Uruguay prices jumbo switch as markets cheer LatAm

Uruguay prices jumbo switch as markets cheer LatAm

Bonds

Uruguay sold a $2bn 2050 bond on Tuesday at a tight spread, amid a flurry of new issues from Latin America to hit the market. The Baa2/BBB-/BBB rated sovereign took advantage of strong market conditions and a recent upgrade by Moody’s to tap the long end of the curve. The new issue was combined with a tender offer, executed through a one-day switch format. Lead managers HSBC and JPMorgan were heard to price the bond at 165bp over US Treasuries, seen as a tight concession to the borrower’s curve.

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