Urbi Nears MXP Bond

Mexican homebuilder Urbi Desarrollos Urbanos is close to raising MXP1bn ($71m) through the sale of a 2014 bond. The floating rate notes will pay a spread over the TIIE and is expected to price Thursday, if market conditions permit. Proceeds from the new issuance will be used to refinance existing long-term and short-term debt. With the proposed issuance, Urbi will have no substantial debt maturities until 2014, says Moody’s, which rates the deal A3 on a national scale. BBVA is managing the sale. Urbi last visited the bond market in January 2010, issuing $300m in a cross-border sale.