from Actinver brokerage. "Excluding trade-related debt, Cemex's debt accounts for approximately 30 percent of loans to the Mexican private sector."
Cemex has warned that its revolving credit facilities are fully drawn and that if its operating results worsen or if it is doesn't complete planned asset sales, it may not be able to comply with payments.
Earlier this month, Cemex canceled its traditional quarterly results forecast, dampening expectations that the company would overcome its problems.
The cost of insuring Cemex's 5-year, dollar-denominated debt has increased by 6 percent since March 9 and is near an all-time high, illustrating concern among debt market investors.
UBS predicted in a report this week that Mexico's central bank would soon likely tap a $30 billion swap line with the U.S. Federal Reserve and then could lend money to a government-owned bank, which could then bail out Cemex.
Cemex shares edged up 0.11 percent to 9.25 pesos on Friday.
"There is still a very strong rumor that the government wants to step in and rescue the company," one trader told Reuters.
