Uruguay guides pricing of dollar bonds due 2031; Indian Oil plans $900 million 4¾% notes

By Rebecca Melvin

New York, Jan. 15 – The emerging markets primary market remained muted on Tuesday, but the Republic of Uruguay, which represented a long-awaited sovereign for the Latin America region, announced a deal and guided pricing for dollar-denominated bonds due 2031.

Uruguay guided pricing for the new issue for a yield of Treasuries plus 185 basis points area, which was tightened from initial price thoughts of Treasuries plus low 200 bps, and final pricing was expected to be set later Tuesday.

The Securities and Exchange Commission-registered bonds for the Latin American country may provide Latin America issuers the signal they need to come to market. The dollar-denominated note deal for Colombia’s Termocandelaria Power Ltd. is on roadshow through this week, but according to market chatter, the company was hoping for a new sovereign issue to price before it exposed itself to the market.

The Uruguay notes were being sold via joint bookrunners Itau BBA, JPMorgan and Scotiabank at the same time the sovereign was holding a one-day tender offer for its $550.58 million of 8% global bonds due 2022, $1.29 billion of 4½% global bonds due 2024 and $2.1 billion of 4 3/8% global bonds due 2027.

Also primary action, Indian Oil Corp. Ltd. said Tuesday it launched an offering of $900 million of 4¾% notes due 2024.

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