/raid1/www/Hosts/bankrupt/TCRLA_Public/230807.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, August 7, 2023, Vol. 24, No. 157
Headlines
A R G E N T I N A
ARGENTINA: Buenos Aires Food Basket Increased by 6.62% in July
ARGENTINA: IMF Deal Just One Hurdle to Massa's Presidential Bid
B A R B A D O S
BARBADOS: Moody's Ups Issuer Ratings to B3, Outlook Remains Stable
B E R M U D A
AMERINST INSURANCE: Raises Going Concern Doubt Pending Sale
B R A Z I L
BRAZIL: Lula Expects Rate Cut, Renews Bank Criticism
C H I L E
CHILE: Economic Activity Down for 5th Straight Month in June
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Food Prices Rise Due to End of Black Sea Pact
J A M A I C A
STOCKS AND SECURITIES: Investors Would Know State of Accounts Soon
P A N A M A
PROMERICA FINANCIAL: Fitch Rates $300MM Secured Notes 'B+(EXP)'
P U E R T O R I C O
CEDIPROF INC: Taps Colon Conde & Mirandes as Tax Credit Consultant
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week July 31 to Aug. 4, 2023
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A R G E N T I N A
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ARGENTINA: Buenos Aires Food Basket Increased by 6.62% in July
--------------------------------------------------------------
Buenos Aires Times reports that Cooperative Consumidores Libres
informed that, according to the data gathered by the entity in
supermarkets and neighbourhood shops in the City of Buenos Aires,
the price of the 21 products of the so-called "basic food basket"
had a 6.62 percent rise in July 2023.
Considering previous records, the entity explained that this basic
food basket has accumulated, since January 1, a 72,34% hike,
according to Buenos Aires Times.
Out of the 9 products comprising food cupboard items recorded by
the entity, rice had the biggest rise,4.88%, followed by sugar, 4%,
the report notes.
The 9 products include Cocinero sunflower oil, 1 litre and a half
bottle; one kilo of long-grained rice; one kilo of Ledesma sugar;
stew pasta (500 grammes); wheat flour (1 kg); one dozen brown eggs;
fresh bread (1 kg); one litre of fortified milk; and one kilo of
Taragui mate, the report discloses.
In turn, the fruit and vegetable sector had a weighted increase of
1.49 percent, and even though there were products with price drops
over 3 percent, such as aubergines and plum tomatoes, some product
prices increased by 10 percent, such as red apples, going from $860
to $950, the report notes.
As for the 4 cuts of meat monitored from the cooperative (round
steak, sirloin strip, shoulder and common mince), the greatest
increase was of mince, from $1580 to $1630, the report discloses.
Thus, considering all the data recorded by Consumidores Libres, the
expense of this "basic basket of 21 products" amounts to 21,210
pesos as against 20,690 pesos the previous month, the report
relays.
City of Buenos Aires Inflation in June
According to the report, it is worth remembering that whereas
nationwide inflation slowed down by 6 percent in June, in the City
of Buenos Aires it was 7.1% as reported by the City of Buenos Aires
General Statistics and Census Bureau.
At any rate, the figure was a slowdown from the previous month,
which had been 7.5%, the report relays.
The sectors with the most increases in June were "Housing, water,
electricity, gas and other fuels", "Food and non-alcoholic
beverages", "Restaurants and hotels", "Healthcare and Transport",
which in all explained the overall 68.3% rise of prices in the City
of Buenos Aires, the report discloses.
The inflation figure for July in the City of Buenos Aires will have
to wait until today, August 7, 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.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of
its rated bond issues are affected.
S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions
within the government coalition, and infighting among the
opposition,
constrain the sovereign's ability to implement timely changes in
economic policy.
Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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: IMF Deal Just One Hurdle to Massa's Presidential Bid
---------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that after months of
negotiations with the International Monetary Fund, Sergio Massa
pulled off a debt-defying deal that will keep Argentina's economy
afloat for another while.
The agreement temporarily eased investor angst that the country
would go into arrears with the IMF. Whether it can buoy the economy
minister's presidential ambitions is far less certain, according to
Bloomberg News.
With just days until Aug. 13 primaries that history indicates will
go a long way in determining the outcome of October's elections,
Massa appears better placed than Argentina's scorched economic
record would suggest, Bloomberg News notes. Polls are tight, the
opposition divided - and now he can point to the prospect of as
much as US$10.8 billion in funding from the Washington-based
lender, Bloomberg News relays.
Aside from temporary market calm, however, the fine print of the
agreement struck offers little scope for the Peronist government to
spend big to curry voter favour, and hence hopes it will provide a
boost to Massa's chances of taking the Casa Rosada look scant,
Bloomberg News notes.
"What this did was avoid collapse," said Maria Castiglioni,
director of consulting firm C&T Asesores in Buenos Aires, notes the
report. "But you're still in intensive care," she added.
That reality points to the fundamental dilemma facing Massa as he
attempts the transition from minister at least nominally in charge
of a cratering economy to presidential candidate with the vision
needed to offer fresh hope to a bruised electorate, Bloomberg News
notes.
While markets welcomed Massa's candidacy and his new deal with the
IMF, the details of the agreement likely won't move the average
voter, according to Carlos Ruckauf, vice president of Argentina
from 1995 to 1999. That voter "gets mad when he goes to the
supermarket and doesn't have enough money to buy the things he
needs," said Ruckauf, Bloomberg News relays.
It's a challenge not lost on Massa, 51, who barely mentioned the
lender during two campaign stops in the northern provinces of La
Rioja and San Juan, just hours after the deal was announced,
Bloomberg News notes. The only references he made to the IMF,
much-reviled among his audience, were to enumerate the burdens he
has had to shoulder during his time in office, Bloomberg News says.
He's aware of the paradox that electoral success could push markets
over the edge as it fears another four years of Peronism - the
leftist populism named after former President Juan Peron that has
proven so flexible and potent over the decades, Bloomberg News
discloses.
Argentines withdrew 43% of all dollar deposits in the three months
after the 2019 primary vote, when Alberto Fernandez pummeled
then-President Mauricio Macri and went on to win the nation's top
office, a beating from which neither Macri nor the economy ever
recovered, Bloomberg News says.
"Massa's greatest weakness is also his greatest strength, and that
is being at the head of the economy," said Shila Vilker, director
of Buenos Aires-based polling firm Trespuntozero, Bloomberg News
relays. "There is a clear demand from voters for decision-making.
Massa might not find results, but he is seen making decisions."
Given the Fernandez coalition's woeful record, polls suggest the
primary vote is closer than might have been anticipated, Bloomberg
News notes. The margin between the ruling Peronist bloc and main
opposition coalition Juntos por el Cambio - divided between former
security minister Patricia Bullrich and Buenos Aires Mayor Horacio
Rodriguez Larreta - has narrowed to 3.1 percentage points, a July
25 compilation of polls by investment firm Latin Securities showed,
Bloomberg News says.
The polling average gave Juntos por el Cambio some 32% support to
about 29% for the incumbent government, with outsider Javier Milei
at 19%. Among individual candidates, Massa is the frontrunner with
24%, followed by Bullrich, Bloomberg News notes.
Argentina's economy remains top of mind for voters, however, and
there's little margin for Massa to turn it around, Bloomberg News
discloses. Annual inflation is running at 115.6% and the country
is hurtling toward another recession. Under the IMF deal, Argentina
weakened some trade-related exchange rates, adding to inflationary
pressure, Bloomberg News relays.
Investors and Argentines alike widely expect a devaluation of the
currency as the official and parallel exchange rates trade at a
massive gap, notes Bloomberg News.
The IMF also asked Buenos Aires to rein in spending, cut energy
subsidies and halt its money-printing presses, denying the
government tools it would normally be able to deploy in an election
year, Bloomberg News relays. The first tranche of payments is
being withheld until after the primary, Bloomberg News says.
That said, Massa's main asset may be the political machinery of the
unwavering Peronist base, a formidable operation that strategists
know never to discount, Bloomberg News notes.
And his core campaign strategy is to play up his role fronting
"such a difficult economic situation," said Gustavo Martinez
Pandiani, a foreign ambassador and longtime adviser to Massa. "Far
from hiding, he's jumping on top of the bomb, which is what he did
with the economy," said Pandiani, Bloomberg News discloses.
Massa took over the embattled Economy Ministry last August, after
the abrupt resignation of Martin Guzman that sent the peso into
freefall. Massa introduced additional layers to a thicket of
currency controls, price freezes and different exchange rates in a
bid to tame the economy, Bloomberg News relays. Taking on the
toughest job in Argentina is part of a decade-long quest for the
presidency, according to Diego Genoud, author of a biography of
Massa, Bloomberg News notes.
Massa entered politics as a teenager, through the far-right,
now-defunct Union del Centro Democratico, before climbing the
Peronist ranks, ultimately becoming a right-hand man to Cristina
Fernandez de Kirchner as her chief of staff. He broke with Kirchner
in 2013 to form his own party and ran on a platform to sweep her
from power in 2015, Bloomberg News recalls. He joined forces with
Kirchner again in 2019, and was anointed her party's candidate this
year, Bloomberg News notes.
Massa won the Peronist ticket "because of his great capacity to
move among the powerful," Genoud said, Bloomberg News notes. "The
question is whether the average citizen values Massa as much as the
powerful. That's what we will find out," he added.
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.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of
its rated bond issues are affected.
S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions
within the government coalition, and infighting among the
opposition,
constrain the sovereign's ability to implement timely changes in
economic policy.
Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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 A R B A D O S
===============
BARBADOS: Moody's Ups Issuer Ratings to B3, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded the government of Barbados'
issuer ratings to B3 from Caa1 and maintained the stable outlook.
The key drivers behind the rating decision are:
-- Pre and post-pandemic fiscal consolidation that, coupled with a
strong economic recovery, have led to a declining debt burden
-- Implementation of durable structural reforms will support
achieving higher fiscal primary surpluses
-- Reduced government liquidity risk coupled with adequate foreign
exchange buffer support Barbados' credit profile
Barbados' local currency country ceiling has been moved up in line
with the sovereign rating and is now set at Ba3, while the foreign
currency country ceiling was raised to B2 from B3. The three-notch
gap between the sovereign rating and the local currency ceiling
reflects low government intervention in the economy, strong rule of
law, consistent macroeconomic policies and low political risk. The
two-notch gap between the foreign-currency ceiling and the local
currency ceiling incorporates relatively high external
vulnerability and capital controls on foreign exchange movement.
RATINGS RATIONALE
RATIONALE FOR UPGRADE TO B3
PRE AND POST PANDEMIC FISCAL CONSOLIDATION THAT, COUPLED WITH A
STRONG ECONOMIC RECOVERY, HAVE LED TO A DECLINING DEBT BURDEN
Prior to the pandemic, Barbados made significant progress towards
addressing the root causes that led to the sovereign default in
2018. However, the severe pandemic-related economic contraction
slowed down further reductions in debt burden. Over the past two
years, as economic activity recovered and fiscal consolidation
efforts resumed, the debt burden fell last year and returned to its
downward trajectory.
In Moody's assessment, the improvement in growth dynamics and
fiscal performance, as well as the reduction in the debt burden,
will be sustained over the coming years.
Barbados' real GDP growth reached 10% in 2022, following a 13.5
percent contraction in 2020-21. Moody's expects real GDP growth
close to 5% this year and 3.9% in 2024, which will lead to further
reduction in debt-to-GDP ratio. Over the medium-term, real GDP
growth will likely moderate around 2-3%, but higher than the
pre-pandemic performance, supported by public and private
investment in climate-resilient infrastructure, renewable energy,
and construction in the tourism sector. Improved growth performance
will support fiscal consolidation and put the debt burden on a firm
downward trajectory.
Moody's expects a gradually increasing primary surplus will ensure
the government debt ratio is firmly placed on a downward trend. The
government achieved a primary surplus of 2.5% of GDP in 2022,
compared to a deficit of 1% of GDP recorded in both 2020 and 2021.
The improved fiscal performance was a result of both higher revenue
and a reduction in COVID-related expenditure. Moody's expects that
the fiscal accounts will continue to improve reporting a primary
surplus of 3.5% of GDP this year, in line with the government's
reform program. Barbados' fiscal performance will result in a
reduction in the debt burden to 94% of GDP this year, down from
100% last year with further declines expected in the coming years.
IMPLEMENTATION OF DURABLE STRUCTURAL REFORMS WILL SUPPORT ACHIEVING
HIGHER FISCAL PRIMARY SURPLUSES
The government is making progress in advancing the structural
reform agenda, focusing on public financial management and
enhancing revenue collection, pension reform, and continuing SOE
reform to further reduce government transfers to public sector
entities. These efforts will likely enable the government to reach
its target of a primary fiscal surplus of 4.0% of GDP by FY2024/25,
reinforcing the downward trajectory of the debt burden.
The authorities have enhanced Barbados' fiscal framework, requiring
the government to publish an annual fiscal plan, including specific
fiscal measures that contribute to achieving the primary surplus
and ensure that debt targets are met. The government has also
started preparing medium-term fiscal and debt management strategies
that will be presented to parliament as part of the budget review
process. A fiscal council has been created to ensure accountability
and transparency in the implementation of the fiscal strategy,
focusing on monitoring the implementation of SOE reform and the
medium-term fiscal strategy, and reviewing the efficiency of
government spending.
The government developed a reform plan to enhance the
sustainability of the National Insurance Fund (NIF) and capitalized
the unemployment benefit scheme, improving its financial position
which had deteriorated sharply during the pandemic. In addition,
the government presented a bill to Parliament to enhance the
sustainability of the public sector employees' pension scheme
proposing changes for new public sector employees. Advancing the
structural reform agenda supports Moody's assessment of Barbados'
more favorable institutional strength versus rating peers, despite
the relatively recent default.
The SOE reform agenda is advancing. The government is preparing
reform proposals for several public entities, including the
National Housing Corporation (NHC) and the Barbados Agricultural
Management Company (BAMC). Reforms are expected to fully eliminate
budget transfers to these entities within three years. In addition,
the authorities are working to consolidate the Rural Development
Corporation (RDC) and the Urban Development Corporation (UDC) into
a single National Development Corporation, which will improve
operational efficiency.
Moody's expects a reduction of fiscal transfers to public entities,
will support higher fiscal primary surpluses over the medium-term,
leading to a consistent reduction in debt burden. Under Moody's
baseline scenario, the debt-to-GDP ratio is set to approach 80%
over the next five years.
The authorities are also committed to building resilience to
climate change in an effort to reduce the economy's exposure to
climate shocks and contain the impact of these shocks on economic
activity and fiscal outcomes. The government approved measures to
strengthen the climate resilience of roads, and is adopting new
policy to incorporate climate adaptation priorities into road
infrastructure planning and construction, as well as measures to
address water scarcity. The government is dedicating much of its
public investment strategy to enhance climate resilience and is
introducing climate-tagging throughout the budget process. The
authorities are also working to mobilize external financing to
support their climate agenda and financing commitments from donors
and Multilateral Development Banks have been forthcoming to support
policy reforms, capacity building and project finance.
REDUCED GOVERNMENT LIQUIDITY RISK COUPLED WITH ADEQUATE FOREIGN
EXCHANGE BUFFER SUPPORT BARBADOS' CREDIT PROFILE
Moody's assessment of Barbados' government liquidity risk has
improved, supported by external funding for instance under the IMF
program that will cover upcoming external debt service
requirements. As a result, external financing risks have been
reduced with funding needs mostly covered by programmed
disbursements from multilateral development banks. For the next few
years, scheduled debt service payments will remain manageable and
evenly spread out and financed through future IMF disbursements
under the Extended Fund Facility (EFF) and Resilience and
Sustainability Trust (RST) facilities, as well other MDB's
supporting Barbados reform program. Domestic financing options are
also becoming available, further reducing government liquidity
risks.
The current account deficit is financed through capital flows
including multilateral disbursements and private FDI. The stock of
foreign exchange reserves increased to around BDS$3.1 billion in
July 2023, nearly 8 months of import coverage. While the current
account deficit reached 10.8% of GDP in 2022 due to weak tourism
performance and rising food prices, Moody's expects the current
account deficit will moderate to around 8% this year.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects a balance between elevated credit risks
related to still-high debt and interest burdens, against Moody's
expectation of a firm downward trajectory for debt metrics over the
coming years.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Barbados ESG Credit Impact Score (CIS-3) reflects highly negative
exposure to environmental risks related to climate change and
social risks related to aging populations, which is mitigated by
efforts to improve climate resilience and strong governance.
Barbados's economy is exposed to environmental risks (E-4 issuer
profile score) due to the impact of weather-related shocks which
are expected to increase in severity due to climate change.
Exposure to physical climate risk and high water stress negatively
impacts performance in the tourism sector; a key industry for the
island. Barbados exposure is somewhat mitigated through ongoing
efforts to improve resilience to shocks, transition to renewable
energy sources and support from development partners.
Barbados is exposed to social risks (S-3 issuer profile score), due
to negative demographic trends, balanced against adequate provision
of basic services, a welfare state and relatively strong education
outcomes. Future social pressure may arise if economic growth
remains subdued post-pandemic, leading to weaker fiscal
consolidation.
Strong institutions and governance support Barbados's credit
profile, balanced against a recent history of default, leading to a
moderately negative exposure to governance risk (G-3 issuer profile
score).
GDP per capita (PPP basis, US$): 17,359 (2022) (also known as Per
Capita Income)
Real GDP growth (% change): 10% (2022) (also known as GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): 12.3% (2022)
Gen. Gov. Financial Balance/GDP: -2.2% (2022) (also known as Fiscal
Balance)
Current Account Balance/GDP: -11.1% (2022) (also known as External
Balance)
External debt/GDP: 55.5% (2022)
Economic resiliency: ba3
Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.
On July 31, 2023, a rating committee was called to discuss the
rating of the Barbados, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's institutions and governance strength, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has materially increased. The issuer has become
increasingly susceptible to event risks. An analysis of this
issuer, relative to its peers, indicates that a repositioning of
its rating would be appropriate.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Barbados rating could be upgraded if fiscal consolidation efforts
lead to a faster than expected drop in government debt metrics.
Higher sustained rates of economic growth supported by successful
implementation of structural reforms and coupled with clear
evidence of improved competitiveness could also lead to an upward
rating change.
The rating could be downgraded if the government's fiscal
consolidation efforts prove insufficient to prevent persistent debt
accumulation reversing the favorable trend reported by various debt
metrics. Similarly, renewed pressures on foreign-exchange reserves
would introduce risks to the external accounts that could put
downward pressure on the rating.
The principal methodology used in these ratings was Sovereigns
published in November 2022.
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B E R M U D A
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AMERINST INSURANCE: Raises Going Concern Doubt Pending Sale
-----------------------------------------------------------
AmerInst Insurance Group, Ltd. said in its Form 10-Q report for the
quarterly period ended June 30, 2023, that the Company's continued
erosion of unrestricted cash resources to fund operating expenses
raises substantial doubt about its ability to continue as a going
concern.
Amerinst Insurance Group disclosed that Protexure and Protexure
Risk Purchasing Group, Inc., an Illinois corporation wholly owned
by AmerInst Mezco, Ltd. have reached an agreement with MAC 43, LLC,
an Ohio limited liability company, for the sale of substantially
all of the assets of Protexure and PRPG (other than cash and
certain excluded assets) to the Purchaser for an aggregate purchase
price of $1.5 million payable in cash at the closing of the
transaction. The closing of the Asset Sale is subject to, among
other things, the approval of the Company's shareholders.
"If the Asset Sale is consummated, we will have no significant
assets other than cash, no sources of revenue and expect to cease
operations. We will not engage in any business activities except
for dealing with post-closing matters, and then subject to further
shareholder approval, liquidating our remaining assets, paying any
debts and obligations, distributing the remaining proceeds, if any,
to shareholders, and doing other acts required to voluntarily
liquidate and wind up our business and affairs. The asset sale
requires shareholder approval, therefore at this time managements
plan is not deemed probable to mitigate the conditions that raise
substantial doubt about our ability to continue as a going
concern," the Company said.
A copy of the Company's Form 10-Q report is available at
https://tinyurl.com/26r8apfh
About Amerinst Insurance Group
Hamilton, Bermuda-based Amerinst Insurance Group Ltd. acts as a
reinsurer of professional liability insurance policies that are
issued under the Professional Liability Insurance Plan sponsored by
the American Institute of Certified Public Accountants.
As of June 30, 2023, Amerinst Insurance Group, Ltd. reported $3.28
million in total assets against $2.49 million in total
liabilities.
===========
B R A Z I L
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BRAZIL: Lula Expects Rate Cut, Renews Bank Criticism
----------------------------------------------------
Simone Iglesias at Bloomberg News reports that President Luiz
Inacio Lula da Silva expects Brazil's central bank to begin cutting
interest rates, saying he "can only hope" that policymakers launch
the easing cycle he has demanded for months.
Analysts widely anticipate that the central bank will begin
lowering the benchmark Selic from its six-year high of 13.75% when
its monetary policy committee concludes its August rate decision
meeting, according to Bloomberg News.
The leftist leader, however, reiterated his longstanding criticism
of bank chief Roberto Campos Neto, saying that he "does not
understand the Brazilian people," Bloomberg News notes.
"I do not know who he is serving, but it isn't Brazil," Lula said
in an interview with international reporters at the presidential
palace, Bloomberg News adds.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.
Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook. Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).
=========
C H I L E
=========
CHILE: Economic Activity Down for 5th Straight Month in June
------------------------------------------------------------
Reuters reports that Chile's economic activity index dropped for
the fifth month in a row in June, central bank data showed,
underscoring some weakness in the world's largest copper producer
just as the monetary authority starts cutting interest rates.
The IMACEC index, a close proxy of gross domestic product (GDP),
was down 1% in June from the same month last year, the central bank
said, extending its negative streak started in February, notes the
report.
The report relates that when compared with the previous month,
however, the Chilean economy performed slightly better, with a 0.5%
increase, the central bank added.
The yearly drop was driven by lower trade and industrial activity,
the bank said, while on a monthly basis the economy was supported
by the mining sector, relays the report.
"All in all, this was a poor report," Retuers quotes Pantheon
Macroeconomics economist Andres Abadia as saying. "The economy had
a poor second quarter; assuming no revisions, GDP fell 1.3%
year-over-year in the second quarter."
The fresh data comes as the central bank last week cut its
benchmark interest rate by a larger-than-expected 100 basis points
to 10.25%, as inflation cools down and economic growth stutters,
relates the report.
According to Reuters, Chile's economy had a rapid post-pandemic
recovery, which led to high inflation and subsequent aggressive
monetary tightening.
"If we're right about sluggish growth in H2, the central bank will
continue to cut rates sharply in the near term," Pantheon's Abadia
said, Reuters notes.
Economists at Scotiabank noted the year-on-year drop of the IMACEC
index was the ninth in 10 months, "a result that is clearly
supportive of the central bank's 100 bps rate cut on Friday," the
report relays.
Chile's central bank currently forecasts GDP to grow as much as
0.25% this year, but set the lower-end of its estimate at a 0.5%
drop. The government, meanwhile, sees the economy rising 0.2% in
2023, adds the report.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Food Prices Rise Due to End of Black Sea Pact
-----------------------------------------------------------------
Dominican Today reports that the Food and Agriculture Organization
of the United Nations (FAO) reported that the reference index of
basic food prices in the world rose in July.
The increase, 1.3% higher than the previous month, was mainly
attributed to Russia's withdrawal from the Black Sea agreement,
which affected the export of Ukrainian grain during the ongoing
war, according to Dominican Today.
Vegetable oils saw a significant increase in prices, with palm,
soybean, and rapeseed oils all rising due to concerns about
prospects in major producing countries, the report notes.
Sunflower oil was the most affected, with a 15% increase in the
last month, the report relays.
Additionally, wheat prices rose 1.6% in July, the first increase in
nine months, following Russia's decision to terminate the
agreement, the report discloses. UN Secretary-General Antonio
Guterres called on Russia to resume the initiative, as it is
essential for stabilizing the supply and prices of Ukrainian
cereals and fertilizers, the report says.
However, despite the recent rise, food prices are still
significantly lower than they were a year ago, with an 11.8%
decrease compared to July 2022, the report relays. This can be
attributed in part to Latin America's efforts in balancing some
imbalances, the report notes.
While cereal prices declined by 0.5% from June, rice prices saw a
significant increase of 2.8% from the previous month and a rise of
19.7% year-on-year, reaching the highest level since September
2011, the report discloses. This surge was driven by India's
export limits on certain rice varieties, raising concerns about
food security for vulnerable populations, the report says.
On the other hand, sugar, milk, and meat prices fell in July,
except for pork, which experienced high seasonal demand and supply
shortages in Europe and the United States, 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. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCRLA reported in April 2019 that the Dominican To 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.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18
months that will likely stabilize the government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
=============
J A M A I C A
=============
STOCKS AND SECURITIES: Investors Would Know State of Accounts Soon
------------------------------------------------------------------
Javaughn Keyes at RJR News reports that investors who had accounts
at the fraud-hit brokerage firm Stocks and Securities Limited (SSL)
may be closer to having a better understanding of the state of
their accounts.
In a letter from the entity, now managed by a team put in by the
Financial Services Commission, account owners were told that
"everything is being done to ensure they can access their accounts
in short order," according to RJR News.
They have not been able to access their accounts since January,
when news broke that at least 40 investors, including sprint legend
Usain Bolt, was fleeced of millions of dollars, the report notes.
A senior wealth advisor at the firm, Jean-Ann Panton, was taken
into custody in relation to the matter, the report relays.
SSL told its clients that the temporary management team is
finalizing some steps, in what appears to be a reconciliatory
process, the report notes.
The entity has asked account holders to provide all outstanding
'Know Your Customer" data, the report discloses.
The letters also included their account balance as at June 30,
which they are being asked to confirm is correct, the report says.
The letter says clients have until August 11 to provide the data
and confirm balances, the report notes.
It says failure to do so will see the firm assuming balances are as
outlined in the letter, the report relays.
As it relates to the SSL matter now before the court, Ms. Panton
was in June, further remanded in custody until December 6, the
report discloses.
The ruling was made in the Supreme Court.
Ms. Panton is facing a 22-count indictment charging her with
forgery, larceny as a servant, and engaging in a transaction
involving criminal property, the report says.
The wealth adviser is accused of removing US$10 million and about
J$90 million from a number of accounts managed by SSL, the report
notes.
The Supreme Court has also ruled that the government's application
to shut down SSL, will be heard in open court in November, to allow
the public and investors to follow the proceedings, the report
adds.
===========
P A N A M A
===========
PROMERICA FINANCIAL: Fitch Rates $300MM Secured Notes 'B+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Promerica Financial Corporation's (PFC)
upcoming senior secured notes of USD300 million an expected
long-term rating of 'B+(EXP)'/'RR4'. The assignment of the final
rating is contingent upon the receipt of final documents conforming
to information already received.
The proposed notes will have a five-year maturity and will be
senior secured obligations and will rank senior in right of payment
to all existing and future senior indebtedness to the extent of the
value of the collateral securing the notes.
KEY RATING DRIVERS
The expected rating assigned to the notes is aligned to PFC's
Long-Term Issuer Default Rating (IDR). Despite the notes being
senior secured and unsubordinated obligations, in Fitch's view, the
collateral mechanism would not have a significant impact on
recovery rates. In accordance with Fitch's rating criteria,
recovery prospects for the notes are average and reflected in their
Recovery Rating of 'RR4'. The agency considers that the pledged
shares are not traded and have not been rated by Fitch in its
opinion on recovery prospects.
PFC's IDR of 'B+' is driven by its Viability Rating (VR) of 'b+',
which is based in the issuer consolidated risk profile with
operations in nine countries. Fitch's assessment of the Operating
Environment (OE) is a key of PFC's creditworthiness and is assessed
computing a weighted average on the total assets in each
jurisdiction. PFC has a noteworthy market position in the markets
where it operates and ranks as the third-largest financial
conglomerate owned by local shareholders in Central America.
The company's consolidated figures show a good asset quality, with
a Stage 3 loans ratio of 2.0%, while the profitability has improved
since 2020 and is expected to stabilized around the current ratio
of 1.7% of operating profit to risk weighted assets (RWAs). Fitch
believes PFC's capitalization is reasonable, with a CET1 to RWAs
ratio that should remain close to 10%. The funding structure is
mainly comprised of core customer deposits and financial
flexibility is considered good. As of 1Q23, available resources
from syndicated credit lines were about USD200 million. Cash
available from operations was around USD300 million at this same
date and covered the USD200 million global bond that matures in
2024 by 2.5x.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of PFC's Long-Term IDR will result in a similar change
in the proposed notes' rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of PFC's Long-Term IDR will result in a similar change
in the rating on the proposed notes.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
=====================
P U E R T O R I C O
=====================
CEDIPROF INC: Taps Colon Conde & Mirandes as Tax Credit Consultant
------------------------------------------------------------------
Cediprof, Inc. received approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Colon Conde & Mirandes, LLC
as tax credit consultant.
The Debtor requires a tax credit consultant to register and sell
tax credits and provide legal opinion to the purchaser regarding
the validity of the tax credits to be sold.
The firm will be paid 1 percent of the purchase price.
Enrique Mirandes, a partner at Colon Conde & Mirandes, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Enrique Mirandes
Colon Conde & Mirandes, LLC
1413 Ponce de Leon, Suite 504
San Juan, PR 00907-4023
Tel: (787) 725-2588
Fax: (787) 945-7989
Email: enrique@colonmirandes.com
About Cediprof Inc.
Cediprof, Inc., is a company in Caguas, P.R., which develops,
manufactures, supplies and distributes finished dosage forms of
pharmaceutical products.
Cediprof filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-03198) on Nov. 4,
2022, with $10 million to $50 million in both assets and
liabilities.
The Debtor tapped Carmen D. Conde Torres, Esq., at the Law Offices
of C. Conde & Assoc. as bankruptcy counsel; RSM Puerto Rico as
accountant; and Colon Conde & Mirandes, LLC as tax credit
consultant.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week July 31 to Aug. 4, 2023
-------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
KWG Group Holdings 7.4 15.8 01/13/2027 KY USD
KWG Group Holdings 6 40.8 01/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 02/13/2026 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 08/14/2026 KY USD
KWG Group Holdings 7.9 27.5 08/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
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 04/22/2051 KY USD
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
eHi Car Services 7 64.9 09/21/2026 KY USD
Chile Bond 1.3 52 01/22/2051 CL EUR
Chile Bond 3.1 66.9 01/22/2061 CL USD
Chile Bond 1.3 65.4 01/29/2040 CL EUR
Chile Bond 1.3 71.2 07/26/2036 CL EUR
Chile Bond 3.3 66.6 09/21/2071 CL USD
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 05/28/2045 CO 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 03/14/2049 KY EUR
Lani Finance 1.9 62.3 09/20/2048 KY EUR
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
China Maple Leaf 2.3 75 01/27/2026 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 09/29/2024 KY USD
Ruta del Maipo 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 07/15/2031 KY USD
Seazen Group 4.5 63.6 07/13/2025 KY USD
Silk Road Investments 2.9 68.8 01/23/2042 KY AUD
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Skylark 1.8 58.2 04/04/2039 KY GBP
Panama Bond 4.5 73.5 01/19/2063 PA USD
Panama Bond 4.3 74.8 04/29/2053 PA USD
Panama Bond 3.9 66.8 07/23/2060 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 01/15/2072 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 07/28/2121 PE USD
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Earls Eight 2.3 75.2 05/20/2032 KY AUD
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 02/15/2061 CO USD
Colombia Bond 4.1 61.9 02/22/2042 CO USD
Colombia Bond 5.6 72.7 02/26/2044 CO USD
Colombia Bond 3.1 74 04/15/2031 CO USD
Colombia Bond 3.3 72.1 04/22/2032 CO USD
Colombia Bond 5.2 67.3 05/15/2049 CO USD
Colombia Bond 4.1 58.8 05/15/2051 CO USD
Colombia Bond 5 66.9 06/15/2045 CO USD
Colombia Bond 6.3 63 07/09/2036 CO COP
Colombia Bond 6.3 63 07/09/2036 CO COP
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
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
Guaranteed 5.4 73.7 01/29/2038 KY USD
Guaranteed 5.3 71.9 03/23/2038 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 04/26/2032 CL EUR
Banco del Estado 3.1 72.5 02/21/2040 CL AUD
Banco del Estado de 1.7 70 03/01/2032 CL EUR
Banco del Estado 2.8 68.9 03/13/2040 CL AUD
Banco del Estado 1.7 69.2 07/05/2032 CL EUR
Banco GNB Sudameris 7.5 73.3 04/16/2031 CO USD
Banco GNB Sudameris 7.5 73.4 04/16/2031 CO USD
Banco Santander Chile 1.3 57.6 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.3 02/28/2039 CL AUD
Earls Eight 1.7 71.4 06/20/2032 KY AUD
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 04/21/2025 KY USD
Agile Group Holdings 5.5 39.2 05/17/2026 KY USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alibaba Group 2.7 67.4 02/09/2041 KY USD
Alibaba Group 3.2 65.2 02/09/2051 KY USD
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
Yango Cayman 12 3.9 09/15/2023 KY 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
Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL
Jamaica Government 8.5 68.9 12/21/2061 JM JMD
Jamaica Government 6.3 72.7 07/11/2048 JM JMD
Kaisa Group Holdings 10.9 9.1 KY USD
Fospar S/A 6.5 1.3 05/15/2026 BR BRL
Frigorifico 7.7 71.1 07/21/2028 PY USD
Frigorifico 7.7 71.4 07/21/2028 PY USD
Galaxy Digital 3 62.5 12/15/2026 KY USD
Generacion 9.9 73.1 12/01/2027 AR USD
Generacion 12.5 0 02/16/2024 AR USD
Gol Finance Inc 8.8 40.5 KY USD
Gol Finance Inc 8.8 42 KY USD
Goldman Sachs 2.3 75.9 06/30/2040 KY EUR
Greenland Hong Kong 10.2 45.9 KY USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL 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 3.2 74.2 10/16/2049 KY USD
VTR Comunicaciones 5.1 55.3 01/15/2028 CL USD
VTR Comunicaciones 5.1 53.6 01/15/2028 CL USD
VTR Comunicaciones 4.4 54.4 04/15/2029 CL USD
VTR Comunicaciones 4.4 54.5 04/15/2029 CL USD
Vista Energy 1 73 03/03/2028 AR USD
Voyager II 3.3 74.3 03/23/2034 KY AUD
Transocean Inc 6.8 67.6 03/15/2038 KY USD
Inversiones Latin 5.1 44.6 06/15/2033 CL USD
Inversiones Latin 5.1 44.8 06/15/2033 CL USD
El Salvador Bond 6.4 62.3 01/18/2027 SV USD
El Salvador Bond 6.4 62 01/18/2027 SV USD
El Salvador Bond 7.1 48.5 01/20/2050 SV USD
El Salvador Bond 7.1 48.6 01/20/2050 SV USD
El Salvador Bond 5.9 46 01/30/2025 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 02/28/2029 SV USD
El Salvador Bond 8.6 57.9 02/28/2029 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 06/15/2035 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 9.5 54.6 07/15/2052 SV USD
El Salvador Bond 9.5 54.5 07/15/2052 SV USD
El Salvador Bond 7.6 49.9 09/21/2034 SV USD
El Salvador Bond 7.6 50 09/21/2034 SV USD
Banda de Couro 8 69.1 01/15/2027 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 04/15/2024 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 7/09/2029 AR USD
Argentina Bonar Bonds 1 27.5 08/05/2023 AR USD
Argentina Treasury 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 06/28/2047 KY AUD
Ascent Finance 1.2 61.4 07/12/2047 KY EUR
Astra Cumulative 1.5 60.6 11/01/2029 KY USD
*********
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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *