Guyer helped CVU structure a US$450 million notes programme, before steering the two-tranche issuance and placement. The first tranche, worth US$80 million, was issued in indexed units, which is a fiscal unit denominated in Uruguayan pesos and pegged to the country’s consumer price index. The remaining tranche was issued in US dollars. There is no cieling on how large the trust's offerings can be. The programme is thought to be unprecedented in size. “Unfortunately, the Uruguayan market is not that big and we keep a record of the larger deals,” says Nicolás Piaggio, who led the Guyer team behind the offering. “Parties to the deal confirmed that this is the largest corporate programme in Uruguayan history on the local market.” The indexed units tranche obtained a coupon rate of 5.19%, while the dollar-denominated series got a rate of 5.20%. These rates are only slightly higher than those achieved by Uruguay in sovereign issuances. Overall, the offering was three times oversubscribed. Piaggio attributes the healthy interest rates and high demand to the legal framework behind the offering. CVU granted the issuing trust revenue rights and indemnification guarantees from a motorway concession it is building for the government.