NEW YORK, Feb 23 (IFR) - Uruguay launched a US$1.2bn reopening of its 5.1% 2050 bond Monday at a final spread of 235bp over US Treasuries on the back of just over US$2bn in demand, according to market sources.
The sovereign increased the size of the deal by US$200m, up from the originally targeted US$1bn, while leaving the spread virtually unchanged from initial price thoughts of 235bp area.
Bank of America Merrill Lynch, Morgan Stanley and Santander are the bookrunners on the issue, which amortizes on June 2048, 2049 and on maturity.
Proceeds from the sale, which brings the total outstanding on the note to US$3.2bn, will be used for general budgetary purposes. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)