Uruguay pays slim concession on dual-tranche

Uruguay, Montevideo, Plaza de la Independencia, LatAm, 575
By Oliver West
25 Jun 2020

Uruguay’s management of the Covid-19 pandemic — so far, superior to the majority of crisis-hit Latin America — helped it issue $2bn-equivalent of bonds on Wednesday with a very slim new issue premium on its inflation-linked peso notes and a negative concession on a dollar tap.

Until this week, Uruguay was the only investment-grade sovereign in Latin America not to have tapped international bond markets to help fund its Covid-19 mitigation efforts. But Citi, HSBC and Itaú announced investor calls for the Baa2/BBB/BBB- rated sovereign on Monday, indicating that the issuer was weighing up options ...

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