Uruguay Debt Management Unit

About the Debt Management Unit 

The Debt Management Unit (DMU) was created at the Ministry of Economy and Finance in 2005, seeking to develop an independent administration of the Government's financial obligations and cashflows.

The main objective of the DMU is to assure the Government's financing at the lowest possible cost given risk exposure parameters, based on a solid operational capacity, updated research methods and a proactive approach to the sources of funding.

Government cancels Treasury Note auction scheduled for November

November 19^th, 2013. The Central Government has decided to cancel the auctions of Treasury Notes scheduled for November 26^th and November 27^th (3 Years Treasury Note in Pesos and 10 Years CPI Note, respectively). The current auction calendar remains unchanged.

Domestic Market CG Next Issuance: September 25_^th

September 25^th, 2013. 10-Year UI Treasury Notes (Series 19) Auction Result

September 19^th, 2013. As already announced in the issuance calendar for August 2013 - January 2014, the Central Government will reopen the 10-Year UI Treasury Notes (Series 19) for sale by auction on September 25^th. Access Series 19- Press Release for further information. Peso Treasury Notes planned for September 24^th has been canceled.

Current Domestic Market Auction Calendar remains unchanged.

Acceptance of Tenders and Maximum Purchase Amount

August 7^th, 2013. The Republic announced today the aggregate principal amount of Preferred Tenders and Non-Preferred Tenders of each series of Old Bonds that has been validly tendered and accepted pursuant to its tender offer previously announced, subject to the terms and conditions contained in the Offer to Purchase, dated August 6, 2013.

Click here to access the Press Release

The Republic announced global offering of USD bonds due 2024 & Tender Offer  

August 6^th, 2013. The Republic announced today that it priced a global offering of US$2 billion aggregate principal amount of its U.S. dollar denominated 4.50% bonds due 2024 at 4 p.m New York Time. The closing of the New Bonds Offering is expected to occur on Wednesday, August 14, 2013.

August 6^th, 2013. The Oriental Republic of Uruguay announced today the commencement of a global offering of bonds due 2024 to be denominated in U.S. dollars. Uruguay intends to use a portion of the net proceeds of the sale of the New Bonds for the payment of the purchase price for Old Bonds subject to the terms and conditions contained in the Offer to Purchase.

For further information access the Press Release and the Offer to Purchase.

Click here to access Uruguay's Institutional Presentation.

Domestic Market Issuance Program August 2013 - January 2014 

August 5^th, 2013. The Central Government launches today its Issuance Program for the next six months in the domestic market.

Click here to access the Press Release and here to download the Calendar. Please refer to Local Auctions for more information.

MEF applies reserve requirement on CG local securities

June 7^th, 2013. Click here to read Central Bank "Circular Nº2145" for further information (available in spanish). For information purposes only, click here for a free translation of the original document.

June 6^th, 2013. The Ministry of Economy and Finance (MEF) decided to extend the reserve requirement to non-residents on local securities issued by the Central Government, already operating for Central Bank Securities. All individuals or legal entities that operate accounts of securities of non-residents in local currency issued by the Central Government in local currency, shall maintain funds frozen up to an amount of no less than 50%.

Click here to read the Macroeconomic Coordination Committee Press Release

Fitch Upgrades Uruguay to Investment Grade; Outlook revised to Stable

March 21^st, 2013. Fitch Ratings has published the Annual Credit Report. Click here to access the report.

March 7^th, 2013. Fitch Ratings has upgraded Uruguay's ratings as follows:

• Long-term foreign currency (FC) Issuer Default Rating (IDR) to BBB- from BB+;
• Long-term local currency (LC) to BBB from BBB-;
• Short-term FC IDR at F3;
• Country Ceiling at BBB+

 The Outlook is revised to Stable from Positive. Click here to access the Press Release.

Uruguay signed contingent credit line with IADB and strengthens its financial position 

Click here to access the Press Release.

Uruguay prepaid IADB for USD 519 million

January 31^st, 2013. On January 25^th the Republic prepaid USD 519 million to the IADB for loans with interest rates higher than the current cost of funding of the country and with maturities below 2024. The prepayment was made under the new IADB reallocation program, through which prepayments generate additional space for new loans with the organism. The early cancellation makes room for a new Policy Loan with a Deferred Drawdown Option (PBL-DDO) for USD 550 million (currently under negotiation), a fast disbursing line to increase the Republic contingent financing. Moreover, this operation represented savings of USD39.2 million given the current funding-cost of the Republic in the international market at such maturities.

Uruguay already has contingent loans not yet disbursed with CAF for USD 400 million, with FLAR for USD 470 million and with World Bank for USD 520 million.

Uruguay signed fast disbursing line for USD 260 million and increased contingent financing with World Bank to USD 520 million

12^th December, 2012. The USD 260 million loan has been approved by the World Bank with a Deferred Drawdown Option (DDO), specifically created by the Bank for countries without an immediate need for financing. Uruguay also signed three other loans, with a regular schedule of disbursement, amounting the whole financing package to USD 448 million.

This DDO is part of the pre-cautionary financing strategy of the Republic in case an unforeseen deterioration of the external situation occurs, which includes contingent financing from multilateral institutions to secure short- and medium-term financing, together with the build-up of considerable fiscal reserves. The government has also contingent loans not yet disbursed with CAF for USD 400 million, with FLAR for another USD 470 million, and another DDO with the World Bank for USD 260 million.

Click here to access World Bank Press Release.