Sovereign liability management exercises continued apace last month in the region, with Brazil, Colombia and Uruguay executing either debt swaps or local-currency deals. Strong market conditions are encouraging sovereigns to clean up their yield curves or reduce their foreign exchange exposure in favour of local currency. Brazil issued a R$1.6 billion ($750 million) global bond denominated in reais. It was the sovereign’s second such deal. Colombia followed with a $1 billion offering of 2037s. Part of the proceeds will be used to buy back up to $700 million of global bonds. Finally, Uruguay entered the market with a $400 million-equivalent inflation-indexed peso bond.