Mexico's cement giant Cemex swaps short-term debt

Shares of Mexican cement giant Cemex are down after the company announced it swapped less than 20 percent of its short-term debt for longer-term notes.

The Monterrey-based company says it has issued $72 million of long-term debt, accounting for 75 percent of notes due by January.

But investors have been hoping the world's No. 3 cement company would do more. Cemex has more than $420 million in commercial paper due by this spring.

Cemex shares fell 19 points Thursday, dragging down the Mexican stock market. Overall, Mexico's IPC index was down 1.3 percent to 21,408.

The company has been hurting from the slowdown in the housing market, currency fluctuations and credit tightening.

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