/raid1/www/Hosts/bankrupt/TCRLA_Public/240527.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, May 27, 2024, Vol. 25, No. 106
Headlines
A R G E N T I N A
ARGENTINA: Has Fallen Out With its Number Two Foreign Investor
ARGENTINA: Warns of Debt Woes If $1.5 Billion Award Not Reversed
B R A Z I L
3R PETROLEUM: Fitch Puts 'B+' LongTerm IDRs on Watch Positive
BANESTES SA: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
C O L O M B I A
COLOMBIA: Millions Face Two New Fees on Their Pension Fund Savings
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Token Movement Brings Trade with Cuba
J A M A I C A
JAMAICA: BOJ Lowers Inflation Forecast
JAMAICA: Economy Continues to Grow at Moderate Rate, Byles Says
U R U G U A Y
URUGUAY: First IPO Under New Rules Set for June With Tech Firm
X X X X X X X X
[*] BOND PRICING: For the Week May 20 to May 24, 2024
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Has Fallen Out With its Number Two Foreign Investor
--------------------------------------------------------------
Rodrigo Orihuela & Ken Parks at Bloomberg News report that what
began with a Spanish suggestion that Javier Milei took drugs has
rapidly descended into an all-out diplomatic brawl that's among the
worst since the British ambassador flew out of Buenos Aires over
the Malvinas (Falkland) Islands more than four decades ago.
"From now on, there won't be an ambassador in Buenos Aires,"
Spanish Foreign Minister Jose Manuel Albares announced at a press
conference, according to Bloomberg News.
Spats come and go. France and Italy have traded barbs over the
Mona Lisa and made up. Argentina has had its fair share of fights
with arch-rival Brazil but also Colombia, Ecuador and Venezuela.
This particular brawl, though, could be more serious and more
consequential, partly because of domestic politics at play between
two nations that share historic yet prickly ties, Bloomberg News.
relays
The fact is that within a space of mere weeks, Argentina has
managed to have an epic fallout with its second-biggest foreign
investor, and neither side seems to be seeking an off-ramp,
Bloomberg News notes.
Spain has a huge corporate footprint in a country known for its
debt defaults, where the presence of Banco Santander SA and
Telefonica SA are a key part of the social infrastructure,
Bloomberg News discloses. Spain also happens to be home to the
largest Argentine community abroad, Bloomberg News relays. They
share a common language and cultural references — and tend to
love each other's football, Bloomberg News relays.
What Spanish Prime Minister Pedro Sanchez has done "is really
inexplicable," Argentine Economy Minister Luis Caputo wrote on X,
Bloomberg News says. "The only thing he has done by taking
something personal to a state level is showing his political
immaturity, because there must be few countries that love each
other as much as Spain and Argentina," he added.
Bloomberg News discloses that the tit-for-tat dates to the start of
May, when Spain's transport minister said Milei had ingested
"substances." The minister was referring to a TV interview Milei
gave during last year's presidential campaign, when he asked people
to stop talking in his ear, apparently because his ear-piece was
malfunctioning, Bloomberg News relays.
The reason why the two sides haven't buried the hatchet probably
comes down to two leaders who stand at opposite sides of the
political spectrum and are happy and sufficiently media-savvy to
know how to use this drama as a distraction from their problems
back home, Bloomberg News notes.
Sanchez published a video during Argentina's campaign last year,
endorsing Milei's rival, Sergio Massa - so that didn't exactly
endear him to the new power structure in Argentina, Bloomberg News
relays.
Milei then decided to make a point by attending a rally hosted by
the far-right opposition Vox party in the past weekend and saying
that Sánchez should get counselling for his "inferiority complex"
and get a lawyer for his wife, who is under investigation for
alleged influence-peddling, Bloomberg News notes.
Back in Madrid, the Socialist leader had been contemplating leaving
office over the public scrutiny of his wife's affairs, Bloomberg
News discloses. In Buenos Aires, Milei himself is under scrutiny
for being eccentric, with his country's economy still a mess and
his reforms a work in progress, Bloomberg News notes.
"This is exclusively for show," said Diego Guelar, a former
Argentine ambassador to China and the US. "Milei lent himself to
this and this is Sanchez's chance to polarize and improve his
electoral prospects for June 9 - this circus ends in June," he
added.
So Who Will Blink First?
Milei, speaking by phone to local television station LN+ after
Spain's announcement, signaled his government wouldn't retaliate,
Bloomberg News relays. "Pedro Sanchez is making a huge mistake.
I'm not going to be so stupid as to repeat the same mistake," he
added.
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: Warns of Debt Woes If $1.5 Billion Award Not Reversed
----------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Argentina
risks struggling to service some of its debt if it's forced to pay
out $1.5 billion in damages a UK court awarded to investors last
year, lawyers for the South American nation have warned.
Hedge funds including Palladian Partners LP last year won a UK High
Court ruling that Argentina must compensate investors for losses in
the country's growth-linked securities after it changed the method
of calculating gross domestic product, according to
globalinsolvency.com. But that verdict is being challenged at the
Court of Appeal in London and, lawyers for Argentina argued that
the ruling could force its government to pay even if the economy
were in recession or not growing at all, the report relays.
The 2023 ruling disconnects actual economic growth from the bonds
and unfairly ties the securities to an outdated measure of GDP,
Argentina's lawyers said, the report discloses.
Any forced payments in a recession could jeopardize "the Republic's
ability to service both its 'GDP-linked' and conventional debt,"
the country's lawyers said in written arguments, the report relays.
At the root of the case is the country's default on $95 billion of
debt in 2001 amid one of the worst financial crises in its history,
the report says.
GDP-linked bonds, which pay out when the economic expansion reaches
a set threshold, were part of a restructuring program, the report
notes. A dispute arose after Argentina changed the base year for
calculating growth in 2013, the report relays. The changes were
necessary to avoid the returns on the warrants to be guided by
"obsolete 1993 measure of GDP" until 2035, lawyers for Argentina
argued, the report discloses.
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.
===========
B R A Z I L
===========
3R PETROLEUM: Fitch Puts 'B+' LongTerm IDRs on Watch Positive
-------------------------------------------------------------
Fitch Ratings has placed the following ratings for 3R Petroleum
Oleo e Gas S.A. (3R) on Rating Watch Positive (RWP):
- Long-Term Foreign Currency (FC) and Local Currency (LC) Issuer
Default Ratings (IDRs) 'B+';
- Long-Term National Scale Rating 'A(bra)'.
Fitch has also placed the 'B+'/'RR4' rating for 3R Lux S.à.r.l's
(3R Lux) USD500 million notes due 2031 on RWP.
The RWP reflects 3R's potentially greater scale and asset
diversification, higher operating efficiency and stronger financial
metrics, should the pending merger with Enauta Participações S.A.
(Enauta) be approved by shareholders and stakeholders. The
transaction would position 3R's reserves and production metrics
sustainably above the 400 million barrels of oil equivalent (boe)
and 75 thousand boe per day (kboe/d), respectively that currently
constrain its ratings to the 'B' category. Leverage ratios should
also decrease.
Fitch will resolve the RWP after the conclusion of the transaction,
which may take more than six months.
KEY RATING DRIVERS
Higher Scale: If the merger succeeds, 3R should reach 1P reserves
close to 490 million boe, pro forma for 2023, considering 100% of
3R Offshore and 80% of Atlanta field. Daily production should be
close to 90 kboe/d, based on Fitch's estimates for 2024, including
Enauta's recent acquisitions of Urugua-Tambau and a 23% stake in
Parque das Conchas. Fitch expects high productivity from Enauta's
Atlanta field starting in 2025 and that logistic synergies will be
derived from the increased scale of offshore production. This
should improve 3R's pricing conditions and reduce its lifting
cost.
Declining Leverage: The merger would also accelerate 3R's
deleverage trend as the transaction does not involve cash payment
and Enauta brings stronger financial metrics. Absent operating
synergies, 3R's net leverage would reduce from 2.2x to 1.8x, on a
pro forma basis for 2023, considering a full year of Potiguar
operation. Fitch believes that the combined entity will keep
debt/1P reserves ratio below USD6/boe, which favorably compares
with Latin American peers. These ratios consider 3R's M&A payables
due to Petrobras (BRL2.0 billion in March 2024) and derivatives
held by 3R Lux (BRL2.5 billion).
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
Rating Include
- 3R fully acquiring Enauta by means of an all-stock deal.
RECOVERY ANALYSIS
Going-Concern Approach: The recovery analysis assumes 3R would be
reorganized on a going-concern basis, rather than liquidated.
Excluding the merger, 3R's going-concern EBITDA is BRL1.6 billion,
assuming Brent is flat at USD45/bbl throughout the projection
horizon. The going-concern EBITDA estimate reflects Fitch's view of
a sustainable level of post-reorganization EBITDA, on which the
company's valuation is based. The applied enterprise value
(EV)/EBITDA multiple is 5.0x and administrative claims are
estimated at 10%.
Fitch applies an analysis to the post-default EV cascade, based on
debt claims in the capital structure. These targets resulted in a
recovery rate for secured notes in the 'RR3' range, which would be
commensurate with a 'BB-' rating. However, due to Brazil's soft cap
of 'RR4', 3R's secured notes are rated 'B+'/'RR4'.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Ratings will be upgraded after the completion of the merger.
Independent of the Transaction:
- Achieving and maintaining 1P reserves of at least 400 million
boe;
- Increasing production to more than 75kboe/d, while maintaining 1P
reserve life of at least 10 years, consistently;
- Reducing lifting cost to USD13/boe or full cycle costs to
USD30/boe.
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The RWP will be removed if the merger does not materialize.
Independent of the Transaction:
- A significant increase in debt/EBITDA and net debt/EBITDA ratios
to more than 3.0x or 2.0x, respectively;
- Weakening of the liquidity profile;
- Major operational disruptions at key assets, resulting in a
significant reduction in production.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: The potential merger with Enauta does not
involve cash settlement. Fitch expects the company to continue to
access foreign capital markets at competitive costs, especially
after the merger, despite the elimination of the tax exemption on
infrastructure debentures issued by O&G companies.
The USD500 million notes issued in January 2024, due 2031, and the
BRL900 million debentures issued in February, maturing in 2029,
lengthened 3R's debt maturity schedule and strengthened its
liquidity profile. The company used the proceeds from both issues
for liability management. Fitch expects that additional debt
issuance in 2024, if occurs, will have this same purpose, and that
3R will maintain cash balance above short-term debt.
The company ended March, 2024 with BRL1.2 billion in cash,
including reserve account balances of BRL215 million. Short-term
debt was BRL1.1 billion, including BRL840 million in M&A payables.
ISSUER PROFILE
3R is an integrated, small-sized independent oil and gas producer
focused on revitalizing mature onshore and offshore fields in
Brazil. The company is a corporation with diluted control.
SUMMARY OF FINANCIAL ADJUSTMENTS
Obligations related to acquisitions were incorporated into debt;
restricted cash was incorporated into cash; derivatives pledged as
guarantee for debt payment were excluded from debt.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
3R Lux S.a.r.l.
senior
secured LT B+ Rating Watch On RR4 B+
3R Petroleum
Oleo e Gas
S.A. LT IDR B+ Rating Watch On B+
LC LT IDR B+ Rating Watch On B+
Natl LT A(bra)Rating Watch On A(bra)
BANESTES SA: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Banestes SA - Banco do Estado do
Espirito Santo's (Banestes) Long-Term, Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB-', the Viability Rating (VR)
at 'bb-' and the Shareholder Support Rating (SSR) at 'bb-'. Fitch
has also affirmed bank's National Long-Term Rating (NLTR) at
'AA+(bra)'. The Rating Outlook on the Long-Term IDRs and NLTR is
Stable.
KEY RATING DRIVERS
VR and NATIONAL RATINGS
VR and SSR aligned: Banestes' IDRs are driven by its intrinsic
strength, despite the VR and the SSR have been aligned. The VR
underscores Banestes' ongoing solid financial profile and stable
business profile, highlighted by its strong presence in regional
markets, though it has a smaller footprint and market share on a
national financial system.
As an entity owned by a subnational government, Banestes
strategically concentrates on serving state and municipal workers
with financial services and credit offerings, as well as supporting
companies looking to invest in the State of Espírito Santo.
Additionally, the ratings incorporate Banestes' approach to risk
profile, which is consistent with the rigorous controls employed by
leading domestic banks. The National Ratings follows Fitch's
assessment of the credit quality of the States of Espirito Santo.
Stable Business Profile: Fitch upgraded Banestes' business profile
score to 'bb-' from 'b+'. As a commercial banking institution,
Banestes caters to both corporate and individual clients, boasting
a robust market position in the State of Espirito Santo. As of
December 2023, it commands a 37% share in the credit/securities
market and holds 41% of the state's total deposit base. The bank
maintains a steady business profile and provides customers with a
comprehensive array of financial products and services.
Similar to other publicly-owned entities, Banestes could be
influenced by political factors due to its ownership structure.
However, it has established a strong framework for corporate
governance. Over the past four years, from 2020 to 2023, Banestes'
total operating income has averaged approximately USD278 million.
Moderate Risk Profile: Banestes demonstrates a moderate appetite
for risk, maintaining underwriting standards that are on par with
those of leading banks. As of March 2024, credit risk is the
predominant factor in capital consumption, accounting for 83% of
the bank's total risk-weighted assets. The loan portfolio is
primarily composed of retail (basically payroll loans and real
state), which make up 69%, and corporate mainly loans to SMEs,
constituting 31%.
During the same period, the bank's top ten largest borrowers
accounted for 6.4% of the overall loan portfolio, indicating a
diversified credit exposure. The market risk relative to
risk-weighted assets is minimal, standing at less than 1% and in
March 2024. The bank's securities portfolio is largely made up of
federal government securities, which are considered to be stable
and low risk.
Satisfactory Asset Quality: The quality of the bank's assets is
considered satisfactory, with Banestes maintaining a stable and
acceptable non-performing loans (NPLs) ratio of 2.5% as of March
2024; this figure reflects a slight increase from 2.3% in 2023, but
decline when compare with 2,8% on March 2023.
The proportion of impaired loans within the 'D-H' risk category
constituted 5,4% of the total loan portfolio in the first quarter
of 2024, the same level observed in 2023 and better ratio than the
5.7% in 2022 and the 6.1% of average from 2020 to 2023. The bank
has set aside provisions that cover 62% of the 'D-H' impaired loans
for the year 2023. Given the strategy to grow the credit portfolio
in more collateralized segments such as payroll loans and real
estate, the asset quality indicator is likely to continue
improving.
Strong Profitability: Fitch upgraded Banestes' earnings and
profitability score to 'bb' from 'bb-'. Banestes has exhibited
robust profitability metrics, with an operating profit to
risk-weighted assets ratio of 3.8% in 2023 and 2022. Over the four
years spanning from 2020 to 2023, the average stood at 3.6%. The
ratio was 2.8% in the first quarter of 2024, below with the
four-year average. Fitch forecast stable net interest margins, to
balance lower spreads on payroll being given competition and lower
interest rates offset by funding repricing.
Consistent Capitalization: Fitch upgraded Banestes' capital and
leverage score to 'bb' from 'bb-'. Banestes maintains a solid and
consistent level of capitalization. As of March 2024, the bank's
Common Equity Tier 1 (CET1) Capital ratio stood at 14.4%, showing a
slight decline from 14.6% in 2023 and 15.0% in 2022. The bank's
loan-to-equity leverage has been cautious, remaining around 4,3x
equity in December 2023 and 3.9x December 2021. Fitch assesses that
the bank's capital position continues to be satisfactory and robust
enough to support its strategic objectives in the medium term.
Good Liquidity and Diversified Funding: Banestes boasts a steady
and diversified funding base, with its principal sources of
financing stemming from demand deposits, as well as savings and
term deposits. The loans-to-deposits ratio for Banestes was
consistent an average of 37.3% from 2020 to 2023, positioning it
among the most favorable in comparison to its competitors. The
bank's liquidity position is considered satisfactory, and Fitch
anticipates that the loans-to-deposits ratio will experience an
uptick over the medium term in line with Banestes's strategy to
expand its loan book.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
IDRs and VR
The ratings may be downgraded if the bank presents a material
deterioration in its asset quality, which compromises its
profitability indicators, with an operating result / asset weighted
by risk below 2%. In addition, a deterioration in its capital
position with a Tier 1 Capital ratio of less than 11% and
significant outflows in its funding base, compromising its
liquidity can lead to negative actions. In addition, negative
actions in the sovereign's IDRs may result in similar actions for
the bank's IDRs.
NATIONAL RATINGS
Banestes' National Ratings may be raised by a change in Fitch's
perception of the bank's local relativity towards other entities.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
IDRs and VR
The combination of a stronger business and risk profile (impaired
loan ratio sustainably below 5% and operating profit/RWA at least
above 3%) and maintaining a CET1 ratio consistently above 13% would
be positive for the international ratings.
NATIONAL RATINGS
National Ratings are sensitive to strengthening creditworthiness
relative to other Brazilian issuers.
SSR
Strategically Important to State of Espirito Santo: Banestes' SSR
of 'bb-' reflects the limited likelihood of support from its
controlling shareholder, the State of Espirito Santo. Fitch
believes that the state would have a high propensity but limited
capacity to support the bank, if necessary. Banestes is
strategically important for Espirito Santo, as it acts as its main
tax collection agent, making transfers to municipalities and is
responsible for cash management. In addition, public entities, to
which the bank provides services and grants credit to suppliers, as
well as payroll deductible credits to public employees, make up an
important portion of Banestes' business.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Banestes' SSR can be revised if there is any change in its
strategic importance or changes in the capacity or propensity of
the State of Espirito Santo to provide support to the bank.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Banestes' SR can be revised if there is any change in its strategic
importance or changes in the capacity or propensity of the State of
Espirito Santo to provide support to the bank.
VR ADJUSTMENTS
The VR has been assigned in line with the implied VR.
The Business Profile score has been assigned above the implied
score due to the following adjustment reason: Group Benefits and
Risks (positive).
The Funding and Liquidity score of 'bb' has been assigned below the
'bbb' category implied score due to the following adjustment
reason: Historical and Future Metrics (Negative).
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Bansestes´ national ratings are driven by a private CO of estado
do Espirito Santo
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Banestes S.A.
– Banco do
Estado do
Espirito Santo LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT AA+(bra)Affirmed AA+(bra)
Natl ST F1+(bra)Affirmed F1+(bra)
Viability bb- Affirmed bb-
Shareholder Support bb- Affirmed bb-
===============
C O L O M B I A
===============
COLOMBIA: Millions Face Two New Fees on Their Pension Fund Savings
------------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that millions
of Colombians will need to pay two new fees on their pension
savings according to latest draft of the pension bill sent to the
Lower House.
Lawmakers modified the bill to allow fund managers to charge a fee
of as much as 2% on profits, while also retaining a controversial
annual fee of up to 0.7% on assets under management, according to
globalinsolvency.com.
Currently, so-called obligatory pension funds charge a fee upfront,
but nothing after that, the report notes. Congress defied calls by
President Gustavo Petro to push more savings automatically into the
public system, the report relays.
Workers earning 2.3 times the minimum wage per month or less will
be obliged to contribute to the public system, according to the
latest draft, whereas Petro had wanted to lift this threshold to 4
times, the report discloses. Petro has repeatedly criticized
private pension funds, claiming that their returns are too low, and
that they should repatriate money invested overseas, the report
says.
The so-called obligatory pension funds covered by the changes had
405 trillion pesos ($106 billion) under management at the end of
2023, the report relays. Asofondos, the lobby group that
represents the pension fund industry, estimates that the reform
will apply to about half of those assets, the report adds.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Token Movement Brings Trade with Cuba
---------------------------------------------------------
Dominican Today reports that there are reasons for the DR to take
advantage of its agricultural and industrial development to export
to the Cuban market
The events that took place after the worsening of the immigration
crisis in the United States, taken advantage of by the President of
Mexico, Andres Manual Lopez Obrador, to gain regional leadership in
addressing the migratory problem in his country and Central America
and the Caribbean (on the basis that the solution to the migratory
problem should be based on helping the countries that send migrants
so that conditions are generated in their countries that do not
encourage migrants to their citizens to emigrate), seem to be mere
coincidences, but in the case of Cuba they actually constitute a
movement of pieces on the chessboard that leads to Cuban imports
beginning to flow, at least to those of food, according to
Dominican Today.
The Dominican Republic has understood the situation and wants to
take advantage of it, the report notes.
The report relays that it was no coincidence that in September 2023
a delegation from the Ministry of Foreign Affairs, led by Foreign
Minister Roberto Alvarez, made an official visit to the Republic of
Cuba, where it held meetings and working visits that served both
countries to identify bilateral cooperation, trade and other types
of collaboration projects, for the benefit of both peoples.
Nor was it a coincidence that later, in the same month of
September, President Luis Abinader visited Cuba to participate in
the assembly of the Group of 77 and China, the report notes.
Likewise, it was no coincidence that the Minister of Tourism, David
Collado, visited Cuba at the end of last month to participate in
the 69th edition of the meeting of the UN-Tourism Regional
Commission for the Americas, where he advocated for the joint work
of the nations of the region to enhance the tourism sector, the
report discloses.
Collado's visit was taken advantage of by the Cuban Minister of
Tourism, Juan Carlos Garcia Granda, to deliver to the Dominican
Republic a proposal to explore opportunities for multi-destination
tourism, which can be of great benefit to both nations, as it
presents the opportunity to position the region as an option for
multi-destination travel and attract new markets as the development
and promotion of natural attributes is deepened historical and
cultural history of each country, Dominican Today discloses.
In addition, multi-destination brings more interregional trade,
which takes advantage of greater air and sea connectivity and lower
transportation costs, the report relays.
A clue as to where the movement of chips is leading is also given
by the Fifth U.S.-Cuba Agricultural Conference, which ended at the
Hotel Nacional de Cuba and in the framework of which U.S.
businessmen, farmers and politicians who are committed to
normalizing relations between Havana and Washington and developing
agricultural exchange, the report relays.
When this was happening, information had already been released that
the Government of Cuba had completed the certification of three
Dominican poultry companies, which were formally endorsed to sell
chickens, eggs and processed foods that will supply part of the
Caribbean nation's consumption, the report discloses.
This process had begun with the rapprochement between the two
countries through one of those companies, which began exporting
eggs to the neighboring island after the closure of the border with
Haiti in September 2023, the report relays.
The national poultry industry closed 2023 with a production of more
than 432,000 tons of chickens and more than 3,000 million eggs, and
assures that it is able to further increase its production for
export, the report notes.
Dominican Today relays that there are new reasons to think about
the Cuban market: Western Union announced the resumption of
remittances from the United States to Cuba, which constitute one of
the island's main sources of foreign exchange income to finance its
imports.
The system had been at a standstill for three months, forcing
Cubans to look for more expensive alternatives, the report says.
In addition, the U.S. State Department has just removed Cuba from
the list of countries that are not fully cooperating with U.S.
counterterrorism efforts because the circumstances determining that
certification "changed between 2022 and 2023," the report
discloses
In other words, there are reasons for the Dominican Republic to
take advantage of its agricultural and industrial development to
increase its exports to the Cuban market, especially in the export
of food, the report notes. And everything seems to indicate that,
stimulated by a friendlier environment, we are working on it, the
report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income. According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.
In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3. Moody's said the key drivers
for the outlook change to positive are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
=============
J A M A I C A
=============
JAMAICA: BOJ Lowers Inflation Forecast
--------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) has lowered its
projection for inflation over the next year.
This was linked to the deferral of the second increase in public
passenger vehicles fares, which was scheduled for last month, but
has been postponed by the government, according to RJR News.
The BOJ says processed food prices and the cost of meals away from
home were also revised downward due to lower international grain
prices, the report notes.
However, the central bank says despite the lower average annual
inflation experienced as at March and April, it expects prices to
exceed the 4 to 6 per cent target range at the end of June, the
report relays.
In its latest report, the BOJ's Monetary Policy Committee says this
would mainly be linked to seasonally higher agricultural food
inflation, a normalization in electricity rates following declines
in the same quarter of 2023, as well as higher transport costs due
to an uptick in international oil prices, RJR News. discloses
However, inflation after June is projected to return to the target
range, and generally remain there over the next eight quarters,
except for a few months in 2025, 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.
JAMAICA: Economy Continues to Grow at Moderate Rate, Byles Says
---------------------------------------------------------------
RJR News reports that governor of the Bank of Jamaica, Richard
Byles, says the country's economy continues to grow, but at a more
moderate rate.
Mr. Byles, speaking at the release of the Quarterly Monetary Policy
Report, said real GDP for the financial year 2023–24 is estimated
to have grown within the range of 1.5 to 2.5 per cent and the
economy is expected to grow in the June 2024 quarter, albeit at a
slower pace, according to RJR News.
The Bank projects that real GDP will increase by 1.0 to 2.0 per
cent for financial year 2024–25, the report notes.
This growth is projected to be broad-based, with modest increases
in hotels and restaurants and their allied industries, mining and
quarrying, agriculture, forestry and fishing, manufacture, and
electricity and water supply.
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.
=============
U R U G U A Y
=============
URUGUAY: First IPO Under New Rules Set for June With Tech Firm
--------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Uruguay's
first initial public offering under streamlined regulations
introduced two years ago is expected to launch in late June,
testing investor appetite for the South American country's tech
sector.
Zorzal Inversiones Tecnologicas SA will sell as much as $15.5
million in shares, which it will use to buy minority stakes in at
least five profitable local tech companies with annual sales of $3
million or more, said Jaime Miller, general partner at
Montevideo-based investment banking firm Capital Oriental that is
structuring the IPO and will also run Zorzal, according to
globalinsolvency.com.
"We have an industry with a lot of companies that are growing,
profitable with good cash flow and there are people abroad who want
to buy them," said Miller, the report notes. "This issuance is
very much targeted to retail investors at brokerage houses," he
added.
Uruguay's stable politics and economy plus generous tax breaks have
created a $2.8 billion tech industry that punches well above its
weight in the region, the report relays. This country of 3.4
million people wedged between Argentina and Brazil had the highest
per capita IT exports in South America in 2022, according to data
compiled by export promotion agency Uruguay XXI, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 20 to May 24, 2024
-----------------------------------------------------
Issuer Name Cpn Price Maturity
Cntry Curr
---------- --- ----- --------
----- ----
Aeropuerto de Tocumen 4.0 70.9 8/11/2041 PA USD
Aeropuerto de Tocumen 5.1 69.7 8/11/2061 PA USD
Aeropuerto de Tocumen 5.1 69.7 8/11/2061 PA USD
Aeropuerto de Tocumen 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 16.3 1/2/2025 KY USD
Agile Group Holdings 6.1 13.4 10/13/2025 KY USD
Agile Group Holdings 5.5 13.0 5/17/2026 KY USD
Agile Group Holdings 7.9 3.3 KY USD
Agile Group Holdings 5.5 15.0 4/21/2025 KY USD
Agile Group Holdings 7.8 3.3 KY USD
Alfa Desarrollo SpA 4.6 74.5 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 74.7 9/27/2051 CL USD
Alibaba Group Holding 3.2 65.4 2/9/2051 KY USD
Alibaba Group Holding 2.7 68.6 2/9/2041 KY USD
Alibaba Group Holding 3.3 62.9 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55.3 KY SGD
Amwaj 6.4 71.6 KY USD
Amwaj 4.5 50.9 KY USD
Argentina Bonar Bonds 1.0 43.7 7/9/2029 AR USD
Argentina Treasury Dual 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Tesoro 15.5 40.3 10/17/2026 AR ARS
Argentine Gov't Int'l Bond 1.0 47.5 7/9/2029 AR USD
Argentine Gov't Int'l Bond 0.5 41.9 7/9/2029 AR EUR
Argentine Gov't Int'l Bond 0.1 42.5 7/9/2030 AR EUR
Ascent Finance 1.2 61.0 7/12/2047 KY EUR
Ascent Finance 3.4 66.6 2/6/2043 KY AUD
Ascent Finance 3.8 67.9 6/28/2047 KY AUD
Astra Cumulative 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 70.6 5/12/2028 KY USD
AYC Finance 3.9 63.2 KY USD
Banco Davivienda SA 6.7 65.8 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 2.7 75.1 3/9/2035 CL AUD
Banco del Estado de Chile 3.1 71.2 2/21/2040 CL AUD
Banco del Estado de Chile 2.8 67.7 3/13/2040 CL AUD
Banco Nacional de Panama 2.5 75.4 8/11/2030 PA USD
Banco Nacional de Panama 2.5 75.2 8/11/2030 PA USD
Banco Santander Chile 3.1 71.2 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.9 11/29/2034 CL EUR
Banda de Couro Energetica 8.0 55.1 1/15/2027 BR BRL
Baraunas II Energetica S/A 8.0 12.5 1/15/2027 BR BRL
Bishopsgate Asset Finance 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov'tInt'l Bond 4.5 58.3 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond 7.5 59.4 3/2/2030 BO USD
Bolivian Gov'tInt'l Bond 4.5 58.5 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond 7.5 59.5 3/2/2030 BO USD
Bonos Para La Reconstruccion 5.0 63.6 10/31/2027 AR USD
Bonos Para La Reconstruccion 3.0 60.5 5/31/2026 AR USD
Bonos Para La Reconstruccion 5.0 51.9 10/31/2027 AR USD
Brazilian Gov't Int'l Bond 4.8 74.1 1/14/2050 BR USD
BRF SA 5.8 78.1 9/21/2050 BR USD
BRF SA 5.8 78.1 9/21/2050 BR USD
Caja de Compensacion 2.4 49.6 4/5/2025 CL CLP
Camposol SA 6.0 72.3 2/3/2027 PE USD
Camposol SA 6.0 72.6 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
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 3.8 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'tInt'l Bond 3.5 72.7 1/25/2050 CL USD
Chile Gov'tInt'l Bond 3.1 73.6 5/7/2041 CL USD
Chile Gov'tInt'l Bond 3.1 62.8 1/22/2061 CL USD
Chile Gov'tInt'l Bond 3.5 72.3 4/15/2053 CL USD
Chile Gov'tInt'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov'tInt'l Bond 1.3 54.0 1/22/2051 CL EUR
Chile Gov'tInt'l Bond 3.3 62.9 9/21/2071 CL USD
Chile Gov'tInt'l Bond 1.3 74.4 7/26/2036 CL EUR
China Yuhua Education Corp 0.9 65.1 12/27/2024 KY HKD
CK HutchisonInt'l 19 II 3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 19 II 3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 20 3.4 74.1 5/8/2050 KY USD
CK HutchisonInt'l 20 3.4 74.1 5/8/2050 KY USD
Colombia Gov't Int'l Bond 4.1 61.2 5/15/2051 CO USD
Colombia Gov't Int'l Bond 3.9 57.2 2/15/2061 CO USD
Colombia Gov't Int'l Bond 5.2 72.4 5/15/2049 CO USD
Colombia Gov't Int'l Bond 4.1 66.7 2/22/2042 CO USD
Colombia Gov't Int'l Bond 7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Gov't Int'l Bond 7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 5.0 71.6 6/15/2045 CO USD
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombian TES 7.3 70.9 10/26/2050 CO COP
Colombian TES 6.3 73.1 7/9/2036 CO COP
Coopeucha 4.6 38.3 6/1/2029 CL CLP
CODELCO 3.7 67.4 1/30/2050 CL USD
CODELCO 3.2 61.0 1/15/2051 CL USD
CODELCO 3.7 67.3 1/30/2050 CL USD
CODELCO 3.2 61.0 1/15/2051 CL USD
CODELCO 3.6 74.7 7/22/2039 CL AUD
Earls Eight 0.1 64.5 12/20/2031 KY AUD
Earls Eight 1.7 72.4 6/20/2032 KY AUD
Ecopetrol SA 5.9 73.6 5/28/2045 CO USD
Ecopetrol SA 5.9 70.5 11/2/2051 CO USD
El Salvador Gov'tInt'l Bond 7.1 68.3 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.0 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.8 2/1/2041 SV USD
El Salvador Gov'tInt'l Bond 5.9 65.1 1/30/2025 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.6 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.1 68.4 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.9 2/1/2041 SV USD
Embotelladora Andina SA 6.5 23.2 6/1/2026 CL CLP
EFE 3.8 65.7 9/14/2061 CL USD
EFE 3.1 59.8 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 11.1 1/1/2026 CL CLP
ETESA 5.1 71.5 5/2/2049 PA USD
ETESA 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 3.7 65.0 9/13/2061 CL USD
Metro SA 5.5 50.1 7/15/2027 CL CLP
Metro SA 5.0 63.8 5/11/2025 AR USD
ENAP 4.5 73.2 9/14/2047 CL USD
ENAP 4.5 73.2 9/14/2047 CL USD
ENA Master Trust 4.0 70.5 5/19/2048 PA USD
ENA Master Trust 4.0 70.9 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 10.8 1.0 5/15/2028 BR BRL
Esval SA 3.5 13.1 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 SA 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 56.9 7/14/2028 AR USD
Greenland Hong Kong 10.2 13.4 KY USD
Guacolda Energia SA 4.6 70.5 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.1 12/30/2030 CL USD
Guacolda Energia SA 4.6 71.8 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.1 12/30/2030 CL USD
Hector A Bertone SA 1.9 0.0 4/7/2024 AR USD
Hilong Holding 9.8 68.7 11/18/2024 KY USD
Hilong Holding 9.8 69.7 11/18/2024 KY USD
Hilong Holding 9.8 69.4 11/18/2024 KY USD
Multiplo SA 3.3 59.5 BR USD
Itau Unibanco SA/Nassau 5.8 20.2 5/20/2027 BR BRL
Jamaica Gov't Bond 6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond 8.5 73.0 12/21/2061 JM JMD
Lani Finance 1.7 63.5 3/14/2049 KY EUR
Lani Finance 1.9 66.9 10/19/2048 KY EUR
Lani Finance 3.1 66.1 10/19/2048 KY AUD
Lani Finance 1.9 65.8 9/20/2048 KY EUR
Link Finance Cayman 2009 2.2 70.0 10/27/2038 KY HKD
LIPSA Srl 1.0 0.0 8/23/2024 AR USD
Logan Group Co 7.0 5.1 KY USD
Longfor Group Holdings 4.0 43.3 9/16/2029 KY USD
Longfor Group Holdings 3.4 56.1 4/13/2027 KY USD
Longfor Group Holdings 3.9 38.4 1/13/2032 KY USD
Longfor Group Holdings 4.5 53.1 1/16/2028 KY USD
Luminis III 2.3 41.8 9/22/2048 KY USD
Luminis III 2.4 55.3 9/22/2048 KY AUD
Luminis IV 3.2 70.4 1/22/2042 KY AUD
Luminis 2.3 54.8 9/22/2048 KY AUD
Lunar Funding I 1.7 8/11/2056 KY GBP
MTR Corp CI 2.8 73.3 9/6/2047 KY HKD
MTR Corp CI 3.0 73.1 3/11/2051 KY HKD
MTR Corp CI 3.0 75.4 4/26/2047 KY HKD
MTR Corp CI 3.2 73.7 2/5/2055 KY HKD
MTR Corp CI 3.0 73.1 3/11/2051 KY HKD
NIO Inc 4.6 73.1 10/15/2030 KY USD
Panama Gov'tInt'l Bond 4.5 63.1 4/1/2056 PA USD
Panama Gov'tInt'l Bond 2.3 70.2 9/29/2032 PA USD
Panama Gov'tInt'l Bond 3.9 55.8 7/23/2060 PA USD
Panama Gov'tInt'l Bond 4.5 64.9 4/16/2050 PA USD
Panama Gov'tInt'l Bond 4.5 62.0 1/19/2063 PA USD
Panama Gov'tInt'l Bond 4.5 66.6 5/15/2047 PA USD
Panama Gov'tInt'l Bond 4.3 62.6 4/29/2053 PA USD
Peruvian Gov'tInt'l Bond 3.6 71.8 3/10/2051 PE USD
Peruvian Gov'tInt'l Bond 2.8 57.3 12/1/2060 PE USD
Peruvian Gov'tInt'l Bond 3.2 57.3 7/28/2121 PE USD
Peruvian Gov'tInt'l Bond 3.6 65.7 1/15/2072 PE USD
Peruvian Gov'tInt'l Bond 3.3 74.3 3/11/2041 PE USD
Petroleos del Peru SA 5.6 68.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 68.3 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 45.9 7/20/2032 AR USD
Provincia de la Rioja 4.5 51.8 1/20/2027 AR USD
Chaco Argentina 4.0 0.0 12/4/2026 AR USD
QNB Finance 13.5 63.1 10/6/2025 KY TRY
QNB Finance 11.5 71.7 1/30/2025 KY TRY
QNB Finance 2.9 74.2 9/16/2035 KY AUD
QNB Finance 2.9 72.9 12/4/2035 KY AUD
QNB Finance 3.0 75.4 2/14/2035 KY AUD
QNB Finance 3.4 72.0 10/21/2039 KY AUD
Radiance Holdings Group 7.8 49.6 3/20/2024 KY USD
Rio Alto Energias Renovaveis 7.0 29.1 7/15/2027 BR BRL
Santander Consumer Chile SA 2.9 72.7 11/27/2034 CL AUD
Seazen Group 6.0 75.2 8/12/2024 KY USD
Seazen Group 4.5 34.1 7/13/2025 KY USD
Shui On Development Holding 5.5 61.2 6/29/2026 KY USD
Shui On Development Holding 5.5 73.0 3/3/2025 KY USD
Silk Road Investments 2.9 66.8 1/23/2042 KY AUD
Skylark 1.8 59.0 4/4/2039 KY GBP
Autopista Central 5.3 37.2 12/15/2026 CL CLP
Autopista Central 5.3 50.6 12/15/2028 CL CLP
SQM 3.5 65.5 9/10/2051 CL USD
SQM 3.5 65.5 9/10/2051 CL USD
Southern Water Service 3.0 70.8 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 1 SA 6.9 10.5 1/15/2034 BR BRL
SPE Saneamento Rio 4 SA 7.2 10.2 1/15/2042 BR BRL
SPE Saneamento Rio 4 SA 6.9 10.2 1/15/2034 BR BRL
Spica 2.0 74.9 3/24/2033 KY AUD
Spirit Loyalty Cayman 8.0 72.2 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 73.0 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 70.3 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 72.5 9/20/2025 KY USD
Sylph 2.7 68.5 3/25/2036 KY USD
Sylph 3.1 74.7 9/25/2035 KY USD
Sylph 2.4 64.2 9/25/2036 KY USD
Sylph 2.9 74.5 6/24/2036 KY AUD
Telecom Argentina SA 1.0 74.0 3/9/2027 AR USD
Telecom Argentina SA 1.0 66.1 2/10/2028 AR USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Tencent Holdings 3.2 67.9 6/3/2050 KY USD
Tencent Holdings 3.3 64.0 6/3/2060 KY USD
Tencent Holdings 3.9 73.9 4/22/2061 KY USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.6 6/3/2050 KY USD
Tencent Holdings 3.9 73.9 4/22/2061 KY USD
Tencent Holdings 3.3 64.1 6/3/2060 KY USD
Three Gorges Finance 3.2 71.6 10/16/2049 KY USD
Grupo Travessia 9.0 1.6 1/20/2032 BR BRL
Volcan Cia Minera SAA 4.4 62.2 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 62.0 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 61.6 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.8 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 61.9 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.6 4/15/2029 CL USD
YPF SA 7.0 72.6 12/15/2047 AR USD
YPF SA 1.0 66.8 4/25/2027 AR USD
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2024. All rights reserved. ISSN 1529-2746.
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contact Peter A. Chapman at 215-945-7000.
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