NEW YORK, Feb 23 (IFR) - Uruguay, rated Baa2/BBB-/BBB-, has set initial price thoughts of 235bp area over US Treasuries on a reopening of its US dollar-denominated 5.1% 2050 bond, according to market sources.
Bank of America Merrill Lynch, Morgan Stanley and Santander are the bookrunners on the transaction, which is expected to have benchmark size. The issue already has an outstanding size of US$2bn. Pricing is expected today.
Proceeds from the sale will be used for general budgetary purposes. (Reporting by Davide Scigliuzzo and IFR team; Editing by Paul Kilby)