Uruguay Eyes USD, JPY

Aug 30, 2012

Uruguay is looking first to dollar and then to Japanese yen markets despite the sovereign’s main focus on local currency issuance, Azucena Arbeleche, director of debt management at Uruguay´s finance ministry, tells LatinFinance. The renewed interest in hard currency issuance follows a second sovereign investment grade rating last month, when Moody’s notched up Uruguay’s rating to Baa3 from Ba1 just three months after Standard & Poor’s returned the country to the coveted status after a decade. The ratings actions saw an immediate tightening in spreads in Uruguay’s USD and UI curves. “If we...

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