Asset servicing - Uruguay


Income collection

Service offeredRemarks
Notification to customers

Standard Asset Servicing reporting via SWIFT MT56x, Xact Web Portal and Xact File Transfer.

See Section 8 “Asset servicing” of the Customer Handbook.

See Connectivity manuals on the Clearstream website.

Payment of proceeds

Proceeds are calculated based on the positions recorded at the close of business on the record date and paid to the customer's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. 

Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value.  

The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR. 

Payments are credited in the denomination currency of each security, unless: 

  • A currency option exists and such option has been exercised by the customer; or 

  • The issue's terms and conditions state that income proceeds are payable in a currency other than the denomination currency. 

The record date for securities held in book-entry form at the Central Bank is generally one business day before payment date. The record date for securities held in physical form is generally ten calendar days before the payment date.

Interest payments on debt securities are calculated on the basis of 30 days per month and a 360-day year. Interest payments on Letras de Tesorería are calculated on the basis of the exact number of days elapsed and a 365-day year.

For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Customer Handbook.

Corporate actions

Service offeredRemarks
Notification to customers

Standard reporting.

No specific deviations from standard reporting provided by CBL apply to the Uruguayan.

Instruction to CBL

Customers may instruct CBL to carry out options foreseen in the terms and conditions of the underlying type of security. These options include, but are not limited to, put options, conversions, exercises of warrants, exchanges, detachments of warrants etc.

CBL collects and processes customer instructions for voluntary events, such as exchange offer or purchase offer. In addition, CBL informs customers, on an “as and if received” basis, of unscheduled securities events occurring on account holdings, such as rights offers, reinvestment options, exchange offers, purchase offers and mergers.

Bonos del Tesoro carry put options which entitle the holder to participate in an annual amortisation programme. The Uruguayan treasury has imposed “ceilings” in order to limit the total amount of rights presented for amortisation to a fixed percentage relative to the total amount of the issue:

  • If the total amount of rights presented for amortisation exceeds the ceiling, a pro-rata allocation will take place.
  • If the amount of rights presented for amortisation is below the ceiling, the government may extend the exercise period.
  • If, after this extension, the amount of rights presented for amortisation is still below the ceiling, the amount not allocated remains pending until the final redemption on maturity day.

The normal period during which holders can exercise their rights is fixed at 15 calendar days and ends four days before the amortisation date.

Proxy Voting procedures

Proxy voting services are not available in CBL for this market.

Entitlement compensation rules

Please refer to Clearstream Banking Entitlement Compensation Rules - Uruguay.