/raid1/www/Hosts/bankrupt/TCRLA_Public/240325.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, March 25, 2024, Vol. 25, No. 61
Headlines
A R G E N T I N A
ARGENTINA: Seeks USD15BB to Fast Track End of Forex Restrictions
ARGENTINA: US Green Fuel Push Threatens Main Export Market
B R A Z I L
B3 SA: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
GOL LINHAS: Wants Lessors to Help Finance Fleet Overhaul
J A M A I C A
NCB FINANCIAL: Announces Board Changes
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Cocoa Industry in Steady Decline
V E N E Z U E L A
VENEZUELA: Enacts Law to Establish Province in Disputed Territory
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week March 18 to March 22, 2024
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A R G E N T I N A
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ARGENTINA: Seeks USD15BB to Fast Track End of Forex Restrictions
----------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei says his
government is seeking to raise US$15 billion in capital to speed
Argentina's exit from strict currency controls.
The money could come from various sources, including the
International Monetary Fund, other multilateral bodies and private
investors, said the La Libertad Avanza leader in a radio interview,
according to Buenos Aires Times.
"We are working on that," Milei responded during an interview with
Radio Mitre. He explained that the capital could come "from a
negotiation that includes the IMF, other countries, and foreign
mutual funds," the report notes.
The expectation is that "by the middle of the year, we could open
the cepo," said Milei, referring to Argentina's complicated web of
foreign currency controls that have been in place since 2019 and
limit access to dollars, the report relays.
Buenos Aires Times discloses that Argentina's historically high
inflation, which is currently running at more than 260 percent per
annum, means that many citizens use the US currency as a safe haven
for savings.
"If they gave me 15 billion [dollars], we would open it now," he
said.
The plan, which had been trailed by the president on multiple
occasions, would mean increasing the amount of money Argentina owes
to the IMF, the report notes. The nation currently has a credit
program with the multilateral lender worth some US$44 billion, the
report relays.
"The Economy Ministry is negotiating a new agreement with the IMF.
If the conditions are satisfactory, we can move forward," explained
Milei, who said that the removal of currency controls should take
place before the middle of the year, Buenos Aires Times discloses.
"What we have done in our administration puts us in an unbeatable
situation because we lowered the [fiscal] deficit by 11 points, out
of which five are from the Treasury and six from the Central Bank,"
said the president, the report notes.
The president confirmed that the target is around US$15 billion,
the report says.
"The quicker we get it, the quicker we lift the cepo," said Milei.
Despite the promises, Milei acknowledged challenges lie ahead. The
president conceded in the interview that Argentines are "going
through the toughest month" of his young government to date and
that the situation would continue into "the first days of April,"
the report relays.
Nevertheless, he argued, there is strong backing on the streets for
his plan. "It's clear for people that they're going through a very
tough time, but they believe there's a way out," he insisted.
"Argentines are putting their shoulders to the wheel, knowing that
we can get out of this," he added.
The report notes that asked about growing protests against his
government on the streets, Milei asked his compatriots for "trust
and patience."
S&P withdraws 'selective default' rating for Argentina's debt in
pesos
Standard & Poor's has upgraded Argentina's peso debt rating from
"selective default" to CCC/C, after it finalized a local currency
debt swap that could reach the equivalent of US$55.3 billion, the
report discloses.
"The government announced that creditors agreed to swap 77 percent"
of the total amount proposed, bringing the amount swapped to the
equivalent of US$42.6 billion, the report notes.
The participation of the private sector in the operation was
considered "low" by the ratings agency, since "they exchanged just
over 17 percent of their holdings", it said in a statement obtained
by the news agency.
It is, S&P notes, Argentina's sixth such procedure since August
2022, the report relays.
S&P considers a debt-for-new-bonds swap that takes place in a
situation of financial uncertainty "tantamount to a default, the
report says.
It therefore downgraded its rating for Argentina's local currency
sovereign debt to 'SD/SD' from 'CCC-/C', the report notes.
"SD" stands for "selective default."
"Once the debt swap is completed, we will likely upgrade our
long-term local currency rating to 'CCC'," the rating agency added
at the time, which it did, deeming the situation "rectified," the
report discloses.
The agency also raised its long-term foreign currency debt rating
to CCC from CCC-.
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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.
Fitch Ratings 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: US Green Fuel Push Threatens Main Export Market
----------------------------------------------------------
Tarso Veloso, Jonathan Gilbert & Gerson Freitas Jr. at Bloomberg
News report that a push by the US into green diesel poses a threat
to Argentina's biggest export.
The vast amounts of soybeans set to be crushed for its oil - a key
feedstock in making renewable diesel - will create piles of
co-product meal in the United States, according to Bloomberg News.
Much of the excess supply will be shipped overseas, eroding prices
for the widely used animal feed ingredient, Bloomberg News notes.
It's the latest demonstration of how the Biden administration's
landmark decarbonization plan - and the huge subsidies it offers to
all forms of green energy - has the potential to cause tectonic
shifts in global agricultural markets, Bloomberg News relays. And
it's a blow for Argentina's troubled economy and its farmers, who
are already facing fierce competition from neighboring agriculture
powerhouse Brazil, Bloomberg News notes.
"We're going to suffer in both market and prices," said Gustavo
Idigoras, who heads Argentina's crushing industry group Ciara,
which represents companies such as Cargill Inc,
Archer-Daniels-Midland Co and Cofco International Ltd, Bloomberg
News notes. "What will we do with our 30 million tons of meal?"
Bloomberg News relays that Argentina has largely dominated the meal
trade for more than three decades as a combination of abundant
soybean surpluses, tax incentives and the short distance between
the nation's farm belt and export ports led to a boom in domestic
processing capacity.
Now, companies including Bunge Global SA and Cargill are rushing to
expand their crushing capacity in the United States as they seek to
meet soaring domestic demand for vegetable oil, Bloomberg News
discloses. That means they will need to find a home for the meal
coming with it. Processing soybeans creates four metric tons of
meal for every one ton of oil, Bloomberg News says.
"Argentina is the potential loser in all of this," said Aaron
Hanson, a senior economist at GlobalData Plc, Bloomberg News
relays. The country will likely "shift a little bit more in the
direction of just exporting" unprocessed beans rather than meal,
Bloomberg News says.
Bloomberg News discloses that President Javier Milei is trying to
reset the crisis-prone economy enduring 276 percent inflation
that's expected to push the country into recession this year. The
upcoming crop harvest will be pivotal to his government's ability
to get badly needed export dollars to shore up the peso, cool
inflation and rebuild the economy, Bloomberg News says.
Soybean meal, a product that would typically fetch a higher value
than the beans, is the nation's main export product, Bloomberg News
notes. Last year, the commodity accounted for roughly 12 percent
of a total US$67 billion in sales overseas even after a drought
decimated domestic soybean production, Bloomberg News relates.
The nation of 46 million people, which saw meal shipments balloon
to roughly half of global exports by 2010, has struggled for years
to remain competitive, Bloomberg News says. Higher export tariffs,
an often-overvalued currency and poor crops have led to a steep
reduction in soybean output, leaving crushers with significant idle
capacity, Bloomberg News notes.
Argentina is facing increased competition with Brazil, the world's
largest soybean producer, which is also ramping up crushing to meet
increasing demand for soy-based fuels and creating exportable meal
supplies as a result, Bloomberg News relates. The largest South
American economy has recently raised the mix of soybean-based fuel
into diesel by two percentage points to 14 percent, and plans
another increase to 15% next year, Bloomberg News notes.
But the United States poses the bigger challenge. Soybean
processors have 21 outstanding projects to expand capacity in the
US, with the potential to boost annual production of meal by more
than 13 million metric tons through 2026, according to Gordon
Denny, an agricultural consultant and former procurement director
at Bunge, Bloomberg News notes. Meal exports from the nation are
forecast at a record 13.9 million metric tons in the current
2023-24 season, according to the US Department of Agriculture,
Bloomberg News says.
Argentina is particularly vulnerable, as it processes a large share
of its beans - about 70 percent - and the bulk of its meal
production is set for export, Bloomberg News discloses. Brazil, by
comparison, typically exports mostly beans, and consumes more than
half of the meal it produces, Bloomberg News relays.
Increased US competition stemming from newer, more efficient plants
means some Argentina facilities will be forced to shut, Denny said,
Bloomberg News relates.
Argentina's incentive to export meal could be further eroded if
Milei revives a proposal for additional tariff increases on meal
and oil to 33 percent, Bloomberg News says. That would be the same
rate levied on shipments of unprocessed beans, fitting Milei's
free-market philosophy of a level playing field for business,
Bloomberg News notes.
To be sure, the United States' booming demand for soybean oil could
offer a silver lining for companies crushing soy in Argentina,
Bloomberg News notes. Also, Milei's huge devaluation of the peso
in December - and expectations he won't keep the currency strong to
quell inflation - may encourage planting and drive a steady flow of
farmer selling, Bloomberg News relays. Processors have regularly
had to deal with volatile Argentine supplies as growers hoarded to
bet against an overvalued currency, Bloomberg News discloses.
In addition, companies expanding in the US aren't abandoning
Argentina. Bunge, which has roots in the South American country
going back more than 100 years, remains committed to its business
there, Bloomberg News says.
"Argentina is always going to be competitive," Bunge Chief
Executive Officer Greg Heckman said in an interview in November,
Bloomberg News notes. "We want to work with the government. We
understand how important agriculture is to Argentina," 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.
Fitch Ratings 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.
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B R A Z I L
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B3 SA: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
--------------------------------------------------------
Moody's Ratings has affirmed the ratings of B3 S.A. - Brasil,
Bolsa, Balcao (B3), including its long-term Corporate Family Rating
of Ba1, long-term local-currency issuer rating of Ba1 and long-term
foreign-currency senior unsecured debt rating of Ba1. The outlook
on B3's ratings remains stable.
RATINGS RATIONALE
In affirming B3's ratings, Moody's acknowledges the company's
strong creditworthiness, which reflects its high level of pre-tax
margins and robust profitability. B3 has a diversified revenue
structure deriving from its dominant market position and systemic
importance as the only central clearing house and depository in the
country. Its vertically integrated business model also supports its
financial performance through economic cycles and changing interest
rate environments. B3's ratings are also underpinned by leverage
metrics that are aligned with or lower than that of global peers.
The company also maintains consistent high dividend payout,
supported by its sound cash generation capacity.
B3's Ba1 ratings are one notch above the Government of Brazil's
(Brazil) Ba2 sovereign rating because of its (1) proven track
record of strong financial performance through interest rate and
economic cycles, (2) systemically relevant role as Brazil's
financial market infrastructure company and (3) strong linkage with
the government, which stems from significant investment of its cash
position and most of its settlement funds, used for protection
against counterparty default risk, into Brazilian sovereign bonds.
The ongoing easing monetary cycle, as well as increase of activity
in the local capital market expected for 2024, will likely benefit
B3's recurring earnings in the next 12-18 months, through the
expansion in trading volume and a growth in the number of
investors. In December 2023, however, B3's gross revenue inched
down 1.9% to BRL9.9 billion ($ 2.0 billion), following another
annual fall of 1.7% in 2022 from a record performance in gross
revenue in 2021. Also, in year-end 2023, the company's
pre-tax-income of BRL5.5 billion fell annually by 4%. A lower
volume of equity offerings and reduction in the average daily
traded volume (ADTV) of equities resulted in a decline in revenue
in B3's main revenue contributor, the listed equities division.
Despite that, B3's market dominance in services of cash equities
trading and post trading continued to support revenue origination,
with a positive trend in a scenario of declining interest rates.
Moreover, its diversified business structure and vertical
integration, including its central counterparty clearing house
(CCP) and central securities depositary (CSD), has traditionally
allowed the company to maintain pre-tax margins at high levels.
B3 has a track record of leverage metrics kept at manageable
levels. In December 2023, however, its total debt/EBITDA ratio, as
per Moody's calculation, went up to 1.7x from 1.4x one year prior.
In addition, B3's coverage metric of EBITDA/interest expense, as
Moody's calculates, was 5.62x in December 2023, down from lower
teens in 2019-2021, driven by the combination of floating rate debt
and the underperformance of its listed equities division. The
company has BRL3.3 billion of debt maturing in 2024, and its
position of BRL18.4 billion in available cash and investment in
securities offers good coverage for payment commitments. In
addition to that, should B3 intend to pursue additional reduction
of its leverage position, it can cut into dividend distribution or
proceed on launching other share buyback programs. In 2023, the
company distributed 122% of its net income to shareholders,
including share buybacks that were 49% of total resources
distributed.
The stable outlook on the ratings reflects Moody's expectations
that B3's credit profile will remain broadly unchanged over the
next 12 to 18 months, supported by its robust financial
performance, well-established business diversification and market
dominance. The outlook is in line with the stable outlook on
Brazil's sovereign rating.
Moody's does not have any particular governance concerns for B3 and
does not apply any corporate behavior adjustment in its standalone
assessment of B3's creditworthiness.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
In the event that Brazil's Ba2 sovereign bond rating is upgraded,
B3's ratings could be upgraded. Absent an upgrade in Brazil's
sovereign rating, it is unlikely that B3's ratings would face
upward pressure even in the event of a material improvement in its
financial fundamentals as B3's ratings are currently constrained at
one notch above Brazil's Ba2 sovereign debt rating considering the
company's strong linkage with the government creditworthiness.
A downgrade in B3's Ba1 ratings could result from a downgrade of
Brazil's sovereign rating, considering the company's strong linkage
with the government creditworthiness. B3's ratings could also face
downward pressure in the event of a material deterioration of the
company's financial fundamentals and, in turn, of its standalone
credit profile. However, given the current strength of B3's
standalone credit profile, such deterioration would need to be
quite material, before it created downward pressure on B3's
ratings.
The principal methodology used in these ratings was Securities
Industry Service Providers published in February 2024.
GOL LINHAS: Wants Lessors to Help Finance Fleet Overhaul
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Siddharth Philip and Cristiane Lucchesi of Bloomberg News report
that Gol Linhas Aereas Inteligentes SA, the struggling Brazilian
airline, is asking lessors for new money to help finance aircraft
engine repairs, according to people with knowledge of the matter.
The carrier currently has at least 20 aircraft in its 140-strong
fleet grounded due to faulty engines, said the people, who asked
not to be named as the discussions are confidential. The bill for
overhauling engines on the grounded jets and other aircraft is
estimated at about $1 billion in three years, one of the people
said.
About Gol Linhas
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes and its affiliates and subsidiaries
voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 24-10118) on Jan. 25, 2024. As of the bankruptcy filing,
the Debtors estimated $1 billion to $10 billion in both assets and
liabilities.
Judge Martin Glenn oversees the cases.
The Debtors tapped Milbank, LLP as bankruptcy counsel; Seabury
Securities, LLC as restructuring advisor, financial advisor and
investment banker; Alixpartners, LLP as financial advisor; and
Hughes Hubbard & Reed, LLP as aviation counsel. Kroll
Restructuring
Administration, LLC, is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
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J A M A I C A
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NCB FINANCIAL: Announces Board Changes
--------------------------------------
RJR News reports that NCB Financial Group Limited has announced
further changes to the composition of its board and the board of
its subsidiary, National Commercial Bank Jamaica Limited.
Gary Brown, who was elected to the board of the group at the annual
general meeting in February, has been appointed Lead Independent
Director, according to RJR News. He replaces Professor Alvin
Wint.
Sandra Glasgow resigned as a director of NCBFG, effective March 20,
but will continue to serve as director on the boards of NCBJ and
Clarien Bank Limited, the report notes.
Sanya Goffe will also remain on the Board of Directors of NCBFG
following her resignation as a director of NCB Jamaica, the report
relays.
John Bailey was appointed a director of NCBJ on February 21.
NCB Financial Group says these changes, including the previously
announced appointment of Howard Shearer to its board, are in
keeping with ongoing efforts to enhance the independence,
diversity, and strength of the oversight of its boards as key to
the governance structure of the group, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Dec. 1, 2023, RJR News reports that NCB Financial Group is
reporting a 56 per cent decline in net profit for its financial
year ended September 30, compared with the similar period in 2022.
Net profit for the 2023 financial year was $15.3 billion, $19.8
billion less than for the prior year, according to RJR News.
As recently reported in the Troubled Company Reporter-Latin
America, Jamaica Observer relayed that the NCB Financial Group is
yet to complete negotiations with its former president and CEO
Patrick Hylton and his deputy, Dennis Cohen, over the settlement in
relation to their separation from the company. At the centre of
the negotiations is the size of the separation package for the two
men who served the financial conglomerate for the last two decades,
including what value the company should compensate the men for
shares they were asked to surrender in July 2021, according to
Jamaica Observer. Both men were asked to surrender 95.1 million
shares valued at $13.8 billion at the time with the understanding
that, over time, they would recoup that value, the report noted.
Some were recouped in compensation for both men to the tune of $3.6
billion in the last financial year, the report relayed.
=====================================
T R I N I D A D A N D T O B A G O
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TRINIDAD & TOBAGO: Cocoa Industry in Steady Decline
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Bavina Sookdeo at Trinidad and Tobago Newsday reports that although
Trinidad and Tobago's Trinitario cocoa is globally renowned and has
a high demand around the world, Christopher Paul, president of the
Montserrat Cocoa Farmers Cooperative Society Ltd (MCF), says the
current state of the cocoa industry is "not very bright." He says
more is needed to increase production. Paul is also calling for the
revival of abandoned cocoa estates.
Business Day spoke to Paul, who explained that the production of
dried cocoa beans in the country is in steady decline. In 2020, MCF
exported 62.5 metric tonnes, according to Trinidad and Tobago
Newsday. That dropped to 37.5 metric tonnes in 2021, 25 metric
tonnes in 2022, and 12 in 2023. Paul explained, "The main cause of
this downward trend is climate change . . . the sharp seasonal
change has become blurred, the report notes.
"A sharp, distinct dry season is needed from January-May to shock
the plants and cause them to go into survival mode and produce an
abundance of flowers and pods. "What we had in the last couple of
years was rain and sun for almost the entire year, with periodic
floods in certain areas. This resulted in a disturbed plant
cycle," the report relays.
The industry faces other challenges, notes the report. Paul
explained that cocoa land is now being used for other high-value
crops, while some is converted for housing purposes, the report
discloses. The ageing population of cocoa farmers, abandoned cocoa
estates, both private and state-owned, and the limited
encouragement for importing cocoa beans by the government, as well
as the export of cocoa beans being a few hundred tonnes, are all
challenges the industry faces, the report says.
"We need cocoa to export. Experts in the field say there are over
66,000 acres of abandoned cocoa land. "What is needed is to locate
these lands and bring a major portion of it back into production by
pruning and cleaning the bush and fertilizing," he said, the report
discloses.
Asked about the impact of the rise in crime on the industry, he
said it isn't significantly affecting cocoa land -- but: "Praedial
larceny affects the companion crops." He added that the collapse of
the Gran Couva Main Road "is like stomping on a man when he is
down, the report relays. "Farmers cannot bring their beans to the
fermenting for processing. The cooperative and other producers
cannot bring in the 20-foot containers to export the beans, it is
also a deterrent to local and foreign tourists," the report adds.
Key Opportunities for the Industry
"The opportunities are the high demand for every high-quality
Trinitario cocoa bean produced. The price for the fine-flavoured
beans is better than bulk but not high enough for us. Other
opportunities are in the value-added product, for example, dark
chocolate, grated chocolate, cocoa powder, cocoa butter.
Pharmaceuticals and scrubs are also markets that can be further
exploited," the report quoted Paul as saying.
But concern has been raised over the viability of the industry.
"Viability is a serious issue, and strategies must be developed and
actioned. We don't want talkshops and production of reports.
People must be compensated for increase in production," the report
notes.
Beyond the business perspective, the cocoa industry contributes to
the social and economic well-being of the communities involved by
providing work for people, such as in the field of fermenting and
in by-product facilities, the report relays. Additionally, it
caters to local and foreign tourists, the report discloses.
Through the Ministry of Agriculture, Land and Fisheries, the
government provides subsidised cocoa plants and technical advice,
the report says. Support also comes from the UWI Cocoa Research
Centre, the Cocoa Development Company of TT, Export TT, the
Ministry of Trade and the Commissioner of Co-operatives, the report
relays.
Paul pointed out that the MCF is the only co-operative that is
Rainforest Alliance-certified, the report relays. "This means we
are audited and so on to show that we do not practise
deforestation, child labour and slave labour. "Since we operate in
a rainforest, we have water conservation, water preservation and
sustainable activities. We are aligned with keeping the planet
healthy, the report notes.
"Additionally, we also have women employed in the chocolate
facility and the fermentary as well, and we have three women on our
board," he added.
Looking ahead, Paul hopes to see an increase in cocoa production
levels, the report relates. "We have a lot of chocolatiers
downstream from the plantation itself: but you must have the raw
material to go into the downstream. "The positive here is that
every bean that is produced in TT can be exported, and if the
quality is high, it fetches a reasonably good price."
Cocoa Research Centre -- a Leader
The report discloses that UWI Cocoa Research Centre (CRC) stands at
the forefront of cocoa research, conservation and innovation,
aiming to support the sustainability and growth of the cocoa sector
in TT and beyond.
Prof Path Umaharan, director of CRC since 2010 and professor of
genetics, explained that the UWI Cocoa Research Centre has several
mandates:
- Conservation: As the custodian of the International Cocoa
Genebank, Trinidad, the largest and most diverse cocoa collection
in the world, it has a global mandate to conserve the cocoa germ
plasm and support global efforts in cocoa breeding, the report
relays.
– Research: CRC is one of the oldest cocoa research centres in
the world, having been established in 1930 and continuing its work
unabated for 93 years. As part of UWI, it does research to
overcome problems in the cocoa value chain in TT and the wider
Caribbean. – Outreach and development: CRC has developed an
International Fine Cocoa Innovation Centre, focusing on innovations
to improve, in particular, the fine-flavour segment of the cocoa
value chain, the report relays. Through partnerships with global
institutions and industry leaders, CRC advances research in
pathology, molecular diagnostics and genetic diversity, the report
notes.
Umaharan said, "As the custodian of the largest and most diverse
cocoa collection, globally, CRC is the founding member of the
CacaoNet, a global initiative to conserve cocoa genetic resources,
the report says. CRC, along with a cocoa quarantine facility at
the University of Reading, has established a biosafe pipeline to
support countries' access primary germ plasm to support their own
cacao breeding activities," the report relays.
The centre's research initiatives span various domains, including
propagation efficiency, risk-mapping, disease resistance and
carbon-footprint reduction, the report says. Umaharan outlined
efforts in carbon-neutral cocoa farming, precision agriculture and
molecular marker development, aiming to elevate the industry's
sustainability and resilience, the report discloses.
Additionally, CRC offers training programmes, research symposia and
an annual expo to empower local entrepreneurs and disseminate
research findings, the report notes. "CRC's genebank is the basis
of cocoa breeding programmes globally and is referred to as the
Noah's Ark for Cocoa," he said. "We also develop a 70 per cent
chocolate bar referred to as the Spirit of Chocolate, as it
represents the diversity of cocoa flavours from the germ plasm. It
also allows this bar to be marketed as a ‘conservation bar,' as
part of the revenue earned goes towards supporting this valuable
collection – a conservation brand," he added.
The report notes that looking ahead, Umaharan stressed: "CRC has
three goals . . . to develop innovations so that TT and the region
can compete favorably in the international marketplace and an
important economic diversification option for Caricom; increase the
value-add component of exports so that the country can retain a
greater part of the value chain within our economy; and finally, to
become a technology and innovation service centre for the region
and beyond," the report relays.
MCF will host a Cocoa Food Festival on April 6 at the La Vega
Estate, Gran Couva. Cocoa industry in steady decline Low
production, climate change leave Christopher Paul, president of the
Montserrat Cocoa Farmers Co-operative Society Ltd (MCF).
=================
V E N E Z U E L A
=================
VENEZUELA: Enacts Law to Establish Province in Disputed Territory
-----------------------------------------------------------------
Juan Martinez at Rio Times Online reports that Venezuela's
lawmakers allied with President Maduro passed a law to form a new
state on land integrated into Guyana for generations.
This legislative move underscores Maduro's assertion of Venezuela's
governance over the vast 160,000 square kilometers Esequibo region
amidst unresolved international legal battles, according to Rio
Times Online.
Importantly, this initiative presently has no direct effect on the
ground, the report notes.
Following diplomatic discussions in December, leaders from
Venezuela and Guyana agreed on a peaceful approach and promised to
prevent any escalation of the dispute, the report relays.
However, Venezuela's government has openly dismissed the
International Court of Justice's authority over this matter, the
report discloses.
They argue that a December plebiscite endorsing the inception of
this new state legitimizes their claim to Esequibo and sanctions
potential oil exploration activities there, the report says.
The December referendum saw participation from over 10 million
Venezuelans, although the tally of votes remains undisclosed, the
report notes.
Notably, Reuters reported minimal voter presence at polling
stations on the day of the vote, the report relays.
Guyana, for its part, firmly states that its territorial boundaries
are indisputable and pledges to safeguard its sovereignty, Rio
Times Online discloses.
The enactment of the Guayana Esequiba state will be official and
published in the Official Gazette, the report relays.
The legislation delineates the new state's borders, stretching from
the Atlantic Ocean in the north to Brazil in the south, the report
notes.
It is bordered by Guyana on the east and Venezuelan states on the
west, the report says.
Tumeremo designated as the interim capital. Tumeremo, located in
the Bolivar state, is designated as the interim capital until a
mutually agreeable resolution to the territorial dispute with
Guyana is achieved.
The report notes that amidst notable oil and gas discoveries and
internal political dynamics, particularly in anticipation of
forthcoming elections, Venezuela has revitalized its territorial
and maritime claims.
This development signifies Venezuela's ongoing commitment to assert
its claims, highlighting the geopolitical tensions in the region,
the report adds.
About Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea. The capital is the city of Caracas.
Hugo Chavez was president to Venezuela from 1999 to 2013. The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum. Nicolas Maduro was elected president in 2013 after the
death of Chavez. Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.
The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis. It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.
Moody's has withdrawn 'C' local currency and foreign currency
ceilings for Venezuela in September 2022. Standard & Poors has
also withdrawn its 'SD/D' foreign currency sovereign credit ratings
and 'CCC-/C' local currency ratings on Venezuela in September 2021
due to lack of sufficient information. Fitch withdrew its own
'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the
imposition of U.S. sanctions on the country's government.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week March 18 to March 22, 2024
----------------------------------------------------------------
Issuer Name Cpn Price Maturity
Cntry Curr
---------- --- ----- --------
----- ----
2W Ecobank SA 10.6 28.6 11/24/2029 BR BRL
ACEN Finance 4.0 64.0 KY USD
Tocumen Int'l Airport Panama 5.1 69.9 8/11/2061 PA USD
Tocumen Int'l Airport Panama 4.0 71.3 8/11/2041 PA USD
Tocumen Int'l Airport Panama 5.1 70.0 8/11/2061 PA USD
Tocumen Int'l Airport Panama 4.0 70.3 8/11/2041 PA USD
AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL
Agile Group Holdings 5.8 15.9 1/2/2025 KY USD
Agile Group Holdings 6.1 13.5 10/13/2025 KY USD
Agile Group Holdings 5.5 13.7 5/17/2026 KY USD
Agile Group Holdings 5.5 15.0 4/21/2025 KY USD
Agile Group Holdings 7.9 3.3 KY USD
Agile Group Holdings 7.8 3.3 KY USD
Alfa Desarrollo SpA 4.6 75.3 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 74.9 9/27/2051 CL USD
Alibaba Group Holding 2.7 69.0 2/9/2041 KY USD
Alibaba Group Holding 3.2 66.0 2/9/2051 KY USD
Alibaba Group Holding 3.3 63.1 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55.5 KY SGD
Amwaj 2.6 69.8 3/31/2036 KY USD
Amwaj 6.4 67.1 KY USD
Amwaj 4.5 47.7 KY USD
Amwaj 4.6 69.2 10/4/2047 KY USD
Argentina Bonar Bonds 1.0 45.1 7/9/2029 AR USD
Argentina Treasury Bond 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Tesoro 15.5 41.4 10/17/2026 AR ARS
Argentine Gov' Int'l Bond 1.0 47.2 7/9/2029 AR USD
Argentine Gov' Int'l Bond 0.5 42.9 7/9/2029 AR EUR
Argentine Gov' Int'l Bond 0.1 43.2 7/9/2030 AR EUR
Ascent Finance 3.4 67.5 2/6/2043 KY AUD
Ascent Finance 1.2 62.2 7/12/2047 KY EUR
Ascent Finance 3.8 68.9 6/28/2047 KY AUD
Astra Investments 2019 1.5 62.1 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 71.2 5/12/2028 KY USD
AYC Finance 3.9 62.9 KY USD
Banco Davivienda SA 6.7 71.1 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco del Estado de Chile 2.8 68.5 3/13/2040 CL AUD
Banco del Estado de Chile 3.1 72.0 2/21/2040 CL AUD
Banco Santander Chile 1.3 72.8 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.0 2/28/2039 CL AUD
Banda de Couro Energetica 8.0 55.3 1/15/2027 BR BRL
Baraunas II Energetica 8.0 12.6 1/15/2027 BR BRL
Bishopsgate Asset Finance 4.8 67.2 8/14/2044 KY GBP
Bolivian Gov't Int'l Bond 4.5 59.1 3/20/2028 BO USD
Bolivian Gov't Int'l Bond 7.5 59.8 3/2/2030 BO USD
Bolivian Gov't Int'l Bond 4.5 59.1 3/20/2028 BO USD
Bolivian Gov't Int'l Bond 7.5 59.4 3/2/2030 BO USD
BOPREAL 5.0 64.3 10/31/2027 AR USD
BOPREAL 5.0 64.6 10/31/2027 AR USD
BOPREAL 5.0 71.8 10/31/2027 AR USD
BOPREAL 3.0 62.7 5/31/2026 AR USD
Brazilian Gov't Int'l Bond 4.8 74.7 1/14/2050 BR USD
Camposol SA 6.0 72.4 2/3/2027 PE USD
Camposol SA 6.0 72.7 2/3/2027 PE USD
Celulosa - ARAUCO 4.3 56.1 10/30/2029 CL CLP
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
Chile Gov't Int'l Bond 3.5 73.5 1/25/2050 CL USD
Chile Gov't Int'l Bond 3.1 63.5 1/22/2061 CL USD
Chile Gov't Int'l Bond 3.1 74.3 5/7/2041 CL USD
Chile Gov't Int'l Bond 3.5 73.2 4/15/2053 CL USD
Chile Gov't Int'l Bond 1.3 68.5 1/29/2040 CL EUR
Chile Gov't Int'l Bond 3.3 63.6 9/21/2071 CL USD
Chile Gov't Int'l Bond 1.3 55.1 1/22/2051 CL EUR
Chile Gov't Int'l Bond 1.3 75.3 7/26/2036 CL EUR
China Yuhua Education Corp 0.9 64.6 12/27/2024 KY HKD
CK HutchisonInt'l 20 3.4 74.8 5/8/2050 KY USD
CK HutchisonInt'l 20 3.4 74.7 5/8/2050 KY USD
Colombia Gov't Int'l Bond 4.1 62.0 5/15/2051 CO USD
Colombia Gov't Int'l Bond 5.2 73.3 5/15/2049 CO USD
Colombia Gov't Int'l Bond 3.9 57.7 2/15/2061 CO USD
Colombia Gov't Int'l Bond 4.1 67.4 2/22/2042 CO USD
Colombia Gov't Int'l Bond 6.3 73.1 7/9/2036 CO COP
Colombia Gov't Int'l Bond 7.3 71.3 10/26/2050 CO COP
Colombia Gov't Int'l Bond 7.3 71.3 10/26/2050 CO COP
Colombia Gov't Int'l Bond 6.3 73.1 7/9/2036 CO COP
Colombia Gov't Int'l Bond 5.0 72.1 6/15/2045 CO USD
Colombia Telecomunicacion 5.0 68.8 7/17/2030 CO USD
Colombia Telecomunicacion 5.0 69.0 7/17/2030 CO USD
Colombian TES 7.3 71.3 10/26/2050 CO COP
Colombian TES 6.3 73.1 7/9/2036 CO COP
Codelco 3.7 68.2 1/30/2050 CL USD
Codelco 3.2 61.8 1/15/2051 CL USD
Codelco 3.7 68.2 1/30/2050 CL USD
Codelco 3.2 61.8 1/15/2051 CL USD
Earls Eight 0.1 65.2 12/20/2031 KY AUD
Earls Eight 1.7 73.1 6/20/2032 KY AUD
Ecopetrol SA 5.9 73.8 5/28/2045 CO USD
Ecopetrol SA 5.9 70.4 11/2/2051 CO USD
El Salvador Gov't Int'l Bond 7.1 66.2 1/20/2050 SV USD
El Salvador Gov't Int'l Bond 7.6 71.5 9/21/2034 SV USD
El Salvador Gov't Int'l Bond 7.6 71.1 2/1/2041 SV USD
El Salvador Gov't Int'l Bond 5.9 64.7 1/30/2025 SV USD
El Salvador Gov't Int'l Bond 7.1 66.4 1/20/2050 SV USD
El Salvador Gov't Int'l Bond 7.6 71.3 2/1/2041 SV USD
El Salvador Gov't Int'l Bond 7.6 71.5 9/21/2034 SV USD
Embotelladora Andina SA 4.0 74.9 1/21/2050 CL USD
Embotelladora Andina SA 4.0 74.3 1/21/2050 CL USD
Embotelladora Andina SA 6.5 23.3 6/1/2026 CL CLP
EFE 3.8 65.8 9/14/2061 CL USD
EFE 3.1 59.9 8/18/2050 CL USD
EFE 3.1 59.8 8/18/2050 CL USD
EFE 3.8 65.8 9/14/2061 CL USD
EFE 6.5 11.2 1/1/2026 CL CLP
ETESA 5.1 71.0 5/2/2049 PA USD
ETESA 5.1 71.6 5/2/2049 PA USD
Metro SA 3.7 65.5 9/13/2061 CL USD
Metro SA 3.7 65.3 9/13/2061 CL USD
Metro SA 5.5 50.3 7/15/2027 CL CLP
Edesa SA 5.0 64.6 5/11/2025 AR USD
Enap 4.5 73.5 9/14/2047 CL USD
Enap 4.5 73.4 9/14/2047 CL USD
ENA Master Trust 4.0 70.0 5/19/2048 PA USD
ENA Master Trust 4.0 70.7 5/19/2048 PA USD
Enel Generacion Chile SA 6.2 29.2 10/15/2028 CL CLP
Equatorial Energia 10.9 1.1 10/15/2029 BR BRL
Equatorial Energia 10.7 1.0 5/15/2028 BR BRL
Esval SA 3.5 13.2 2/15/2026 CL CLP
Farfetch 3.8 4.3 5/1/2027 KY USD
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
GDM Argentina SA 2.5 0.0 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterranea 4.6 0.0 11/12/2024 AR ARS
General Shopping Finance 10.0 66.2 KY USD
General Shopping Finance 10.0 65.0 KY USD
Genneia SA 2.0 56.4 7/14/2028 AR USD
Greenland Hong Kong 10.2 13.5 KY USD
Guacolda Energia SA 4.6 70.5 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.3 12/30/2030 CL USD
Guacolda Energia SA 4.6 70.9 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.3 12/30/2030 CL USD
Hector A Bertone SA 1.9 0.0 4/7/2024 AR USD
Hilong Holding 9.8 69.6 11/18/2024 KY USD
Hilong Holding 9.8 69.7 11/18/2024 KY USD
Hilong Holding 9.8 70.0 11/18/2024 KY USD
ICBC DO Multiplo SA 3.3 59.8 BR USD
Inversiones CMPC SA 1.5 58.4 7/3/2025 CL CLP
Itau Unibanco SA/Nassau 5.8 20.5 5/20/2027 BR BRL
Jamaica Gov't Bond 6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond 8.5 70.6 12/21/2061 JM JMD
Lani Finance 1.7 65.1 3/14/2049 KY EUR
Lani Finance 1.9 68.5 10/19/2048 KY EUR
Lani Finance 3.1 66.9 10/19/2048 KY AUD
Lani Finance 1.9 67.4 9/20/2048 KY EUR
Link Finance Cayman 2009 2.2 71.9 10/27/2038 KY HKD
LIPSA Srl 1.0 0.0 8/23/2024 AR USD
Logan Group Co 7.0 5.3 KY USD
Longfor Group Holdings 4.0 39.4 9/16/2029 KY USD
Longfor Group Holdings 3.4 50.0 4/13/2027 KY USD
Longfor Group Holdings 3.9 35.9 1/13/2032 KY USD
Longfor Group Holdings 4.5 47.9 1/16/2028 KY USD
Luminis III 2.3 41.6 9/22/2048 KY USD
Luminis III 2.4 56.0 9/22/2048 KY AUD
Luminis IV 3.2 71.2 1/22/2042 KY AUD
Luminis 2.3 55.4 9/22/2048 KY AUD
Lunar Funding I 1.7 74.6 8/11/2056 KY GBP
MTR Corp CI 2.8 75.0 9/6/2047 KY HKD
MTR Corp CI 3.2 75.5 2/5/2055 KY HKD
MTR Corp CI 3.0 74.8 3/11/2051 KY HKD
MTR Corp CI 3.0 74.8 3/11/2051 KY HKD
Panama Gov't Int'l Bond 3.9 56.9 7/23/2060 PA USD
Panama Gov't Int'l Bond 2.3 71.0 9/29/2032 PA USD
Panama Gov't Int'l Bond 4.5 64.1 4/1/2056 PA USD
Panama Gov't Int'l Bond 4.5 66.1 4/16/2050 PA USD
Panama Gov't Int'l Bond 4.5 62.9 1/19/2063 PA USD
Panama Gov't Int'l Bond 4.5 67.7 5/15/2047 PA USD
Panama Gov't Int'l Bond 4.3 63.7 4/29/2053 PA USD
Peruvian Gov't Int'l Bond 3.6 72.6 3/10/2051 PE USD
Peruvian Gov't Int'l Bond 2.8 58.0 12/1/2060 PE USD
Peruvian Gov't Int'l Bond 3.2 57.9 7/28/2121 PE USD
Peruvian Gov't Int'l Bond 3.3 74.9 3/11/2041 PE USD
Peruvian Gov't Int'l Bond 3.6 66.6 1/15/2072 PE USD
Petroleos del Peru SA 5.6 68.4 6/19/2047 PE USD
Petroleos del Peru SA 5.6 68.4 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.6 10/27/2026 AR USD
Provincia de la Rioja 7.5 45.7 7/20/2032 AR USD
Provincia de la Rioja 4.5 51.5 1/20/2027 AR USD
Provincia del Chaco 4.0 0.0 12/4/2026 AR USD
QNB Finance 13.5 60.5 10/6/2025 KY TRY
QNB Finance 11.5 70.2 1/30/2025 KY TRY
QNB Finance 3.4 73.4 10/21/2039 KY AUD
QNB Finance 2.9 74.1 12/4/2035 KY AUD
Radiance Holdings Group Co 7.8 55.2 3/20/2024 KY USD
Rio Alto Energias Renovaveis 7.0 29.2 7/15/2027 BR BRL
Salfacorp SA 3.0 49.3 4/5/2025 CL CLP
Santander Consumer Chile 2.9 73.7 11/27/2034 CL AUD
Seazen Group 6.0 72.1 8/12/2024 KY USD
Seazen Group 4.5 33.3 7/13/2025 KY USD
Shui On Dev't Holding 5.5 70.0 3/3/2025 KY USD
Shui On Dev't Holding 5.5 58.2 6/29/2026 KY USD
Silk Road Investments 2.9 67.4 1/23/2042 KY AUD
Skylark 1.8 60.5 4/4/2039 KY GBP
Autopista Central SA 5.3 37.3 12/15/2026 CL CLP
Vespucio Norte 5.3 50.8 12/15/2028 CL CLP
Vespucio Norte 3.5 66.0 9/10/2051 CL USD
Vespucio Norte 3.5 66.1 9/10/2051 CL USD
Southern Water Service 3.0 72.0 5/28/2037 KY GBP
SPE Saneamento RIO 1 SA 7.2 10.6 1/15/2042 BR BRL
SPE Saneamento RIO 1 SA 6.9 10.7 1/15/2034 BR BRL
SPE Saneamento Rio 4 SA 7.2 10.3 1/15/2042 BR BRL
SPE Saneamento Rio 4 SA 6.9 10.3 1/15/2034 BR BRL
Spirit Loyalty Cayman 8.0 74.5 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 74.9 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 72.2 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 74.4 9/20/2025 KY USD
Sylph 2.4 64.9 9/25/2036 KY USD
Sylph 2.7 69.1 3/25/2036 KY USD
SYN prop e tech SA 11.0 21.3 3/15/2024 BR BRL
Telecom Argentina SA 1.0 75.4 3/9/2027 AR USD
Telecom Argentina SA 1.0 68.0 2/10/2028 AR USD
Telefonica Moviles Chile 3.5 74.7 11/18/2031 CL USD
Telefonica Moviles Chile 3.5 74.7 11/18/2031 CL USD
Tencent Holdings 3.2 67.3 6/3/2050 KY USD
Tencent Holdings 3.9 73.8 4/22/2061 KY USD
Tencent Holdings 3.3 63.9 6/3/2060 KY USD
Tencent Holdings 3.2 67.5 6/3/2050 KY USD
Tencent Holdings 3.3 63.9 6/3/2060 KY USD
Tencent Holdings 3.9 73.6 4/22/2061 KY USD
Three Gorges Finance I 3.2 73.0 10/16/2049 KY USD
Creditos Mercantis VII SA 9.0 1.6 1/20/2032 BR BRL
Volcan Cia Minera SAA 4.4 63.1 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 63.0 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 60.9 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.5 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 60.8 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.5 4/15/2029 CL USD
YPF SA 7.0 75.8 12/15/2047 AR USD
YPF SA 1.0 65.9 4/25/2027 AR USD
YPF SA 7.0 75.2 12/15/2047 AR 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 2024. All rights reserved. ISSN 1529-2746.
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* * * End of Transmission * * *