Weekly Report - 26 September 2019 (WR-19-38)

URUGUAY | Bond issue. Against a backdrop of uncertainty over regional and global economic performance, Uruguay announced its return to the international market on 24 September with the issue of new bonds in the international market and the repurchasing of others in an operation worth a total US$1.055bn. The operation involved the reopening of global bonds offers maturing in 2031 and in 2055; and the offer to repurchase US dollar-denominated bonds maturing in 2022, 2024, and 2027. This comes at a time when there is concern over Uruguay’s public finances given the country currently has a fiscal deficit of 4.9% of GDP, the highest fiscal deficit in over 30 years.