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.
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The world’s largest independent McDonald’s franchisee, Arcos Dorados, is planning to tap its senior unsecured bonds due 2027 as it looks to refinance debt raised to tackle the Covid-19 crisis.
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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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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.
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Uruguay raised $2bn-equivalent of debt on Wednesday — the bulk of which came from a rare inflation-linked local currency issue — to become the final investment grade Latin American sovereign to tap international bond markets in the coronavirus era.
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Uruguay-headquartered Navios South American Logistics on Tuesday notched a $500m 10-year bond that left the company with a far more comfortable debt maturity profile. But Navios had to improve terms for investors — and wait a week after it first announced the issue — to get the refinancing done.
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Bankers said that Uruguay could provide a stern test of risk appetite if it decides to announce a new bond issue in local currency, after the sovereign began investor calls saying it could issue in dollars and/or Uruguayan pesos.
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ACI Airport Sudamérica, the operator of Uruguay’s largest airport, has received consent from its bondholders to delay a year of debt payments to help it through the Covid-19 pandemic — just weeks after creditors of its Argentine sister company achieved the same.
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Market participants expect Uruguay’s new centre-right government to tighten fiscal policy, but rating agencies believe doing so will prove a difficult balancing act.
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Uruguay made the most of the low rate environment on Thursday to tap two bonds for a total of $1.055bn. It was part of a liability management exercise that the finance ministry said produced a nominal financial benefit of $87m.
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Uruguay added $750m to bonds maturing in 2055 on Tuesday and looks set to increase its 2031s on Wednesday as part of a liability management exercise.
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Uruguay-based shipping and logistics firm Navios South American Logistics was the only Latin American borrower on a roadshow this week but debt capital markets bankers hope that a benevolent rates environment may cajole nervous issuers into primary markets.
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Dutch asset manager NN Investment Partners will open a new office in Montevideo, Uruguay on February 25 to service Latin American and US offshore clients, the company said on Friday.