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Uruguay Taps Maximum LM Funds

Aug 7, 2013

Uruguay has issued a new 2024 bond, upsizing to a maximum $2bn permitted in a new liability management transaction targeting four series of dollar bonds. The sovereign got $3.5bn demand, according to people familiar with the sale, as it kept up this week’s busy cross-border DCM pipeline. Generating interest at UST plus low-200s initial price thoughts for a benchmark-size 2024, the Baa3/BBB minus/BBB minus sovereign tightened to 187.5bp-200bp and upsized to $2bn...

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

Jan Dehn, Ashmore Investment Management