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Anne Jean Milne

Research Analyst at BofA Securities

Anne Jean Milne is Managing Director, Head of Global Emerging Markets Corporate Credit Research at BofA Securities, specializing in fundamental corporate credit research and strategy across Latin America, Eastern Europe, Middle East, Africa, and Asia. She and her team cover major emerging-market corporates including CEMEX and have consistently ranked number one or two for EM Credit Research by Institutional Investor since 2003, reflecting a top-tier performance track record. Milne began her career with roles at JP Morgan, ING Barings, Trust Company of the West, and the World Bank before joining Deutsche Bank in the late 2000s and subsequently moving to Bank of America in 2010. She holds securities licenses verified by FINRA and has a master’s degree from Johns Hopkins SAIS, underlining her professional and academic credentials.

Anne Jean Milne's questions to CEMEX SAB DE CV (CX) leadership

Question · Q3 2025

Anne Jean Milne asked about CEMEX's debt profile, including large maturities in 2026, strategies for extending maturities given attractive bond yields, and the target range for fully loaded leverage, especially considering potential acquisitions.

Answer

CEO Jaime Muguiro set a target fully loaded leverage range of 1.5x to 2x. CFO Maher Al-Haffar confirmed alignment on using fully loaded leverage for rating agencies and debt markets, expressing comfort with this range for M&A capacity without risking ratings. He mentioned actively looking at extending maturities, noting the attractiveness of the long end of the market, and highlighted upcoming maturities including a €400 million bond in March and a subordinated note reset.

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