The autonomous entity carried out the largest issuance of non-sovereign securities of the year, ahead of the one recently carried out by the Uruguayan Road Corporation.
UTE placed titles of debt through Negotiable Obligations (ON) for almost 214 million dollars in the search to finance new investments and reprofile previous maturities, in what was the largest issuance of non-sovereign securities so far this year, surpassing the recent tender of 166 million dollars of the Road Corporation of Uruguay (CVU).
The autonomous entity issued 8,426 million pesos (almost 213.6 million dollars) in two series (A and B), the first in Indexed Units (UI) with a maturity of 22 years and an interest rate of 3.725% per year; and the second in Previsional Units (UP) with a maturity of 25 years and an interest rate of 2.2%.
The placement was carried out through the Uruguayan Electronic Stock Exchange (Bevsa) and the titles of debt They were rated AAA (oops) by Fix Scr. The operation will allow UTE finance part of its 2023-2027 investment plan, which includes the development of infrastructure to guarantee the supply of electricity in the future.
Series A and Series B received a demand for more than double what was offered
During the first day, Series A was tendered for more than 232 million UI, equivalent to almost 1,363 million pesos (more than 34.5 million dollars), receiving a demand for 733.2 million UI, tripling the available offer. . Prices ranged from 93 to 104.01, with the cutoff price set at 100.
Series B was then put out to tender for more than 1,338 million UP, equivalent to more than 2,043 million pesos (more than 51.8 million dollars), receiving a demand of 2,958 million UP, more than double what was offered. Here the prices offered ranged between 94.85 and 101.12, and the cut-off price was 100.19.
On the second day, the possibility of carrying out an exchange of ONs already issued for up to more than 11,200 million pesos, that is, almost 284 million dollars, was opened to reprofile a previous debt, canceling it with a newer one and with a better deadline. The securities to be exchanged were an ON in UI with maturity in 2028 and another in Resettable Units (UR) expiring in 2026.
Source: Ambito
