Deals of the year: Latin America

Best Sovereign bond deal

Asia Latin America Emerging Europe Western Europe North America

Best Sovereign bond deal

Republic of Colombia

Deal type: six-year global TES bond

Deal size: $375 million

Date: November 2004

Bookrunner: Citigroup

When Uruguay issued a global bond denominated in domestic currency at the end of 2003, markets weren’t sure what to make of it. They knew it was a good idea in theory – the holy grail of emerging market government is long-term domestic-currency financing. They just weren’t sure when or whether it would be repeated.

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