* Government last sold global bonds 11 months ago
* Rate of 4.125 percent a record low
MONTEVIDEO Nov 19 Uruguay sold $853 million in
new long-term global bonds due 2045, a much lower amount than it
had expected, with the government saying that the historically
low yield may have discouraged buyers.
The government said last week it intended to issue up to $2
billion in the debt restructuring, and its minimum aggregate
expectation for the deal was $1 billion. The yield on the deal
was a record low 4.125 percent.
"Perhaps, considering the rates at which Uruguay can now
access the market, some investors thought they could a better
rate elsewhere," Economy Minister Fernando Lorenzo told
reporters on Monday.
In the deal, $500 million was a buy-back and the rest a
debt swap, the government said. The $353 million raised through
the swap was far less than the maximum $1.5 billion the
government had hoped for.
"In this deal we got the lowest interest rate that Uruguay
has ever had for an issue in foreign currency," Lorenzo said.
The country last issued global bonds in December 2011, when
it sold $1 billion worth of 2028 bonds denominated in