Urbi Building 10-Year Dollar Bond

Mexico’s Urbi, set to follow its homebuilder compatriots into the dollar debt markets, is readying a $250m 2020 NC5. Investor meetings will be held in Los Angeles and London Monday and Boston and New York Tuesday, according to an investor. Deutsche Bank and Santander are managing the transaction, expected to be rated Ba3/BB. Rival Homex sets a pretty good benchmark, after selling its own $250m 2020 NC5, rated Ba3/BB minus, last month to yield 9.75%. Geo, also Ba3/BB minus, paid 9.00% for a $250m 5-year in September. Urbi’s deal mark its first dollar sale since a $150m 8.50% of 2016 in 2006 via Merrill Lynch and UBS, according to Dealogic.