Uruguay Heard Marketing Samurai

Uruguay is said to be whispering a yield of yen Libor+ 42bp-48bp for a new 10-year yen-denominated bond it plans to sell in Japan next week, according to a person following the deal. The sovereign is scheduled to hold a group presentation Thursday, and hold other investor meetings around it, ahead of what is expected to be a JPY40bn ($490m) samurai deal guaranteed by JBIC. Daiwa and Nomura are managing. Panama was the most recent issuer from the region in the Japanese market, with a 10-year Samurai with a 1.81% coupon priced at par to yield yen Libor+ 48bp in January, while Mexico priced a 2020 bond guaranteed by JBIC in October which priced at par with a 1.51% coupon, to yield yen Libor+ 50bp. Uruguay’s last Japanese bond was a JPY30bn 2.23% 10-year done in 2007.