Uruguay pension funds invest in foreign assets via World Bank note after 12-year hiatus

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Four pension funds administrators in Uruguay have invested in an equity-linked note issued by the International Bank for Reconstruction and Development (IBRD), a triple A-rated issuer and one of five divisions of the World Bank. It is the first time the pension funds have been able to invest in foreign assets in more than 12 years.

In May 2007, the Uruguayan government passed a law allowing local pension funds to invest up to 15% of their portfolio in international debt issued by supranationals

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