Uruguay
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Unprecedented coupon structure splits EM investors but sovereign finds traction despite tricky market -
LatAm sovereign set to break ground but tricky issuance conditions may make success tough to judge
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Handful of government issuers likeliest candidates to revive issuance
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If ESG drives credit risk, the structure has logic
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Deal would demand investors sacrifice some return if issuer hits sustainability targets
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Bankers see very short list of potential issuers from the region
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Issuers begin to pay closer attention to bond markets despite tricky conditions
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Investors see little reason to play in primary
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Bankers encouraged by post-Fed reaction but say primary reopening likely to be next week
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South America sovereign eyes $3.7bn across local and international markets
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South American supra looking to diversify away from Swiss francs
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Rating agency says Uruguay has shown fiscal resilience throughout pandemic
