Uruguay Brings Long Bond for LM

Nov 14, 2012

Uruguay emerged Tuesday to sell $500m in new 2045 bonds, as part of a liability management exercise aiming to replace shorter-term debt. On the back of a brief US roadshow ending November 2, the Baa3/BBB minus/BB+ sovereign took advantage of cheap rates, and recent rating upgrades, in its first new issuance this year. The 2045 priced at par with a 4.125% coupon, to yield in line with 4.125%-area price talk. The bonds were trading at reoffer in...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management