AMERICAS

摘要

Contagion fears over financial troubles at Espirito Santo had little if any impact on intercement's ability to raise US$750m in the international bond market on Thursday, despite its being a majority owner of Portuguese cement company Cimpor. Investors largely viewed InterCement (BB/BB) as Brazilian and Latin American risk rather than an entity reliant on revenues from Portugal. In its last annual report, InterCement cited Portugal as one of the most relevant operations of the group, although it only generated 4.6% of its 2013 Ebitda there. "[Portuguese contagion] is affecting the market more broadly, with equities down so much in Europe," said a DCM banker.