Uruguay guides pricing of dollar bonds due 2031 to yield Treasuries plus 185 bps area

By Rebecca Melvin

New York, Jan. 15 – The Republic of Uruguay guided pricing of its planned U.S. dollar-denominated bonds due 2031 to yield in the Treasuries plus 185 basis points area, according to a market source.

Pricing was tightened from initial price thoughts of Treasuries plus low 200 bps, and final pricing is expected to be set later Tuesday.

The Securities and Exchange Commission-registered bonds may be redeemed in whole or in part before maturity at Uruguay’s option.

Itau BBA, JPMorgan and Scotiabank are joint bookrunners of the bonds, for which a listing on the Luxembourg Stock Exchange is expected.

The proceeds of the bonds will be used for general purposes of the government, including financial investment and the refinancing, repurchase or retiring of domestic and external debt.

Uruguay was last in the international bond market in April 2018 with a $1.75 billion issue of 4.975% bonds due 2055.

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