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Sovereign liability management deal of the year & local currency bond of the year - Uruguay

Sovereign liability management deal of the year & local currency bond of the year - Uruguay

In June, amid investor enthusiasm for emerging market assets, Uruguayan officials saw an opportunity to carry out a cornerstone of its debt strategy for the year by increasing its share of its debt in local currency. With investors showing strong demand for local currency emerging market debt, Uruguay issued a $1.25 billion peso-denominated bond maturing in 2022. The transaction helped to raise $1 billion in new cash, with the remainder being used to finance a liability management operation carried out on the same day as the new bond issue.[…]