Nominal Wage-Linked

(denominated in UP)


 Type of Rate

Coupon Rate

(in %)






(in original currency)

1 Fixed 1.50  07/25/2018   07/25/2025(*)  3,182,897,860
   2    Fixed 1.80 08/29/2018 08/29/2033(*) 19,213,310,000
3 Fixed 2.20 05/13/2019 05/13/2040(*) 40,018,500,000
4 Fixed 2.45 01/27/2020 01/27/2037(*) 44,103,000,000
5 Fixed 2.00 09/01/2021 09/01/2047(*) 43,401,000,000
   6       Fixed    2.25 07/20/2023 07/20/2036(*) 9,299,100,000
7 Fixed 1.20 02/21/2024 02/21/2029 2,400,000,000

 (*) Principal repaid in the last three years to maturity, in annual and equal installments.

UPs are nominal wage-indexed monetary units. The UP is calculated by the National Institute of Statistics (Instituto Nacional de Estadistica or INE) and is published monthly in advance for each day of the following month. The UP is available on Bloomberg by typing “URUDUP <INDEX> <GO>”.  The UP changes on a daily basis to reflect changes in the average index of nominal wages (Indice Medio de Salario Nominal or IMSN), which is also measured by the INE. The UP for each day is set in advance based on changes in previous months’ nominal wages.

The UP is readjusted on a daily basis in accordance with the evolution of average index of nominal wages, as determined by the following formula:




where UPd,M corresponds to the value of the UP on day d and month M, DM corresponds to the number of days in month M, IMSN corresponds to the value of the IMSN on month M. The index was created with an initial value of 1.0 on April 30th 2018.


Sovereign Debt Management Unit

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

Última Actualización: 17/04/2024