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Uruguay is the first Emerging Market sovereign to issue in its own currency in global markets, since the onset of the Covid-19 crisis Qatar Israel Saudi Arabia Abu Dhabi Mexico Egypt Indonesia Brasil Perú Indonesia Colombia Panamá Philippines Chile Uruguay Bahrain Jordan Guatemala Paraguay El Salvador Honduras Sovereign global bond issuances from emerging market countries 1/ (In USD million, since February 2020) Foreign currency Local currency Having access to local currency, long-term funding helps mitigate the debt exposure to exchange rate risk, which is a key credit metric. Trin. & Tob. 0 2,000 4,000 6,000 8,000 10,000 12,000 1/ Excludes European countries Source: Debt Management Unit 20 20

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