Obligation Uruguaya 7.625% ( US760942AS16 ) en USD

Uruguaya

100 % ▼

Uruguay

US760942AS16 ( en USD )

7.625% par an ( paiement semestriel )

20/03/2036

Prospectus brochure de l'obligation Uruguay US760942AS16 en USD 7.625%, échéance 20/03/2036

100 000 USD

1 056 636 810 USD

760942AS1

N/A

21/03/2026 ( Dans 40 jours )

L'Uruguay est une république parlementaire d'Amérique du Sud, connue pour son économie stable, son système démocratique robuste et sa culture riche influencée par l'Europe et l'Amérique latine.

L'Obligation émise par Uruguaya ( Uruguay ) , en USD, avec le code ISIN US760942AS16, paye un coupon de 7.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 20/03/2036

PROSPECTUS SUPPLEMENT
424B2 1 y18608b2e424b2.htm PROSPECTUS SUPPLEMENT
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (1 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-124476
PROSPECTUS SUPPLEMENT
TO PROSPECTUS DATED MAY 2, 2005

República Oriental del
Uruguay

acting through Banco Central del Uruguay as its Financial Agent

US$500,000,000
7.625% Bonds due 2036

Maturity
Listing
The bonds will mature on March 21, 2036.
Application will be made to admit the bonds to the
Official List of the UK Listing Authority and to admit
the bonds to trading on the regulated market of the

London Stock Exchange.

Payment of Principal
Status
Principal will be paid in three equal installments on
Direct, unconditional and unsecured external
March 21, 2034, March 21, 2035 and on the maturity
indebtedness of Uruguay.
date.

Interest
Issuance
Interest to be paid in on March 21 and September 21 of
Issued through the book-entry system of The
each year, commencing on September 21, 2006.

Depository Trust Company on or about March 21, 2006.
The bonds contain collective action clauses with provisions regarding future modifications to the terms of debt
securities issued under the indenture. Under those provisions, which are described beginning on page 8 of the
prospectus and page S-12 of this prospectus supplement, modifications affecting the reserve matters listed in the
indenture, including modifications to payment and other important terms, may be made to a single series of debt
securities issued under the indenture with the consent of the holders of 75% of the aggregate principal amount
outstanding of that series, and to multiple series of debt securities issued under the indenture with the consent of the
holders of 85% of the aggregate principal amount outstanding of all series that would be affected and 66-2/3% in
aggregate principal amount outstanding of each affected series.

Per Bond
Total

file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (2 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
US
Public Offering Price1

100.000%
$500,000,000

US
Underwriting Discount

0.175%
$ 875,000

US
Proceeds, before expenses, to Uruguay

99.825%
$499,125,000

1You will also pay accrued interest from March 21, 2006 if settlement occurs after that date.
Investing in the bonds involves risks. See, especially, "Investment Considerations" on page S-5 of this
prospectus supplement.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or the
prospectus to which it relates. Any representation to the contrary is a criminal offense.

Citigroup

Morgan Stanley
The date of this prospectus supplement is March 16, 2006.
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (3 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT

TABLE OF CONTENTS

Page
Prospectus Supplement

INTRODUCTION

S-1
INCORPORATION BY REFERENCE

S-1
SUMMARY OF THE OFFERING

S-3
INVESTMENT CONSIDERATIONS

S-5
USE OF PROCEEDS

S-7
RECENT DEVELOPMENTS

S-7
DESCRIPTION OF THE BONDS

S-11
LIMITATION ON TIME FOR CLAIMS

S-14
CLEARANCE AND SETTLEMENT

S-17
EUROCLEAR

S-17
CLEARSTREAM

S-18
PLAN OF DISTRIBUTION

S-21
FORWARD-LOOKING STATEMENTS

S-23
GENERAL INFORMATION

S-24

Prospectus

ABOUT THIS PROSPECTUS

1
FORWARD-LOOKING STATEMENTS

1
DATA DISSEMINATION

2
USE OF PROCEEDS

2
DESCRIPTION OF THE SECURITIES

3
TAXATION

17
PLAN OF DISTRIBUTION

19
OFFICIAL STATEMENTS

20
VALIDITY OF THE SECURITIES

20
AUTHORIZED REPRESENTATIVE

21
WHERE YOU CAN FIND MORE INFORMATION

21
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (4 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
Table of Contents
INTRODUCTION
When you make your investment decision, you should rely only on the information contained or
incorporated by reference in this prospectus supplement and the accompanying prospectus. Uruguay has not
authorized anyone to provide you with information that is different. This document may only be used where it
is legal to offer and sell these securities. The information in this prospectus supplement and the prospectus
may only be accurate as of the date of this prospectus supplement or the prospectus, as applicable.
Uruguay is furnishing this prospectus supplement and the prospectus solely for use by prospective investors in
connection with their consideration of a purchase of the bonds. After having made all reasonable inquiries, Uruguay
confirms that:

· the information contained in this prospectus supplement and the accompanying prospectus is true and
correct in all material respects and is not misleading as of the date of this prospectus supplement or the
accompanying prospectus, as applicable;

· it holds the opinions and intentions expressed in this prospectus supplement and the accompanying
prospectus;

· to the best of its knowledge and belief, it has not omitted other facts, the omission of which would make
this prospectus supplement or the accompanying prospectus as a whole misleading as of the date of this
prospectus supplement or the accompanying prospectus, as applicable; and

· it accepts responsibility for the information it has provided in this prospectus supplement and the
accompanying prospectus.
The bonds that Uruguay issues in the United States are being offered under Uruguay's registration statement
(file no. 333-124476) (the "Registration Statement") initially filed with the United States Securities and Exchange
Commission (the "SEC") under the Securities Act of 1933, as amended (the "Act") on April 29, 2005. The
accompanying prospectus is part of that registration statement, which became effective on May 2, 2005. The
accompanying prospectus provides you with a general description of the debt securities that Uruguay may offer. This
prospectus supplement contains specific information about the terms of the bonds and may add or change
information provided in the accompanying prospectus. Consequently, you should read this prospectus supplement
together with the accompanying prospectus, as each contains information regarding Uruguay, the bonds and other
matters.
This document is only being distributed to and is only directed at (i) persons who are outside the United
Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it
may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as "relevant persons"). The bonds are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such bonds will be engaged in only with, relevant persons. Any person who
is not a relevant person should not act or rely on this document or any of its contents.
INCORPORATION BY REFERENCE
The SEC allows Uruguay to incorporate by reference some information that Uruguay files with the SEC.
Uruguay can disclose important information to you by referring you to those documents. The following documents,
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (5 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
which Uruguay has filed or will file with the SEC, are considered part of and incorporated by reference in this
prospectus supplement and any accompanying prospectus:

· Uruguay's annual report on Form 18-K for the year ended December 31, 2004 (the "Annual Report"),
filed with the SEC on April 29, 2005;

· Amendment No. 1 on Form 18-K/A to the Annual Report, filed with the SEC on May 23, 2005;
S-1
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (6 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
Table of Contents

· Amendment No. 2 on Form 18-K/A to the Annual Report, filed with the SEC on June 17, 2005;

· Amendment No. 3 on Form 18-K/A to the Annual Report, filed with the SEC on August 4, 2005;

· Amendment No. 4 on Form 18-K/A to the Annual Report, filed with the SEC on November 30, 2005;

· Amendment No. 5 on Form 18-K/A to the Annual Report, filed with the SEC on January 18, 2006;

· Amendment No. 6 on Form 18-K/A to the Annual Report, filed with the SEC on January 20, 2006;

· Amendment No. 7 on Form 18-K/A to the Annual Report, filed with the SEC on March 10, 2006;

· Amendment No. 8 on Form 18-K/A to the Annual Report, filed with the SEC on March 16, 2006;

· Any amendment on Form 18-K/A to the Annual Report filed after the date of this prospectus supplement
and prior to the termination of the offering of the bonds; and

· Each subsequent annual report on Form 18-K and any amendment to such annual report on Form 18-K/A
filed after the date of this prospectus supplement and prior to the termination of the offering of the bonds.
Later information that Uruguay files with the SEC will update and supersede earlier information that it has
filed.
Any person receiving a copy of this prospectus supplement may obtain, without charge and upon request, a
copy of any of the above documents (including only the exhibits that are specifically incorporated by reference in
them). Requests for such documents should be directed to:
Banco Central del Uruguay
C. Correo 1467
11100, Montevideo
República Oriental del Uruguay
Fax No.: 598-2-902-1636
Attention: General Manager
S-2
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (7 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
Table of Contents
SUMMARY OF THE OFFERING
The information below presents a summary of certain terms of the US$500,000,000 7.625% Bonds due 2036
(the "bonds"). This summary must be read as an introduction to this prospectus supplement and prospectus and any
decision to invest in the bonds should be based on a consideration of the prospectus supplement and prospectus as a
whole, including the documents incorporated by reference. Following the implementation of the relevant provisions
of the Prospectus Directive (Directive 2003/71/EC) in each Member State of the European Economic Area no civil
liability will attach to Uruguay in any such Member State solely on the basis of this summary, including any
translation thereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of this
prospectus supplement or the prospectus. Where a claim relating to the information contained in this prospectus
supplement or the prospectus is brought before a court in a Member State of the European Economic Area, the
plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the
costs of translating this prospectus supplement or the prospectus before the legal proceedings are initiated.

Issuer
The Republic of Uruguay.

Indenture
The bonds are being issued under a trust indenture.

Principal Amount
US$500,000,000.

Issue Price
100.000% of the principal amount plus interest accrued from March 21, 2006, if
settlement occurs after that date.

Final Maturity
March 21, 2036.

Interest
7.625% per annum, payable semi-annually in arrears on March 21 and
September 21 of each year, commencing on September 21, 2006, with a final
interest payment on the maturity date.

Payment of Principal
Amounts due in respect of principal will be paid in three equal installments on
March 21, 2034, March 21, 2035 and the maturity date.

Form and Settlement
Uruguay will issue the bonds in the form of one or more fully registered global
securities, without interest coupons. No bonds will be issued in bearer form.

Denominations
Uruguay will issue the bonds only in denominations of US$100,000 and integral
multiples of US$1,000 in excess thereof.

Withholding Tax

and Additional Amounts
Uruguay will make payments of principal and interest in respect of the bonds
without withholding or deducting for or on account of any present or future
Uruguayan taxes, duties, assessments or governmental charges of whatever nature
except as set forth in "Description of the Bonds--Additional Amounts."

file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (8 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
Further Issues
Uruguay may, from time to time, without your consent, create and issue further
debt securities having the same terms as and ranking equally with the bonds in all
respects and such further debt securities will be consolidated and form a single
series with the bonds.

Governing Law and
New York.
Jurisdiction

Settlement Date
March 21, 2006.
S-3
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (9 of 95)4/19/2006 8:21:57 AM

PROSPECTUS SUPPLEMENT
Table of Contents

Listing
Application will be made to admit the bonds to the Official List of the UK Listing
Authority and to admit the bonds to trading on the regulated market of the
London Stock Exchange.

Taxation
For a discussion of the Uruguayan and United States tax consequences associated
with the bonds, see "Taxation--Uruguay Taxation" and "--United States Federal
Taxation" in the accompanying prospectus. Investors should consult their own tax
advisors in determining the foreign, United States federal, state, local and any
other tax consequences to them of the ownership and disposition of the bonds.

Trustee
The Bank of New York.
S-4
file:///U|/Tamara/Uruguay%20Republic%20of,%207.625%%20Bonds%20due%202036.htm (10 of 95)4/19/2006 8:21:57 AM

Document Outline

Local Disk
- #1">PROSPECTUS SUPPLEMENT