Uruguay Launches Tender Offer

Uruguay Launches Tender Offer

Bonds Uruguay

Uruguay has launched an exchange offer targeting its $1.23bn outstanding in 5.0% inflation-linked 2018 bonds and several series of expensive USD and EUR denominated notes. The sovereign is offering to swap new 4.375% 2028s for the 2018s, and is making a cash offer to holders of 12 series of USD bonds and 3 series of EUR-dominated bonds, spending up to $1.0bn total. In the exchange offer, the sovereign is offering holders UYP110.25 in new 2028s per UYP100 principal of the 2018s. It is offering a

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