Uruguay launches US$1.147bn dual-tranche bond tap

miércoles 13 de julio de 2016 13:10 GYT

By Paul Kilby

NEW YORK, July 13 (IFR) - Uruguay launched an almost US$1.15bn tap of its 4.375% 2027 and 5.1% 2050 bonds on Wednesday after watching books swell to US$5.4bn in size, a source told IFR.

The country, rated Baa2/BBB/BBB-, set a final spread of US Treasuries plus 205bp on a US$400m tap of the 2027s, which was at the tight end of 210bp area (+/-5bp) guidance and inside initial price thoughts of 220bp area.

It also launched a US$747m tap of its 2050s at T+275bp, the tight side of guidance of 280bp area (+/-5bp) and inside IPTs of 290bp area.

Barclays, BNP Paribas and JP Morgan are acting as joint bookrunners on the deal. Pricing is expected later on Wednesday.

Proceeds will be used for general purposes, including financial investments, refinancing and the repurchase of debt. (Reporting by Paul Kilby; Editing by Marc Carnegie)