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Uruguay State Power Company UTE Sold Record Local Bond

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Dec. 26 (Bloomberg) -- Administracion Nacional de Usinas y Trasmisiones Electricas, Uruguay’s state power company, sold 1.91 billion pesos ($100 million) of 30-year inflation-linked bonds in the biggest-ever sale of its type in the local market.

The company, known as UTE, sold 763 million inflation-adjusted units of the bonds, according to the Uruguayan stock exchange. Each unit costs 2.5 pesos, according to the country’s national statistics institute.

The bonds were priced to yield 3.17 percent, said Pablo Mautone, director at Sacramentum Capital, which was co-underwriter of the sale with Republica Administradora de Fondos de Inversion SA.

UTE sold the debt in the local market mostly to pension funds and insurers, Mautone said.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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