/raid1/www/Hosts/bankrupt/TCRLA_Public/231211.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, December 11, 2023, Vol. 24, No. 247
Headlines
A R G E N T I N A
ARGENTINA: Economic Shock Unavoidable, Milei Warns in Maiden Speech
ARGENTINA: Milei Finalizes Cabinet Line-Up
ARGENTINA: Set to Double Wheat Sales to Brazil on Rebounding Crop
B R A Z I L
BRAZIL: Amazon States Seek Role as Carbon Credit Brokers
BRAZIL: Records Rise in GDP Debt to 74.7% in October
BRAZIL: To Maintain Current Rate Cut Pace, Board Members Say
C H I L E
INVERSIONES LATIN: Files for Bankruptcy in Manhattan
C U B A
CUBA: Moody's Withdraws 'Ca' Long Term Issuer Ratings
J A M A I C A
JAMAICA: BOJ Says Rate of Financial Fraud Won't Destabilize Economy
JAMAICA: Cost for Recreational Activities, Goods Increase by 4.3%
P A N A M A
FIRST QUANTUM: S&P Cuts Rating to 'B' on Disruptions at Panama Mine
P A R A G U A Y
BANCO CONTINENTAL: Moody's Affirms 'Ba1' Long Term Deposit Rating
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Dec. 4 to Dec. 8, 2023
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Economic Shock Unavoidable, Milei Warns in Maiden Speech
-------------------------------------------------------------------
Nicolas Misculin and Candelaria Grimberg, writing for Reuters,
report that Argentina libertarian economist Javier Milei took
office on December 10, 2023, warning in his maiden speech that he
had no alternative to a sharp, painful fiscal shock to fix the
country's worst economic crisis in decades, with inflation heading
towards 200%.
"There is no alternative to a shock adjustment," he said on the
steps on Congress after taking the presidential baton and sash,
with crowds of supporters cheering despite Milei saying the economy
would worsen in the short term, notes the report. "There is no
money."
Milei, 53, a former TV pundit who shot to fame with
expletive-ridden tirades against rivals, China, and the pope, is
taking over from Peronist leader Alberto Fernandez, whose
government was dogged by failures to rein in soaring prices,
recounts Reuters.
"The outgoing government has left us on track towards
hyperinflation," Milei said, Reuters added. "We are going to do
everything we can to avoid such a catastrophe."
While the speech was light on details, he said key steps would
include a fiscal adjustment equivalent to 5% of the country's GDP
through cuts that he said would fall on "the state and not the
private sector," the reports says.
The wild-haired outsider marks a major gamble for Argentina: his
shock therapy economic plan of sharp spending cuts has gone down
well with investors and could stabilize the embattled economy, but
it risks pushing more people into hardship with over two-fifths
already in poverty, Reuters says.
However, voters - who drove Milei to victory in a November run-off
against a ruling Peronist coalition candidate - have said they were
willing to roll the dice on his sometimes radical ideas that
include shutting the central bank and dollarizing, notes the
report.
BOOM AND BUST
According to Reuters, the challenges are huge. Argentina's net
foreign currency reserves are estimated at $10 billion in the red,
annual inflation is 143% and rising, a recession is around the
corner and capital controls skew the exchange rate.
Reuters relates that Argentina has gone through boom-bust cycles
for decades with money printing to fund regular deficits stoking
inflation and weakening the peso. That has worsened in recent years
as reserves have dwindled with a major drought earlier this year
hitting main cash crops soy and corn.
If not tamed, inflation could reach 15,000% annually, Milei warned
in his speech, pledging to "fight tooth and nail" to eradicate it,
the report relays. He also warned about a $100 billion debt
"bomb".
The major grains exporter needs to revamp a creaking $44 billion
loan program with the International Monetary Fund (IMF), while
Milei needs to navigate ties with important trade partners China
and Brazil, whom he criticized during the campaign, notes the
Reuters report.
Milei takes over from unpopular outgoing center-left President
Fernandez, but will need to negotiate with rivals as his
libertarian coalition only has a small bloc in Congress, Reuters
says. He has allied with the main conservative grouping.
That has already had an impact. He has moderated his tone in the
last few weeks, packed his first Cabinet with mainstream
conservatives rather than ideological libertarian allies, and on
Dec. 10 he did not mention dollarization in his speeches, notes the
report.
Later in the day, he took action to make good on one campaign
promise, announcing in a post on X that he had signed a decree to
slash the number of ministries by half, from 18 to nine.
The move evokes one of Milei's most memorable moments as a
candidate, when a video went viral on social media showing him
tearing down sticky notes with the names of ministries he aimed to
close, angrily shouting in Spanish "afuera" - out with you,
recounts the report.
Argentina will also remain part of the Paris Agreement on climate
change, Milei's new climate diplomat told Reuters on Sunday,
despite his past comments that global warming is a hoax, according
to Reuters.
The moderate tilt has buoyed markets and reassured voters.
'CHANGE WAS NECESSARY'
Reuters notes that to fix the economic mess, Milei has chosen
mainstream Luis Caputo to helm the economy ministry, with a close
Caputo ally Santiago Bausili as the central bank chief.
Milei and Caputo are expected to lay out a more detailed economic
plan early next week, which will focus on reducing spending and
closing the fiscal deficit.
"We are going to put the country back on its feet and make
Argentina great again," the report quotes Milei as saying in a
later short address to supporters from the presidential palace
balcony, echoing former U.S. leader Donald Trump's slogan. "It's
the end of the populist night and the rebirth of a prosperous and
liberal Argentina."
The ceremony's guests included Ukrainian President Volodymyr
Zelenskiy, who is expected to meet with Milei, Hungarian Prime
Minister Viktor Orban and a U.S. delegation.
Right-wing former Brazilian leader Jair Bolsonaro also attended, as
well as Uruguay's conservative leader Luis Lacalle Pou. Chile's
leftist President Gabriel Boric was also present, but leftists Luiz
Inacio Lula da Silva of Brazil and Mexican Andres Manuel Lopez
Obrador were some of the major absences.
In a sign of challenges ahead, state energy firm YPF hiked petrol
pump prices this week by an average of 25%, with analysts and
markets anticipating a sharp devaluation of the over-valued peso
currency shortly after Milei takes office, says the report.
"We know in the short term the situation will worsen but then we
will see the fruits of our efforts," Milei said, notes Reuters. "We
don't seek or desire the tough decisions that will need to be made
in the weeks ahead, but unfortunately we have no choice."
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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 Finalizes Cabinet Line-Up
------------------------------------------
Buenos Aires Times reports that the final pieces of Javier Milei's
government are falling into place - with just a few key slots left
to fill.
All eight members of the president-elect's Cabinet have now been
either publicly named by the libertarian leader or confirmed in
statements from his office published on social media, according to
Buenos Aires Times.
However, at press time, there was still no word as to who will take
on the Health portfolio, the report notes. The heads of the AFIP
tax bureau, National Migration Directorate or the AFI intelligence
services had also been named, the report relays. Despite rumours,
a mining secretary had also yet to be named, the report discloses.
The most recent names to be confirmed were incoming Central Bank
governor Santiago Bausili, new Banco Nacion chief Daniel Tillard
and Belen Stettler as the new communications secretary, the report
notes.
Their profiles, however, fail to reach the heights of the
highest-profile appointees who were formalized last week: Milei's
former rival Patricia Bullrich and her running-mate Luis Petri, the
report discloses. Their appointments as Security minister and
Defence minister respectively means the president-elect has
incorporated both members of the opposition presidential ticket,
the report says.
Milei made his debut as president, surrounded by a Cabinet very
different from the circles around him in the campaign leading to
his November 19 run-off victory over ruling coalition candidate
Sergio Massa, the report relays.
A number of libertarian allies expected to take key posts in his
government - including his vice-presidential running-mate Victoria
Villarruel - seem to have been passed over in favour of candidates
with fuller CVs and career experience related to their positions,
the report notes.
It will be a Cabinet of eight ministries: Defence, Justice,
Economy, Human Capital, Foreign Relations, Infrastructure, Security
and Interior, the report relays. This represents a major overhaul
from the 19 portfolios of the Alberto Fernandez government, the
report says.
Some ministries will now become secretariats such as Social
Development, Work and Education, all forming part of the new Human
Capital Ministry, the report notes. Other areas such as
Environment, Science, Technology and Innovation; Culture; Housing
(Desarrollo Territorial y Habitat); Women, Gender & Diversity,
Transport; and Tourism & Sports are all being downgraded, the
report says.
Speculation still remains over the future of the Health Ministry,
the report relates. Though Milei said he would downgrade it,
unconfirmed reports say that the president-elect is now
reconsidering his position and may keep it separate from the Human
Capital Ministry, its original intended destination, the report
notes.
Though the leaders of all the eight ministries are now covered,
doubts also remain over the future mining secretary, the report
discloses. While that seemed heading to Sergio Arbeleche, future
Infrastructure minister Guillermo Ferraro's companion in transition
talks, outgoing Energy Secretary Flavia Royon, looms on the
horizon, the report notes.
The future heads of AFIP (Administracion Federal de Ingresos
Públicos (AFIP) tax bureau, the Immigration Department and AFI
(Agencia Federal de Inteligencia) are yet to be confirmed, the
report adds.
Confirmed Cabinet names
-- Nicolas Posse, as Cabinet chief
-- Luis "Toto" Caputo, as Economy minister
-- Guillermo Francos, as Interior minister
-- Patricia Bullrich, as Security minister
-- Mariano Cúneo Libarona, as Justice minister
-- Sandra Pettovello, as Human Capital minister
-- Guillermo Ferraro, as Infrastructure minister
-- Luis Petri, as Defence minister
-- Diana Mondino, as Foreign minister
Key positions, secretariats, state bodies, state firms
-- Manuel Adorni, presidential spokesperson
-- Eduardo Rodriguez Chirillo, as energy secretary
-- Leonardo Cifelli, as culture secretary
-- Gustavo Moron, as labour secretary
-- Franco Mogetta, as transport secretary
-- Belen Stettler, as communications secretary
-- Osvaldo Giordano, head of ANSES social security agency
-- Santiago Bausili, Central Bank governor
-- Daniel Tillard, president of the Banco Nacion
-- Marco Lavagna, head of INDEC national statistics bureau
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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: Set to Double Wheat Sales to Brazil on Rebounding Crop
-----------------------------------------------------------------
Clarice Couto at Bloomberg News reports that Argentina is poised to
more than double its shipments of wheat to Brazil, displacing
competitors including Russia in the key global agriculture market.
Shipments of the grain commonly used in Brazilian favorite "French
rolls" are likely to average 450,000 metric tons per month in 2024,
according to Brazilian trader Serra Morena SA, according to
Bloomberg News. That would push total annual trade to exceed five
million tons and put it near historical highs, Bloomberg News
relays. The outlook compares with about 188,000 tons a month so
far this year and annual shipments of roughly two million, trade
data through October show, Bloomberg News notes.
Argentina - a top global wheat supplier whose biggest customer is
neighbouring Brazil - is expected to benefit from a partial rebound
in domestic output after the worst plunge in more than three
decades last season led the government to take measures to ensure
domestic supplies, Bloomberg News says. The drop impacted the
amount of supply available to ship through 2023, Bloomberg News
relays.
Meanwhile, farmers in Brazil, which typically relies on imports for
roughly half of its consumption needs, are faced with the lowest
crop yields in six years due to excessive rains caused by the El
Niño weather phenomenon, Bloomberg News notes.
Global Supplies
Bigger crops from Argentina will add further pressure to the world
wheat market that's already dealing with abundant supplies from top
exporter Russia, Bloomberg News notes. Wheat futures traded in
Chicago are down about 20% in 2023, Bloomberg News discloses.
Argentina wheat output is seen growing 20 percent this year to 14.7
million metric tons, according to Buenos Aires Cereals Board of
Trade, Bloomberg News relays. In Brazil, production is seen
dropping 23 percent from the previous season, according to the
National Supply Company, Bloomberg News says.
In Brazil, Latin America's largest economy, Parana state-based
wheat processor Infasa Industria de Farinhas SA expects to double
purchases of Argentine cereal next year, while Cooperativa Agraria
Agroindustrial Ltda plans to triple imports, according to
representatives for the companies, Bloomberg News notes.
Increased supplies from its neighbor means Brazil is likely to turn
away from Russia, which helped fill the supply gap left by
Argentina during its output crunch, Bloomberg News discloses.
Prices for Argentine wheat, which can be exported into Brazil with
no tariffs under the trade bloc Mercosur's rules, should remain
competitive with those for Russian supplies at least until May,
according to Serra Morena's Walter Von Muhlen, Bloomberg News says.
"From mid-year onwards, buyers may look again at crops in North
Hemisphere," Von Muhlen said, Bloomberg News adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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 R A Z I L
===========
BRAZIL: Amazon States Seek Role as Carbon Credit Brokers
--------------------------------------------------------
Oliver Mason at Rio Times Online reports that Amazonian states in
Brazil are pushing to amend PL 412/2022, aiming to regulate their
carbon market more directly.
Their goal is to enable themselves, rather than landowners, to sell
carbon credits generated within their territories, according to Rio
Times Online.
This change seeks to clarify and expand the states' role in the
emerging carbon market, the report notes.
Governor Helder Barbalho of Para leads this effort, 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: Records Rise in GDP Debt to 74.7% in October
----------------------------------------------------
Richard Mann at Rio Times Online reports that in October 2023,
Brazil's public debt notably increased, soaring to 74.7% of the
GDP, a rise from 74.4% in September.
The total debt reached R$ 7.9 trillion ($1.68 trillion), according
to Rio Times Online.
This debt includes liabilities across various government levels:
the federal government, social security, and local governments, the
report notes.
The Central Bank of Brazil released this information on December 6,
2023, the report relays.
The increase in debt resulted from several factors, the report
notes. A rise in nominal interest rates contributed 0.6 percentage
points, 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: To Maintain Current Rate Cut Pace, Board Members Say
------------------------------------------------------------
Reuters reports that Brazil's central bank still sees its current
pace of 50-basis-point interest rate cuts per meeting as
appropriate and expects it to remain in place for the next few
meetings, multiple board members said.
Remarks from Governor Roberto Campos Neto and economic policy
director Diogo Guillen came as the central bank's monetary policy
committee prepares to gather for the final time this year on Dec.
12 to 13, according to the report.
The authority has delivered a total 150 basis points of cuts since
August, when it kicked off a monetary easing cycle after holding
its benchmark rate at a six-year high of 13.75% for nearly a year
to tame high inflation, the report notes.
"We understand that the 50-basis-point pace is adequate . . . and
appropriate for the coming meetings," Campos Neto told an event
hosted by bank federation Febraban, echoing Guillen's remarks at a
Barclays event earlier in the day, the report notes. Guillen
emphasized that there was a "high bar" for the easing pace to
change, the report adds.
Both declined to provide forward guidance on the end of the current
easing cycle, but Campos Neto said the central bank believes the
terminal rate would still be in restrictive territory, according to
Reuters.
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).
=========
C H I L E
=========
INVERSIONES LATIN: Files for Bankruptcy in Manhattan
----------------------------------------------------
globalinsolvency.com, citing WSJ Pro Bankruptcy, reports that a
Chilean wind farm operator backed by Latin American Power has filed
for bankruptcy in the U.S. with a restructuring deal that would
provide financial relief from a debt default due to increased
competition and severe drought.
Santiago-based Inversiones Latin America Power filed for chapter 11
in the U.S. Bankruptcy Court in Manhattan, with more than $400
million of debt, according to the report.
Chief Executive Esteban Moraga said a 2019 move by the Chilean
government to phase out coal plants and make the country carbon
neutral by 2050 resulted in a proliferation of new renewable
projects, in turn creating a shortage of transmission capacity, the
report notes.
Other factors pressuring the company's finances include volatility
in the Chilean energy market due to severe drought conditions, he
said in a sworn declaration filed in bankruptcy court, the report
relays.
Those conditions have resulted in lower energy generation at the
company's two wind farms, forcing it to buy energy at significantly
higher prices in the spot market to honor customer contracts, the
report notes.
That move has hurt cash flow, making the company unable to meet its
debt obligations, the report says. Earlier this year, Inversiones
defaulted on its debt and its credit ratings were lowered, partly
due to spot price volatility, the report adds.
=======
C U B A
=======
CUBA: Moody's Withdraws 'Ca' Long Term Issuer Ratings
-----------------------------------------------------
Moody's Investors Service has withdrawn the Ca long-term domestic-
and foreign-currency issuer ratings of the Government of Cuba due
to lack of sufficient information. The outlook at the time of the
withdrawal was stable. In a related action, Moody's has also
withdrawn the Ca local and foreign-currency country ceilings for
Cuba.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
=============
J A M A I C A
=============
JAMAICA: BOJ Says Rate of Financial Fraud Won't Destabilize Economy
-------------------------------------------------------------------
RJR News reports that the Bank of Jamaica says the current rate of
financial fraud locally, is not at a point to destabilize the local
economy.
Deputy Governor at the BOJ Dr. Jide Lewis says while the rate of
fraud is still "quite small", it is a major concern for the central
bank, according to RJR News.
"It's not a threat to the stability of the financial system. The
banking sector is about $1.6 trillion in terms of assets. Banking
frauds at its peak is about $1 billion and it has meandered between
$500 million and $1 billion.
"Now, I know that is a large figure when you talk about an
individual. I do understand that there is a concern when we hear
these numbers, but we have to remember that this is spread across
10 institutions. So what you are really talking about on average is
about $100 million of losses per institution on average if you are
to spread it around," he sought to explain, the report notes.
Still, he said the central bank is keeping close watch, as it
"obviously [does] not want even a dollar of frauds going to
criminals," he added.
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.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
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.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
JAMAICA: Cost for Recreational Activities, Goods Increase by 4.3%
-----------------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica said the
cost for activities and goods considered recreational increased by
4.3 per cent on an annual basis as at October.
The assessment by the national statistics agency found that for the
month of October alone, the index for the 'Recreation, Sport and
Culture' division rose by 0.3 per cent, according to RJR News.
STATIN says this was attributed to a 0.3 per cent increase in the
index for the group 'Newspapers, Books and Stationery,' the report
notes.
Costs associated with that grouping increased mainly due to higher
prices for books and stationery supplies, 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.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
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.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
===========
P A N A M A
===========
FIRST QUANTUM: S&P Cuts Rating to 'B' on Disruptions at Panama Mine
-------------------------------------------------------------------
S&P Global Ratings lowered its ratings on copper producer First
Quantum Minerals (FQM) and its unsecured notes to 'B' from 'B+' and
put all ratings on CreditWatch with negative implications.
The CreditWatch negative reflects that S&P could downgrade FQM in
the coming months if a longer-than-anticipated closure of the
Panama mine constrained FQM's liquidity and credit metrics.
The downgrade of FQM to 'B' follows the declaration by Panama's
Supreme Court that FQM's concession to operate Cobre Panama mine is
unconstitutional. The Cobre Panama mine concession contract was
enacted into law in October 2023, after several months of
negotiations. However, significant public outcry against the
Panamanian government and the terms it agreed to under the new
concession led to FQM's contract and the broader mining industry
becoming associated with the heated protests across the country.
Protestors blocked the country's logistical routes, and a blockade
of the Punta Rincon port forced FQM to halt commercial operations.
The court ruling ensued and it is now unclear when--if at all--the
company will be able to reopen the mine. S&P assumes that FQM may
not restore stable commercial operations before May 2024, when
Panama will have its general elections. There's a possibility that
an incoming government would be more willing to partner with Cobre
Panama--which generates close to 5% of the country's GDP and
supports many jobs--especially if calm and order are restored.
S&P said, "In our view, a prolonged shut-down of Cobre Panama mine
would heighten the pressure on the rating on FQM. The Cobre Panama
mine is FQM's most important asset in its portfolio, having
contributed about 63% of the group's EBITDA in the first nine
months of 2023. Quantifying the impact of the mine's closure on
FQM's leverage and liquidity would be difficult since it will
depend on the timing of a restart of operations. We understand
that, in the meantime, the company is seeking clarifications from
the government on the latest announcements, while exploring options
to protect its liquidity, including adjustments to capital
expenditure (capex) and considering different funding sources."
Possible scenarios and their impact may include:
-- Operations resumed in the second half of 2024. S&P would
anticipate a deterioration in FQM's credit metrics, given the
EBITDA loss, but the impact might be somewhat offset by lower
capex. There would likely be a limited impact on the company's
liquidity position and on ability to manage debt maturities.
-- Disruption continued through 2025. This would likely give way
to a pronounced EBITDA loss leading to negative free cash flow,
resulting in high leverage and potentially jeopardized compliance
with covenants. Upcoming maturities would squeeze FQM's liquidity,
and cash flow outside of Panama would be insufficient to meet all
debt maturities.
-- Canceled concession. A complete halt of operations at Cobre
Panama would constrain S&P's assessment of FQM's business risk
profile because of the mine's sizable EBITDA contribution and role
diversifying operations outside of Zambia, which has higher country
risk than Panama, in its view. Furthermore, a smaller business
footprint is unlikely to support the company's current debt
structure.
S&P said, "We do not anticipate short-term liquidity concerns.
Considering a cash buffer of about $0.7 billion at the end of the
third quarter (excluding the November 2023 payment of $567 million
in tax to Panama), $1 billion undraw senior debt facilities, and
positive cash flow from assets outside of Panama, we anticipate
that FQM will have sufficient liquidity to cover its needs for the
next 12 months. However, maturities in 2025, primarily the $1.05
billion bond due April, may require alternative funding sources.
"The CreditWatch placement indicates that we may downgrade FQM in
the coming months if we consider that operational disruptions at
Cobre Panama turn out to be prolonged and lead to a substantial
increase in leverage and weakening liquidity. We may also regard
FQM's business as less resilient if the Panamanian contribution to
EBITDA falls meaningfully below 50%, or if the political risk
associated with operating the Cobre Panama mine rises."
===============
P A R A G U A Y
===============
BANCO CONTINENTAL: Moody's Affirms 'Ba1' Long Term Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has upgraded Banco Continental
S.A.E.C.A.'s (Continental) baseline credit assessment (BCA) and
adjusted BCA to ba1, from ba2, its long-term counterparty risk
ratings, local and foreign currency, to Baa3, from Ba1, as well as
its long-term counterparty risk assessment (CRA) to Baa3(cr), from
Ba1(cr). Moody's also upgraded the bank's short term local and
foreign currency counterparty risk ratings and counterparty risk
assessment to Prime-3 and Prime-3(cr), from Not Prime and Not
Prime(cr), respectively. Concurrently, Moody's affirmed
Continental's long-term local and foreign currency deposit and
senior unsecured debt ratings at Ba1. The bank's short-term local
and foreign currency deposit ratings were also affirmed at Not
Prime. The outlook on the long-term deposit and senior unsecured
debt ratings were changed to positive from stable.
RATINGS RATIONALE
The upgrade of the BCA to ba1 reflects the improvement of
Continental's financial fundamentals over the last two years,
particularly in the risk profile of its credit portfolio following
the consistent reduction in the balance of loans that were either
restructured or under regulatory deferral measures. The ba1
standalone BCA also incorporates business diversification efforts
arising from the expansion of its regional operations, which will
gradually reduce the risk concentration related to its operations
in the agribusiness segment in Paraguay. The ba1 BCA also
acknowledges Continental's earnings generation power that has been
backed by disciplined cost controls and a diversified, low-cost
funding base which has supported the bank's financial profile
through the cycles. With a well-established footprint in the
corporate as well as the small and medium-sized enterprise lending
segments, Moody's expect Continental to benefit from increasing
business opportunities as Moody's anticipates a real GDP growth of
3.5% in Paraguay in 2024.
In September 2023, loans that are either refinanced, restructured
or under special regulatory measures accounted for 3.4% of credit
portfolio, sharply down from over 20% two years earlier and below
the system-average of 6.4%. Continental's 60-day problem loan ratio
remained controlled in September 2023, at 2.3%, supported by
prudent provisioning policies, as illustrated in a loan loss
reserve to problem loans ratio of 144% compared to a system average
of 100%. In addition, the bank maintained a strong
collateralization of its loans, providing additional cushion
against its large exposure concentration to the agribusiness sector
that has been challenged by climate events in the last two years.
The bank's wide branch network ensures broad access to inexpensive
core deposits, which helps to counterbalance the effects of a
highly competitive environment among Paraguayan banks and high
levels of institutional funding. The bank's ample net interest
margins, at 4.4% in the nine months ended in September 2023, good
efficiency metric and prudent risk management have historically
supported Continental's track record of consistent profitability
through cycles. In September 2023, net income to tangible assets
stood at a high 2.5%, supported by high interest rates and a
portfolio growth of 15% in the last 12 months. Steady earnings
generation has also supported Continental's high capitalization,
maintaining a conservative loss-absorption capacity. Moody's
adjusted TCE to risk weighted assets was 14.5% as of September
2023.
The positive outlook is in line with the positive outlook on the
Government of Paraguay, and reflects Moody's view that, should the
government's rating be upgraded, Continental's deposit and senior
unsecured debt ratings would receive a one-notch uplift derived
from Moody's assessment of a high probability of government support
that would be provided to the bank in an event of stress. Moody's
view is backed by the systemic importance of the bank as the
second-largest bank in the system, with 15% deposit market share as
of September 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Continental's deposit and debt ratings would face upward pressure
if the Government of Paraguay's rating is upgraded. The BCA of ba1
is currently at the same level of the sovereign ratings, and
therefore, there is no upward pressure at the BCA at this
juncture.
Conversely, although unlikely at this point given the positive
outlook, a downgrade in the sovereign rating of the Government of
Paraguay would lead to a downgrade in Continental's ratings.
Continental's BCA could also be downgraded should its asset risk
and/or capital deteriorate materially.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Dec. 4 to Dec. 8, 2023
------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
KWG Group Holdings 7.4 15.8 01/13/2027 KY USD
KWG Group Holdings 6 40.8 01/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 02/13/2026 KY USD
KWG Group Holdings 7.4 26.5 03/05/2024 KY USD
KWG Group Holdings 6 19.4 08/10/2025 KY USD
KWG Group Holdings 6 16.8 08/14/2026 KY USD
KWG Group Holdings 7.9 27.5 08/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
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
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
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
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
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
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
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
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
*********
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 * * *