/raid1/www/Hosts/bankrupt/TCRLA_Public/230814.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 14, 2023, Vol. 24, No. 162
Headlines
A R G E N T I N A
ARGENTINA: Markets Brace for 20% Currency Devaluation
ARGENTINA: Massa Could Save Economy, Says Greylock
B A H A M A S
FTX GROUP: Bankman-Fried Headed for Jail Over Alleged Tampering
C O L O M B I A
ITAU COLOMBIA: Fitch Affirms 'BB' Long Term IDRs, Outlook Stable
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Moody's Affirms 'Ba3' Ratings, Outlook Now Pos.
DOMINICAN REPUBLIC: Needs Structural Reforms, World Bank Says
J A M A I C A
NCB FINANCIAL: Working to Reduce Cost to Income Ratio
P U E R T O R I C O
GGG INVESTMENTS: Court OKs Cash Collateral Access Thru Aug 14
T R I N I D A D A N D T O B A G O
REPUBLIC FINANCIAL: No Gov't Plans for Company Takeover
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Aug 7 to Aug. 11, 2023
- - - - -
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A R G E N T I N A
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ARGENTINA: Markets Brace for 20% Currency Devaluation
-----------------------------------------------------
Buenos Aires Times reports that investors in Argentina are starting
to brace for a 20 percent currency devaluation after the country's
August 13 primary election, the first time they have converged
around the timing of a long-expected policy change.
Futures currency contracts in the local market were pricing the
peso at 329 per dollar by the end of August early last week,
compared with an official rate of 277 per dollar, according to
Buenos Aires Times. Pricing has since rebounded as the Central
Bank stepped in, the report notes. Yields on local peso bonds tied
to the exchange rate have also dropped as investor demand for such
assets grows to shield portfolios from losses, the report relays.
Inflation over 115 percent is pressuring the government's cobweb of
currency controls as the Central Bank runs out of dollars to
continue propping up the peso, the report discloses. A newly
announced agreement with the International Monetary Fund on
Argentina's US$44-billion programme put a limit on such
interventions, while a US$7.5-billion disbursement partly hinges on
what the Fund called "continued implementation of agreed policy
action," the report says.
There's little question the troubled South American nation will
have to devalue its currency to cope with the mounting crisis.
Economists from the country's main opposition party say it's
inevitable, companies are rushing to refinance and investors are
increasingly hedging in cash, bonds and futures as the Central Bank
burns through reserves to support the peso, the report notes. In a
July report, the IMF estimated the real exchange rate gap was 15-20
percent, the report relays.
Rampant inflation, falling reserves and speculation over a
devaluation of the official peso have made the currency one of the
worst performers in emerging markets this year, the report notes.
The likelihood of an abrupt peso plunge hinges on the primary
election results where Economy Minister Sergio Massa faces long
odds to the presidency, the report discloses. Beyond triple-digit
inflation, the economy is falling into a sharp recession this year
as around 40 percent of the country lives in poverty, the report
says.
Early signs aren't encouraging for Massa. His Peronist coalition
lost a gubernatorial election in Chubut province where it's
governed for 20 years, the report relays. In Santa Fe province,
the third-largest by population, his coalition lost the primary
race by 35 percentage points, the report notes.
"If Massa gets less than 30 percent of the votes, the IMF will make
him negotiate at the table alongside the opposition," said Emmanuel
Alvarez Agis, director of Argentine consulting firm PxQ and a
former deputy economic chief in a prior Peronist government, the
report relays.
"Two at the table will want to devalue and only one won't," he
added.
A spokesman for Argentina's Central Bank declined to comment, while
the Economy Ministry's press office didn't respond to a request for
comment. A Central Bank official said investors have long betted on
a devaluation in the futures market, declining further comment, the
report discloses.
Carlos Melconian, a senior economic adviser to opposition
presidential candidate Patricia Bullrich, said in a radio interview
that "a currency devaluation is highly probable after the
primaries," the report notes.
Marcos Buscaglia, co-founder of consulting firm Alberdi Partners,
penned a column in La Nacion newspaper that "it's still likely that
we vote August 13 and we devalue the week of August 14," the report
relays.
"The market is taking note of the relevance of the primary election
date and is deciding to be covered," said Mateo Reschini, senior
research analyst at Inviu, 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: Massa Could Save Economy, Says Greylock
--------------------------------------------------
Bloomberg News reports that Argentina's best chance of making a
comeback from the brink and taming spiraling inflation is the
economy minister who's overseen it all.
Sergio Massa, who's running for president in an October election,
is one of the most pro-market politicians within the ruling leftist
coalition, according to Hans Humes, a longtime investor in the
nation's sovereign bonds and the chief executive of Greylock
Capital Management, relates Bloomberg News.
While the so-called "super minister" saw inflation surge to 116%,
he has the political capital to slash government spending without
sparking social unrest, Humes said in an interview, notes the
report.
"Everyone knows a painful fiscal adjustment in Argentina is
needed," said Greylock's founding partner, who has participated in
many of the nation's debt workouts since 1991, including the $65
billion restructuring three years ago, the report relates. "But
whether you slow walk it or jam it through, it's about how you pass
that message to the people."
Massa has spent the past year as President Alberto Fernandez's
empowered economy minister, a role that includes duties previously
carried out by agriculture and production peers, say the report.
His patchwork policy measures have attempted to contain Argentina's
crisis as consumer price gains soared into the triple digits,
foreign reserves sunk to their lowest in 17 years and the economy
barreled toward its sixth recession in a decade.
To Humes, Massa has both the learned experience and crucial support
from the nation’s left, who will be most squeezed as the incoming
government seeks to slash spending on social programs, roll back
widespread utility subsidies and unwind a morass of currency and
price controls, according to Bloomberg.
Once in the presidential palace, Humes argues, Massa should manage
to retain the support of influential leftist lawmakers without
being directly beholden to Cristina Fernandez and her anti-market
brand of politics, notes the report.
The 51-year-old politician is known as a dealmaker after
successfully negotiating with the International Monetary Fund to
front load as much as $10.8 billion in loans for the rest of the
year, adds Bloomberg News.
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 H A M A S
=============
FTX GROUP: Bankman-Fried Headed for Jail Over Alleged Tampering
---------------------------------------------------------------
Luc Cohen and Jody Godoy at Reuters report that Sam Bankman-Fried
is heading to jail after a U.S judge revoked his bail, finding
probable cause that the indicted founder of the bankrupt FTX
cryptocurrency exchange tampered with witnesses at least twice.
U.S. District Judge Lewis Kaplan's decision to jail the 31-year-old
former billionaire ahead of his Oct. 2 fraud trial over FTX's
November 2022 collapse came after prosecutors said he had "crossed
a line" by sharing private writings by former romantic partner
Caroline Ellison with a New York Times reporter, according to
Reuters.
"He has already - without violating any other bail condition save
that he not commit another crime - gone up to the line over and
over again," Kaplan, who is known for his no-nonsense demeanor in
the courtroom, said in a hearing in Manhattan federal court, the
report discloses.
The judge rejected a defense request to delay Bankman-Fried's
detention pending appeal of the decision, the report notes.
The decision could complicate Bankman-Fried's efforts to prepare
for trial, the report relays. He faces charges of having stolen
billions of dollars in FTX customer funds to plug losses at his
Alameda Research hedge fund, where Ellison was chief executive
officer, the report notes.
She has pleaded guilty and is expected to testify against him at
his Oct. 2 trial, the report discloses.
Bankman-Fried, who has pleaded not guilty, sat with his shoulders
hunched, leaning forward on the table and fidgeting with a Post-It
note as the judge order him detained, the report says.
He had a blank expression as he was led out of the courtroom in
handcuffs by members of the U.S. Marshals Service after removing
his shoelaces, watch, jacket and tie and emptying his pockets, the
report relays.
Bankman-Fried's parents, both law professors at Stanford
University, were present in the courtroom's audience, the report
discloses. His mother, Barbara Fried, nodded to him in tears as he
left, the report says. His father, Joseph Bankman, placed his hand
over his heart as he watched his son be led away, the report
notes.
Bankman-Fried rode a boom in the value of bitcoin and other digital
assets to build a net worth of an estimated $26 billion and become
an influential political donor in the United States, but FTX's
collapse wiped out his fortune, the report relays. He later said
he had $100,000 in his bank account, the report says.
Bankman-Fried has been largely confined to his parents' Palo Alto,
California, home on $250 million bond since his December 2022
arrest, the report discloses.
Prosecutors argued that Bankman-Fried shared the writings to harass
Ellison and to dissuade others from testifying by creating the
perception that he could share unflattering information about them
with the press, the report relays.
His lawyer Mark Cohen argued Bankman-Fried wanted to defend his
reputation and that he had a right under the U.S. Constitution's
First Amendment to speak to the press, the report notes.
"The defendant fairly believed he could make those comments," Cohen
added, notes the report.
Kaplan was not convinced, noting that Bankman-Fried had previously
sought to tamper with a witness by asking the general counsel of an
FTX U.S. affiliate to "vet things with each other," the report
relays.
Kaplan said Bankman-Fried's decision to show Ellison's writings to
the Times reporter during an in-person meeting, rather than in an
electronic message that could have been monitored by prosecutors,
suggested malign intent, the report discloses.
"It was a way, in his view, of doing this in a manner in which he
was least likely to be caught. He was covering his tracks," Kaplan
said, the report notes.
A July 20 article in the New York Times contained excerpts from
Ellison's personal Google documents prior to FTX's collapse, the
report says.
She described being "unhappy and overwhelmed" with her job and
feeling "hurt/rejected" from her personal break-up with
Bankman-Fried, the report relays.
It was not immediately clear where Bankman-Fried would be held, the
report discloses. Many defendants awaiting trial in New York City
are held at Brooklyn's Metropolitan Detention Center, which has
been plagued by persistent staffing shortages, power outages and
reports of maggots appearing in inmates' food, the report relays.
Danielle Sassoon, a prosecutor with the U.S. Attorney's office in
Manhattan, proposed at the hearing that Bankman-Fried instead be
held at the Putnam County Correctional Facility, a medium-security
jail about 55 miles (88 km) north of Manhattan which holds about 68
inmates, the report notes.
Sassoon said the defendant would be able to access an
internet-enabled laptop there to review evidence to prepare for
trial, the report adds.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from
the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets
were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
===============
C O L O M B I A
===============
ITAU COLOMBIA: Fitch Affirms 'BB' Long Term IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Itau Colombia S.A. (Itau Colombia)'s
Shareholder Support Rating (SSR) to 'bb' from 'bb-'. Fitch has
additionally affirmed Itau Colombia Long-Term Foreign Currency (FC)
and Local Currency (LC) Issuer Default Ratings (IDRs) at 'BB' and
the Viability Rating (VR) at 'bb'. Fitch has also affirmed the
Short-Term FC and LC IDRs at 'B'. The Rating Outlook for the
Long-Term IDRs is Stable.
The SSR upgrade to 'bb' reflects the recent upgrade of Itau
Colombia's ultimate parent Itau Unibanco Holding to 'BB+' Stable
from 'BB' Stable.
KEY RATING DRIVERS
VR-Driven Ratings: Itau Colombia's intrinsic creditworthiness, as
reflected in its VR of 'bb', drives its IDRs and do not factor in
any extraordinary support from its parent, Itau Unibanco Holding.
The VR is one notch above the 'bb-' implied VR and reflects the
bank's prudent risk profile. Fitch's assessment also considers the
bank's business profile, underpinned by its ultimate shareholder's
expansion strategy and business model, as well as Itau Colombia's
low profitability and moderate risk profile, which results in
controlled asset quality metrics.
The bank's weaker core capital metrics than regional peers are also
factored into the rating. However, the bank's IDRs are currently at
the same level as would be derived from the institutional support
approach, given that it remains a strategically important
subsidiary for its parent.
Shareholder Support Rating: The bank's SSR is one notch below its
ultimate parent, Itau Unibanco Holding reflecting Fitch's
assessment of ability and propensity of support. Fitch considers
Itau Colombia's strategic importance for its Brazilian parent as
part of its regional expansion, underpinning Itau Colombia's SSR.
Therefore, Fitch anticipates support from the parent, if required.
Itau Colombia has a consistent business model, with a focus on
corporate business and medium to high income retail clients. The
bank had a market share of 3.0% of the Colombian banking system's
assets at end-April 2023. The bank has the eighth largest market
share in loans and deposits and it is the third largest
international franchise in Colombia.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- A material deterioration of asset quality and a consistent
negative profitability trend that causes a sustained decline in the
common equity Tier 1 (CET1) ratio below 9% (assuming excess reserve
maintenance and a challenging operating environment) could result
in a negative rating action on the bank's VR;
-- Itau Colombia's SSR would be affected by a negative rating
action on the parent or a change in Fitch view of the parent's
propensity to provide support;
-- Downward potential of Itau Colombia's IDRs is limited given
that these are at the same level that could be achieved based on
parent support. The Long-Term IDRs would only be downgraded in the
event of a downgrade of both the VR and the SSR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- An upgrade of either the VR or SSR would result in a similar
action on the Long-Term IDRs;
-- Demonstrated capacity to sustain improvements in earnings and
asset quality metrics;
-- Maintaining a CET1 to risk weighted average (RWA) ratio
consistently higher than 12% and an operating profit to RWA above
2.0%;
-- Operating environment improvements that allows for relatively
faster loan growth; and
-- Itau Colombia's IDRs and SSR could benefit from an upgrade of
its parent company's ratings, given that the entity is considered
strategically important for Itau Unibanco. Fitch believes Itau
Colombia's IDRs would maintain one-notch relativity to its parent.
VR ADJUSTMENTS
The VR is one notch above the 'bb-' implied rating due to the
following adjustment reason: risk profile (positive).
The Capitalization and Leverage score of 'bb-' has been assigned
above the 'b' rating category implied score due to the following
adjustment reason: Capital Flexibility and Ordinary Support
(positive).
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.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Itau Colombia SSR is linked to Itau Unibanco's rating.
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.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Moody's Affirms 'Ba3' Ratings, Outlook Now Pos.
-------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Government of
Dominican Republic's ratings to positive from stable and affirmed
the local and foreign-currency long-term issuer and senior
unsecured ratings at Ba3.
The key drivers for the outlook change to positive are:
-- Sustained high growth rates have enhanced the scale and wealth
levels of the economy
-- A material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
The local-currency ceiling remains unchanged at Baa3, set three
notches above the sovereign rating. The Baa3 local currency ceiling
reflects a moderate government footprint in the economy, average
predictability and reliability of institutions, overall low
political risk and relatively contained external imbalances. The
economy is also diversified for an island nation, helping to limit
its reliance on a single common revenue source.
The foreign-currency ceiling remains unchanged at Ba1, one notch
below the local-currency ceiling to reflect the economy's moderate
level of external indebtedness, open capital account and
historically lower overall policy effectiveness.
RATINGS RATIONALE
RATIONALE FOR OUTLOOK CHANGE TO POSITIVE FROM STABLE
SUSTAINED HIGH GROWTH RATES HAVE ENHANCED THE SCALE AND WEALTH
LEVELS OF THE ECONOMY
The Dominican Republic had a track record of high growth rates
averaging 5.6% annual real GDP growth from 2010-2019 prior to the
pandemic. The economy rebounded very strongly from the pandemic
with 12.3% growth in 2021 and 4.9% in 2022, supported by effective
health and fiscal policy responses and an upward shift in the
investment ratio, which increased substantially to 33% of GDP in
2022 from an average of 25% in 2017-19. Ongoing development of the
tourism sector, which has expanded into higher-end offerings and
more international markets, has contributed significantly to growth
in recent years. Moody's projects real GDP growth to moderate to
around 4.3% in 2023, but expects a rebound to 5% from 2024 onward,
in line with the country's economic growth potential.
Persistent high growth rates have contributed to the expansion of
the economy's scale and wealth levels. Nominal GDP increased to
$114 billion in 2022 from $79 billion in 2020, well above the
Ba3-rated peer median of $75 billion. Meanwhile, GDP per capita
increased to $24,135 (on a PPP basis) in 2022 from $18,642 in 2020,
also well above the Ba3-rated peer median of $13,715. While the
scale of the economy is comparatively small on a global level, it
is the largest in the Caribbean and is relatively well diversified
for an island economy with significant contributions coming from
the manufacturing, construction, services and agriculture sectors.
A MATERIAL DECLINE IN THE GOVERNMENT DEBT BURDEN COUPLED WITH
IMPROVED FISCAL POLICY EFFECTIVENESS WILL SUPPORT MEDIUM-TERM DEBT
SUSTAINABILITY
Improved fiscal dynamics have reduced the general government debt
burden to nearly 46% of GDP in 2022 from a high of about 57% in
2020, driven by a narrowing of the general government fiscal
deficit to 3.4% of GDP in 2022 from 8.3% in 2020 and high nominal
GDP growth. Looking ahead, Moody's expects debt to stabilize around
current levels and fiscal deficits to narrow to 3.0% next year and
around 2.5% over the longer term.
Overall government effectiveness has improved in recent years
contributing to the country's strong recovery from the pandemic,
improved fiscal performance and declining inflation. Fiscal policy
effectiveness has increased, as evidenced by the authorities' use
of counter-cyclical policies to support growth during the pandemic
and subsequent fiscal consolidation efforts which have led to a
material reduction of the government deficit. At the same time,
monetary policy management and macroeconomic policies have been
effective in reducing inflation and containing balance-of-payments
risks.
Moody's expects the government to finalize passage of legislation,
which received approval by one of two chambers of congress this
month, to establish a medium-term fiscal framework that will
incorporate a fiscal rule that limits primary expenditure growth
and, according to the authorities, will ensure public debt is set
on a declining path approaching 40% of GDP by 2035. The new fiscal
framework, combined with ongoing debt management strategies focused
on reducing the overall cost of sovereign debt and prospects of
increased government revenue once a tax reform is adopted, could
further enhance fiscal strength.
RATIONALE FOR AFFIRMATION OF Ba3 RATINGS
The affirmation of the Ba3 ratings balances the Dominican
Republic's robust growth and contained government liquidity and
external risks with comparatively weak fiscal and institutional
strength relative to peers. Despite improving fiscal policy
effectiveness, the country's fiscal strength remains a key
constraint on the sovereign rating.
Debt affordability is weak in absolute and relative terms with
interest payments representing nearly 19% of government revenue in
2022, almost twice the median of Ba3-rated peers. The latter is
largely a reflection of the Dominican Republic's low general
government revenue which at around 15% of GDP in 2022, is well
below the median of about 25% for Ba-rated peers. In addition, a
70% share of foreign currency-denominated sovereign debt implies
the government's balance sheet is somewhat exposed to exchange rate
shocks.
Government liquidity risk as well as balance-of-payments risks are
contained. Outstanding government debt has a relatively long
average maturity of around 11 years and almost 90%is fixed-rate
debt. The Dominican Republic consistently runs current account
deficits, but Moody's expects they will continue to be financed
largely by FDI inflows, which have been in the order of 3.5% of GDP
annually. International reserves reached an all-time high of around
$16 billion in June 2023, supported by strong foreign exchange
inflows coming from tourism activity, steady family remittances and
rising FDI. The country's External Vulnerability Indicator (EVI) --
ratio of external liabilities due within one year relative to
foreign exchange reserves -- is relatively low standing at about
40%.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Dominican Republic's ESG Credit Impact Score is highly negative
(CIS-4), reflecting high exposure to environmental risk related
mainly to physical climate risks.
Dominican Republic's exposure to environmental risks is highly
negative (E-4), related to physical climate change and water
issues. The country's geographical location in the Caribbean
exposes it to natural disasters from hurricanes. Lower crop yields
because of climate events can harm the agricultural export sector
and tourism revenues may be affected by rising sea levels and
increased storm severity. While the large size and geography of the
island help mitigate risks, the increasing frequency and severity
of natural disasters in recent years intensify risks.
Exposure to social risks is also moderately negative (S-3). Social
considerations historically have not materially impacted Dominican
Republic's credit profile, supported by a sustained period of high
economic growth rates and the reduction of poverty levels, but
challenges related to education, health, safety and access to basic
services will pressure government finances, more so in the context
of a very narrow revenue base.
The influence of governance on Dominican Republics' credit profile
is moderately negative (G-3) reflecting its relatively weak, but
improving, government effectiveness, budget management, rule of
law, and control of corruption.
SUMMARY OF MINUTES FROM RATING COMMITTEE
GDP per capita (PPP basis, US$): 24,135 (2022) (also known as Per
Capita Income)
Real GDP growth (% change): 4.9% (2022) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 7.8% (2022)
Gen. Gov. Financial Balance/GDP: -3.4% (2022) (also known as
Fiscal Balance)
Current Account Balance/GDP: -5.6% (2022) (also known as External
Balance)
External debt/GDP: 40.7% (2022)
Economic resiliency: baa3
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
On August 07, 2023, a rating committee was called to discuss the
rating of the Dominican Republic, 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
materially increased. The issuer's fiscal or financial strength,
including its debt profile, has materially increased. The issuer's
susceptibility to event risks has not materially changed.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded if fiscal metrics continue to improve
and the government implements policy measures that further
strengthen medium-term debt sustainability. In particular,
increased debt affordability supported by higher government revenue
on the back of broad-based tax reforms, and measures that
materially reduce the share of foreign currency-denominated
government debt, would strengthen the country's fiscal position and
overall sovereign credit profile.
The outlook would likely be returned to stable if growth
performance and fiscal policy outcomes prove to not be in line
with Moody's expectations. The rating would face downward pressure
if the authorities deviated significantly from their current
medium-term fiscal consolidation plans, resulting in a material
increase in the public debt ratio. A weakening of external accounts
that results in an upward structural shift in the current account
deficit and a sustained decrease in foreign-exchange reserves would
also exert downward pressure on the sovereign credit profile.
The principal methodology used in these ratings was Sovereigns
published in November 2022.
The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.
DOMINICAN REPUBLIC: Needs Structural Reforms, World Bank Says
-------------------------------------------------------------
Dominican Today reports that a World Bank study states that the
Dominican Republic must increase its productivity by implementing
reforms to strengthen human capital, competitiveness, innovation,
efficiency in public spending, and resilience to climate events.
In recent years the country has experienced low productivity
growth, as pending structural reforms have not been implemented and
this has contributed to the stagnation of real wages, according to
Dominican Today.
The report, "Rethinking Productivity to Boost Growth Leaving No One
Behind, DR Economic Memorandum," highlights that economic growth in
the DR averaged 5.8% per year between 2005 and 2019, more than
double the average for Latin America and the Caribbean, the report
notes.
However, the drivers of this exceptional growth are reaching their
limit due to low productivity growth in recent years, hampered by
insufficient human capital to meet the needs of the business
sector, the occurrence of climate change-related disasters, and
distortions in key markets, including the inefficient allocation of
tax exemptions, the report relays.
"The model that has generated so many social and economic benefits
for the country can be revitalized to become a more dynamic,
inclusive and sustainable growth, which allows to continue reducing
income gaps, especially for women, and that promotes better jobs
and more opportunities for more households and regions in the
country," said Alexandra Valerio, resident representative of the
World Bank, the report discloses.
The structural reforms proposed in the report are: Strengthening
human capital; first, adapting the education system to the needs of
the market, through the modernization of secondary studies,
continuing education for adults. Second, reducing inequality of
opportunities between genders and between rural and urban areas,
the report notes.
For the Promotion of competition: reducing barriers to entry and
expansion of companies in key economic sectors, revision of
sectoral protection provisions for established companies,
production and export quotas, and price controls, among others, the
report says.
To incentivize innovation: technological extension services,
improvement of management capabilities, development of basic
infrastructure for innovation, and implementation of subsidies for
small and medium-sized enterprises that have not benefited from tax
incentives, the report relays.
Another reform is improvements in the efficiency of public spending
and the tax system, among which the elimination of tax exemptions
and the broadening of the tax base continue to be priorities, the
report notes.
And another is increasing resilience to external shocks and weather
events: developing fiscal risk strategies to reduce budget
uncertainty, 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
=============
NCB FINANCIAL: Working to Reduce Cost to Income Ratio
-----------------------------------------------------
Robert Almeida at RJR News reports that NCB Financial Group says it
is working to reduce its cost to income ratio.
Interim CEO Robert Almeida says the company is targeting at least a
10 percentage point reduction in the next year, according to RJR
News.
At the end of June, NCBFG's cost to income ratio was 78 per cent,
the report notes.
"Each one per cent of that cost to income ratio represents about
$1.5 billion. And if we reduce that cost to income ratio . . . to
get to about 60%, that would be like 10 percentage points. And
that 10 percentage points in cost to income ratio would be worth
about $15 billion, which is about $6 per share of NCB," he said,
the report notes.
Mr. Almeida said this reduction would give the company options, the
report relays.
"We don't have to do trade offs then. We actually can do both. We
can continue to strengthen our capital so that we can withstand any
kind of storm, which is what we have been doing. But we can also
make sure that we're paying dividends," he added, the report
discloses.
He said the goal is to get it into the mid 50s in cost to income
ratio, the report says.
Cost to income ratio refers to money spent to operate versus how
much the company earns from revenue, the report adds.
=====================
P U E R T O R I C O
=====================
GGG INVESTMENTS: Court OKs Cash Collateral Access Thru Aug 14
-------------------------------------------------------------
GGG Investments, Inc. sought and obtained entry of an order from
the U.S. Bankruptcy Court for the District of Puerto Rico
authorizing the use cash collateral on an interim basis, through
August 14, 2023.
Banco Popular de Puerto Rico assert an interest in the Debtor's
cash collateral pursuant to certain UCC filings. The Debtor owes
$173,000 to BPPR.
As adequate protection, BPPR will be granted a monthly payment of
$1,015, which is based on the original contractual terms over the
value of the collateral as detailed in the Budget.
To the extent there is a diminution in the value of the Secured
Creditor's interests in the Prepetition Collateral, the Secured
Creditor will be granted replacement liens in post petition
receivables, which Replacement Liens are valid, binding,
enforceable and fully perfected as of the Petition Date without the
necessity of the execution, filing or recording by the Debtor or
the Secured Creditor of security agreements, pledge agreements,
financing statements, or other agreements, and will be equivalent
to a lien granted under 11 U.S.C. Section 364(c), and which such
Replacement Liens will cover assets, interest, and proceeds of the
Debtor that are or would be collateral under the pre-petition liens
if not for 11 U.S.C. Section 552(a), and all cash and cash
equivalents.
The Secured Creditor will also be granted an allowed administrative
claim with respect to all Adequate Protection obligations, to the
extent that the Replacement Liens do not adequately protect the
diminution in the value of the Secured Creditor's interests in the
Collateral from the Petition Date.
A hearing on the matter is set for August 17 at 10 a.m.
A copy of the motion is available at https://urlcurt.com/u?l=SU1tmC
from PacerMonitor.com.
A copy of the order is available at https://urlcurt.com/u?l=H7CjDP
from PacerMonitor.com.
About GGG Investments, Inc.
GGG Investments, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 23-02407-11) on
August 4, 2023. In the petition signed by William Rodriguez
Garcia, president, the Debtor disclosed up to $100 million in
assets and up to $500 million in liabilities.
Judge Maria De Los Angeles Gonzalez oversees the case.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC,
represents the Debtor as legal counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
REPUBLIC FINANCIAL: No Gov't Plans for Company Takeover
-------------------------------------------------------
Trinidad Express reports that the government has no intention of
staging a takeover of Republic Financial Holdings, Finance Minister
Colm Imbert stated as he announced plans for the State to increase
its share ownership in the financial group.
Imbert made the statement during a virtual news conference as he
spoke about the National Investment Fund Holding Co Ltd redeeming
the $1.2 billion principal on its Series A Bond, according to
Trinidad Express.
The Series A Bond provided an annual interest rate of 4.5 per cent
for five years, the report notes.
Imbert said he believes it was a "tremendous achievement" that the
Government was able to redeem The Series A Bond, he report relays.
Since its establishment in 2018, NIF has made a total interest
distribution of $1.122 billion over 7,500 bondholders, the report
notes.
"I have always felt it was such an excellent investment opportunity
for the general public and for ordinary investors that we should do
another one, so now that we have done the redemption we are in a
position to make an additional offer to investors because people
will now have cash in their hands because that $1.2 billion a lot
of it came from individuals, there were thousands of individuals,
who invested in NIF One," Imbert said, the report discloses.
"So we are bringing out a NIF Two and the plan is to have that done
before the end of this calendar year and again it will be at very,
very attractive interest rates so stay tuned and you will see a NIF
Two come out and it is going to be geared specifically to
individuals, small businesses, small people and so on so stay tuned
and look out for a NIF Two. It is coming soon," he said, the report
notes.
NIF is a company created by its sole shareholder, Government of the
Republic of Trinidad and Tobago (GORTT), to hold five assets, the
report says.
The government received the assets as proceeds from the
shareholding of certain assets of CLICO and the CLICO Investment
Bank, the report discloses.
These five assets are shares of: Republic Financial Holdings Ltd,
One Caribbean Media Ltd, West Indian Tobacco Company Ltd, Angostura
Holdings Ltd, and Trinidad Generation Unlimited, the report
relays.
Imbert said NIF Two would however not include the Methanol Holdings
International Ltd shares the government expects to get from CLICO,
the report notes.
"There is a lot of confusion over the sale of those shares and I
would not want those shares to be tied up with anything to do with
NIF, I would not want (NIF) to be tied up in any controversy so we
are going to use other shares to back the NIF Two," he said, the
report relays.
"For example we have some additional Republic bank shares that we
are going to give to NIF and there are some other assets blue chip
assets and those would be used for the backing of NIF Two which was
done without a government guarantee by the way," Imbert said, notes
the report.
NIF currently has a 26.1 per cent shareholding in Republic
Financial Holdings, the report says.
Imbert said the additional shares will not cross the 30 per cent
threshold that would require a takeover of the financial group, the
report discloses.
Imbert said NIF's shareholding in Republic will go up to 29.9 per
cent for the most, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Aug 7 to Aug. 11, 2023
------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
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
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
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.2 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
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
eHi Car Services 7 64.9 09/21/2026 KY USD
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
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
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
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
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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 * * *