Uruguay
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Three Latin American borrowers clinch strong deals while US Treasuries sell off again
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New bond will have had 'fantastic' technical support
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Unprecedented coupon structure splits EM investors but sovereign finds traction despite tricky market
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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
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Borrower manages to price deal without JBIC guarantee
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South America sovereign leans on niche market and credit strength to keep LatAm primary open
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South America sovereign likely to issue fixed rate yen bond in December
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EM sovereigns make bold pleas for climate cash
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South American supra is hitting its operational and lending targets
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ACI Airport Sudamérica to push out maturity as existing bondholders provide new cash
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Uruguay, considered the most promising credit story among Latin America's investment grade sovereigns, raised $1.74bn-equivalent in pesos and dollars on Thursday, becoming the first sovereign from the region to issue local currency abroad in 2021 — as it was in 2020.
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Uruguay began investor calls on Monday ahead of a proposed dollar and global local currency bond issue. The marketing effort came as the government continues to take steps towards issuing what would be the first sustainability-linked bond from any sovereign — though this week’s expected deal will not have ESG characteristics.
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As Uruguay looks to follow a recent surge of sustainability-themed bond issuance from Latin American borrowers with an ESG bond of its own, one of the options it is weighing up is a sustainability-linked bond — a format that has so far only been used by corporate borrowers.
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Uruguay’s dollar bonds are hot property, but the sovereign is planning to focus its international bond issuance efforts on its domestic currency in 2021 as it looks to develop the peso market and increase the share of its debt burden in the currency.