Obligation Uruguaya 7.875% ( US917288BA96 ) en USD

Uruguaya

119.14 % ▼

Uruguay

US917288BA96 ( en USD )

7.875% par an ( paiement semestriel )

14/01/2033

Prospectus brochure de l'obligation Uruguay US917288BA96 en USD 7.875%, échéance 14/01/2033

917288BA9

15/07/2026 ( Dans 156 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 US917288BA96, paye un coupon de 7.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/01/2033

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Table of Contents

PROSPECTUS SUPPLEMENT
Filed Pursuant to Rule 424(b)(3)
TO PROSPECTUS DATED APRIL 10, 2003, as amended on May 9,
Registration Statement No.333-103739
2003

República Oriental del Uruguay

acting through Banco Central del Uruguay as its Financial Agent

US$83,622,325 7.875% Bonds due 2008, US$1,448,051 Floating Rate Notes due 2009, US$5,399,146 Floating Rate Notes
due 2010, US$60,752,000 8.375% Bonds due 2011, 92,237,000 7.00% Notes due 2012, US$63,330,000 7.00% Bonds due
2013, US$20,024,800 7.875% Bonds due 2014, US$31,227,200 7.25% Bonds due 2014, US$46,719,260 8.75% Bonds due
2015, CLP1,470,000,000 6.375% (UF) Notes due 2016, US$41,076,300 7.625% Bonds due 2017, 115,793,000 7.00%
Notes due 2019, US$445,515,887 7.25% Bonds due 2011, US$1,004,949,053 7.50% Bonds due 2015 and US$1,048,782,894
7.875% PIK Bonds due 2033.
The Bonds are being issued pursuant to the trust indenture described in the accompanying prospectus, which contains
collective action clauses with provisions regarding future modifications to the terms of debt securities issued under that
indenture that differ from those applicable to the Old Bonds. Under those provisions, which are described beginning on page
75 of the prospectus and page S-16 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.
The Bonds are being issued pursuant to the recently concluded offer by the Republic to exchange (the "Offer") its U.S.
dollar-denominated 7.875% Bonds due 2003, Euro-denominated 7.00% Notes due 2005, U.S. dollar-denominated New
Money Notes due 2006, U.S. dollar-denominated 8.375% Bonds due 2006, U.S. dollar-denominated Debt Conversion Notes
due 2007, GBP sterling-denominated Debt Conversion Notes due 2007, U.S. dollar-denominated Convertible Floating Rate
Notes due 2007, Chilean peso-denominated 7.00% (UF) Notes due 2007, U.S. dollar-denominated 7.00% Bonds due 2008,
U.S. dollar-denominated 7.875% Bonds due 2009, U.S. dollar-denominated 7.25% Bonds due 2009, U.S. dollar-denominated
8.75% Bonds due 2010, Chilean peso-denominated 6.375% (UF) Notes due 2011, Euro-denominated 7.00% Notes due 2011,
U.S. dollar-denominated 7.625% Bonds due 2012, U.S. dollar-denominated Collateralized Fixed Rate Notes Series A due
2021, U.S. dollar-denominated Collateralized Fixed Rate Notes Series B due 2021 and U.S. dollar-denominated 7.875%
Bonds due 2027 (each, an "Old Bond", and collectively, the "Old Bonds") for the Bonds on the terms and subject to the
conditions set forth in the Prospectus dated April 10, 2003 and the Prospectus Supplement dated April 10, 2003, as
supplemented on April 15, 2003, April 25, 2003, May 9, 2003 and May 19, 2003 and the related electronic letter of
transmittal (collectively, the "Offer Material").
Investing in the Bonds involves risks. See, especially, "Investment Considerations" on page S-4 of this prospectus
supplement.
Application has been made to list the Bonds on the Luxembourg Stock Exchange.
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
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relates. Any representation to the contrary is a criminal offense.
The dealer manager for the Offer is:
Citigroup
May 29, 2003

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TABLE OF CONTENTS
INTRODUCTION
CERTAIN LEGAL RESTRICTIONS
SUMMARY
INVESTMENT CONSIDERATIONS
THE OFFER
DESCRIPTION OF THE BONDS
CLEARANCE AND SETTLEMENT
TAXATION
PLAN OF DISTRIBUTION
JURISDICTIONAL RESTRICTIONS
FORWARD-LOOKING STATEMENTS
VALIDITY OF THE BONDS
GENERAL INFORMATION
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Table of Contents
TABLE OF CONTENTS

Prospectus Supplement

Page

Introduction
i
Certain Legal Restrictions
i
Summary
S-1
Investment Considerations
S-4
The Offer
S-7
Description of the Bonds

S-10
Clearance and Settlement

S-23
Taxation

S-27
Plan of Distribution

S-32
Jurisdictional Restrictions

S-34
Forward-Looking Statements

S-39
Validity of the Bonds

S-40
General Information

S-40

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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. The Republic of Uruguay ("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 the Offer Materials to you solely for use in the context of Uruguay's Offer. 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-
103739) (the "Registration Statement") initially filed with the U.S. Securities and Exchange Commission (the "SEC") under
the Securities Act of 1933 (the "Act") on March 11, 2003. The accompanying prospectus is part of that registration statement,
which became effective on April 10, 2003. 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 and the related letter of transmittal together with the accompanying prospectus, as each contain information
regarding Uruguay, the Bonds and other matters.
None of Uruguay, Citigroup, as the dealer manager, the exchange agent, or the Luxembourg exchange agent has expressed
any opinion as to whether the terms of the Offer are fair. None of Uruguay, the dealer manager, the exchange agent or the
Luxembourg exchange agent makes any recommendation that you tender your Old Bonds for exchange or refrain from doing
so pursuant to the Offer, and no one has been authorized by Uruguay, the dealer manager, the exchange agent or the
Luxembourg exchange agent to make any such recommendation.
CERTAIN LEGAL RESTRICTIONS
The distribution of this prospectus supplement and the related prospectus and the transactions contemplated by the Offer
may be restricted by law in certain jurisdictions. If this prospectus supplement and the related prospectus come into your
possession, you are required by Uruguay to inform yourself of and to observe all of these restrictions. This prospectus
supplement and the related prospectus do not constitute, and may not be used in connection with, an offer or solicitation in
any place where such offers or solicitations are not permitted by law. If a jurisdiction requires that the Offer be made by a
licensed broker or dealer and the dealer manager or any affiliate of the dealer manager is a licensed broker or dealer in that
jurisdiction, the Offer shall be deemed to be made by such dealer manager or such affiliate on behalf of Uruguay in that
jurisdiction. For more information, see "Jurisdictional Restrictions" in this prospectus supplement.
i
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Table of Contents
SUMMARY
The Bonds
Common Terms
The information below presents a summary of certain terms common to all Bonds, and should be read in conjunction with
the more detailed description of the Bonds appearing in the prospectus and elsewhere in this prospectus supplement.

Issuer
The Republic of Uruguay.

Indenture
The Bonds are being issued under a trust indenture.

Withholding Tax and Additional
Uruguay will make payments of principal and interest in respect of the Bonds
Amounts
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."

Further Issues
Uruguay may, from time to time, create and issue further bonds having the same
terms as and ranking equally with any series of the Bonds in all respects and such
further bonds will be consolidated and form a single series with the appropriate
series of the Bonds.

Governing Law and Jurisdiction
New York.

Form and Settlement
Uruguay will issue the Bonds in the form of one or more fully registered global
securities, without interest coupons attached, registered in the name of either a
nominee for DTC or a common depositary for Euroclear and Clearstream, as the
case may be, and will deposit the global securities on or before the Closing Date
with a custodian for DTC or a common depositary for Euroclear and Clearstream.
See "Description of the Bonds--Registration and Book-Entry System."

You may hold a beneficial interest in the global securities through DTC, Euroclear
or Clearstream, as applicable, directly as a participant in one of those systems or
indirectly through financial institutions that are participants in any of those systems.
As an owner of a beneficial interest in the global securities, you will generally not
be entitled to have your Bonds registered in your name, will not be entitled to
receive certificates in your name evidencing the Bonds and will not be considered
the holder of any Bonds under the indenture for the Bonds.

Denominations
Uruguay will issue the Bonds only in denominations of US$1, 1, £1 or
CLP$500,000 as the case may be, and integral multiples thereof.

Listing
Application has been made to list the Bonds on the Luxembourg 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
Income and Estate Taxation" in this prospectus supplement. 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.

S-1
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Table of Contents

Trustee
The Bank of New York
S-2
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Table of Contents
Financial Terms
The table set forth below presents a summary description of certain financial terms of the Bonds, and should be read in
conjunction with the more detailed description of the Bonds appearing elsewhere in this prospectus supplement.

Bonds
Interest Rate
Maturity
7.875% Bonds due 2008 (USD)
7.875%
November 18, 2008
Floating Rate Notes due 2009 (USD)
LIBOR + 1%
July 2, 2009 (1)

Floating Rate Notes due 2010 (USD)

LIBOR + %
January 2, 2010 (1)
0.875

7.25% Bonds due 2011 (USD)
7.25%
February 15, 2011 (4)

8.375% Bonds due 2011 (USD)
8.375%
September 26, 2011

7.00% Notes due 2012 (EUR)
7.00%
September 26, 2012 (2)

7.00% Bonds due 2013 (USD)
7.00%
April 1, 2013

7.875% Bonds due 2014 (USD)
7.875%
March 25, 2014

7.25% Bonds due 2014 (USD)
7.25%
May 4, 2014

7.50% Bonds due 2015 (USD)
7.50%
March 15, 2015 (4)

8.75% Bonds due 2015 (USD)
8.75%
June 22, 2015

6.375% (UF) Notes due 2016 (CLP)
6.375%
March 15, 2016

7.625% Bonds due 2017 (USD)
7.625%
January 20, 2017

7.00% Notes due 2019 (EUR)
7.00%
June 28, 2019

7.875% PIK Bonds due 2033 (USD)
7.875% (3)
January 15, 2033 (4)
(1) Callable at par, in whole or in part, on any interest payment date.

(2) A portion of the principal is repaid prior to maturity.

(3) A portion of the interest is paid in the form of additional bonds through and including July 15, 2007.

(4) Subject to a debt management provision limiting the principal amount of these Bonds that may remain outstanding after
certain dates.
S-3
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Table of Contents
INVESTMENT CONSIDERATIONS
An investment in the Bonds involves a significant degree of risk. Investors are urged to read carefully the entirety of the
prospectus together with this prospectus supplement and to note, in particular, the following considerations.
Investment Considerations Relating to the Bonds
Certain Exit Amendments Will Not Become Effective With Respect to One Series of Old Bonds.
The exit amendment affecting Uruguay's waiver of sovereign immunity to exclude from such waiver amounts paid by the
Republic or Banco Central under Public External Indebtedness (whether of principal, interest, redemption or otherwise)
issued, or amended as to payment terms, on or after April 10, 2003 has not become effective with respect to the U.S. dollar-
denominated New Money Notes due 2006, of which approximately U.S.$55.5 million original principal amount remain
outstanding after the Offer. Accordingly, holders of U.S. dollar-denominated New Money Notes due 2006 not tendered in the
Offer retain all of their existing remedies in the event of a subsequent legal action to enforce those bonds. The other exit
amendments did not become effective for the U.S. dollar denominated New Money Notes due 2006 either.
Enforcement of Civil Liabilities; Waiver of Sovereign Immunity.
Uruguay is a foreign sovereign state. Consequently, it may be difficult for you or the trustee to obtain or enforce
judgments of courts in the United States or elsewhere against Uruguay. See "Description of the Securities--Jurisdiction,
Consent to Service, Enforcement of Judgment and Immunities from Attachment," in the accompanying prospectus.
Market for the Bonds
Each series of Bonds is a new issue of securities with no established trading market. Uruguay has been advised by the
dealer manager that it may make a market in the Bonds but it is not obligated to do so and may discontinue market making at
any time without notice. Uruguay has applied to list each series of the Bonds on the Luxembourg Stock Exchange. No
assurance can be given as to the liquidity of the trading market for any series of the Bonds. The price at which each series of
the Bonds will trade in the secondary market is uncertain.
Investment Considerations Relating to Uruguay
This section should be read in conjunction with the more detailed information found in the prospectus.
Economic Crisis
In 2002, Uruguay's economy experienced its most significant setback since 1982, with real GDP contracting by
approximately 10.8%.
Impact of Argentina's Economic Crisis
Overall Impact on Economy. Uruguay's economy has been and is likely to continue to be adversely affected by
Argentina's prolonged recession. Uruguay cannot predict the full implications of Argentina's economic crisis and the
devaluation of the Argentine currency for Uruguay's foreign trade and economic condition generally.
Impact on Domestic Banking System. In 2002, Uruguay's banking system confronted its worst crisis since the 1982-83
crisis. The liquidity assistance provided by the authorities to domestic banks to help stem the run on deposits failed to restore
confidence. Between January 1, 2002 and February 28, 2003, depositors withdrew approximately US$6,833 million from the
Uruguayan banking system (out of US$14,246 million existing as of December 31, 2001). Banks responded to depositors'
demands by withdrawing approximately US$1.1 billion in
S-4
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