Uruguay extends curve with exchange offer

Uruguay extends curve with exchange offer

Bonds

Uruguay has bought back $1.17bn worth of bonds in seven tenors in an exchange offer that extends the country’s average debt maturity by around a year, the country’s head of public credit said on Wednesday. The buyback was executed on Tuesday through a one-day switch format under which the Baa2/BBB-/BBB- rated sovereign also sold a $2bn 2050 bond. It was the second time Uruguay has used the liability management technique. “This helps to obtain a good price in the new bond and reduces risks when c

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