/raid1/www/Hosts/bankrupt/TCRLA_Public/191104.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, November 4, 2019, Vol. 20, No. 220
Headlines
A R G E N T I N A
ARGENTINA: Activists Demand Action on Food Emergency
ARGENTINA: Sets Floor Under Peso as Reserves Dwindle
B R A Z I L
CBC AMMO: S&P Withdraws 'B-' Issuer Credit Rating, Outlook Stable
GOL LINHAS: Reports Loss, Hit by Boeing 737 Troubles
C A Y M A N I S L A N D S
RAPTOR AIRCRAFT I: S&P Assigns BB Rating on Class C Notes
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Central Bank Keeps Benchmark Rate at 4.5%
M E X I C O
GRUPO FAMSA: S&P Affirms 'CCC+' ICR Following Debt Exchange Offer
V E N E Z U E L A
VENEZUELA: Opposition Rejects Explanation of Lawmaker's Death
X X X X X X X X
LATAM: IDB Pushes Financial Inclusion as Response to Migration
[*] BOND PRICING: For the Week October 28 to November 1, 2019
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Activists Demand Action on Food Emergency
----------------------------------------------------
EFE News reports that activists marched in this capital to demand
that Argentina's outgoing conservative government act on lawmakers'
vote last month to renew a 17-year-old emergency food law.
It was the first demonstration in Buenos Aires since the election,
when incumbent President Mauricio Macri lost to center-left
candidate Alberto Fernandez, according to EFE News.
Enacted in 2002 as Argentines suffered Depression-level
unemployment and poverty following a financial collapse, the food
emergency law was re-authorized every few years until last
December, when it was allowed to lapse, the report notes.
About Argentina
Argentina is a country located mostly in the southern half of South
America. It's capital is Buenos Aires. Mauricio Macri is the
incumbent president of Argentina.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and -- in the recent decades -- increasing poverty.
Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics." Moody's credit rating for Argentina was last set
at Caa2 from B2 with under review outlook. Fitch's credit rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook. S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch rating
on Sept. 3, 2019.
ARGENTINA: Sets Floor Under Peso as Reserves Dwindle
----------------------------------------------------
Jorge Otaola and Walter Bianchi at Reuters report that Argentina's
central bank is setting a price floor under the volatile peso in
hopes to avoid a sharp plunge in the currency after an
opposition-won presidential election shifted the country firmly
back to the left.
The peso edged up on Oct. 31 to 59.68 per dollar, with the central
bank offering U.S. currency in the exchange market at a fixed 59.99
pesos per greenback, effectively putting a floor on the trade,
according to Reuters.
Argentina's markets have been held in limbo following a general
election, as traders and investors await signals from
President-elect Alberto Fernandez about the future direction of
Latin America's no. 3 economy, the report notes.
A spokesman for the center-left Peronist leader said he would
travel to Mexico and return in the middle of the following week,
his first trip overseas since being elected, the report relates.
Fernandez will face a full array of economic woes when he takes
office in December, including protecting reserves and dealing with
a looming pile of debt amid complex negotiations with creditors and
the International Monetary Fund (IMF), the report says.
Reuters notes that U.S. Treasury Secretary Steven Mnuchin said the
United States expected him to uphold the country's commitment to
the terms of a $57 billion IMF loan program agreed last year with
conservative incumbent Mauricio Macri.
The President-elect will have to balance the IMF commitments while
dealing with rising levels of poverty, which have risen amid the
economic malaise, the report discloses. Protesters marched in the
center of Buenos Aires to protest austerity measures under Macri
and the IMF, with the slogan "the debt is with the people, not the
IMF," the report relays.
Authorities have also been rushing to stem a sharp decline in
foreign currency reserves, after spending about $22 billion to
defend the peso since business-friendly leader Macri was defeated
heavily in an Aug. 11 primary election, the report notes.
Argentina central bank president Guido Sandleris pledged to do
everything possible to protect the bank's reserves, as the South
American country transitions to a new leftist government amid a
swirling economic crisis, the report relates.
The country's creditors say fears are rising that reserves could
run out, even as the country looks to restructure around $100
billion in local and overseas sovereign debt, the report notes.
After the election, the central bank said it would tighten a
restriction on dollar purchases to $200 per month for individuals,
down from $10,000 a month, until December, in order to protect
forex reserves, the report notes.
Argentina's inflation is running at an annual rate of above 50%,
interest rates are sky-high and the economy has been mired in
recession for most of the last year, the report relays.
The peso, which has steadied since Argentine authorities imposed
capital controls in September, was down 3.5% in October and has
tumbled nearly 37% so far this year, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. It's capital is Buenos Aires. Mauricio Macri is the
incumbent president of Argentina.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and -- in the recent decades -- increasing poverty.
Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics." Moody's credit rating for Argentina was last set
at Caa2 from B2 with under review outlook. Fitch's credit rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook. S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch rating
on Sept. 3, 2019.
===========
B R A Z I L
===========
CBC AMMO: S&P Withdraws 'B-' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' rating on Brazilian
ammunitions manufacturer, CBC Ammo LLC's at its request. At the
time of withdrawal, the outlook was stable, reflecting that,
despite its tight liquidity position, CBC has been able to roll
over its short-term debt obligations as they come due, diminishing
the likelihood a liquidity crunch.
GOL LINHAS: Reports Loss, Hit by Boeing 737 Troubles
----------------------------------------------------
Marcelo Rochabrun at Reuters reports that Brazil's largest airline,
Gol Linhas Aereas Inteligentes, reported a BRL242 million (US$60.69
million) third-quarter loss, hit by problems affecting its Boeing
737 planes.
Gol flies Boeing 737 planes exclusively, a strategy which can help
to reduce costs. But this year it has exposed the company to
Boeing's woes, including the worldwide grounding of the Boeing 737
MAX, following two deadly crashes, according to Reuters.
The carrier said it expects its seven MAX planes will receive
regulatory approval to resume flights in December, based on the
guidance it has received from Boeing, the report notes.
U.S. carriers do not expect to fly the MAX until 2020, according to
their schedules, the report says.
The Boeing fleet problems have reduced the benefit Gol received
following the collapse of rival Avianca Brasil, following a failed
bankruptcy restructuring, the report notes. This has left Brazil's
domestic market with just three airlines, the report relays.
Gol said it had record revenues of 3.7 billion in the quarter but
also reduced its profit forecast for the year to BRL0.90 per share,
compared to a previous range of being BRL1.40 and BRL1.70 per
share, the report notes.
In addition to the MAX groundings that began in March, Gol has also
had to ground 11 older 737 NG planes because it discovered cracks
on what is known as the "pickle fork" which attaches the fuselage
to the wings, the report adds, the report discloses.
Those planes will be grounded for 45 days and the groundings began
in early October, Gol said, the report notes.
The airline said it expects to have a fleet of about 126 planes by
the end of the year, the report says. About 15% of its current
fleet is grounded at the moment, the report adds.
About GOL Linhas
GOL Linhas Aereas Inteligentes S.A also known as VRG Linhas Aereas
S/A) is a Brazilian low-cost airline based in Rio de Janeiro,
Brazil.
As reported in the Troubled Company Reporter-Latin America on
July 11, 2019, Fitch Ratings has upgraded GOL Linhas Aereas
Inteligentes S.A.'s Long-Term, Foreign- and Local-Currency Issuer
Default Ratings to 'B+' from 'B' and its National rating to
'A-(bra)' from 'BBB-(bra)'. Fitch has also upgraded GOL Finance
S.A.'s unsecured bonds ratings to 'B+/RR4' from 'B'/'RR4'. The
upgrades reflect improvements in GOL's credit risk profile due to
lower leverage, improved costs and more favorable industry dynamics
in Brazil.
===========================
C A Y M A N I S L A N D S
===========================
RAPTOR AIRCRAFT I: S&P Assigns BB Rating on Class C Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the series 2019-1 series
A, B, and C fixed-rate notes issued by Raptor Aircraft Finance I
Ltd. (the Cayman issuer), an exempted Cayman Islands limited
liability company, and Raptor Aircraft Finance I LLC (the U.S.
issuer), a Delaware limited liability company (collectively,
Raptor).
The note issuance is an ABS transaction backed by 19 aircraft, and
the related leases, shares, and beneficial interests in an entity
that directly and indirectly receives aircraft portfolio lease
rental and residual cash flows, among others.
The ratings reflect:
-- The likelihood of timely interest on the series A notes
(excluding step up interest) on each payment date, timely interest
on the series B notes (excluding step-up interest) when the series
A notes are no longer outstanding on each payment date prior to the
subordination date (12 years from the closing date), and ultimate
interest and principal payment on the series A, B, and C notes on
or before the legal final maturity date at the respective 'A',
'BBB', and 'BB' rating stress scenarios.
-- The approximately 67% loan-to-value (LTV) ratio on the series A
notes, the 81% LTV on the series B notes, and the 88% LTV on the
series C notes. The LTV ratio is based on the lower of the mean and
median (LMM) of the half-life base value and the half-life current
market value.
-- The aircraft portfolio consists of approximately 67%
narrow-body aircraft (39% from the Airbus A320 family and 28% from
the Boeing B737 family) and 33% wide-body aircraft (20% from the
A330 family and 12% from the B787 family) by the LMM of the
half-life value. All of the aircraft models are in production.
-- The weighted average age (by value) of the aircraft in the
portfolio is 3.92 years. Currently, all 19 of the aircraft are on
lease, with a weighted average remaining term of approximately 6.78
years.
-- Some of the lessees are in emerging markets where the
commercial aviation market is growing.
-- The existing and future lessees' estimated credit quality and
diversification. The 19 aircraft are currently leased to 14
airlines in 12 countries. Some of the initial lessees have low
credit quality, and approximately 80% of the lessees (by aircraft
value) are domiciled in emerging markets. Three of the 19 aircraft
are leased to flag carriers internationally.
-- Each series' scheduled amortization profile, which is a
straight line over 12 years for series A and B and a straight line
over seven years for series C.
-- The transaction's debt service coverage ratio (DSCRs) and
utilization triggers--a failure of which will result in the series
A and B notes' turbo amortization. Turbo amortization for the
series A and B notes will also occur if they are outstanding after
year seven.
-- The subordination of series C principal and interest to series
A and B principal and interest.
-- A revolving credit facility that BNP Paribas will provide and
that will be available to cover senior expenses, including hedge
payments and interest on the series A and, prior to the
subordination date, series B notes.
-- Alton Aviation Consulting LLC (Alton) performed a maintenance
analysis before closing. After closing, the servicer will perform a
forward-looking 27-month maintenance analysis at least annually,
which Alton will review and confirm for reasonableness and
achievability.
-- The maintenance reserve account (funded to $1.0 million balance
at closing), which receives senior payments from the waterfall,
based on the projected maintenance expenses during the next six
months of the transaction, and junior payments, based on the
projected maintenance expenses during the next 12 months of the
transaction. After month 84, the senior payments will be based on
the next 16 months of projected expenses.
-- The expense reserve account, which will be funded at closing
with approximately $500,000 from the note proceeds and is expected
to cover the next three months of expenses.
-- The series C reserve account, which will be funded at closing
with approximately $500,000 from the note proceeds.
-- The initial average lease rate factor of 0.95%, (based on the
LMM of half-life values), as measured by the portfolio's weighted
average lease rate factor based on aircraft half-life value.
-- The senior indemnification (excluding indemnification amounts
to lessees under leases entered into before the transaction closing
date) is capped at $10 million and modeled to occur during the
first 12 months.
-- The junior indemnification (uncapped) is subordinated to the
rated series' principal payment.
-- Seraph, an aircraft lessor, is the servicer for this
transaction.
-- The transaction's legal structure, which is expected to be
bankruptcy remote.
RATINGS ASSIGNED
Raptor Aircraft Finance I Ltd./Raptor Aircraft Finance I LLC
Series Rating Amount (mil. $)
A A (sf) 553.000
B BBB (sf) 116.500
C BB (sf) 56.500
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Central Bank Keeps Benchmark Rate at 4.5%
-------------------------------------------------------------
Dominican Today reports that at its monetary policy meeting in
October 2019, Dominican Republic's Central Bank kept its benchmark
rate at 4.50% annually.
"The decision on the reference rate is based on a detailed analysis
of the balance of risks regarding inflation forecasts, including
international and domestic macroeconomic indicators, market
expectations and medium-term projections," the Central Bank said in
a statement obtained by the news agency.
It adds that September's monthly inflation was 0.38%, while
accumulated inflation in the first nine months of the year stood at
2.38%, the report notes.
"Moreover, year-on-year inflation, that is, from September 2018 to
September 2019, was 2.02%, staying below the lower limit of the
target range," the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.
The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).
===========
M E X I C O
===========
GRUPO FAMSA: S&P Affirms 'CCC+' ICR Following Debt Exchange Offer
-----------------------------------------------------------------
On Oct. 30, 2019,
S&P Global Ratings, on Oct. 30, 2019, affirmed its 'CCC+' and
'mxCCC+' issuer credit ratings on Mexican-based retail company
Grupo Famsa S.A.B. de C.V. (GFamsa). At the same time, S&P affirmed
its 'CCC+' issue-level ratings on GFamsa's notes.
On Oct. 28, 2019, GFamsa turned to the holders of its outstanding
7.25% senior unsecured notes due 2020 to offer an exchange of those
notes for new 9.75% senior secured notes due 2024. As part of the
offering, GFamsa is also conducting a solicitation of consents to
the existing noteholders to eliminate substantially all of the
restrictive covenants and certain events of default contained in
the existing notes' indenture, among other things, with the
exception of all actual or potential claims against the issuer and
its affiliates, other than claims for payment of interest or
principal.
S&P said, "The affirmation of our 'CCC+' and 'mxCCC+' issuer and
issue-level credit ratings on GFamsa reflects our view that the
exchange offering won't be tantamount to default, if successful
under the proposed terms and conditions.
"According to our criteria, we treat exchange offers as tantamount
to default when they meet two conditions: (i) they're distressed
rather than purely opportunistic; and (ii) the investor will
clearly receive less value than the promise of the original
securities. We consider GFamsa's offering as distressed, rather
than opportunistic, given the short term to maturity because the
outstanding $140 million notes are due June 1, 2020. However, in
our view, the new notes offering doesn't imply a loss of value to
investors, as we believe that the par-for-par exchange, with an
increase of 250 basis points in the coupon rate, with the same
periodicity and higher seniority ranking with a security package,
would compensate for the four years-and-a-half tenor extension.
The offer has an early expiration date on Nov. 8, 2019, and a final
expiration date on Nov. 25, 2019. Bondholder consents that are
received prior to the early expiration date would receive par
value. Consents between Nov. 9 and the final expiration date would
receive 95% of par value under the exchange. Any transaction that
closes at a discount below par value would lead S&P to reassess
whether the exchange is tantamount to default, considering that
investors could end up receiving less value than the promise of the
original securities.
Moreover, the consent solicitation to eliminate substantially all
of the restrictive covenants and certain events of default clauses
in the existing notes' indenture may be perceived as a coercive
offer. Nonetheless, from a credit perspective, S&P believes that
the coercive aspect of the offer is irrelevant, because it doesn't
perceive these tactics to affect the offering value, with respect
to the original securities' promise.
S&P siad, "In the past 12 months, GFamsa's operating performance
has remained broadly in line with our base-case scenario, with low
single-digit top-line growth, gradual improvement in its
profitability due to operating efficiencies, and low capital
expenditures. The ratings on the company also reflect our opinion
that it continues to be vulnerable and dependent on favorable
business, financial, and economic conditions to meet its financial
commitments, because it maintains high debt levels, reflected in
adjusted debt to EBITDA above 5.0x and EBITDA interest coverage
just above 1.0x. We adjust all of our ratios by operating leases,
pensions and captive finance operations."
The negative outlook reflects the possibility of a multi-notch
downgrade if GFamsa fails to exchange its minimum tender
requirement, or exchanges its existing notes under par-value.
S&P said, "We could downgrade GFamsa by one notch if the company
exchanges its notes at par-value, coupled with the other terms
proposed, but doesn't reach the minimum tender requirement. In such
a scenario, we would consider that the company would remain exposed
to refinancing risk.
"On the other hand, if GFamsa exchanges its existing notes below
par-value, we would consider the transaction tantamount to default,
hence lowering the rating to 'SD'.
"We could revise the outlook to stable if the company successfully
receives bondholders' consent to the announced exchange offer at
par-value. Although unlikely in the next 12 months, a further
rating upgrade would be accompanied by a consistent improvement in
GFamsa's operations, providing sustainability to its capital
structure and alleviating refinancing risks over the medium term."
=================
V E N E Z U E L A
=================
VENEZUELA: Opposition Rejects Explanation of Lawmaker's Death
-------------------------------------------------------------
The Latin American Herald Times reports that the Venezuelan
opposition rejected the government's claim that lawmaker Edmundo
Rada's murder had been a crime of passion.
"The lie presented by the regime has been debunked by the versions
offered by lawyers, relatives and neighbors of the areas where
'Pipo' (Edmundo Rada) lived and where his body was found," national
assembly speaker Juan Guaido said in a statement posted on Twitter,
according to The Latin American Herald Times.
At a press conference earlier in the day, Venezuelan Interior
Minister Nestor Reverol said that the police had ruled out any
political motive behind Rada's murder as had been alleged by
Guaido, the report notes.
Rada, who was the leader of Popular Will -- the same party that
Leopoldo Lopez and Juan Guaido belong to -- was found on a road
outside Caracas on Oct. 17 with two shots in the back of the neck
and his body burned, 24 hours after he went missing, the report
relays.
Reverol said the crime was committed by the current partner of a
woman with whom the deceased was romantically involved and accused
Guaido of attempting to "politicize this unfortunate fact" and of
using "the family members' pain" by accusing Nicolas Maduro's
regime of "having committed this murder," the report notes.
However, the opposition insisted in its statement "that one cannot
believe a dictatorship that has been engaged in murdering,
torturing and repressing those who think differently and have
subjected millions of Venezuelans to the worst political, social
and economic crisis of its modern history," the report discloses.
It also said the public ministry had denied Rada's lawyers and
relatives "access to his case file," adding that "that institution
handles and manipulates this fact for its convenience, toeing the
line" of Maduro, and called for an international investigation, the
report adds.
About Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South Ameri ca, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea. The capital is the city of Caracas.
Hugo Chavez was president to Venezuela from 1999 to 2013. The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum. Nicolas Maduro was elected president in 2013 after the
death of Chavez. Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.
The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis. It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.
Standard and Poor's long- and short-term foreign currency sovereign
credit ratings for Venezuela stands at 'SD/D' (November 2017).
S&P's local currency sovereign credit ratings on the other hand are
'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that the
sovereign could miss a payment on its outstanding local currency
debt obligations or advance a distressed debt exchange operation,
equivalent to default.
Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook (March
2018).
Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.
===============
X X X X X X X X
===============
LATAM: IDB Pushes Financial Inclusion as Response to Migration
--------------------------------------------------------------
The Latin American Herald reports that IDB Invest, the private
sector arm of the Inter-American Development Bank (IDB), has teamed
up with several companies to make the financial sector inclusive
for the millions of Latin Americans -- notably Venezuelans -- who
have migrated within the region in recent years.
"Since 2014, 4.5 million Venezuelans have left their country and 80
percent of them have stayed in the region, doubtlessly creating a
challenge for the countries, which are not only approachable from
the social or political side, but in which the private sector must
also play a role," Gema Sacristan, chief investment officer for IDB
Invest, told EFE at the Foromic 2019 event in Punta Cana.
The IDB, she said, "is working to see what solutions the private
sector can provide to the challenge of immigration," according to
The Latin American Herald.
"Financial inclusion plays a fundamental role in the inclusion of
those immigrants, as there are indications that they will not
return to their countries so quickly: it's about people who are
going to remain in the receiving countries and who it is necessary
to include because there are not sufficient resources for the
states to take responsibility for them," Sacristan said, the report
notes.
With that aim, IDB Invest partners such as Bancamia, Omni and Banco
Pichincha, among others, have launched pilot programs with an eye
toward scaling up those projects in the coming months, the report
relays.
In the case of Colombia's Bancamia, the pilot initiative, "Progress
Without Borders," involves offering financial products and services
to micro-enterprises founded by Venezuelan immigrants in six
different cities: Cucuta, Pamplona, Bucaramanga, Giron, Piedecuesta
and Floridablanca, the report discloses.
"The migratory challenge has been something very complex and we as
an institution have wanted to break the molds to be able to give
these people access," Bancamia Vice President Edison Mejia told Efe
at Foromic 2019, the main innovation-for-inclusion event in Latin
America and the Caribbean, the report says.
Roughly 200 Venezuelan entrepreneurs have taken part in the
program, the report notes.
Mejia acknowledged that Bancamia has encountered limits in its
efforts to reach out to Venezuelan expats, the report relays.
"Many of the immigrants who are coming don't have residence
permits," he said, the report says. "There is no information, and
ignorance about the (financial) sector exists among them," he
added.
Omni, meanwhile, has created a platform to provide immigrants
access to legal advice, medical care, credentialing and financial
services such as microloans and processing remittances, the report
adds.
[*] BOND PRICING: For the Week October 28 to November 1, 2019
-------------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
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
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
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
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
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
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
Enel Americas SA 5.8 32.7 6/15/2022 CL CLP
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
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD
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
YPF SA 16.5 67.3 5/9/2022 AR ARS
Provincia del Chubut A 4.5 2208 3/30/2021 AR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US 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
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 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
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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
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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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