Uruguay

South American sovereign Uruguay will use some of the proceeds from its Ps31.603bn ($1.1bn) of new 10 year local bonds to buy back nearly $105m of old dollar and inflation-linked notes.

Bond markets gave Uruguay’s inflation expectations a vote of confidence and underlined the sublime funding conditions available for EM issuers by piling into the South American nation’s longest ever nominal peso-denominated bond issue.

Just three months after its first ever nominal global peso bond, Uruguay plans to return to debt markets on Thursday for a new peso-denominated note due March 2028.

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.

South American sovereign Uruguay followed up its lowest inflation print for 12 years with its first ever nominal global peso-denominated bond on Monday.

South American sovereign Uruguay is likely to be the next Latin American issuer to tap debt markets as it wraps up an international roadshow ahead of a planned Uruguayan peso-denominated fixed rate bond issue.

South American sovereign Uruguay is meeting international investors ahead of a planned Uruguayan peso-denominated fixed rate bond issue.

Uruguay reiterated the extremely favourable conditions available to Latin American investment-grade issuers after raising $1.147bn of bonds through a tap of its 2027s and 2050s on Wednesday.

South American sovereign Uruguay raised $1.147bn of bonds on Wednesday via a tap of its 2027s and 2050s in the longest maturity EM sovereign bond sale of the year.

South American sovereign Uruguay said on Friday that it intends to issue about $1.5bn in international bond markets in 2016 as part of its prefunding policy.

Sovereigns and quasi-sovereigns continue to dominate Latin America new issues, as Uruguay this week showed that attractive all-in funding costs are on offer thanks in large part to low base rates.

The prospect of interest rates in Europe remaining low for a long time means that Uruguay is not likely to raise euro-denominated debt “in the very short term”, said a debt official from the country, but the sovereign is looking at the market as a way to continue to diversify its investor base.