The Government of Uruguay, through the Ministry of Economy and Finance, has completed the reopening of the Bond Indexed to Climate Change Indicators (BIICC for its initials in Spanish) for an amount equivalent to 700 million dollars. The operation was oversubscribed by 3.9x the amount issued.

The BIICC is the first global Sustainability-Linked Bond (SLB) that incorporates a bidirectional interest rate structure. The bond coupon can potentially step up if the country does not meet the objectives established in the issuance framework, while the country could benefit from a reduction (step down) of the bond coupon if it exceeds its environmental goals. The bond is tied to two climate indicators: i) reduction of greenhouse gases and ii) conservation of native forest area. The assessment will be performed in October 2027, and from there and on, the interest rate may change until the bond matures in 2034.