Uruguay to Buy Back $240m in Global, Local Bonds

Uruguay has agreed to buy back the equivalent of $116m of dollar and Euro-denominated sovereign debt and $124m of local government debt. Investors tendered $116m under an overseas buyback offer for eight sets of 2008-2012 dollar bonds and 2011 and 2012 Euro-denominated bonds. There was $436m outstanding. After the buyback is settled December 17, there will be a total of about $195m outstanding on the dollar bonds and EUR125m of the Euro bonds. In another offer, the government also agreed to buy back $124m of $1.55bn from 17 sets of dollar-dominated and inflation-linked local bonds, either denominated in dollars or linked to Uruguayan inflation. Citi is leading the process.