Auctions Procedure

Uruguay issues Treasury Notes linked to Consumer Prices Index (NT UI) and in nominal Pesos on a monthly basis.


All investors (residents and non-residents) can participate in all local auctions. Non-residents can invest through a local bank or broker, given they have an open account in these institutions.


In auctions for NT UI, bids must indicate the nominal amount and the price offered in UI plus accrued interest from the issue date or the last coupon payment through the settlement date (dirty price). Minimum amount bid by institution is UI (or UYU Pesos) 100.000 and multiples of UI (or UYU Pesos) 10.000 thereof.

The Notes can be settled in Uruguayan Pesos or US Dollars. 

Total bids by institution cannot exceed the amount the issuer is authorized to allocate (200% of the original tendered amount).


The allocation system is the Dutch method (single price).

The issuer has the right to accept bids up to an amount equivalent to 200% of the total amount announced.

Terms and Results

Results will be announced one hour after the close of the tender and


Local Government securities are registered only at Central Bank of Uruguay[1].

Settlement day for Treasury auctions is one day after the trade day, also for secondary market operations.

The notes are denominated in UI and are converted into UYU at the correspondent index UI/UYU at the settlement date (Available also in Bloomberg at URUIURUI <INDEX> <GO>). The UYU/USD exchange rate will be the average of the day before the settlement date, set by the Central Bank (Available at 

Coupon payments and principal amortization will take place at the equivalent in UYU using the corresponding index UI/UYU as of the settlement date. 

Bloomberg Ticker UNT<Govt>

[1] The Central Bank of Uruguay is working on the implementation of a Central Depositary


Sovereign Debt Management Unit

Ministry of Economy and Finance of Uruguay
Colonia 1089 3rd Floor CP 11100 Montevideo -

Última Actualización: 29/10/2020