Construction materials manufacturer Elementia Materiales will return to the Mexican Stock Exchange (BMV) to issue up to MX$4.5 billion (US$259.76 million) in corporate bonds. The company plans to list the debt under the ticker ELEMAT 26 on July 23. The transaction represents the second placement within a broader authorized program totaling up to MX$15 billion (US$865.86 million).
Elementia will issue up to 42 million certificates at a price of MX$100 (US$5.77) per unit. Banco Inbursa and BX+ will act as placement intermediaries for the transaction, while Multiva will serve as the common representative. The issuance carries a three-year term, although the specific interest rate has not yet been defined prior to listing.
The company will allocate the net proceeds entirely to liability refinancing. This strategy includes replacing the existing ELEMAT 23 certificates and short-term bank debt with long-term market financing. According to the placement prospectus, Elementia holds MX$900 million (US$59.95 million) in credit with Banco Inbursa and MX$1 billion (US$57.72 million) with BBVA. Both corporate credits are linked to the 28-day Interbank Equilibrium Interest Rate plus 1.65% and mature in November 2026.
The debt issuance received an AA- rating from Moody’s and an A rating from Fitch Ratings. Fitch noted that the assigned ratings reflect the company’s geographic and product diversification, along with its position in construction materials and copper products. The credit agency estimated that, after refinancing its short-term liabilities, Elementia could maintain an EBITDA margin near 11% between 2026 and 2028, excluding the effects of IFRS 16. However, Fitch warned that a slower-than-expected operational recovery, keeping gross leverage above 3.5 times, could exert negative pressure on the company’s credit ratings.
In 1Q26, Elementia reported MX$3.57 billion (US$206.04 million) in revenue, representing a 20% decline compared with the same period the previous year. The company also recorded a net loss of MX$7.32 billion (US$422.46 million) for the quarter. Elementia attributed the deterioration to a contraction in the U.S. market, the startup phase of its North Carolina manufacturing plant, and the closure of its Vallejo metals facility in Mexico City.
Since its acquisition from Grupo Kaluz in 2022, Elementia has operated within the construction and materials division of Grupo Carso, alongside its sister company Fortaleza Materiales. The purchase of both entities was carried out through Condumex, a Grupo Carso subsidiary.
The upcoming debt issuance aligns with a US$5 billion investment plan launched by Grupo Carso in May 2026. Grupo Carso Honorary Chairman Carlos Slim stated that the investment seeks to strengthen private-sector participation under Plan México, a federal strategy aimed at boosting domestic production, infrastructure development, and corporate investment. In March, Mexican President Claudia Sheinbaum met Slim and other business leaders to accelerate Plan México and align private capital with the 2026 national infrastructure agenda.