/raid1/www/Hosts/bankrupt/TCRLA_Public/230501.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, May 1, 2023, Vol. 24, No. 87
Headlines
A R G E N T I N A
ARGENTINA: Cracks as Peso Plunge Raises Risk of Messy Devaluation
ARGENTINA: Fernandez to Seek Fresh Financing Routes in Brazil
B O L I V I A
BANCO FASSIL: Trouble Mounts as it Faces Liquidation
BANCO MERCANTIL SANTA CRUZ: S&P Affirms 'B-' LT ICR, Outlook Neg.
C H I L E
INVERSIONES LATIN: Fitch Cuts Rating on $403.9M Sr. Sec Notes to CC
J A M A I C A
JAMAICA: Central Bank Intervenes in Forex Market Again
M E X I C O
GRUPO IDESA: S&P Cuts ICR to 'SD' on Distressed Exchange Completion
P E R U
PERU: 2023 Economic Growth View Cut to 2.5% Due to Protests
PERU: Sees Lithium Mining Opportunity in Chile's Statist Plan
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Cabinet Wants $350M for Green Project
V I R G I N I S L A N D S
LIMETREE BAY: $465M Bank Debt Trades at 20% Discount
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week April 24 to April 28, 2023
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Cracks as Peso Plunge Raises Risk of Messy Devaluation
-----------------------------------------------------------------
Buenos Aires Times reports that Argentina is moving closer to a
breaking point as the government's desperate measures fail to halt
a plunge in the peso, raising the risk of a currency devaluation
that President Alberto Fernandez pledged would never happen.
The government is said to be stepping up pressure on brokerages,
demanding reports on trading in the parallel exchange market and
launching an investigation into a firm that said a devaluation was
imminent, according to Buenos Aires Times. The peso tumbled 13
percent in that alternative market used to skirt currency controls,
while data showed consumer prices surging 104 percent in March, the
fastest in three decades, the report notes.
Argentina has been bouncing from crisis to crisis for most of the
past 80 years, so its citizens are used to the economic chaos. But
there's a sense in Buenos Aires that things are about to get much
worse, the report discloses.
Policymakers say they need to rework the nation's deal with the
International Monetary Fund to speed up cash disbursements, but
there's been no indication the lender is willing to throw more
money at the problem, the report relays.
"Everything now is a just a matter of how quickly all the variables
deteriorate," said Fabricio Gatti, a portfolio manager at Novus
Asset Management in Buenos Aires, the report discloses. "Traders
realised that the current measures to contain inflation weren't
enough," he added.
That out-of-control inflation means nobody's really sure how much
anything costs anymore, the report discloses. In Buenos Aires,
some restaurants have given up on printing prices on their menus as
the black-market exchange rate changes at dizzying speed, the
report relays. Large transactions are increasingly done in
dollars, but for day-to-day purchases, Argentines have to carry
around wads of cash, with the largest banknote now worth just US$2,
down from about US$21 four years ago, the report notes.
The economic issues mostly boil down to a lack of hard currency -
the country spends way more dollars than it takes in, the report
relays. Adding to woes, the country has been hammered this year by
the worst drought of the century, removing any possibility of an
influx of cash from agricultural exports before October's
presidential elections, the report says.
Meanwhile, international reserves are drying up, calling into
question how much longer the government can continue to defend the
peso from an all-out collapse, the report adds.
Market Turmoil
The most recent bout of market turmoil began, when traders started
selling peso assets after government data showed inflation
accelerating much faster than forecast, the report notes.
Unfounded rumours swirled over a devaluation of the official
exchange rate, forcing Economy Minister Sergio Massa to deny the
plans in a voice message he sent to a WhatsApp group chat as the
peso sank, the report discloses. Overseas dollar bonds also
tumbled to their lowest this year, reaching some 25 cents on the
dollar, the report says.
The government's response to all this is looking increasingly
desperate, the report relays. Argentina's securities regulator is
putting pressure on local brokers to limit trading in parallel
markets, asking them to provide records on any such activity,
according to people familiar with the matter, the report notes.
Another broker was compelled to issue an apology on social media
for spreading rumours about a currency devaluation, after the
regulator opened an investigation into the incident, another person
said, the report discloses. All asked not to be named discussing
sensitive information, the report relays. The regulator and the
government declined to comment.
Argentina's Central Bank raised its benchmark rate by 10 percentage
points to 91 percent, up from 47 percent a year ago, the report
notes. Monetary policy tightening has proven ineffective so far,
the report relays.
IMF Deal
Buenos Aires Times further notes that Massa also notified the IMF
this week that the government intends to intervene more in local
financial markets, according to three senior government officials
with direct knowledge of the conversations.
The move puts Argentina's IMF deal at risk of going off track,
according to one of those officials, who asked not to be identified
speaking candidly about sensitive matters, the report notes. That
could jeopardise the IMF's next disbursement of US$3.9 billion
scheduled for June, though both sides are discussing the
possibility of a larger transfer, possibly by moving up payments
that had been planned for later in the year, the report says.
"It's very likely that the programme will go off track at the next
review," said Alberto Ramos, the head of Latin America research at
Goldman Sachs Group Inc, the report discloses. "With the election
approaching, it could well be that the IMF calls a timeout."
In addition to the IMF plan, officials are also tapping a
US$24-billion currency swap line with China to pay for about US$1.8
billion of imports between April and May, the report relays. The
Economy Ministry also created multiple exchange rates for soybeans,
wine and other key exports in a bid to get producers to sell and
bring in dollars, to little avail, the report notes.
The Economy Ministry's Press Office didn't provide comment. An IMF
spokeswoman said in a statement that discussions with the
government on the next review of the program "are advancing in a
constructive manner," he added.
History of Turmoil
Argentina is a nation accustomed to financial turmoil, the report
relays. Many local savers immediately convert their peso
pay-cheques into dollars, buying greenbacks in Buenos Aires'
widespread-but technically illegal-back-room exchange houses, the
report notes. Or they buy cryptocurrency through one of a dozen
homegrown exchanges, the report discloses.
A common strategy besides saving in dollars is spending every last
peso before inflation accelerates further, the report discloses.
Stores seeking to take advantage of this often advertise
liquidation sales, urging customers to buy now before prices
inevitably surge again, the report says.
Argentines also haven't stopped packing cafes, bars and restaurants
in Buenos Aires to blow their pesos, and discontent over the
current political situation can be overheard at many tables,
especially at the chic venues that cater to the city's business
class, the report notes. Polls showed Fernandez's approval rating
dropped below 20 percent earlier this year amid expectations for
another recession before 2024, the report relays.
"We project year-over-year inflation to end 2023 around 100
percent, with risks tilted to the upside. A number of factors will
likely keep inflation running hot in the coming quarters, including
inertia, pent-up pressures from misaligned currency and regulated
prices, and lax fiscal and monetary policies," said Adriana Dupita,
Bloomberg's economist for Brazil and Argentina, the report
discloses.
Beyond international issues like the Covid pandemic and war in
Ukraine, domestic problems have plagued Fernandez's term, the
report relays. His left-leaning Peronist coalition suffered from
infighting between him and Vice President Cristina Fernandez de
Kirchner over economic strategy almost since his inauguration in
2019, the report recalls. The government never came forward with
an economic plan seen as credible by investors, the report notes.
Fernandez ruled out running for a second term, the report notes.
For Argentines like Carolina Serradilla, the owner of Obrador de
Panes y Galletas, a bakery and cafe in the capital's historic San
Telmo neighbourhood, all this is reminiscent of past crises, the
report relays. She graduated from her pastry chef programme during
the country's 2001 collapse, and doesn't see any reason for
near-term optimism, the report notes. She also isn't convinced any
of the presidential candidates will be able to fix the mess, the
report discloses.
"Argentina is never going to change," she said. "The only thing we
can do is enjoy life," she added, notes the report.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
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.
Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.
The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.
Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency
Issuer Default Rating (IDR) to 'C' from 'CCC-', and has affirmed
the Long-Term Local Currency IDR at 'CCC-' on March 24, 2023.
Fitch's downgrade of Argentina's rating to 'C' from 'CCC-' follows
an executive decree that forces domestic public-sector entities
into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that
default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
ARGENTINA: Fernandez to Seek Fresh Financing Routes in Brazil
--------------------------------------------------------------
Buenos Aires Times reports that President Alberto Fernandez will
travel to Brasilia to meet with his Brazilian counterpart Luiz
Inacio Lula da Silva, seeking to boost bilateral ties and trade and
seek extra financing for Argentina's crisis-ridden economy.
The two leaders, ideological allies who share a warm friendship,
agreed to schedule a visit after sharing a productive
videoconference call, according to Buenos Aires Times. They intend
to follow up on the talks face-to-face, the report notes.
Government in charge of the preparations told the Noticias
Argentinas news agency that the presidential delegation will
include Foreign Minister Santiago Cafiero, Argentina's Ambassador
to Brazil Daniel Scioli and potentially Economy Minister Sergio
Massa, whose attendance has not yet been confirmed, the report
discloses.
The focus is mostly economic. Amid the items on the agenda is
potential financing for the ongoing construction of Argentina's
massive Nestor Kirchner gas pipeline that begins at the Vaca Muerta
shale gas formation, the report relays. The government in Buenos
Aires wants to finish the project's second section before this
year's presidential election and needs around US$689 million to
complete vital infrastructure, the report says. Brazil's BNDES
development bank could be a potential source.
According to a report from the Noticias Argentinas news agency,
teams from both nations will also seek to make progress on
mechanisms that will allow them to "carry out exports in a common
currency," the report notes.
Buenos Aires would like BNDES to provide financing for Brazilian
firms that export to Argentina, a move that would prevent the
Central Bank from having to use its international reserves to pay
for purchases from the neighboring country, the report relays.
According to a statement from the Casa Rosada issued after a call,
Lula and Fernandez "stressed the importance of deepening fraternal
ties and bilateral trade," among other issues, and offered updates
on the "implementation of cooperation agreements signed in recent
months," the report discloses.
According to the text, the presidents then reviewed agreements
signed last January 23 during Lula's last visit to Buenos Aires,
aimed at "the relaunching of the strategic alliance between the two
countries," the report notes.
The Argentine and Brazilian leaders also discussed the role of the
UNASUR (Union de Naciones Suramericanas) bloc, "a regional
organisation to which both countries formally announced their
return in recent weeks," said the Casa Rosada, the report says.
Both leaders highlighted the talks in subsequent posts on Twitter.
Lula said that he had "called my friend and President of Argentina
@alferdez, we talked about UNASUR, fraternal relations in our
continent and the deepening of trade between our countries," the
report discloses.
Fernandez responded by quoting that post and adding his own
message.
"We continue to deepen bilateral trade and strategic economic
relations with Brazil. I spoke at length with President
@LulaOficial about the importance of @UNASUR, we know that the
fraternal bond of our peoples is key to continue growing," the
Peronist leader wrote, the report notes.
Initial talks have begun over the possibility of Brazil hosting a
summit of the bloc's members and leaders at the end of May, the
report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
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.
Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.
The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.
Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency
Issuer Default Rating (IDR) to 'C' from 'CCC-', and has affirmed
the Long-Term Local Currency IDR at 'CCC-' on March 24, 2023.
Fitch's downgrade of Argentina's rating to 'C' from 'CCC-' follows
an executive decree that forces domestic public-sector entities
into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that
default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
=============
B O L I V I A
=============
BANCO FASSIL: Trouble Mounts as it Faces Liquidation
----------------------------------------------------
Bloomberg News reports that the Bolivian financial regulator (ASFI)
will offer the savings deposited in Banco Fassil to other banks
that can guarantee its devolution, a process that could last a
month, but if this fails, a forced liquidation of assets may be
considered, said ASFI Director Reynaldo Yujra in a press
conference.
Fassil reported liquidity problems since the beginning of the year
but the situation worsened in March, when the entity cut its credit
and debit card services and interrupted online transfers, according
to Bloomberg News.
The report notes that long queues formed outside the bank's offices
all over the country, mainly in the cities of Santa Cruz and La Paz
as many clients withdrew their savings.
"For the first time in the history of Bolivia, the size of a bank
does not allow a single bank to be awarded all the deposits, it's
too big," said Yujra to reporters, the report discloses.
ASFI will publish which banks will receive Fassil's deposits and
credit portfolios on May 12. Another 10 days will be required for
people to access their money in the new accounts, the report
relays.
Yujra clarified that the cause of Fassil's intervention is not a
bankruptcy, but a "cessation of payments", a situation due to poor
management and practices, the report notes.
The rest of the financial system remains stable despite the dollar
shortage in the country, he said, the report relays. If the
transfer of Banco Fassil savings and credits to other banks fails,
the regulator will use the "saver protection fund", administrated
by the central bank, or, in an extreme case, a forced liquidation,
the report notes.
Whatever remains of the bank, once clients' savings are returned,
will be liquidated to meet other liabilites, ASFI said, the report
adds.
BANCO MERCANTIL SANTA CRUZ: S&P Affirms 'B-' LT ICR, Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term
issuer credit ratings on Banco Mercantil Santa Cruz. The outlook on
the long-term ratings is still negative. S&P also revised downward
the bank's SACP to 'b+' from 'bb-'.
Bolivia's economic risks have amplified during the past several
weeks. More specifically, the economy faces higher external
vulnerabilities, particularly due to the increasing outflow of
dollars in the past two months amid weaker public confidence in the
sustainability of the exchange-rate regime. S&P said, "Although the
banking system has lowered its exposure to foreign-currency
denominated loans and deposits in recent years, we still believe
the deterioration in the country's external profile could impair
the stability of the domestic financial industry. In addition, the
slowing economic growth could take a toll on the banks' asset
quality during the next few years. As a result, we've revised the
economic risk in our BICRA to '10' from '9', our anchor to rate
Bolivia-based banks to 'b' from 'b+', and the BICRA group to '10'
from '9'."
S&P said, "The trend in our industry risk assessment remains
negative, which reflects the potential for further
dollar-denominated deposit withdrawals and the risk of contagion
for local-currency deposits in the banking system. In addition,
we'll continue monitoring the trajectory of deposits in the light
of the recent regulatory intervention in the banking system. On the
other hand, the government's capacity to support banks has weakened
over the past few weeks as seen in the limited dollar-denominated
liquidity provided to the system amid higher demand from
depositors. Political divisions have limited authorities' capacity
to implement timely policies to boost liquidity. Also, we believe
pressures on economic growth and fiscal accounts could depress the
industry's growth and performance, further pressuring the already
narrow profits due to the government-directed lending and
loan-moratorium laws.
"In addition, we now believe the government's tendency to support
domestic banks is uncertain, considering its lack of capacity to
provide sufficient liquidity to the system.
"We have revised downward BMSC's SACP to 'b+' from 'bb-' following
our revision of the Bolivia's BICRA anchor, which is the starting
point to rate domestic banks. On the other hand, the bank's
specific fundamentals remain stable. In particular, we expect BMSC
to maintain a solid business position in the Bolivian financial
system and diversified revenue, which results in stable income
generation, although the government-directed lending continues to
pressure the bank and the industry's earnings. We expect BMSC's
capitalization to remain limited in 2023-2024 with a risk-adjusted
capital (RAC) ratio slightly above 3%. Our RAC ratios on
Bolivia-based banks are influenced by high risk charges due to
substantial sovereign risks. Although BMSC's asset quality has
worsened during 2022 after loan moratoriums were lifted, the
situation remains manageable thanks to conservative provisioning
policy and a well-collateralized loan portfolio. In addition, we
believe BMSC's sticky deposit base and liquidity would enable it to
withstand stressed scenarios better than smaller and less liquid
financial institutions. We'll continue following the trajectory of
its funding base and liquidity amid weakened public confidence.
Withdrawals of dollar-denominated deposits have been increasing
since early March; however, the bank has been able to manage
deposit outflows.
"Our ratings on Bolivia (B-/Negative/B) limit those on BMSC because
we don't think the bank could withstand a sovereign default
scenario, given its large exposure to the country in the form of
loans and securities."
Environment, Social, And Governance
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of BMSC. The Financial
Law enacted in 2013 gives the Bolivian government the power to set
interest rates and to direct lending to specific sectors (60% of
banks' credit portfolios are directed to productive sectors and to
low-income housing). Such interference in banks' business strategy
is leading to market distortions and pressuring earnings in the
banking system, which we capture in our Banking Industry Country
Risk Assessment on the country."
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C H I L E
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INVERSIONES LATIN: Fitch Cuts Rating on $403.9M Sr. Sec Notes to CC
-------------------------------------------------------------------
Fitch Ratings has downgraded Inversiones Latin America Power
Limitada's (ILAP) USD403.9 million senior secured notes to 'CC'
from 'B-'. In addition, Fitch has removed the Negative Watch on the
ratings. The notes are supported by cash flows from two windfarms
in Chile, San Juan, S.A. (San Juan) and Norvind, S.A. (Totoral).
The downgrade follows the deterioration of ILAP's financial profile
resulting from spot price volatility, the extension of the
electricity tariff stabilization mechanism, and the continued delay
in the implementation of a monetization facility that would allow
the project to receive short-term liquidity and reduce working
capital pressure.
The rating reflects the project's increased reliance on the
monetization of the PEC I and PEC II receivables in the next two
months to comply with its obligations. Fitch views a default as
probable given the timeframe to complete the envisioned
transactions.
RATING RATIONALE
The rating for ILAP's portfolio of two windfarms in Chile, San Juan
(81% of total generation capacity) and Totoral (19%), reflects its
deeply deteriorated liquidity position. Although around 73% of its
revenues are contracted with distribution companies (DisCos)
through regulated, fixed-priced, long-term power purchase
agreements (PPAs) and short-term bilateral PPAs through 2033, the
transaction is exposed to profitability erosion risk due to varying
prices between the energy injection node and the DisCo withdrawal
node, which is expected to be mitigated over the medium term due to
transmission network expansions.
The rating is not limited by counterparty risk, as the projects'
most relevant counterparties are either investment-grade or DisCos
under regulated PPAs, which benefit from protective regulatory
step-in provisions. The transaction will also have a mostly
merchant tail once the regulated PPAs expire in 2033, although this
is somewhat mitigated by the long remaining useful life of the
larger plant, San Juan, which Fitch assumes will end in 2042 (25
years total). Together, both farms have a P90/P50 differential of
13%, indicating moderate wind resource variability. The windfarms
have some curtailment risk, which is expected to persist going
forward.
Both farms have presented an adequate operating track record and
benefit from long-term, fixed-price service and availability
agreements with Vestas Chile, guaranteed by Vestas Wind Systems
A/S, which is considered an experienced O&M contractor. The overall
debt structure is solid, with a mandatory amortization schedule
complemented by a partial cash sweep up to a target debt balance.
Refinancing risk exists by way of a balloon payment that is
expected to be equal to roughly 20% of the original value of the
notes under Fitch's cases.
Under Fitch's rating case, the debt service coverage ratio (DSCRs)
is 0.5x for the first half of 2023. The next debt payment should
occur in July, and as the debt service reserve account was already
partially used, there is an increased probability of default.
KEY RATING DRIVERS
Robust O&M Agreement Provides Comfort (Operation Risk - Midrange):
Vestas Chile, which is supported by a guarantee of its parent
company, Vestas Wind Systems A/S, is a provider of equipment and
O&M contracts and has a long and proven track record with the
plants' technology. The plants benefit from a comprehensive service
and availability agreement (SAA) with fixed and defined costs,
including scheduled and unscheduled maintenance covering the
majority of the life of the debt.
The SAAs also provide minimum availability guarantees of 97% for
both windfarms in 2021 and of 98% for San Juan starting in 2022.
However, the transaction will be exposed to re-contracting risk
once these agreements expire, in 2037 for San Juan and 2029 for
Totoral, which could lead to increases in costs or lower
availability guarantees. Life extension programs are planned for
both farms to add to their useful life, bringing them up to 30
years, although Fitch has assumed a maximum of 25 years for
conservatism per applicable criteria. A three-month O&M maintenance
reserve account (OMRA) supports the structure.
Evolving Track Record (Revenue Risk - Volume: Midrange): Both farms
benefit from a resource forecast that considers operating history,
with a longer track record considered for the smaller windfarm,
Totoral, having started operations on 2010. Both farms have P90/P50
differentials of 13%, indicating moderate wind resource
variability. San Juan has a shorter operating track record and has
been exposed to wake effect since 2020 due to the construction of
neighboring windfarms.
Although wake effect remains a risk for this plant, losses have
been conservatively estimated by the project's independent engineer
(IE) and included in the resource forecast utilized by Fitch. Both
plants are also exposed to some curtailment risk, which is expected
to continue as additional renewables incorporate themselves into
the system.
Adverse Market Dynamics Overwhelm Project (Revenue Risk - Price:
Midrange): The plants have some merchant exposure during the life
of the notes given that the majority of revenues (around 70%) are
contracted through long-term, inflation-linked, fixed-priced PPAs.
Price exposure mainly originates from the differential between
injection node and withdrawal node. This is because the company
earns the injection price where the plants are located, north of
Santiago, and pays the withdrawal price for most of its PPAs in
Central Chile, where the majority of the energy demand is located.
The withdrawal price is generally higher due to the concentration
of energy demand.
The transaction will have a merchant tail post-2033 to retire the
remaining debt after the balloon payment is refinanced. Spot prices
are expected to be capped in the long term through the entry of
more renewable energy projects and newer technologies, such as
batteries, that would lower the marginal cost of energy
production.
Solid Structure, Some Refinancing Risk (Debt Structure - Midrange):
The debt is amortizing with manageable refinancing risk. The plants
will benefit from a legal amortization schedule complemented by a
partial cash sweep up to a target debt balance. Failure to meet the
target debt balance is not an event of default, therein providing
flexibility to the transaction in the event that certain years
perform below original expectations.
Under Fitch's base case, the balloon payment would be equivalent to
20% of the original amount of the notes, which is considered a
moderate refinancing risk exposure. The transaction benefits from
an adequate covenant and security package, including a 1.2x
backward- and forward-looking dividend distribution test. The
project's six-month debt service reserve account (DSRA) also
provides some comfort to the structure.
Financial Profile
DSCRs have an average of 1.3x with a minimum of 1.2x under Fitch's
base case, and an average of 1.2x with a minimum of 1.0x (in 2026)
under Fitch's rating case. These ratios include the collection of
PEC I receivables in Q2 for Fitch's base case and Q3 for Fitch's
rating case and the collection of PEC II receivables in Q3 2023 for
both agency cases. It is important to note that if this cash inflow
does not happen in the first half of 2023, the DSCR would be 0.7x
in Fitch's base case and 0.5x in Fitch's rating case, which would
deplete the remaining reserve.
Refinancing risk is mitigated by a project life coverage ratio
(PLCR) of 2.4x and 1.2x, for its base and rating cases,
respectively, at the time of the notes' maturity in 2033; this is
considered adequate versus applicable criteria to offset potential
merchant volatility after 2033.
PEER GROUP
ILAP's ratings reflects that a default is probable, worse than that
of 'CCC' rated entities where the risk of default is more a
possibility. Adverse market conditions and working capital
investments weaken its financial flexibility compared with
higher-rated peers.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Monetization of PEC I or PEC II receivables does not happen
before the end of May 2023;
- Net spot losses exceeding USD19 million during 2023 driven by
adverse operating performance or market dynamics.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Project liquidity improves, with the monetization of the PEC I
and PEC II receivables, leading to operational cash generation
above debt service;
- The decoupling costs remain below or equivalent to USD15 per MWh,
yielding an average forecast DSCR above 1x.
CREDIT UPDATE
Generation during 2022 was 530 GWh. This remains below Fitch Base
and Rating case expectations, persistently below P50, and also
below contractual obligations; therefore, ILAP has had to purchase
energy in the spot market in order to supply the shortage on PPA
contracts. Operational expenditures are generally in line with
Fitch's cases.
PEC II has not allowed ILAP to capture the full price of its DisCo
PPAs, as they only collect the regulated price and receive an
account receivable for the remainder. This has been a burden to its
cashflow, as in 2H 2022 they accumulated USD6 million in PEC
receivables on USD13 million EBITDA.
ILAP is seeking to monetize its PEC I receivables that amount to
USD16.5 million in a private transaction expected in June, for
which they would receive around USD9.5 million. According to the
issuer, PEC II receivables monetization through an IDB facility has
been progressing favorably. However, current expectations from
market participants are that this facility will be available in
late Q2 or early Q3 2023. Furthermore, the monetization of PEC II
receivables accrued in 2022 are not expected to happen in one
installment but in several, as tariff decrees are authorized. These
developments materially hindered the project's margin of
flexibility, jeopardizing the project's ability to meet its
following debt service. The debt service reserve account is
currently partially funded with USD3.5 million.
FINANCIAL ANALYSIS
Fitch's adjusted spot price curve for central Chile nodes (the main
withdrawal nodes) was shifted upward, with average prices of
USD78/MWh for 2024 and an average of USD60/MWh for 2025-2030.
Fitch's base case assumes P50 generation with an additional
production haircut of 3% to account for forecast uncertainty and
potential wake losses before planned transmission expansion
infrastructure comes online, which will significantly reduce
congestion. After this point, the haircut will be 2%.
The operational cost profile assumed is in line with the sponsor's
original assumptions given the long-term, full-scope SAA. Fitch
considers only five additional years of useful life beyond the
expiration of the Vestas contracts, for a total of 25 years of
useful life for each asset. For the refinancing of the balloon
payment, Fitch did not stress the coupon rate of the notes in the
base case.
Fitch's rating case assumes P90 generation and the same generation
haircut as the base case.
The rating case assumes a 7.5% stress on operating expenses,
excluding SAA costs. However, to reflect the agency's view that
operating costs may increase after the typical 20-year useful life
of a wind asset, Fitch stressed the SAA costs by 12.50% after year
20 of operation. Availability is also reduced to 96% for San Juan
and 95% for Totoral after year 20 of operation of each farm to
account for potential increases in major maintenance events during
the last years of project life. For the refinancing of the balloon,
Fitch assumed a higher rate of 7.5%, in comparison with the base
case interest rate. All other assumptions mirror the base case.
Fitch updated its U.S. inflation expectations to 3.60%, 2.70% and
2.00% for 2023, 2024 and long-term, respectively.
Under Fitch's base case, DSCRs is 1.2x at minimum and 1.3x on
average, with a PLCR at refinancing date (2033) of 2.4x. Under the
rating case, these metrics erode to 1.0x at minimum and 1.2x on
average with a PLCR at refinancing date (2033) of 1.2x.
There is a high dependence on collecting the PEC I and PEC II
receivables and the continuous use of the IDB facility to reduce
the working capital stress. If the monetization does not happen
during 1H 2023, the ability to make the July 3, 2023 debt service
payment is questionable, resulting in DSCRs for the period of 0.7x
in Fitch's base case and 0.5x in Fitch's rating case, which would
deplete the remaining reserve.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Inversiones
Latin America
Power Ltda.
Inversiones
Latin America
Power Ltda./
Senior Secured
Notes/1 LT LT
USD 403.9 mln
5.125% bond/note
15-Jun-2033
46137NAC2 LT CC Downgrade B-
=============
J A M A I C A
=============
JAMAICA: Central Bank Intervenes in Forex Market Again
------------------------------------------------------
RJR News reports that the Bank of Jamaica has intervened in the
foreign currency market for the tenth time since the start of the
year.
The central bank pumped US$40 million into the market through a
flash sale, notes the report.
Eight banks and seven cambios were successful in their bids, with
JMMB Bank, National Commercial Bank, and JMMB Securities being the
top bidders, according to RJR News.
This brings the total interventions since the start of the year to
US$300 million, the report notes.
As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
===========
M E X I C O
===========
GRUPO IDESA: S&P Cuts ICR to 'SD' on Distressed Exchange Completion
-------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Mexico-based
petrochemicals producer Grupo Idesa S.A. de C.V. (IDESA) to 'SD'
(selective default) from 'CC' and its issue-level rating on the
senior secured notes due 2026 to 'D' from 'CC'.
S&P will evaluate the company's revised capital structure and
recent strategic initiatives and actions, such as the
capitalization from Banco Inbursa, and expect to raise its issuer
credit rating.
IDESA completed the previously announced exchange offer on its
MXN6.2 billion (about $310 million), 9.375% senior secured notes
due 2026. S&P said, "We consider the exchange to be less than
originally promised, given that the new senior secured notes due
2028 have a two-year maturity extension over the existing senior
secured notes due 2026 and a lower interest rate of 6.50% than
9.375% for the 2026 notes. As a result, we lowered our issuer
credit rating on IDESA to 'SD' and our rating on the senior secured
notes due 2026 to 'D'. The downgrade to 'SD' reflects our
assumption that the company will continue to honor its other
obligations."
S&P said, "Our assessment of the offer as distressed also
incorporates the company's constrained liquidity and limited cash
flow to make interest payments under its capital structure before
the exchange and Inbursa's capitalization. The company alleviated
its financial burden through the capitalization of about $310
million of its outstanding loan from its main financial lender,
(Banco Inbursa: global scale: BBB/Stable/A-2; national scale:
mxAAA/Stable/mxA-1+). IDESA also extended its debt maturity
profile, as the new notes will be now its main debt instrument
(accounting for about 50% of total pro forma debt) maturing in 2028
with a lower interest rate. However, we believe that IDESA still
has challenges ahead to generate near-term cash flow amid uncertain
macroeconomic conditions and persistent inflation.
"We will evaluate IDESA's revised capital structure and its
strategic initiatives over the near term, and we expect to raise
the issuer credit rating on the company and assign the issue-level
rating on the exchanged senior secured notes due 2028. The company
will be reliant upon favorable economic conditions to deleverage
and meet its financial obligations over the longer term as IDESA
could be posting gross leverage metrics in the 6.0x-8.0x range on a
pro forma basis in the next 12-24 months. Moreover, IDESA will be
subject to receive higher dividend inflows from its joint ventures
(JVs), particularly from Braskem Idesa S.A.P.I. (B+/Negative/--)
that should raise its adjusted EBITDA, and consequently, lower its
leverage metric."
=======
P E R U
=======
PERU: 2023 Economic Growth View Cut to 2.5% Due to Protests
-----------------------------------------------------------
Reuters reports that Peru, the world's No. 2 copper producer, is
seen posting economic growth of 2.5% this year, President Dina
Boluarte said, down from a prior forecast as the Andean nation
reels from social protests and heavy rains in the country's north.
That would be down from a prior government forecast in August of
3.5%, according to Reuters.
"There has been a negative impact due to the social unrest that has
forced us to review growth" forecasts, Economy Minister Alex
Contreras said at a cabinet meeting with Boluarte, the report
notes.
"Although there is already a recovery, leading indicators point to
pre-pandemic growth levels in April," said Contreras, the report
relays.
Peru's economy has been impacted by nationwide protests following
the December 7 removal and arrest of former President Pedro
Castillo that left dozens of people dead, upended the movement of
people and goods and hurt commerce, the report adds.
PERU: Sees Lithium Mining Opportunity in Chile's Statist Plan
-------------------------------------------------------------
Marcelo Rochabrun at Bloomberg News reports that Peru is taking a
more active role in trying to lure lithium mining investments in
light of Chile's decision to take state control of all new projects
of the battery metal, an official said.
"There are countries that are making decisions that are scaring
away investors who are looking for countries with enormous
potential, and we want to take advantage of that window that has
opened," Finance Minister Alex Contreras told reporters, according
to Bloomberg News.
Contreras said the government is working to move forward American
Lithium's Falchani hard rock lithium project, located near the
border with Bolivia, worth an estimated US$587 million, Bloomberg
News notes.
The world's largest deposits of lithium are located in Bolivia,
Chile and Argentina, but Peru wants to tap the EV metal boom as
well, Bloomberg News discloses. Chile is already one of the
world's top producers, although it unveiled a new policy this month
that will allow the state to eventually take control of all lithium
mining projects in the country, Bloomberg News says. Peru,
meanwhile, has maintained a market-friendly approach to mining and
has no state-owned mining companies, Bloomberg News relays. Peru
is also the world's number two copper producer.
But developing the Falchani project under this administration will
run into the additional risk that the government is greatly
disliked in the area, Bloomberg News notes. Earlier this year,
Peru went through its biggest protests in decades demanding the
resignation of President Dina Boluarte Bloomberg News discloses.
Those protests battered the economy and lasted the longest in the
Puno area, where Falchani is located, Bloomberg News relays.
The unrest continues until today, almost five months after Boluarte
took office, Bloomberg News. Puno's largest airport was closed for
almost four months and only reopened due to the continuing unrest,
after being the site of a deadly protest that led to over a dozen
civilian deaths, Bloomberg News adds.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Cabinet Wants $350M for Green Project
--------------------------------------------------------
Curtis Williams at Trinidad Express reports that the Cabinet has
agreed to approach the Inter-American Development Bank for close to
TT$350 million or US$50 million in the first instance as it tries
to pursue a green hydrogen economy.
According to Cabinet note No 346 which the Express Business has a
copy of, the plan is that the Ministries of Energy and Energy
Industries, Planning and Development and Finance to submit a letter
of request to the Inter-American Development Bank (IDB) to access
the US$50 million loan operation to be implemented over a period of
5 years on a wind energy project, the report discloses.
Trinidad Express relays that the note was presented by Energy
Minister Stuart Young and reads, "In light of the foregoing, the
Minister of Energy and Energy Industries recommends and Cabinet is
asked to agree:
i. to the implementation of the activities outlined in Horizon 1
in the Executive Summary Report on The Roadmap for a Green Hydrogen
Economy in Trinidad and Tobago
ii. that the Ministry of Energy and Energy Industries (MEEI) will
take the lead in coordinating the execution of a Wind Resource
Assessment Programme (WRAP) commencing in 2023. The financing for
the execution of the WRAP will be sought through grant funding by
the MEEI in collaboration with the Ministry of Planning and
Development (MPD) and the Ministry of Public Utilities (MPU).
iii. that in the instance where grant funding sourced is
insufficient for the completion of the WRAP, the MEEI in
collaboration with MPD and the Ministry of Finance (MOF) will seek
concessionary financing on terms and conditions acceptable to the
Government of the Republic of Trinidad and Tobago (GORTT)
iv. to leverage the IDB's networks and partners by formally
seeking the organisation's support in coordinating access to
resources available for the activities related to Horizon 1 in the
Executive Summary Report on The Roadmap for a Green Hydrogen
Economy in Trinidad and Tobago
v. that the MPU will support the MEEI in its execution of the WRAP
through the provision of the two LIDAR devices acquired to be
utilised as applicable;
vi. in Horizon 1 of the Executive Summary Report on The Roadmap
for a Green Hydrogen Economy in Trinidad and Tobago.
The Cabinet was told that an IDB study had found a potential role
Trinidad & Tobago can play in the global hydrogen market, according
to Trinidad Express. This includes a review of the global hydrogen
market, and the opportunity for Trinidad & Tobago to position in
the global market for green hydrogen exports as well as an internal
assessment of green hydrogen adoption in the key economic sectors
of Trinidad & Tobago, the report notes.
"The Report recommends the renewable energy source with the most
potential for Trinidad and Tobago and ultimately the yield of green
hydrogen that can be expected based on a recommended renewable
energy deployment plan. Report 2 delves into the details of
Renewable Energy allocation, a Hydrogen Development Plan, Levelised
Cost of Electricity (LCoE) and Hydrogen (LCoH), as well as Trinidad
and Tobago's competitiveness in the global hydrogen market. The
final and full detailed reports of the Study are scheduled to be
published in Q1 2023," the cabinet was told, according to Trinidad
Express.
According to the Cabinet Note, National Energy will be the
executing agency and the Ministry of Energy will have full
oversight of the activities undertaken by National Energy in the
execution of the project, the report relays. Trinidad and Tobago's
economy heavily relies on hydrogen, for example in the production
of petrochemicals such as ammonia and methanol, the report says.
However, the source of this hydrogen is from hydrocarbons, the
report discloses.
Mr. Young told the Cabinet that Trinidad and Tobago has utilised
natural gas as a feedstock for electricity generation since 1953,
and for petrochemical production since 1959, the report notes.
"The recent natural gas curtailment challenges faced by the
petrochemical companies in the country have led to consideration of
sourcing hydrogen from non-conventional sources. Additionally, on a
global scale, many countries have started to develop hydrogen
economies that do not rely on hydrocarbons to phase out the use of
fossil fuels and limit global warming. One particular concept that
is being given a great deal of attention is the production of
hydrogen from the electrolysis of water using renewable energy
sources such as wind and/or solar. Water is a zero-carbon source
for hydrogen and therefore can serve as a decarbonisation tool,"
the note read, the report relays.
But the US$50 million is just the start and according to the note
well over $2 billion could eventually be pumped into this project.
The cabinet was told that the indicative amount of the proposed
loan operation was identified to be US$50 million to be implemented
over Horizon 1 with a focus on the deliverables during the early
years of the program while at the same time paving the way for
medium-and long-term private sector investments, the report says.
"Further, it was noted that the full amount of the investment
needed can be complemented with other sources of funds including
mobilizing climate and bilateral concessional funds such as the
European Union (EU) regional facility, co-financing and grants. As
the design of the operation advances, the IDB will seek other
donors interested in participating in the operation. It is
important to note that the IDB has already secured US$350,000
through non-reimbursable technical cooperation to initiate and
advance technical pre-feasibility studies on topics related to this
operation. Cabinet is asked to note that to date GORTT has not
submitted the Letter of Request to the IDB to access this proposed
operation. The table below provides a breakdown of the proposed
arrangement by the IDB with respect to IDB ordinary capital and
grants and co-financing and the proposed activities," the Cabinet
note revealed, the report adds.
===========================
V I R G I N I S L A N D S
===========================
LIMETREE BAY: $465M Bank Debt Trades at 20% Discount
----------------------------------------------------
Participations in a syndicated loan under which Limetree Bay
Terminals LLC is a borrower were trading in the secondary market
around 80.3 cents-on-the-dollar during the week ended Friday, April
28, 2023, according to Bloomberg's Evaluated Pricing service data.
The $465 million facility is a Term loan that is scheduled to
mature on February 15, 2024. About $438.3 million of the loan is
withdrawn and outstanding.
Limetree Bay Terminals operates oil terminals. The Company's
country of domicile is the Virgin Islands.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week April 24 to April 28, 2023
----------------------------------------------------------------
Issuer Cpn Price Maturity
Country Curr
------ --- ----- --------
------- ----
Agile Group Holdings 5.8 50.2 01/02/2025 KY USD
QNB Finance 11.5 62.1 1/30/2025 KY TRY
SYN prop e tech SA 13.6 20.3 3/15/2024 BR BRL
Telecom Argentina SA 1 56.5 02/10/2028 AR USD
Telecom Argentina SA 1 64.2 03/09/2027 AR USD
Tencent Holdings 3.8 74.1 4/22/2051 KY USD
Tencent Holdings 3.8 74.1 4/22/2051 KY USD
Tencent Holdings 3.9 72.3 4/22/2061 KY USD
Tencent Holdings 3.9 72.3 4/22/2061 KY USD
UEP Penonome II SA 6.5 73.6 10/01/2038 PA USD
UEP Penonome II SA 6.5 74.1 10/01/2038 PA USD
Vista Energy Argentina 1 73 03/03/2028 AR USD
Voyager II 3.3 74.3 3/23/2034 KY AUD
VTR Comunicaciones SpA 5.1 55.3 1/15/2028 CL USD
VTR Comunicaciones SpA 5.1 53.6 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 54.4 4/15/2029 CL USD
VTR Comunicaciones SpA 4.4 54.5 4/15/2029 CL USD
Yango Cayman 12 3.9 9/15/2023 KY USD
YPF SA 1 69.8 01/10/2026 AR USD
YPF SA 7 61.6 12/15/2047 AR USD
YPF SA 7 61 12/15/2047 AR USD
Tencent Holdings 3.2 66.2 06/03/2050 KY USD
Tencent Holdings 3.2 66.5 06/03/2050 KY USD
Tencent Holdings 3.3 63 06/03/2060 KY USD
Tencent Holdings 3.3 63.5 06/03/2060 KY USD
Three Gorges Finance I 3.2 74.2 10/16/2049 KY USD
Transocean Inc 6.8 67.6 3/15/2038 KY USD
QNB Finance 3.4 75.4 10/21/2039 KY AUD
QNB Finance 13.5 55.7 10/06/2025 KY TRY
QNB Finance 2.9 75.3 12/04/2035 KY AUD
Ruta del Maipo Sociedad 2.3 53.5 12/15/2024 CL CLP
Santander Consumer 2.9 73.1 11/27/2034 CL AUD
Seagate HDD Cayman 3.4 73.4 7/15/2031 KY USD
Seazen Group 4.5 63.6 7/13/2025 KY USD
Silk Road Investments 2.9 68.8 1/23/2042 KY AUD
Simpar Finance S.a.r.l 10.8 73.8 02/12/2028 BR BRL
Simpar Finance S.a.r.l 10.8 73.8 02/12/2028 BR BRL
Skylark 1.8 58.2 04/04/2039 KY GBP
Inversiones Latin 5.1 44.6 6/15/2033 CL USD
Inversiones Latin 5.1 44.8 6/15/2033 CL USD
MSU Energy SA 6.9 70.8 02/01/2025 AR USD
MSU Energy SA 6.9 71.2 02/01/2025 AR USD
Panama Bond 4.5 73.5 1/19/2063 PA USD
Panama Bond 4.3 74.8 4/29/2053 PA USD
Panama Bond 3.9 66.8 7/23/2060 PA USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Peruvian Bond 3.6 68.6 1/15/2072 PE USD
Peruvian Bond 2 69.5 11/17/2036 PE EUR
Peruvian Bond 2.8 61.1 12/01/2060 PE USD
Peruvian Bond 1.3 72.1 03/11/2033 PE EUR
Peruvian Bond 3.2 60.9 7/28/2121 PE USD
Itau Unibanco SA/Nassau 5.8 19.4 5/20/2027 BR BRL
Jamaica Government Bond 8.5 68.9 12/21/2061 JM JMD
Jamaica Government Bond 6.3 72.7 07/11/2048 JM JMD
Kaisa Group Holdings 10.9 9.1 KY USD
KWG Group Holdings 7.4 15.8 1/13/2027 KY USD
KWG Group Holdings 6 40.8 1/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 2/13/2026 KY USD
KWG Group Holdings 7.4 26.5 03/05/2024 KY USD
KWG Group Holdings 6 19.4 08/10/2025 KY USD
KWG Group Holdings 6 16.8 8/14/2026 KY USD
KWG Group Holdings 7.9 27.5 8/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
Lani Finance 3.1 68.6 10/19/2048 KY AUD
Lani Finance 1.9 63.3 10/19/2048 KY EUR
Lani Finance 1.7 60 3/14/2049 KY EUR
Lani Finance 1.9 62.3 9/20/2048 KY EUR
Fospar S/A 6.5 1.3 5/15/2026 BR BRL
Frigorifico Concepcion 7.7 71.1 7/21/2028 PY USD
Frigorifico Concepcion 7.7 71.4 7/21/2028 PY USD
Galaxy Digital Holdings 3 62.5 12/15/2026 KY USD
Generacion Mediterranea 9.9 73.1 12/01/2027 AR USD
Generacion Mediterranea 12.5 0 2/16/2024 AR USD
Gol Finance Inc 8.8 40.5 KY USD
Gol Finance Inc 8.8 42 KY USD
Goldman Sachs Financia 2.3 75.9 6/30/2040 KY EUR
Greenland Hong Kong 10.2 45.9 KY USD
Guacolda Energia SA 4.6 40.8 4/30/2025 CL USD
Guacolda Energia SA 4.6 40.8 4/30/2025 CL USD
Guaranteed Investments 5.4 73.7 1/29/2038 KY USD
Guaranteed Investments 5.3 71.9 3/23/2038 KY USD
Helenbergh China 8 32.9 11/07/2024 KY USD
Agile Group Holdings 6.1 41 10/13/2025 KY USD
Agile Group Holdings 5.5 45 4/21/2025 KY USD
Agile Group Holdings 5.5 39.2 5/17/2026 KY USD
Alfa Desarrollo SpA 4.6 72.1 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 72.1 9/27/2051 CL USD
Alibaba Group 2.7 67.4 02/09/2041 KY USD
Alibaba Group 3.2 65.2 02/09/2051 KY USD
Banco Davivienda SA 6.7 66.5 CO USD
Banco de Chile 2.7 75.4 03/09/2035 CL AUD
Banco de Chile 1.7 69.5 4/26/2032 CL EUR
Chile Bond 1.3 52 1/22/2051 CL EUR
Chile Bond 3.1 66.9 1/22/2061 CL USD
Chile Bond 1.3 65.4 1/29/2040 CL EUR
Chile Bond 1.3 71.2 7/26/2036 CL EUR
Chile Bond 3.3 66.6 9/21/2071 CL USD
China Maple Leaf 2.3 75 1/27/2026 KY USD
China SCE Group 6 29 02/04/2026 KY USD
China SCE Group 7.4 56.2 04/09/2024 KY USD
China SCE Group 7 35.2 05/02/2025 KY USD
China SCE Group 6 42.9 9/29/2024 KY USD
Banco del Estado 3.1 72.5 2/21/2040 CL AUD
Banco del Estado de 1.7 70 03/01/2032 CL EUR
Banco del Estado 2.8 68.9 3/13/2040 CL AUD
Banco del Estado 1.7 69.2 07/05/2032 CL EUR
Banco GNB Sudameris SA 7.5 73.3 4/16/2031 CO USD
Banco GNB Sudameris SA 7.5 73.4 4/16/2031 CO USD
Banco Santander Chile 1.3 57.6 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.3 2/28/2039 CL AUD
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Earls Eight 2.3 75.2 5/20/2032 KY AUD
Earls Eight 1.7 71.4 6/20/2032 KY AUD
Ecopetrol SA 4.6 75 11/02/2031 CO USD
Ecopetrol SA 5.9 63.9 11/02/2051 CO USD
Ecopetrol SA 5.9 65.5 5/28/2045 CO USD
eHi Car Services 7 64.9 9/21/2026 KY USD
El Salvador Bond 6.4 62.3 1/18/2027 SV USD
El Salvador Bond 6.4 62 1/18/2027 SV USD
El Salvador Bond 7.1 48.5 1/20/2050 SV USD
El Salvador Bond 7.1 48.6 1/20/2050 SV USD
El Salvador Bond 5.9 46 1/30/2025 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 8.6 58.1 2/28/2029 SV USD
El Salvador Bond 8.6 57.9 2/28/2029 SV USD
El Salvador Bond 8.3 56.4 04/10/2032 SV USD
El Salvador Bond 8.3 56.3 04/10/2032 SV USD
El Salvador Bond 7.7 50 6/15/2035 SV USD
El Salvador Bond 7.7 50 6/15/2035 SV USD
El Salvador Bond 9.5 54.6 7/15/2052 SV USD
El Salvador Bond 9.5 54.5 7/15/2052 SV USD
El Salvador Bond 7.6 49.9 9/21/2034 SV USD
El Salvador Bond 7.6 50 9/21/2034 SV USD
Banda de Couro 8 69.1 1/15/2027 BR BRL
Alibaba Group 3.3 63 02/09/2061 KY USD
AMTD IDEA Group 4.5 52.5 KY SGD
AAC Technologies 3.8 68.6 06/02/2031 KY USD
ACEN Finance 4 70.9 KY USD
AES Tiete 6.8 0.7 4/15/2024 BR BRL
Agile Group Holdings 13.5 40.7 KY USD
Agile Group Holdings 8.4 38.1 KY USD
Agile Group Holdings 7.9 31 KY USD
Argentina Bonar Bonds 1 19.8 07/09/2029 AR USD
Argentina Bonar Bonds 1 27.5 08/05/2023 AR USD
Argentina Treasury Bond 2.5 25.3 11/30/2031 AR ARS
Argentine Bond 0.5 19.5 07/09/2029 AR EUR
Argentine Bond 1 23.7 07/09/2029 AR USD
Argentine Bond 0.1 21.5 07/09/2030 AR EUR
Argentine Bonos 16 72.6 10/17/2023 AR ARS
Argentine Bonos 15.5 22.2 10/17/2026 AR ARS
Ascent Finance 3.4 58.4 02/06/2043 KY AUD
Ascent Finance 3.8 59.8 6/28/2047 KY AUD
Ascent Finance 1.2 61.4 07/12/2047 KY EUR
Astra Cumulative Return 1.5 60.6 11/01/2029 KY USD
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 3.9 54.8 2/15/2061 CO USD
Colombia Bond 4.1 61.9 2/22/2042 CO USD
Colombia Bond 5.6 72.7 2/26/2044 CO USD
Colombia Bond 3.1 74 4/15/2031 CO USD
Colombia Bond 3.3 72.1 4/22/2032 CO USD
Colombia Bond 5.2 67.3 5/15/2049 CO USD
Colombia Bond 4.1 58.8 5/15/2051 CO USD
Colombia Bond 5 66.9 6/15/2045 CO USD
Colombia Bond 6.3 63 07/09/2036 CO COP
Colombia Bond 6.3 63 07/09/2036 CO COP
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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 2023. All rights reserved. ISSN 1529-2746.
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contact Peter A. Chapman at 215-945-7000.
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