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A&O Shearman represents banks on Uruguay's USD1.7 billion bond offering and tender offer

A&O Shearman represents banks on Uruguay's USD1.7 billion bond offering and tender offer
Published Date
Aug 11 2026
Related people
Image of Alejandro Gordano
Alejandro GordanoPartner, New York
Image of Hanan Al-Malssi
Hanan Al-MalssiAssociate, 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 reopening of an additional UYU52.18bn (USD1.30bn) 8.000% peso-denominated bonds due 2035 and an additional USD399.36 million 5.442% USD bonds due 2037.

The firm also represented the dealer managers in a global cash tender offer for any and all of Uruguay’s New York law-governed 8.500% peso-denominated bonds due 2028, 4.375% USD bonds due 2027 and 4.375% UI bonds due 2028.

Uruguay conducted the bond reopenings and global cash tender alongside a local tender for select Treasury notes and monetary regulation bills under Uruguayan law. A portion of the proceeds funded the purchase of securities accepted in the tender offers, with the balance used for general government purposes.

“This transaction demonstrates the continued sophistication and attractiveness of Latin American sovereign capital markets. The engagement highlights our firm’s deep experience advising on complex, multi-currency sovereign debt offerings and liability management transactions in Latin America.”

The A&O Shearman team was led by New York-based capital markets partner Alejandro A. Gordano, visiting attorneys Mariana Lobato and Teresa Zuñiga, and associate Hanan Al-Malssi. The team also received the support on tax aspects from partner Lorenz Haselberger and associates Daniel Kachmar and Edgardo Martinez Gastelum.

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