Uruguay in CHF 320 Million Dual-Tranche Bond Offering

Cleary Gottlieb represented the Republic of Uruguay (Uruguay) in an offering of CHF 160 million 1.04% bonds due 2030 and CHF 160 million 1.6175% bonds due 2035.

The offering priced on June 26, 2025, and is expected to settle on July 23, 2025.

The transaction marks Uruguay’s inaugural issuance of Swiss franc-denominated bonds in the international capital markets. The bonds were offered to Swiss investors outside of the U.S. in reliance on Regulation S. The bonds will be listed on the SIX Swiss Exchange.

UBS AG and BNP Paribas, Paris, Lancy/Geneva Branch acted as the initial purchasers in the offering. Uruguay intends to use the proceeds for the refinancing, repurchase, or retiring of domestic and external indebtedness, and the remainder for general purposes of the government, including financial investments.