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Sovereign Debt Report – April 2018

Highlights: Uruguay issued a new 2055 dollar-denominated global bond and concurrently executed an intraday liability-management operation, setting a new benchmark in the long-end of the curve. Government intends to start issuing local-currency Treasury Notes in the domestic market linked to the nominal wage index, during the second semester of 2018. R&I upgraded Uruguay’s credit rating to BBB with stable outlook; Fitch affirmed Uruguay’s at BBB- with a stable outlook. Global video conference on Uruguay’s macroeconomic outlook and government financing plans for 2018.