Uruguay trades up after first step to local yield curve

By Oliver West
15 Jun 2017

Lat Am DCM bankers said that Uruguay had done a fine job of convincing investors to buy into its inflation-busting story after the sovereign issued its first ever nominal global peso-denominated bond.

The South American nation’s chronic inflation problems had prevented it from selling fixed rate local debt internationally; instead, inflation linkers had been the instrument of choice for investors. Indeed, even domestically, the peso curve only stretched until 2020. 

But after inflation dropped to 5.58% in May — its ...

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