/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/190325.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, March 25, 2019, Vol. 20, No. 60 Headlines A R G E N T I N A ARGENTINA: Economy Shrinks the Most Since Global Financial Crisis B R A Z I L BRAZIL: Ex-President Arrested in Corruption Probe D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Drought Cuts Energy Output by 73GWH DOMINICAN REPUBLIC: New Plant's Supply to Grid Continues to Rise DOMINICAN REPUBLIC: To Meet with Pres. Trump in Florida E L S A L V A D O R EL SALVADOR: Economy Performing Well, IMF Says J A M A I C A JAMAICA: Signs Post-Brexit Trade Agreement With UK M E X I C O MEXICO: President: More Competition Needed in Banking Sector V E N E Z U E L A VENEZUELA: Crisis Spreads to All Spheres: From Banks to Soccer X X X X X X X X [*] BOND PRICING: For the Week March 18 to March 22, 2019 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Economy Shrinks the Most Since Global Financial Crisis ----------------------------------------------------------------- Patrick Gillespie at Bloomberg News reports that Argentina's economy sharply contracted in the fourth quarter while unemployment rose, potentially hurting President Mauricio Macri's approval ratings as he seeks re-election later this year. Gross domestic product fell 6.2 percent from a year ago, the country's statistics institute said on March 21, according to Bloomberg News. It was the worst quarterly performance since 2009 after the global financial crisis, although Argentine economic data was considered unreliable until 2016, the report notes. Analysts had forecast a 6.4 percent contraction, the report relays. South America's second-largest economy shrank 2.5 percent last year, the worst since 2014 when the nation defaulted on its debt under the previous government, the report discloses. Unemployment increased a notch to 9.1 percent in the fourth quarter from the previous period, the report relays. Argentina is grinding through a two-year recession coupled with stubbornly high inflation, the report notes. That has forced its central bank to take drastic measures to stabilize the peso, which lost 50 percent of its value against the dollar last year, the report says. At nearly 65 percent, the bank's benchmark rate is the highest in the world, the report relays. Macri, a market favorite who is running for re-election in October, is also significantly cutting spending to comply with the terms of a $56 billion financing program from the International Monetary Fund, the report notes. The unpopular austerity measures have already hurt his approval rating, which now stand around 35 percent, 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. =========== B R A Z I L =========== BRAZIL: Ex-President Arrested in Corruption Probe ------------------------------------------------- BBC News reports that former Brazilian President Michel Temer has been arrested in Sao Paulo as part of a massive corruption investigation. Mr. Temer, a 78-year-old lawyer who was in office from 2016 to 2018, is being investigated in several cases, according to BBC News. He has consistently denied any wrongdoing, the report notes. His arrest was considered imminent after he lost his legal protection when he left office, the report relays. Many politicians and business leaders have been convicted or charged as part of the so-called Operation Car Wash, the report notes. Mr. Temer was arrested in his hometown of Sao Paulo and will be flown to Rio de Janeiro, the report discloses. Local media say police had been trying to trace Mr. Temer since March 20, the report relays. His former Mining and Energy Minister Moreira Franco was also arrested, says the report. Who is Michel Temer? Mr. Temer, from the centre-right MDB party, took over the Brazilian presidency in August 2016 following the impeachment of leftist Dilma Rousseff, a process in which he played a key role, the report recalls. While in office, Mr. Temer was hit by corruption charges which were blocked by his allies in Congress. Deeply unpopular, the former law professor was replaced in January by far-right President Jair Bolsonaro, the report says. What is Operation Car Wash? "The largest foreign bribery case in history", as it was dubbed by the US Department of Justice, began in March 2014, the report relays. It started as a federal police investigation into money laundering at a currency exchange business at a petrol station in Brasilia. The probe widened and looked into allegations that executives at the state oil company Petrobras had accepted bribes from construction firms in return for awarding them contracts at inflated prices, the report discloses. The corruption scandal involves millions of dollars in kickbacks and more than 80 politicians and members of the business elite. It provoked huge street protests nationwide, the report notes. Operation Car Wash's most high-profile conviction is of former leftist President Luiz Inacio Lula da Silva, who is now serving 12 years in jail for corruption, 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. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Drought Cuts Energy Output by 73GWH ------------------------------------------------------- Dominican Today reports that the proportion of energy from hydroelectric dams has shrank since December, with the start of drought that affects the country, especially the Northwest, South and Southwest. Hydraulic energy production fell 73.019 gigawatts per hour (GWH) in January compared to the same month last year, likewise, in February there was a reduction of more than 150.5 (GWH), compared to 2018, according to Dominican Today. However, production scheduled for the first three months wasn't affected, said hydroelectric utility (Egehid) operations director Demetrio Lluberes, the report notes. He said the drought hasn't affected the energy destined for the National Grid (SENI), because their planned production is based on the scarcity across the country, the report relays. "So far this year until March 20 Egehid had injected more than 232.6 GWh into the SENI," 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. DOMINICAN REPUBLIC: New Plant's Supply to Grid Continues to Rise ---------------------------------------------------------------- Dominican Today reports that one of Punta Catalina Power Plant's two units continues to increase its supply to the National Grid by contributing around 36 megawatts since it went online on February 27, and has now reached 80 MW. Punta Catalina, which appears on the Coordinating Body (OC) website as a generator under special regime for new power plants being tested, supplies 80 megawatts per hour from 3:00 a.m. to 6:00 a.m., according to Dominican Today. OC data show that on March 20 Punta Catalina's accumulated power contribution was 800 megawatts an hour and peaked at 400 MW by 5:00 p.m., the report notes. 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. DOMINICAN REPUBLIC: To Meet with Pres. Trump in Florida ------------------------------------------------------- Dominican Today reports that the main issue which president Donald Trump will address with the leaders of the Dominican Republic and four other Caribbean countries at a meeting in Florida, is China and not Venezuela, say experts in international relations. "The tension generated by the economic conflict between China and the United States is the reason for the meeting," said former Dominican ambassador to the OAS, Roberto Alvarez, according to Dominican Today. Quoted by Diario Libre, the diplomat said that one of the relevant aspects of the trade dispute is focused on high technology and the 5G network, areas in which China's progress competes even with the US and "whoever controls this technology, will control the future," the report notes. For Santo Domingo Catholic University International Relations director Giovanni Baez, one of the US government's objectives is to halt the Chinese expansion in the region, the report relays. He said the meeting aims to bolster and replant ties with the Caribbean, "especially with the Dominican Republic, which is a serious issue because of the economic importance, and more than anything because of the location," the report discloses. The White House said that one of the objectives of the meeting at Mar-a-Lago resort in West Palm Beach, Florida, is "to strengthen cooperation in security and confront China's predatory economic practices," the report says. The statement also noted that Trump will discuss "potential energy investment opportunities," 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. ===================== E L S A L V A D O R ===================== EL SALVADOR: Economy Performing Well, IMF Says ---------------------------------------------- The IMF staff team visited San Salvador during March 11-22 for the 2019 Article IV consultation and held candid discussions with the current authorities, the President-elect, parliamentarians, business community, and social partners. The strong economic performance is an opportunity to further strengthen the fiscal position. The government has laid the foundation for sustained growth, by implementing structural reforms, strengthening policy frameworks and facilitating a smooth political transition. Building on these achievements, the incoming administration should: (i) pursue fiscal consolidation to bring down public debt; (ii) step up reforms to improve public administration efficiency and lift long-term growth; and (iii) strengthen the governance framework to curb crime and corruption. Context 1. The economy is performing well. Fueled by strong domestic consumption and investment, real GDP growth was 21/2 percent in 2018, above the estimated potential of 2.2 percent. The primary fiscal surplus increased to about 1 percent of GDP driven by strong import tax revenues and one-off tax measures, including a tax amnesty. This improvement in the fiscal position was offset by the rising interest bill. The overall fiscal deficit deteriorated slightly to 2.7 percent of GDP and public debt (including pensions) reached about 70 percent of GDP at end-2018. Sustained social spending and a growing economy have resulted in a substantial improvement in social and human development indicators, including poverty and inequality, over the last decade. 2. In the near term, growth is expected to be closely aligned with the outlook for the U.S. and the global economy. In 2019, real GDP growth in El Salvador is expected to remain above potential and inflation to remain subdued due to the projected decline in oil prices. Sustained remittance inflows will compensate for a high trade balance deficit. In the medium-term, economic growth will converge to its estimated potential under unchanged policies. Downside risks to these projections stem from weaker-than-expected global growth, and domestic policy slippages if the new administration fails to secure political support in the Legislative Assembly. On the upside, global financial conditions may tighten less than expected. 3. A smooth political transition is currently underway. The new administration will take office on June 1. Reaching political agreements, especially with the parties dominating the Legislative Assembly, will be crucial for the successful implementation of the new government's agenda. Policy Messages Fiscal Consolidation 4. Staff welcome the continued efforts to improve the fiscal position. The authorities' fiscal consolidation efforts resulted in an improvement in the primary balance of 1.1 percent of GDP over 2017-18. Nevertheless, public debt is expected to drift upward under unchanged policies as the stock of debt is high, and the rate of interest is higher than the rate of economic growth. Additional measures are needed to consolidate the fiscal position and improve debt dynamics. 5. Staff recommend a primary adjustment of about 2 percent of GDP over 2019-20. The fiscal responsibility law (FRL) requires a 3 percent improvement of the primary balance over 2017-21. Staff recommend a frontloaded fiscal adjustment of 2 percent of GDP over 2019-20. This will help ensure compliance with the FRL and make some headway in reducing the high debt stock, the main vulnerability of the economy. Implementing this adjustment over 2019-20 would not stall the growth momentum, as fiscal multipliers-the impact on growth of the fiscal measures-tend to be lower during periods of economic expansion. 6. To achieve the primary adjustment target, revenue and expenditure measures are needed. On the revenue side, staff welcome the adoption of the electronic invoicing and the technical preparations for a simplified tax code for small businesses ("monotributo"). As the estimated yield of these tax administration measures are not sufficient to ensure compliance with the FRL, structural revenue measures are needed. Staff recommend introducing excise taxes on luxury goods and a limited increase in the VAT rate. Targeted fiscal transfers could be put in place to soften the regressive impact of the VAT increase on the most vulnerable in society. On the expenditure side, efficiency gains could be achieved by rationalizing current expenditure while protecting capital investment. Staff recommend containing the wage bill, and approving and implementing the civil service reform as quickly as possible. Additional measures comprise centralizing the procurement system and extending competitive bidding processes to the full set of public entities, and goods and services. 7. Staff recommend finding comprehensive and long-lasting solutions in the medium-term to address fiscal challenges. A comprehensive fiscal reform is needed to eliminate distortions arising from temporary and ad hoc measures accumulated over the years, and to expand the narrow tax base. A clear definition of responsibilities between the central and local governments in providing public infrastructure, along with an efficient delivery of public goods, is needed. These actions should be supported with adequate and permanent funding sources, accompanied by stronger accountability of local governments. Any reform proposal to address the fairness and equitability of the pension system should identify funding sources to avoid worsening the public debt dynamics and ensure fiscal sustainability. Raising Long-term Growth 8. Maintaining financial stability is important to support long-term growth. This could be achieved by (i) approving the bank resolution legislation in line with best practices as soon as possible; (ii) ensuring that the reactivated interbank market functions smoothly to increase banks' efficiency in managing liquidity and decrease the need for emergency liquidity and the burden on the public sector; (iii) promoting greater financial inclusion, by expanding access to fintech services and enhancing microfinance capacity, which could help intermediate remittances more efficiently and raise long-term output. 9. Bridging the public infrastructure gap and investing in education are critical to lift growth. Public-private partnerships (PPP) could be explored to limit the fiscal impact of improvements in infrastructure. The PPP framework should be strengthened by improving fiscal accounting, ensuring proper oversight, and clearly delineating responsibility and accountability of each partner. Investing in educational programs at the lower secondary level, including vocational training in partnership with the private sector, would help prepare youth for the labor market, and provide viable alternatives to crime and gang involvement. 10. Continuing to improve security will also have positive effects on investment and reduce migration. The rehabilitation and prevention efforts of the El Salvador Seguro plan have contributed to substantially lower the homicide rate. Ensuring its continuity and increasing its funding is important. Strengthening police presence at the local level and improving its deployment, based on a systematic analysis of crime trends, would deter criminal activity, including extortions. Expanding technological surveillance programs beyond San Salvador and fostering community involvement would also be effective deterrents. 11. Removing barriers to trade and investment, and facilitating diversification will also boost long-term growth. The regulatory improvements brought by the customs union and better infrastructure at border crossing points significantly reduced the costs and time in processing exports. To further enhance efficiency, staff recommend minimizing the processing time of acquiring permits, completing the adoption of electronic signatures, and simplifying the issuance of tax identification numbers. Staff recommend continuing with the implementation of the development, diversification and productive transformation policy as it has led to increases in productivity growth and shifted employment to higher productivity sectors in recent years. Improving the Governance Framework 12. The current administration has adopted several measures to improve the governance framework, including anti-corruption measures. The former Attorney General has significantly strengthened investigation and prosecution activities to curb the illicit use of public funds at the highest level. The approval of the Attorney General's law amendment establishing the independence and autonomy of the Financial Investigation Unit will enhance the capacity to thoroughly investigate corruption cases, by restoring the exchange of information with a worldwide network of financial investigative agencies. To support the anti-money laundering (AML/CFT) efforts, the Superintendency of the Financial System has put in place a system for high-frequency monitoring of financial flows. A plan has been developed and implemented by the Presidency to increase citizen participation in the design, implementation, and monitoring of public policies at the national and local level. 13. The governance framework should be strengthened further. Staff recommend the following actions: (i) increase the fiscal transparency of the 2020 budget law, building on the experience of the 2019 budget, and strengthen the audit of fiscal operations, and establish better spending controls to prevent the illicit use of public funds and misappropriations; (ii) promptly implement electronic invoicing to make it easier to conduct business activities and improve tax collection. Changes to the anticorruption legal framework should be comprehensive, ensuring harmonization of laws and considering their ultimate impact on the budget. ============= J A M A I C A ============= JAMAICA: Signs Post-Brexit Trade Agreement With UK -------------------------------------------------- Minister of Foreign Affairs and Foreign Trade Senator Kamina Johnson Smith was among nine Caribbean Ministers of Trade who, together with UK Trade Minister George Hollingbery, signed an agreement to preserve existing preferential trade terms between their countries and the United Kingdom in a post-Brexit era. Welcoming the development, Minister Johnson Smith said continuity and certainty are key for the business community and the government. She added that since the United Kingdom is Jamaica's largest trading partner within the EU, it has been important for the Government of Jamaica, since the Brexit referendum in 2016, to work within CARIFORUM to preserve existing preferential trade terms notwithstanding uncertainties regarding the Brexit process. The countries who signed were Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts-Nevis, St. Lucia and St. Vincent & the Grenadines. =========== M E X I C O =========== MEXICO: President: More Competition Needed in Banking Sector ------------------------------------------------------------ EFE News reports that Mexico's president said that the key to bringing down bank commissions is to ensure that the financial institutions face sufficient competition. "Banks (lower their fees) due to other banks, competition . . . when there's no competition, there are abuses," Andres Manuel Lopez Obrador, leader of the left-leaning National Regeneration Movement (Morena) party, said at his daily press conference at the National Palace in Mexico City, according to EFE News. ================= V E N E Z U E L A ================= VENEZUELA: Crisis Spreads to All Spheres: From Banks to Soccer -------------------------------------------------------------- EFE News reports that the acute political crisis crippling Venezuela worsened on March 22 after a new round of sanctions were imposed by the United States, which this time targeted the country's banks. The crisis has now even begun to ensnare Venezuela's sporting institutions; after the national soccer team's historic victory over Argentina, the coach surprisingly announced his resignation following a visit to the team's dressing room by a representative of self-proclaimed president Juan Guaido, according to EFE News. 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'. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week March 18 to March 22, 2019 --------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD YPF SA 16.5 67.3 5/9/2022 AR ARS Noble Holding Internat 6.2 62.2 8/1/2040 KY USD Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD YPF SA 16.5 67.3 5/9/2022 AR ARS Provincia del Chubut A 4.5 2208 3/30/2021 AR USD Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Empresa Provincial de 12.5 0.0 1/29/2020 AR USD Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Plaza SA 3.5 38.3 8/15/2020 CL CLP Banco Security SA 3.0 5.6 7/1/2019 CL CLP Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD Fospar S/A 6.5 1.2 5/15/2026 BR BRL Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD SACI Falabella 2.3 50.6 7/15/2020 CL CLP Sylph Ltd 2.4 65.1 9/25/2036 KY USD Banco Security SA 3.0 27.4 6/1/2021 CL CLP Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Esval SA 3.5 49.9 2/15/2026 CL CLP ********* 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. . * * * End of Transmission * * *