Biding time proves fruitful for Uruguay’s peso push

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Biding time proves fruitful for Uruguay’s peso push

Uruguay, Montevideo, coronavirus, covid-19, facemask, LatAm, 575
12 May 2020, New Caledonia, Montevideo: A woman standing in front of a statue with a mouth guard and wearing one herself welcomes the crew of the Australian cruise ship "Greg Mortimer" with a flag of Uruguay as the team is brought to the Regency Way Hotel. The "Greg Mortimer", which had numerous coronavirus-infected people on board, was anchored in Montevideo since the end of March. Now the crew was allowed to go ashore and was brought to two hotels. 35 crew members are said to have tested positive for Covid-19. Already in April more than 100 passengers had been flown from the Uruguayan capital to the Australian city of Melbourne. Photo: S. Mazzarovich/dpa | S. Mazzarovich/S. Mazzarovich/dpa

After a rush of dollar issuance from Latin American sovereigns, Uruguay — the last of the region’s investment grade countries to turn to bond markets during the coronavirus pandemic — spotted the chance in late June to become the first EM sovereign to issue abroad in its own currency this year. Herman Kamil, director of the country's debt management office (DMO), tells GlobalCapital how the sovereign bucked the trend.

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