/raid1/www/Hosts/bankrupt/TCRLA_Public/231023.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, October 23, 2023, Vol. 24, No. 212
Headlines
A R G E N T I N A
ARGENTINA: Election Woes are Debt, Inflation, and The Peso
ARGENTINA: Milei Wishes to Cut Ties With China
ARGENTINA: Tap Extra US$6.5 Billion From China Swap Line
B A R B A D O S
BARBADOS: Fitch Affirms 'B' Foreign Currency IDR, Outlook Positive
B R A Z I L
BRAZIL: B3 Stock Market Sees Fourth Consecutive Fall
BRAZIL: Batista Family Allocates $1 Billion for Mining Expansion
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Gets Praises for Initiative to Improve Economy
J A M A I C A
JAMAICA: Inflation at 5.9% for September
P E R U
NAUTILUS INKIA: S&P Affirms 'BB-' ICR, Outlook Remains Negative
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Oct. 16 to Oct. 20, 2023
- - - - -
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A R G E N T I N A
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ARGENTINA: Election Woes are Debt, Inflation, and The Peso
----------------------------------------------------------
Sonia Avalos & Fran Blandy at AFP News reports that Argentina is
Latin America's third-largest economy, bursting with natural
resources, but has been unable to claw its way out of decades of
economic instability that has brought its population to its knees.
As Argentines head to the polls on October 22 for a first-round
election, presidential candidates have campaigned hard on proposed
elixirs for the country's economic ills, according to AFP News.
Nerves are frayed by an exchange rate crisis, a severe lack of
Central Bank reserves and a debt bombshell that the next government
will have to defuse, the report notes. The situation will require
a dramatic spending adjustment, the scale of which will be decided
on Sunday at the ballot-box, analysts agree, the report discloses.
The favourite in the polls, libertarian economist Javier Milei,
proposes directly dollarising the economy; conservative opposition
leader Patricia Bullrich wants to shrink the state and free the
foreign exchange market; Peronist candidate Sergio Massa,
Argentina's current economy minister, is campaigning by promising
to boost exports and development with social inclusion, the report
discloses. All are talking about fiscal order, the report relays.
The report discloses that the main challenges facing the country as
it heads to the polls:
Record Inflation
Weary Argentines have become accustomed to seeing prices soar from
one day to the next, with inflation fuelled by rampant money
printing used to finance government overspending, the report
relays.
In September, annual inflation hit 138 percent, with consumer
prices rising 12.7 percent in just a month, the report says.
Credit is virtually non-existent in Argentina – in October, the
Central Bank raised the interest rate for deposits from 118 percent
to 133 percent per annum to discourage savers from fleeing to the
dollar, the report notes.
"Doing the shopping gives me chills. I went from using a shopping
cart to a bag and now I hold what I can buy in one hand," said
Lidia Pernilli, 73, who bought two bananas instead of a kilo, after
the price more than doubled in a month, the report relays.
"Argentina has this reputation of a voting public that is just
willing to sustain levels of inflation and economic struggle
because they are just resilient" and have "learned to live with
it", said Benjamin Gedan, director of the Argentina Project at the
Washington-based Wilson Center, the report says.
"To some degree, that has been true, but no-one could live with the
conditions they have now," the report discloses.
The Dollar Peso Tango
After decades of high inflation, Argentines are wary of the peso,
the report relays. Exchange controls have been in place since
2019, resulting in a skein of restrictions and turning citizens
into savvy economists, the report discloses.
The government keeps strict control over the value of the peso,
clamping down on the purchase of foreign exchange to protect its
dwindling reserves, the report notes.
This has led to a thriving informal market for the dollar – with
daily rates for the so-called "blue dollar" advertised on
television and news sites, the report says.
This parallel dollar is now three times the value of the official
rate – it jumped to 1,050 pesos per greenback – meaning the
threat of a painful currency devaluation is always looming, the
report discloses.
The disparity has led to a plethora of official exchanges: the
"Coldplay Dollar" for concert tickets, the "Qatar Dollar" for
Argentines travelling abroad, or the "Soy Dollar" for the
agriculture sector, the report relays.
Deeply distrustful of their volatile peso and banks, Argentines
convert their cash to dollars on the black market whenever
possible, and the Central Bank estimates some US$244 billion is
stashed away elsewhere, the report notes.
"The dollar can continue to rise because there is no political
anchor," said Elizabeth Bacigalupo, chief economist at the Abeceb
consulting firm, the report discloses.
The market "thinks that Bullrich or Massa can impose a
stabilisation plan, but what Milei is proposing is disruptive and
there is fear," she added.
Debt, Drought, and Dwindling Reserves
Argentina has been bailed out by the International Monetary Fund 22
times, despite several major defaults.
The most recent loan of US$44 billion was granted in 2018, the
report recalls. The government has been in near constant
renegotiations of a refinancing plan agreed in 2022, the report
notes.
A historic drought – the country's worst in a century – saw
agricultural exports plummet in the past two years, leading to a
shortfall in US$20 billion in revenue, the report relays.
The IMF predicts Argentina's economy will contract by 2.5 percent
in 2023, the report says.
Lorenzo Sigaut Gravina, economist and director of the Equilibra
consulting firm, stated "the economy is not growing" and estimated
that in 2023 activity will contract by two percent, the report
notes.
The country has loaned money from Qatar, taken a bridge loan from
the CAF development bank and has used yuan from a currency swap
with China to make payments to the IMF, to avoid touching its
dwindling reserves, the report relays.
The Central Bank says the country has US$25 billion in its
reserves, but analysts believe the real amount is far lower, the
report relates.
"Net reserves are negative US$5 billion and [Argentina] continues
to spend the last cartridges to sustain the exchange rate, because
Massa still has a chance of winning," Bacigalupo said, the report
discloses.
After the election "there will be significant expectation that
Argentina gets its house in order as a basis for continued
support," said Mark Sobel, US chairman of the Official Monetary and
Financial Institutions Forum (OMFIF), the report relays.
Painful Remedy?
Any candidate seeking to set Argentina on the path to fiscal
discipline and economic stability faces an uphill battle in a
country heavily dependent on the state, which subsidizes public
transport, electricity and water, the report relays.
"These subsidies will have to be reduced. There will be a high
social cost and political tensions," said Bacigalupo, the report
discloses.
The biggest challenge will be balancing public accounts without a
social explosion in a country with a poverty rate of 40.1 percent
and with 9.3 percent of the population considered destitute, the
report says.
"Forty percent of the country is now living in poverty and an
unimaginable amount of Argentines depend on the state, either for
social welfare programs or direct employment," said Gedan, the
report relays.
"The pain will be acute and spread widely . . . . That's why the
politics of stabilisation are so difficult," the report relays.
"A stabilisation plan will be needed and whoever implements it will
have to have political power, because [Massa's] measures will
generate more inflation until the dollars from the harvest come in
in April," warned Sigaut Gravina, the report says.
Milei promised to dollarise and eliminate the Central Bank as a way
to end inflation, the report notes.
According to Lorenzo Sigaut, the plan is "impossible because there
are no dollars and it would require a maxi-devaluation or external
financing," the report relays
For Bacigalupo, "such exorbitant dollar values are necessary to
dollarise – around 4,000 pesos per bill – that it would be
socially unfeasible," the report notes.
Glimmer of Hope
After the drought, Argentina's agricultural industry is expecting
booming harvests of soy and maize between 2023 and 2024, the report
notes.
The Buenos Aires Grain Exchange projects that the soybean harvest
will increase 138 percent in the 2023-2024 season after the severe
drought, and that corn or maize will be boosted 61 percent – a
potential bonanza, the report discloses.
The next government will also benefit from savings in energy
imports and foreign currency as a new gas pipeline ramps up
production from Vaca Muerta – the massive Patagonian oil and gas
reserve, the report says.
The country's massive lithium reserves are also predicted to bring
in precious dollars, the report discloses.
"If we take advantage of [Vaca Muerta], it can bring in more than
US$10 billion a year, and added to the reversal of the drought, the
exploitation of lithium and renewable energies, it will bring in
key dollars for the stabilisation transformations," said
Bacigalupo, 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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: Milei Wishes to Cut Ties With China
----------------------------------------------
Mayra Garcia at Noticias Argentinas reports that the words of the
La Libertad Avanza presidential candidate Javier Milei about his
desire to cut relations with China have reached the Asian giant.
Chinese business leaders have commented with "concern" about the
libertarian leader's remarks during meetings held during President
Alberto Fernandez's trip to Beijing and Shanghaia, according to
Noticias Argentinas.
"There is concern," government sources in the delegation headed by
President Fernandez on his latest official tour around China admit,
saying they have heard such expressions from locals in the meetings
during the first few days of the trip, the report notes.
Argentina will have chosen its next head of state by now. China,
Argentina's second-largest trading partner, observes the process
and awaits the result, the report discloses.
Milei, the most voted for candidate of the PASO primaries on August
13, has anticipated that maintaining business relations with China
is not his desire, the report says. He also wants to sever ties
with Brazil, the country's main trading partner, the report
relays.
Those words also imply that the alliances forged by Fernandez's
administration over the last few years, including Argentina's
potential entry into the BRICS group of nations, scheduled for
January 1 next year, could be suspended, since the libertarian
proposes to do away with the country's two main partners due to
their ideological positions, the report notes.
"Those words are not anchored on data. They'll have to reconsider,"
an official source remarked, the report notes.
In addition to entering the BRICS, Argentina maintains strong ties
with China, translated into the financing of the Cepernic and
Kirchner dams in Santa Cruz, the authorisation of yuan swaps and
pending projects in the Belt and Road initiative, 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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: Tap Extra US$6.5 Billion From China Swap Line
--------------------------------------------------------
Buenos Aires Times reports that the People's Bank of China made
US$6.5 billion available to Argentina from a currency swap line the
countries share, President Alberto Fernandez announced after
meeting with President Xi Jinping in Beijing.
The move comes right before Argentina's presidential election as
political uncertainty roils markets and the peso's parallel
exchange rate sells off, according to Buenos Aires Times.
Fernandez said he originally requested US$5 billion, and Xi granted
an additional US$1.5 billion, the report notes.
"It'll allow us to intervene" in currency markets, Fernandez told
an Argentine radio station. The swap news "is a big relief for
Argentina," the report relays.
In total, Argentina has an US$18-billion swap line with China, the
report notes. It's tapped it at times this year to pay debts to
the International Monetary Fund and finance imports as the South
American country runs low on dollars, leaving the central bank with
record net negative reserves, the report says.
An Economy Ministry spokesman said the activated part of the swap
would be made available, the report notes.
"As I told Xi Jinping, in Argentina we say that good friends appear
in bad moments and every time we went through a hard time, the
government of Xi Jinping was very generous and attentive to our
needs," Fernandez said, the report relays.
Argentina's Central Bank has run low on dollars after a record
drought cost the country US$20 billion of commodity exports, the
report discloses. The peso has lost about half its value on the
parallel exchange rate since a primary vote in August, when
libertarian outsider Javier Milei took first place in a tight
three-way race, reaching a record high of 1,040 pesos per US
dollar, the report notes.
China's financial aid to the incumbent Peronist coalition comes
after Milei pledged in August to cut off diplomatic ties if he were
elected, calling the Chinese government "an assassin" that doesn't
let its people live freely, the report relays.
Economy Minister Sergio Massa, running as the incumbent candidate
to replace Fernandez, who is not seeking re-election, posted that
the freed up resources bring the total available amount in the swap
line to US$11.5 billion, the report notes. Massa faces a tough
road to victory as inflation exceeds 138 percent a year and the
country barrels toward another recession, the report discloses.
Also in the running is Patricia Bullrich, who represents the main
pro-business Juntos por el Cambio coalition, the report says.
The next government will have to contend with a failed
US$44-billion IMF program, the lender's largest, the report relays.
Fernandez's government has tapped the China swap line twice this
year to make IMF payments and avoid going into arrears with the
Washington-based lender, the report notes.
Fernandez criticised Milei's stance on China and boasted about how
he's deepened ties with Beijing during his government, the report
discloses.
"There's a crazy guy who says he won't accord or negotiate with X
country when in reality those countries have helped Argentina a
lot," Fernandez said in response to a question about his party's
contenders, 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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: Fitch Affirms 'B' Foreign Currency IDR, Outlook Positive
------------------------------------------------------------------
Fitch Ratings has affirmed Barbados' Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'B' and has revised the Rating
Outlook to Positive from Stable.
KEY RATING DRIVERS
Positive Outlook: The Outlook revision to Positive reflects the
return to large primary surpluses after the pandemic-induced
relaxation of fiscal targets, a declining public debt trajectory
albeit at high levels, a strengthening economic recovery, and
structural reform efforts including ones to state-owned enterprises
(SOEs) and the pension system.
Barbados' 'B' rating is supported by high GDP per capita and
governance scores (substantially higher than the 'B' median), a
strengthened external liquidity position, a more favorable debt
repayment profile following a comprehensive 2018-2019
restructuring, and EFF and RSF programs that provide access to
financing and underpin reform efforts. These strengths are balanced
by vulnerability to external shocks due to its heavy reliance on
tourism, high public debt levels and interest burden, and limited
domestic financing flexibility.
Economic Recovery Accelerates: The post-pandemic rebound has gained
momentum despite a slower start compared to regional peers. Real
GDP grew 12% in 2022 and 4.1% in 1H23, as pandemic restrictions
were fully removed. Tourist arrivals as of June 2023 reached 87% of
2019 levels and a strong winter high season is expected for
2023-2024. However, the sector faces ongoing constraints from
limited airline flight capacity from some key source markets.
Significant new hotel capacity is expected to come online in the
coming years, increasing the room stock by about 16%. Fitch
forecasts real GDP growth of 4% in 2023 as the post-pandemic
recovery continues and 3% in 2024. New hotel investments and
implementation of a pipeline of renewable energy projects reflect
potential upside.
New IMF Program Anchors Reforms: The first review of Barbados' new
IMF EFF was completed in June 2023, and all quantitative
performance criteria and indicative targets were met. Key pillars
of the program include ongoing support to strengthen fiscal
sustainability, advance structural reforms and boost growth. Under
the programs, USD304 million in funds will be made available over
three years (5.3% of 2022 GDP). A key target is a 60% debt-to-GDP
ratio by fiscal year 2035/36, which will require a prolonged period
of large primary surpluses.
Return to Primary Fiscal Surplus: Barbados reached a primary
surplus of 2.5% of GDP in fiscal year 2022/23 (ending in March
2023), above its original 2% of GDP target, with the additional
0.5% of GDP used for debt prepayment. The outturn was driven by
revenue growth of 17.6%, largely owing to a tourist-driven spike in
VAT of 15.6%, corporate tax prepayments, and windfall pandemic
levies. Expenditure growth slowed to 7.5% from 10.7%, largely due
to a reduction in transfers to public institutions, but capturing a
public sector wage increase.
The fiscal year 2023/24 budget targets a 3.5% of GDP primary
surplus, with adjustments primarily coming from the expenditure
side (further reduction of government transfers to SOEs) and higher
growth. SOE reform is ongoing since the first IMF EFF program
(2018-2022). Significant progress on reducing transfers has been
made (about 4% of GDP to date), and the government expects further
reduction in transfers to the telecommunications, agriculture, and
transport sectors.
Risks to fiscal targets could emerge if SOE reforms lose traction
or if GDP growth underperforms. However, a number of new policies
strive to anchor fiscal credibility and strengthen the framework
once the IMF program ends, including the establishment of a fiscal
council (May 2023), a procedural fiscal rule, and a fiscal risk
unit.
High Interest Burden: Fitch expects the overall deficit to
marginally shrink to 1.7% of GDP in 2024, from 1.8% this year, as
consolidation efforts are balanced by a rising interest burden.
Interest payments are projected to grow to 5.4% of GDP in 2023 from
4.6% in 2022 (or 19.0% versus 16.5% as a share of revenues), due to
higher rates on floating-rate debt (primarily loans from
multilaterals) and step-up coupons in domestic bonds (a feature of
the debt restructuring).
Domestic Debt Market Slowly Reopening: Reopening of the domestic
securities market, which largely froze after the 2018 default and
subsequent debt restructuring, is slowly underway. The government
placed a BBD100 million bond (BOSS+) with a local bank in April
2023, which could help catalyze further reopening of the market and
improve domestic financing flexibility. Nonetheless, many domestic
banks, which were impacted by the restructuring, are still cautious
about investing in public sector debt.
Pension Reform: Barbados has taken proactive action to reform its
pension system, which would have faced sustainability pressures
over a 10-12-year horizon. Recommendations for reforms from a
National Insurance Scheme (NIS) study were proposed in early 2023,
which the Parliament has approved, and all necessary legislation
for their final approval is expected by November this year. Given
already high contribution rates, reforms center on increasing the
retirement age, increasing minimum number of contributing years to
receive a pension, and increasing number of contribution years to
receive a full pension, among other changes.
Debt Declining but Remains High: Fitch forecasts the government
debt burden to fall to 115% of GDP in 2023, back in line with
pre-pandemic levels (117% in 2019). Despite the improvement, the
debt burden remains one of the highest among Fitch-rated
sovereigns. Fitch forecasts debt levels to decline relatively
quickly if large primary surpluses are maintained (105% by 2025).
Achieving the 60% of GDP rule by fiscal year 2035/36 will require
sustained fiscal discipline over a long period, and the absence of
any consequential shocks.
Inflation Picks Up: Average inflation in 2022 (5%, up from 1.5% in
2021) was driven by external factors, including higher costs of
imported goods, which is typical for small island states with fixed
exchange rates. However, local factors such as higher prices in
hotels and restaurants have contributed to a spike this year of
5.9% in 1H, despite lower fuel prices.
Robust Reserves Position: The current account remained wide but
narrowed slightly from 11.2% of GDP in 2021 to 10.7% of GDP in
2022. Fitch forecasts the current account to narrow to 8.1% of GDP
in 2023 and further shrink in the coming years as tourism receipts
recover. The large current account deficit was primarily financed
by FDI and external disbursements from multilaterals. Reserves
remain robust at USD1.6 billion, above the USD1.2billion floor set
in the EFF, and represent a fairly high 6.3 months of CXP as of
June 2023.
ESG - Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption. The
World Bank Governance Indicators (WBGI) have a high weight in
Fitch's proprietary Sovereign Rating Model (SRM). Barbados has a
high WBGI ranking at 77th percentile, reflecting its long track
record of stable and peaceful political transitions, well
established rights for participation in the political process,
strong institutional capacity, effective rule of law and a low
level of corruption.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Public Finances: Emergence of financing constraints; for example,
due to a deterioration in relations with IFIs or failure to
consolidate fiscal accounts;
- External Finances: A sharp reduction in external liquidity; for
example, due to a deterioration in the current account deficit
stemming from an external shock.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Public Finances: A sharp and sustained reduction in the
government debt-to-GDP ratio reflecting persistently high primary
surpluses;
- Public Finances: Demonstration of improving access to financing
sources beyond multilaterals; for example, through a reopening of
the domestic debt market;
- Macro: Progress on economic reforms that improve the outlook for
investment and trend growth.
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Barbados a score equivalent to a
rating of 'BB-' on the Long-Term Foreign Currency IDR scale.
Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final Long-Term Foreign Currency IDR by applying
its QO, relative to SRM data and output, as follows:
- Public Finances: -1 notch, to reflect a very high government debt
burden and still constrained financing options due to limited
appetite for domestic debt. The SRM is estimated on the basis of a
linear approach to government debt/GDP and does not fully capture
the risk at high debt levels.
- External Finances: -1 notch, to reflect external vulnerability to
shocks, stemming from natural disasters and the economy's high
dependence on international tourism.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.
COUNTRY CEILING
Barbados' Country Ceiling is 'B', in line with the Long-Term
Foreign Currency IDR. This reflects no material constraints and
incentives, relative to the IDR, against capital or exchange
controls being imposed that would prevent or significantly impede
the private sector from converting local currency into foreign
currency and transferring the proceeds to non-resident creditors to
service debt payments.
Fitch's Country Ceiling Model produced a starting point of no
notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.
ESG CONSIDERATIONS
Barbados has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As Barbados
has a percentile rank above 50 for the respective Governance
Indicator, this has a positive impact on the credit profile.
Barbados has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Barbados has a percentile rank
above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.
Barbados has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Barbados has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.
Barbados has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Barbados, as for all sovereigns. As Barbados
has a fairly recent restructuring of public debt in 2019, this has
a negative impact on the credit profile.
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
----------- ------ -----
Barbados LT IDR B Affirmed B
ST IDR B Affirmed B
Country Ceiling B Affirmed B
senior
unsecured LT B Affirmed B
===========
B R A Z I L
===========
BRAZIL: B3 Stock Market Sees Fourth Consecutive Fall
----------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's primary
stock index, the B3, closed at 113,155.28 points on October 20,
2023, marking a 2.25% drop for the week.
This marked the fourth day in a row that the market saw a decline,
according to Rio Times Online. In a day-to-day comparison, the B3
decreased 0.74% from Oct. 19.
Global markets also faced similar downward trends, the report
notes. Among them, key U.S. stock indexes declined, the report
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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
BRAZIL: Batista Family Allocates $1 Billion for Mining Expansion
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that the Batista family,
already prominent in the meatpacking industry and among the
wealthiest in Brazil, is branching out.
They're putting more than $1 billion into the mining sector,
according to Rio Times Online. Last year, their company, J&F
Investments, bought mines from Vale, the report notes.
J&F operates in over 190 countries and employs more than 278,000
people worldwide, the report relays.
The company has businesses in various sectors, including food,
pulp, energy, mining, financial services, communications,
cosmetics, and cleaning products, the report 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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Gets Praises for Initiative to Improve Economy
------------------------------------------------------------------
Dominican Today reports that American economist Michael Kremer, a
2019 Nobel Prize laureate in Economics, has praised the Dominican
Republic's initiative to improve its public policy evaluation
system. During his visit, Kremer discussed possible evaluations of
various government programs in collaboration with the Dominican
Government, including Oportunidad 14-24, English by Immersion, and
pilot programs in sexual education and robotics applied in
teaching.
Kremer emphasized the importance of using scientific evidence to
support public policies and decisions, highlighting that such
evaluations serve as valuable learning tools for public
institutions to refine their strategies, according to Dominican
Today. He acknowledged the Dominican Republic's commitment to
learning and engaging in evaluations, which is not the case
everywhere, the report notes.
The Minister of Economy, Planning, and Development, Pavel Isa
Contreras, emphasized the need to expand the evaluation practice of
public policies in the country, highlighting that evaluating goes
beyond auditing and is about measuring the efficiency,
effectiveness, and impact of policies to make informed decisions,
the report relays. Collaborating with Kremer and his team
represents a step toward institutionalizing this practice, the
report notes.
The Ministry of Economy, Planning, and Development is in the
process of formalizing an agreement with the University of Chicago
and the Development and Innovation Laboratory to create a public
policy evaluation unit within the ministry, further promoting the
exchange of knowledge, the report discloses.
The programs developed in collaboration with the American
laboratory focus on forming specialized human capital, which is
seen as a means to reduce the need for social subsidies in the
future, the report relays. The government aims to reduce social
subsidies as young people enter the labor market competitively, the
report discloses.
Michael Kremer received the Nobel Prize for his work on an
experimental methodology to alleviate global poverty, the report
discloses. He currently serves as a professor of economics and
public policy at the University of Chicago and leads the
Development and Innovation Laboratory (DIL) for the university, the
report relays.
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.
TCR-LA 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 wealth levels 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.
=============
J A M A I C A
=============
JAMAICA: Inflation at 5.9% for September
----------------------------------------
RJR News reports that annual inflation as at September was 5.9 per
cent.
This is the second time since this year, that point to point
inflation has fallen within the Bank of Jamaica's 4 to 6 per cent
target range, according to RJR News.
Director General of the Statistical Institute of Jamaica Carol Coy
says the results were linked mainly to the performance of the Food
and Non-Alcoholic beverages division, the report notes.
Meanwhile, the unemployment rate was 4.5 per cent in July, the
report says.
This was 2.1 percentage points lower than the 6.6 per cent in July
2022, the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy. This is the best credit
rating that Jamaica has received from S&P since it started rating
the country's sovereign debt in 1999, according to The Gleaner.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
Moody's credit rating for Jamaica was last set at B2 with stable
outlook (December 2019).
=======
P E R U
=======
NAUTILUS INKIA: S&P Affirms 'BB-' ICR, Outlook Remains Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on Latin
American power generator Nautilus Inkia Holdings SCS (Inkia) and
'B+' issue-level rating on the company's notes.
The outlook remains negative, reflecting S&P's view that it could
downgrade Inkia by one or more notches in the next six to 12 months
if its parent company continues to adhere to its divestment
strategy or if our view of Nautilus' financial risk worsens.
S&P continues to analyze Inkia at the level of (Nautilus or the
group).
S&P said, "Nautilus consolidates several subsidiaries, some of
which are co-issuers and jointly responsible for Inkia's $218
million existing bullet notes, which we now rate 'B+'. In addition,
Nautilus consolidates the financial results of Orazul Energy Peru
S.A. (BB-/Stable/--) and other operating companies in Latin
America. We treat Nautilus as a single economic entity bearing the
same default risk, given the level of integration and synergies
among the group's entities, as well as the sharing of the top
management and controlling shareholder."
S&P removed ISQ's financial sponsor designation and revised the
group's financial policy assessment to neutral because it now
considers ISQ an infrastructure fund rather than a financial
sponsor, based on the following characteristics:
-- Initially, ISQ started as a private equity fund, but it now
markets itself as an infrastructure fund;
-- Its investment portfolio is heavily concentrated in
infrastructure assets;
-- Its financial policy is less aggressive than that of a typical
private equity fund, with a longer investment horizon and lower
debt to EBITDA; and
-- In the past, ISQ has shown that dividend distributions from
Nautilus can be flexible to preserve the subsidiaries' financial
health and liquidity.
S&P's revised view of the group's financial policy has no effect on
its ratings on Inkia.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Oct. 16 to Oct. 20, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country
Curr
------ --- ----- -------- -------
----
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
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
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
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
Earls Eight 2.3 75.2 05/20/2032 KY
AUD
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
Kaisa Group Holdings 10.9 9.1 KY
USD
MSU Energy SA 6.9 71.2 02/01/2025 AR
USD
Jamaica Government 8.5 68.9 12/21/2061 JM
JMD
Jamaica Government 6.3 72.7 07/11/2048 JM
JMD
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
Itau Unibanco SA 5.8 19.4 05/20/2027 BR
BRL
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
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
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
Three Gorges Finance 3.2 74.2 10/16/2049 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
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
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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.
.
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