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A&O Shearman guides banks on Republic of Uruguay's USD1.85 billion bond offering and tender offer

A&O Shearman guides banks on Republic of Uruguay's USD1.85 billion bond offering and tender offer
Published Date
Oct 31 2025
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Image of Alejandro Gordano
Alejandro GordanoPartner, New York
Image of Moises Gonzalez
Moises GonzalezInternational Associate, New York
Teresa ZunigaInternational Associate, New York
Image of Lorenz Haselberger
Lorenz HaselbergerPartner, New York
Image of Daniel Kachmar
Daniel KachmarAssociate, Washington DC
A&O Shearman represented the underwriters and dealer managers for the Republic of Uruguay’s offering of New York law-governed UYU54.02 billion (USD1.35b) 8.000% peso-denominated bonds due 2035 and a reopening of an additional USD500 million of its 5.442% USD bonds due 2037—as well as a concurrent global cash tender offer for any and all of Uruguay’s New York law-governed 8.500% peso-denominated bonds due 2028 and 8.250% peso-denominated bonds due 2031.
Uruguay conducted the new bond offering and global cash tender alongside a local tender for select Treasury notes and monetary regulation bills under Uruguayan law. A portion of the proceeds will fund the purchase of securities accepted in the tender offers, with the balance used for general government purposes.

We were pleased to support this successful, cross-border transaction that delivered strong investor engagement for the Republic of Uruguay. Our firm continues to demonstrate its ability to guide such proactive sovereign liability management activities to completion.

The A&O Shearman team was led by New York-based capital markets partner Alejandro A. Gordano and visiting attorneys Moises Gonzalez Arroyo and Teresa Zuñiga, with support on tax aspects from partner Lorenz Haselberger and associate Daniel Kachmar.

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