Urbi Targets Low 10s

Urbi Desarrollos Urbanos (Urbi) is aiming for a 10.25% area yield on a new $300m 10-year NC5 bond, expected to price today. The Ba3/BB minus Mexican homebuilder was scheduled to finish a roadshow Thursday. Talk is wide to peer Homex, which has a 2020 trading at around 9.60%. The issuer’s outstanding 2020s have recently been trading as tight as 9.5%. BBVA, Credit Suisse, Citi and Santander are managing the sale.