/raid1/www/Hosts/bankrupt/TCRLA_Public/230911.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, September 11, 2023, Vol. 24, No. 182
Headlines
A R G E N T I N A
ARGENTINA: Inflation in Buenos Aires City Reached 10.8% in August
B R A Z I L
AMERICANAS SA: Former CEO of Denies Knowledge of Accounting Fraud
D O M I N I C A N R E P U B L I C
[*] DOMINICAN REPUBLIC: Agree to Expand Agenda with Cuba
E L S A L V A D O R
INVERSIONES CREDIQ: Fitch Affirms LongTerm IDR at B, Outlook Stable
P U E R T O R I C O
PUERTO RICO: Bankruptcy Plan Faces Opposition from Creditors
X X X X X X X X
LATAM: ECLAC Predicts Low Growth Rate for Region
[*] BOND PRICING COLUMN: For the Week Sept. 4 to Sept. 8, 2023
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Inflation in Buenos Aires City Reached 10.8% in August
-----------------------------------------------------------------
Buenos Aires Times reports that monthly inflation entered into
double-digits in the capital last month amid steep price hikes and
the national government's devaluation of the peso.
Data published by the Buenos Aires City government's statistics and
census directorate reveals that prices rose 10.8 percent in August,
according to Buenos Aires Times. Inflation since the turn of the
year in the capital stands at 79.8 percent, with prices up 127.3
percent over the last 12 months, the report notes.
Price variations in the IPCBA index were led by housing, water,
electricity, gas and other fuels, which recorded a rise of 13.8
percent and contributed 2.56 points to the overall increase.
Significant increases were seen in rent prices, water supply costs
and common expenses, said the report, Buenos Aires Times says.
Food and non-alcoholic beverages averaged a rise of 12.5 percent,
pushed higher by sharp increases for meat and meat products (19.2
percent), bread and cereals (10.4 percent) and vegetables and
pulses (15.9 percent), the report discloses.
Elsewhere, restaurants and hotels recorded increases of 8.3
percent, mainly as a result of rising prices for prepared food at
restaurants, bars and catering establishments, Buenos Aires Times
relays. Conversely, falls in hotel accommodation service rates for
tourist purposes took the pressure off, the report notes.
Healthcare (10.8 percent) and transport (9.2 percent) also caught
the eye, the report discloses.
Prices have surged over the past month after the government
devalued the peso against the dollar by 22 percent in the wake of
the August 13 PASO primaries, the report says.
The City inflation figure was published just a week before the
INDEC national statistics bureau releases its consumer price index
(CPI) information, the report notes. Most analysts expect a figure
in double digits, with acceleration seen in hikes well in
September, the report relays.
Annual Forecast
News that prices accelerated in the capital last month comes as a
top international consultancy firm warns that Argentina will suffer
from the highest inflation rate in the world next year, the report
discloses.
Focus Economics said in a report that price hikes will reach 130
percent in 2024, surpassing even the 128 percent projection for
Venezuela, the report says.
The report anticipates that inflation will average out at a lower
level this year in most countries, thanks to lower international
commodity prices, normalization of supply chains and more moderate
domestic demand, the report notes. However, it warns that some
countries, including Argentina, Colombia, Haiti and Venezuela, will
experience significant rises in 2024, the report relays.
Focus Economics said that a steady devaluation of the currency will
continue to drive up prices, with GDP expected to contract by 0.3
percent next year, the report discloses.
The report warns that Argentina will face considerable economic
challenges in the coming years, including currency controls,
runaway inflation, ineffective economic policies, droughts and
extremely high interest rates, 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.
===========
B R A Z I L
===========
AMERICANAS SA: Former CEO of Denies Knowledge of Accounting Fraud
-----------------------------------------------------------------
Reuters reports that former Americanas Chief Executive Miguel
Gutierrez denies any knowledge of accounting irregularities during
the two decades he was at the helm of the Brazilian retailer, he
said in a letter sent to congressional investigators.
Gutierrez never "participated, authorized, ordered, tolerated or
became aware of any act tending to manipulate the company's
accounting or to enable any type of fraud", he said in the Sept. 4
letter sent to the congressional committee investigating the
company's near-collapse and viewed by Reuters, according to
Reuters.
Americanas disputed Gutierrez's assertion, reiterating in a
statement that independent advisers it had hired had found that
management at the time had "fraudulently altered" documents to hide
the circumstances that led to its bankruptcy filing, the report
discloses.
The company, which runs of chain of stores and one of Brazil's
largest e-commerce retailers, was thrown into crisis early this
year by the disclosure of more than 20 billion reais ($4 billion)
of accounting inconsistencies, the report says. Allegations that
Gutierrez and other executives were involved in accounting fraud
were first made in June, the report discloses.
The letter marks the first time that Gutierrez has addressed the
allegations, notes Reuters.
According to the report, several former Americanas directors have
testified before the congressional committee in the past few weeks.
Gutierrez has been invited to testify but has said that health
issues have prevented him from doing so.
In the letter, Gutierrez also said that reference shareholders in
Americanas - Brazilian billionaires Jorge Paulo Lemann, Carlos
Alberto Sicupira and Marcel Telles - and board members "had
responsibilities relating to the financial and accounting issues of
the company", says Reuters.
On Tuesday, Sept. 5, the trio's holding company, LTS, also rejected
Gutierrez's accusations, says the report.
LTS said his comments "do not provide any proof of his allegations
or refute evidence of his participation in the fraud", the report
relays. The holding company described what happened at Americanas
as "cunning fraud".
Gutierrez's immediate successor, Sergio Rial, said in testimony
last week that he had not seen any evidence that the reference
shareholders or board members had participated in the fraud, adds
the report.
About Americanas SA
Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust
e-commerce, fintech, and has just entered into the niche food
retail. It is listed on B3, being indirectly controlled by
billionaire Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel
Telles.
The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in
Rio de Janeiro on Jan. 19, 2023.
Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023. White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.
===================================
D O M I N I C A N R E P U B L I C
===================================
[*] DOMINICAN REPUBLIC: Agree to Expand Agenda with Cuba
--------------------------------------------------------
Dominican Today reports that the delegation from the Ministry of
Foreign Affairs, led by Foreign Minister Roberto Alvarez, has
concluded its official visit to the Republic of Cuba.
During the visit, various meetings and work visits took place,
focusing on identifying bilateral cooperation projects, enhancing
commercial exchanges, and fostering collaboration to benefit both
nations, according to Dominican Today.
One of the key highlights of the visit was a meeting with Cuban
President Miguel Diaz-Canel Bermudez, the report notes. During
this meeting, the Dominican delegation expressed their interest in
strengthening cooperation with Cuba across several critical
sectors, including biotechnology, science, agriculture, education,
the pharmaceutical industry, and healthcare, the report relays.
These collaborations are seen as crucial for the advancement and
development of both nations, the report says. President
Diaz-Canel, in turn, expressed the Cuban government's commitment to
leveraging existing potential to further deepen bilateral ties, the
report notes.
The visit to Cuba is part of the Dominican Republic's broader
strategy to strengthen relations with Caribbean nations, the report
relays. The agenda included separate bilateral meetings with the
Cuban Foreign Ministry, led by Vice Minister Josefina Vidal,
representing Foreign Minister Bruno Rodriguez Parrilla, and with
the Vice Prime Minister and Minister of Foreign Trade and Foreign
Investment of Cuba, Ricardo Cabrisas Ruiz, the report says. Among
the topics discussed were the steps required to implement the
Cooperation Framework Agreement between the Dominican Republic and
Cuba, signed in 2019 and enacted in 2022, the report discloses.
These discussions also covered the formation of various working
groups that will address aspects such as trade, investment,
education, research, and more, as part of the comprehensive
agreement, 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 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.
On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has changed the outlook on the 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.
Moody's said the key drivers for the outlook change to positive
are: (i) sustained high growth rates have enhanced the scale and
wealthclevels of the economy; and (ii) 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.
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.
=====================
E L S A L V A D O R
=====================
INVERSIONES CREDIQ: Fitch Affirms LongTerm IDR at B, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Inversiones CrediQ Business S.A.'s
(ICQB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'B'.
The Rating Outlook for the long-term rating is Stable.
KEY RATING DRIVERS
Non-Bank Holding Company: ICQB's ratings link with the Costa Rican
subsidiary, CrediQ Inversiones C.R., S.A., which represented around
49% of the holding's earning assets as of June 2023. Fitch also
considers that a deterioration of the holding company risk profile
would have implications for the main subsidiary. Moreover, the
ratings also consider as a relevant factor the holding company
liquidity management, which primarily depends on the subsidiaries'
liquidity. As of June 2023, the consolidated liquidity coverage,
according to Fitch's criteria, was low, since the liquid assets and
committed undraw facilities accounted for 0.2x the short-term
funding. As of July 2023, the amount of committed undraw facilities
was USD50million and USD250million uncommitted available credit
lines.
Low Restrictions to Capital and Liquidity Fungibility: Despite
subsidiaries being in different jurisdictions, the ratings consider
with moderate importance the least likely restrictions on capital
and liquidity upstreaming to the holding, since the only regulated
subsidiary, which contributes a small income proportion to the
holding, might be limited in a stress scenario due to its regulated
nature. However, the other subsidiaries would be available to
assist funds to the holding company. Also, the agency considers
with moderate importance in the holding's rating evaluation, its
low double leverage close to 101% as of June 2023. In Fitch's
assessment, the agency considers the income transfers and Sector
Risk Operating Environment (SROE) of the other subsidiaries and
their relation with the holding's liquidity.
Good and Improving Performance: ICQB's performance improved in the
last fiscal years. The impaired loans 90+ days represented 1.7%, as
of June 2023 (2019-2022: 2.3%) and pre-tax income to average assets
as of 2Q23 was 4.6% (2019 to 2022: 4.0%) improved by the lower
credit costs. Debt to tangible equity of 4.1x, as of 2Q23, is
reasonable and similar to its average in 2019-2022 of 4.6x. Funding
has a low portion of unsecured debt of nearly 27.6% relative to
Interest-Bearing Liabilities, however, financing is relatively
diversified as is comprised by wholesale funding (85%), deposits
(10%) and issue programs.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Higher participation in subsidiaries in particularly higher risk
countries where it operates;
- A double leverage consistently above 120% and limitations to
subsidiaries ability to upstream liquidity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Higher participation or improvements in financial performance in
subsidiaries with higher SROEs;
- Improved liquidity coverage of near-term maturities at the
holding company level.
SUMMARY OF FINANCIAL ADJUSTMENTS
Prepaid expenses were reclassified as intangibles, and deducted
from equity, to reflect their lower loss absorption capacity.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
ICQB's ratings are linked to the ratings' of its Costa Rican
subsidiary CrediQ Inversiones C.R., rated privately by Fitch.
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.
Entity/Debt Rating Prior
----------- ------ -----
Inversiones CrediQ
Business S.A. LT IDR B Affirmed B
ST IDR B Affirmed B
=====================
P U E R T O R I C O
=====================
PUERTO RICO: Bankruptcy Plan Faces Opposition from Creditors
------------------------------------------------------------
Michelle Kaske of Bloomberg News reports that an increasing number
of creditors are pushing back against a plan to cut the debt load
of Puerto Rico's bankrupt power utility by 75%, with investors and
insurers accounting for $3.6 billion of the bonds set to vote
against the proposal, a lawyer warned.
Investors holding approximately $1.8 billion of Puerto Rico
Electric Power Authority debt plan to join GoldenTree Asset
Management, Syncora Guarantee and Assured Guaranty in opposing the
restructuring plan submitted August 25, 2023, to the court
by a federally appointed financial oversight board, Thomas Lauria,
a lawyer representing GoldenTree, said August 30, 2023, during a
court hearing.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case web site
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
===============
X X X X X X X X
===============
LATAM: ECLAC Predicts Low Growth Rate for Region
------------------------------------------------
Trinidad Express reports that the Economic Commission for Latin
America and the Caribbean (ECLAC) has predicted that the region's
economies will maintain low levels of growth this year and next
year, affected by a negative global and very complex regional
economic outlook.
In its annual report, ECLAC said regional countries will continue
to face an economic scenario of low growth, according to Trinidad
Express.
It is expected that regional Gross Domestic Product (GDP) will grow
1.5 per cent in 2024, slightly below the 1.7 per cent estimated for
the current year, the report notes.
The report, titled "Economic Survey of Latin America and the
Caribbean 2023: Financing a sustainable transition: Investment for
growth and climate change action", notes a slight decline is
projected in the growth rate for 2024, leading to an increase of
1.5 per cent of the regional GDP growth, Trinidad Express
discloses.
According to the United Nations regional organization, the global
economy's dynamics remain on a path of low economic and
international trade growth, Trinidad Express discloses.
Despite declines in the inflation rate, developed countries will
likely continue with their contractive monetary policies, which
means no significant cut to external interest rates is expected
this year and financing costs for our countries will remain high,
the report relays.
Although the public debt of the region's countries has fallen, it
is still elevated as a proportion of GDP, which, coupled with the
increase in external and internal interest rates and an expected
decline in tax revenue due to lower growth, will result in limited
fiscal space for the region as a whole, the report discloses.
In addition, less dynamism in job creation is anticipated, along
with growing social demands, the report notes.
"Latin America and the Caribbean's low growth may be aggravated by
the negative effects of an intensification of climate shocks, if
the investments that countries need in climate change adaptation
and mitigation are not made," stated ECLAC's executive secretary,
Jose Manuel Salazar-Xirinachs, the report says.
In 2023, ECLAC forecasts that all the subregions will have lower
growth than in 2022: South America is seen growing by 1.2 per cent,
as against 3.7 per cent last year; the group made up of Central
America and Mexico by three per cent, as compared with 3.4 per cent
in 2022; and the Caribbean, excluding Guyana, by 4.2 per cent, as
compared with 6.3 per cent last year, the report adds.
[*] BOND PRICING COLUMN: For the Week Sept. 4 to Sept. 8, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
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
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
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
Earls Eight 1.7 71.4 06/20/2032 KY AUD
Ecopetrol SA 4.6 75 11/02/2031 CO USD
Ecopetrol SA 5.9 63.9 11/02/2051 CO USD
Ecopetrol SA 5.9 65.5 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
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
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Earls Eight 2.3 75.2 05/20/2032 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
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
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
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
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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2023. All rights reserved. ISSN 1529-2746.
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 * * *