TCRLA_Public/190204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, February 4, 2019, Vol. 20, No. 24



ARGENTINA: Thousands March Demanding Solution to Social Emergency


BANCO DO NORDESTE: S&P Affirms 'BB-/B' ICR, Outlook Stable
USIMINAS SIDERURGICAS: Moody's Ups CFR to B1, Outlook Stable
VALE SA: Death Toll in Brazil Dam Disaster Rises to 110


MASISA S.A.: S&P Affirms B Issuer Credit Rating

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Denies it Renegotiates Free Trade Pact


JAMAICA: BOJ Sells US$30 Million to Authorized Dealers, Cambios


AXTEL S.A.B.: S&P Affirms BB Issuer Credit Rating, Outlook Stable

T U R K S  A N D  C A I C O S  I S L A N D S

SANDALS RESORTS: Turks & Caicos Owes It Millions in Overpaid Taxes


VENEZUELA: Frees Foreign Journos; Euro Recognizes Guaido


* BOND PRICING: For the Week January 28 to February 1, 2019

                            - - - - -


ARGENTINA: Thousands March Demanding Solution to Social Emergency
EFE News reports that thousands of people belonging to assorted
neighborhood organizations in Buenos Aires marched in the
capital's downtown demanding solutions to the "social emergency"
and asking that the prices for electricity, gas and other services
not be hiked.

"There's a brutal and powerful social emergency, where there are
very high rates for electricity and gas.  We're demanding a social
bottle -- a bottle of gas -- that is, for the state to subsidize
the bottle, which is a very old thing but one that's still being
used a lot," Pueblo Obrero (Working People) leader Eduardo Eduardo
told EFE.

The march began at the Obelisk and moved down some of the city's
central streets until the protesters got to the Transportation and
Energy Ministries, near the Casa Rosada, the presidential
residence, with marchers chanting slogans against the government
of Mauricio Macri and calling for improvements in the most
disadvantaged zones of the city and around the country, according
to EFE News.

"It's a government that clearly is fixed in a social class, the
class of those who live by the labor of others, the class of the
speculators.  They don't look at the neighborhoods, they don't
know where they are, and so we from the neighborhoods are coming
to the capital, we're coming to bring them our demands and we're
finding that there are repressive measures," Mr. Goliboni
declared, the report says.

In addition to their demands regarding electricity and gas, the
marchers asked for a "public works and housing plan," which the
Pueblo Obrero leader said is "much needed" given that "every time
it rains there is flooding because there are no public works" to
shunt away the water, the report notes.

The problem exists in areas where the majority of the "poor people
(live), in very regrettable social conditions, without work and
without any chance of getting it," he said, the report relays.

Present at the march were members of several organizations who
besides asking for more employment expressed their discontent with
current pay levels, although -- as one of the representatives of
Barrio en Pie (Neighborhood on Its Feet), Ofelia Gongora, said --
they are not sure if the government is listening to their demands,
the report says.

"I have no hope because they should have been implementing (the
social measures) some time ago and they're not doing so. They
can't imagine the amount of poverty there is inside the
neighborhoods and the (constantly rising prices), and a person who
earns 6,000 pesos (about $160) today can't make it to the end of
the month with four kids," she said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2018, S&P Global Ratings lowered its long-term foreign
and local currency ratings on Argentina to 'B' from 'B+' and
affirmed its short-term foreign and local currency ratings at 'B'.
S&P said, "We also removed the long-term ratings from CreditWatch,
where we placed them on Aug. 31, 2018, with negative implications.
The outlook on the long-term ratings is stable. At the same time,
we lowered our national scale ratings to 'raAA-' from 'raAA'. We
also lowered our transfer and convertibility assessment to 'B+'
from 'BB-'."

S&P said, "The stable outlook reflects our expectation that the
government will implement difficult fiscal, monetary, and other
measures to stabilize the economy over the coming 18 months,
gradually staunching the deterioration in the sovereign's
financial profile and debt burden, reversing inflation dynamics,
and restoring investor confidence. The combination of lower
government financing needs, declining inflation and interest
rates, and expectations of continuity in key economic policies
after national elections in October 2019 could set the stage for
economic recovery and contain external vulnerability.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


BANCO DO NORDESTE: S&P Affirms 'BB-/B' ICR, Outlook Stable
S&P Global Ratings affirmed its long-term 'BB-' and short-term 'B'
global scale and its 'brAAA' national scale issuer credit ratings
on Banco do Nordeste do Brasil S.A. (BNB). The outlook remains
stable. The bank's stand-alone credit profile (SACP) is 'bb'.

S&P said, "We expect Brazilian bank Banco do Nordeste do Brasil
S.A.'s (BNB) net income to decrease in the next two years because
of reduced management fees from Fundo Constitucional de
Financiamento do Nordeste (FNE). Additionally, we expect the bank
to start repaying the government-owned hybrid instrument and
subordinated debt in order to align itself with President
Bolsonaro's drive to reduce sovereign debt.

"The affirmation of BNB's ratings reflects our expectation that
the bank will keep its RAC ratio above 5.2% in the next two years,
despite the expected drop in management fees from FNE and the
repayment of its hybrid instrument and subordinated debt owned by
the government. In addition, we continue to believe that there's a
very high likelihood that BNB would receive extraordinary support
from the federal government of Brazil, which supports the

USIMINAS SIDERURGICAS: Moody's Ups CFR to B1, Outlook Stable
Moody's America Latina Ltda. upgraded Usinas Siderurgicas de Minas
Gerais S.A.'s corporate family ratings to B1 from B2 (global
scale) and to from (national scale). The outlook
for the ratings is stable.

Ratings upgraded:

Issuer: Usinas Siderurgicas de Minas Gerais S.A.

  - Corporate Family Rating: to B1 from B2 from (global scale) and
to from (national scale).

The outlook for the ratings is stable.


The upgrade of Usiminas' ratings to B1/ reflects primarily
the continued recovery in operating performance during 2018 as a
consequence both of cost-saving initiatives and a better demand
environment, which allowed the company to improve credit metrics
substantially. The upgrade is also supported by Usiminas' adequate
liquidity profile and its enhanced financial flexibility to
withstand the volatility in its main end-markets. Going forward,
Moody's expects metrics to remain strong on the back of a healthy
demand environment in Brazil and Usiminas' more efficient cost
structure. Moody's also expects the company to continue to
generate positive free cash flow in the medium term coming from a
good operating performance, and low investments and dividends.

Usiminas' operating performance has recovered significantly since
the beginning of 2017, supported by demand growth, in particular
in the automotive industry, but also by measures taken to adjust
its operations to challenging market conditions. As a result, the
company's EBIT margin increased to 9.9% in the LTM Sep-18 from
7.9% at the end of 2017, while leverage declined to 2.9x from 3.9x
in the same period. Moody's expects the steel industry in Brazil
to post mid-single-digit growth in 2019, and Usiminas is well-
positioned to benefit from this improvement.

The ratings continue to reflect Usiminas' solid position in the
Brazilian flat-steel market, and the measures taken to adjust
operations to the feeble demand in the domestic market over the
past few years, including the temporary halt of two blast furnaces
in its Cubatao and Ipatinga mills and interruption of activities
of the primary areas of the Cubatao plant (including sinter and
coke plants, blast furnaces and steelworks), concluded in January
2016. The downsizing process at the Cubatao steel mill has
significantly reduced Usiminas' cost structure and production
capacity, providing flexibility to the company amid the
deterioration of the steel market in Brazil.

The ratings are mainly constrained by Usiminas' high refinancing
risk from 2020 onwards, with about BRL 1.0 billion in debt
maturing during 2021-2025. In addition, the ratings incorporate
the company's limited flexibility to increase investments and
accumulate cash due to restrictive provisions in its 2016 debt
renegotiation agreement, as well as its exposure to the volatility
of the automotive industry in Brazil, given its concentration in
flat steel production in the country. The track record of
divergences between its main shareholders (Ternium/Techint and
Nippon Steel) and still evolving corporate governance standards
are credit negative, although Moody's believes risks related to
shareholders disputes have abated.

The stable outlook incorporates its assumption that Usiminas will
maintain adequate liquidity to service its debt obligation in the
next 12-18 months and that market conditions for flat-steel
products in Brazil will continue to recover, allowing the company
to maintain credit metrics near current levels.

The ratings could be upgraded if Usiminas is able to reduce
refinancing risks from 2020 onwards, while its cash flow
generation improves along with market fundamentals for Brazilian
steelmakers. An upgrade would also require the maintenance of
profitability near current levels, adjusted leverage below 3.5x
(Adjusted Debt/EBITDA) and adjusted interest coverage of at least
2.5x (EBIT/Interest Expense).

The ratings could be downgraded if performance over the near term
materially deteriorates, with leverage increasing to 4.5x and
EBIT/interest declining to levels below 1.5x. The ratings could
also be downgraded if liquidity contract meaningfully or if market
conditions deteriorate.

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of around 4 million tons of crude steel and rolling
capacity of 9.7 million tons per year, and consolidated net
revenues of BRL 13.3 billion (approximately USD 3.5 billion
converted by the average exchange rate) in the LTM ended in
September 2018. Usiminas also owns iron ore mining properties,
steel distribution and capital goods subsidiaries in Brazil.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

VALE SA: Death Toll in Brazil Dam Disaster Rises to 110
Al Jazeera reports that the death toll from a tailings dam
collapse in the Brazilian city of Brumadinho has jumped to 110,
according to an official and rescue workers at the site.

Lieutenant Flavio Godinho, an official at the Minas Gerais state
civil defence agency, told the AP news agency that 238 people were
still listed as missing, according to Al Jazeera.

No one has been found alive since Jan. 26, but the Minas Gerais
Fire Department said it does not want to stop the search for
victims, the report notes.

The report relays that the dam that held back iron-ore waste,
owned and operated by mining giant Vale, collapsed on Jan. 25,
unleashing 12 million cubic metres of mud and debris that buried
buildings adjoining the dam and several parts of the small
southeastern city of Burmadinho.

The high numbers of dead and missing may make the tailings dam
failure Brazil's deadliest-ever mine disaster, the report notes.

Rescue workers told Reuters news agency 71 bodies recovered from
the mud have been identified so far, the report says.

State labor courts froze more than BRL800 million ($219 million)
of Vale's assets as compensation for victims, the report says.

That followed court orders over the weekend freezing BRL11.8
billion ($3.1 billion) in assets to cover rescue efforts and
damages, the report notes.

The company had around BRL24 billion ($6.5 billion) in cash and
equivalents at the end of the third quarter, the report relays.

Vale promised to pay BRL100,000 ($25,000) to the family of each
victim, the report discloses.

A day later, it said it was closing 19 dams in the area and
temporarily suspending all operations in Minas Gerais, the report

The dam collapse in Brumadinho occurred three years after a
similar disaster at another of its sites in the same region, the
report notes.

The 2015 rupture of the Bento Rodrigues dam had killed 19 people
and caused what was considered the worst environmental catastrophe
Brazil had seen, the report relays.

The report notes that several Vale executives were charged with
murder but they were never arrested, and the company was ordered
to pay millions of dollars in damages.

But according to local media reports, less than four percent was
paid out, the report relays.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2018, Moody's America Latina said Vale S.A.'s foreign
currency senior unsecured ratings, the ratings on the debt issues
of Vale Overseas Limited (fully and unconditionally guaranteed by
Vale S.A.) were affirmed at Ba1 and the senior unsecured ratings
of Vale Canada Ltd were affirmed at Ba3. The outlook remains


MASISA S.A.: S&P Affirms B Issuer Credit Rating
On Jan. 25, 2019, Mexico's anti-trust authority, COFECE, approved
the sale of Masisa's assets in Mexico to Celulosa Arauco with
restrictions, resulting in a transaction of $160 million instead
of previously expected $245 million.

Although liquidity pressures on Masisa have eased, S&P expected
slower deleveraging given the lower proceeds from the transaction.
This will be just partly offset by slightly higher-than-forecasted
cash generation, because the company will keep Chihuahua's plant
in Mexico.

S&P Global Ratings is affirming its long-term issuer credit rating
on Masisa at 'B'. S&P is also removing the rating from
CreditWatch, where it placed it with negative implications on July
26, 2018.

The rating actions reflect the completion of the sale of Masisa's
assets in Mexico, which temporarily eases our concerns over the
company's liquidity situation. Still, given that the sale amount
was lower than originally expected ($160 million versus $245
million), S&P views the company's deleveraging at a slower pace.
S&P now expects Masisa to post gross debt to EBITDA of 5.0x in
2019 and around 4.5x in 2020, compared with our previous
expectation of less than 4.0x and 3.5x, respectively.

S&P expects Masisa to pay down outstanding debt with proceeds from
the sale. Subject to the transaction's completion, Masisa should
repay $30 million of its syndicated loan it took out in September
2018, which the company used for debt refinancing. Also subject to
the transaction is the $21.5 million payment to the sister
company, GN Internacional SpA, related to the organizational
restructuring that formed a wholly owned subsidiary, Inversiones
Internacionales Terra Nueva S.A (IITSA), which holds the
Venezuelan operations. As a result, close to $110 million remains
for the company to manage between short-term debt and more
expensive long-term debt. S&P will closely monitor Masisa's debt
management in the next few quarters in order to factor in our
ratings future interest burden and debt reduction.

Following the restrictions set by COFECE, Masisa will now keep one
of its plants in Mexico, in the city of Chihuahua, with 180,000
cubic meters (m3) in annual output of medium density
particleboards (MDP), which can reach up to 220,000 m3 with
limited capex. Along with Masisa benefiting from cash flows and
slightly higher diversification in terms of production and
geography than S&P expected before, it believes the Mexican plant
just partly offsets the lower proceeds from the sale that would
have resulted in higher debt cancellation.

Moreover, the company announced at the end of 2018 that it's
deconsolidating its Venezuelan operations from its financial
statements, following international accounting rules, due to
distortions from the country's macroeconomic fundamentals. The
Venezuelan operations' assets and liabilities will now be
recognized as investments amortized at cost. Nevertheless, S&P
continues to view the operations in a country with such volatility
as risky, although Masisa has been investing maintenance capex at
this division with a breakeven cash generation in local currency.

Following the divestiture of a significant share of its assets,
Masisa's scale and geographic diversification narrowed.
Nevertheless, S&P expects the company to maintain a market share
of about 50% in the fiberboard and particleboard markets in Chile
and other Latin American countries, such as Peru and Ecuador. S&P
also expects the company to keep its niche position in the U.S.
with about 20% of the medium density fiberboard (MDF) molding
market through exports.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Denies it Renegotiates Free Trade Pact
Dominican Today reports that the Dominican Government told the
business sector that it won't in any way renegotiate the US,
Central America, Dominican Republic Free Trade Agreement (DR-

Administrative minister Jose Ramon Peralta said the Government's
position allays the concern of the productive sectors, according
to Dominican Today.  "The Government, I give assurance as I have
said other times, there is nothing that has to do with the
renegotiation with the Free Trade Agreement," Mr. Peralta added.

According to the official, the national productive sectors have
all the energy and potential to grow, the report notes.  "Together
we can continue to chart that growth path for the consolidation of
the national private sector, especially free zones," he said, the
report relays.

Speaking at the Innovation and Professional Training Center
(Capex), Peralta said the country has grown economically as never
before in the last six years and currently leads all of Latin
America with 7%, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


JAMAICA: BOJ Sells US$30 Million to Authorized Dealers, Cambios
RJR News reports that Bank of Jamaica sold US$30 million to
Authorised Dealers and cambios via Bank of Jamaica's Foreign
Exchange Intervention and Trading Tool (B-FXITT).

This "flash sale" auction, a feature of B-FXITT, follows a similar
operation of US$20 million conducted on 17 January 2019, both of
which have been aimed at offsetting the effects of excessive daily
volatility in the foreign exchange market in recent weeks,
according to RJR News.

The report notes that gross foreign exchange earnings flowing into
the economy have remained buoyant and as such, on the macro level,
there is no shortage of foreign exchange.

The move comes as the Parliamentary Opposition called for the
Finance Minister and the BOJ Governor to immediately address what
it said is a severe shortage of US dollars, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings revised its outlook on
Jamaica to positive from stable. At the same time, S&P Global
Ratings affirmed its 'B' long- and short-term foreign and local
currency sovereign credit ratings, and its 'B+' transfer and
convertibility assessment on the country.


AXTEL S.A.B.: S&P Affirms BB Issuer Credit Rating, Outlook Stable
Mexico-based information and communication technology (TIC)
services provider, Axtel S.A.B. de C.V., improved its capital
structure following the divestment of 82% of its mass market
business segment.

S&P Global Ratings affirmed its long-term 'BB' issuer and issue-
level credit ratings on Axtel.

The stable outlook reflects S&P's expectation that during the next
12-18 months, the company will continue to deleverage with debt to
EBITDA slightly below 4.0x, thanks to its new operational focus on
its TIC segment. S&P also expects free operating cash flow (FOCF)
to debt to remain around 4.5% because the industry is capital-

The ratings affirmation follows Axtel's plan to focus on more
profitable business lines, concentrating on enterprise and
government customers, which have steady EBITDA margins of around
40%. S&P believes that the company will concentrate on gaining
operational efficiencies and establishing potential alliances with
industry peers for cost synergies. In addition, Axtel has
completed its debt restructuring strategy that included reducing
its foreign currency debt exposure and extending its debt maturity
schedule, while also improving leverage metrics. S&P expects the
company will have a debt-to-EBITDA ratio slightly below 4.0x,
funds from operations (FFO) to debt close to 20% and FOCF to debt
around 5%, in the following two years.

T U R K S  A N D  C A I C O S  I S L A N D S

SANDALS RESORTS: Turks & Caicos Owes It Millions in Overpaid Taxes
Trinidad Express reports that Jamaica-based Sandals Resorts
International (SRI) says its Beaches Resort Villages and Spa in
the Turks and Caicos Islands (TCI) has met all its tax liabilities
to the authorities here and, in fact, is "owed millions of dollars
in overpaid taxes".

Earlier, the TCI government said it hopes to bring to an end "a
critical outstanding matter" that has been outstanding ever since
the SRI-owned facility began operations here, according to
Trinidad Express.

The resort has announced the "indefinite" closure of its
facilities here from January 2021 and the government has promised
that it will be "fully transparent" on the matter amid media
reports that the issue is linked to a multi-million dollar tax
bill, the report notes.


VENEZUELA: Frees Foreign Journos; Euro Recognizes Guaido
EFE News reports that three reporters from Spanish international
news agency EFE were freed after being detained overnight by
Venezuelan authorities and will be allowed to continue reporting
from the Andean nation.

Photographer Leonardo Munoz, video editor Mauren Barriga, both
Colombian nationals, and Spanish editor Gonzalo Dominguez were
released after spending the night at El Helicoide, the
headquarters of Venezuela's Sebin intelligence service, according
to EFE News.

The reporters were accompanied at the time of their release by
Deputy Spanish Consul Julio Navas and the charge d'affaires at
Colombia's embassy, German Castaneda, the report relates.

Venezuelan government sources said unofficially that the reporters
were detained by mistake, attributing the mix-up to conflicting
orders and adding that the Sebin agents had apologized to the
correspondents for their "arbitrary arrest," the report notes.

Other newspeople have experienced problems while trying to cover
developments in Venezuela, where a long-simmering political crisis
entered a more acute phase on Jan. 23 when National Assembly
speaker Juan Guaido proclaimed himself the country's legitimate
leader, the report says.

Incumbent President Nicolas Maduro won last May's ballot by a wide
margin, but much of the opposition boycotted the process and
rejected the result as illegitimate, a stance shared by the United
States and numerous nations in Latin America and Europe, the
report notes.

Washington and its hemispheric allies recognized Guaido as interim
head of state last and the European Parliament followed suit, the
report notes.

The parliament voted 439-104 for a motion to acknowledge Guaido as
interim president even as the executive arm of the European Union
was touting the creation of a contact group comprising European
and Latin American nations aimed at finding a democratic solution
to the political crisis in Venezuela within 90 days, the report

Spain's top diplomat said his government would recognize Guaido if
Maduro refused to call a snap election, the report relays.

Speaking to press during an EU foreign ministers meeting in
Bucharest, Josep Borrell said Spain's Socialist Party government,
led by Prime Minister Pedro Sanchez was ready to recognize
Guaido's leadership claim unless Maduro complies with the deadline
set by Spain, France, Germany and the United Kingdom for him to
announce a new vote, the report discloses.

Russia, which supports the Maduro government, warned of a
persistent risk of armed conflict in Venezuela and expressed
willingness to join a mediation process, the report says.

"Unfortunately, we cannot state that the risk of widespread armed
conflict is long past, as all options remain on the table,"
Foreign Ministry spokesman Maria Zakharova said at a news briefing
in Moscow, the report relays.

Among Latin American nations, Cuba, Bolivia and Nicaragua remain
solidly behind Maduro, while Mexico and Uruguay are calling for
mediation, the report notes.

In Caracas, police denied a claim by Guaido that officers went to
his home with the intention of questioning his wife, who was with
her husband in another part of the capital at the time, the report

Vowing to hold President Nicolas Maduro's government responsible
for the safety of his family, Guaido said he learned of the police
visit from his neighbors, the report notes.

The report says that police belonging to the Special Actions Force
approached the community's guard house and asked to see Rosales,
who was at that moment standing alongside Guaido as he delivered a
speech, the politician said, citing accounts from neighbors.

Minutes after Guaido's comments to the press, the national police
denied sending officers to his home.

"It is totally FALSE that officers of the #FAES (Special Actions
Force) are in Santa Fe seeking the family of lawmaker Guaido,"
police commander Carlos Alfredo Perez Ampueda said in a Twitter
message, the report relays.

During his impromptu press conference, Guaido again urged members
of the security forces to ignore orders from Maduro and request
amnesty under a bill passed two weeks ago by the opposition-
controlled National Assembly, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 2018 removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.
S&P's transfer and convertibility assessment remains at 'CC'.


* BOND PRICING: For the Week January 28 to February 1, 2019

  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    USD


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.

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