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 * * *