Avianca Sounds Out Investors

Avianca-Taca is heard holding pre-education meetings this week with equity investors, ahead of a possible follow-on sale of ADR. Citi and JPMorgan are managing. The Colombian airline has said it is studying the possibility of an ADR offering, “depending on conditions in the international markets.” Mexico’s Volaris, scheduled to raise more than MXP5bn ($386m) in an IPO pricing Wednesday, should provide an indication of investor appetite for airline equity. Chile’s Latam has also been authorized for a follow-on. Brazil’s Azul put off an IPO earlier this year.