/raid1/www/Hosts/bankrupt/TCRLA_Public/241112.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
Tuesday, November 12, 2024, Vol. 25, No. 227
Headlines
B A H A M A S
FTX GROUP: Convicted Former Exec Must Return $99 Million
FTX GROUP: Former Chief Engineer Avoids Prison
B E R M U D A
AQUARIAN INSURANCE: Fitch Rates $750MM Sr. Unsecured Notes ‘BB'
NABORS INDUSTRIES: Net Loss Widens to $56-Mil. in Fiscal Q3
X X X X X X X X
[] BOND PRICING: For the Week from Nov. 4 to 8, 2024
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B A H A M A S
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FTX GROUP: Convicted Former Exec Must Return $99 Million
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Hailey Konnath at law360.com reports that the FTX bankruptcy estate
has asked a Delaware federal bankruptcy court to order former
executive Ryan Salame to relinquish $98.8 million in assets,
according to an avoidance action filed.
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FTX GROUP: Former Chief Engineer Avoids Prison
----------------------------------------------
Pete Brush at law360.com reports that a Manhattan federal judge
allowed FTX's former chief engineer to avoid prison, crediting his
trial testimony against the crypto exchange's founder Sam
Bankman-Fried, his ongoing cooperation and his relatively small
role in the $11.2 billion fraud.
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
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B E R M U D A
=============
AQUARIAN INSURANCE: Fitch Rates $750MM Sr. Unsecured Notes ‘BB'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Aquarian Insurance
Holdings, LLC's $750 million 7.875% issuance of senior unsecured
notes. The ratings previously assigned to Aquarian and its primary
insurance operating subsidiary, Investors Heritage Life Insurance
Company, are unaffected by the rating action.
Key Rating Drivers
The assignment of the final rating follows receipt of final
documentation. Additionally, the final rating is in line with the
expected rating assigned Oct. 23, 2024 and reflects standard
notching for a ring-fenced regulatory environment.
Additional guarantors to the announced senior unsecured note
include APH Somerset Investor 2 LLC, APH2 Somerset Investor 2 LLC,
and APH3 Somerset Investor 2 LLC. The group plans to use the
proceeds from the proposed issuance to pay down existing senior
secured debt and support its primary operating subsidiaries in
Bermuda and the United States. The proposed notes are not expected
to cause Aquarian to breach any rating sensitivities.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Cash interest coverage below 3x;
- Consolidated Financial leverage above 40%;
- Deterioration in Fitch's view of Aquarian's core operating
entities' credit quality.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- GAAP based fixed-charge coverage above 4x;
- Improvement in Fitch's view of Aquarian's core operating
entities' credit quality.
Date of Relevant Committee
October 21, 2024
Entity/Debt New Rating Prior
----------- ------ -----
Aquarian Insurance senior unsecured LT BB BB(EXP)
Holdings LLC
NABORS INDUSTRIES: Net Loss Widens to $56-Mil. in Fiscal Q3
-----------------------------------------------------------
Nabors Industries Ltd. reported third quarter 2024 operating
revenues of $732 million, compared to operating revenues of $735
million in the second quarter. The net loss attributable to Nabors
shareholders for the quarter was $56 million, compared to a net
loss of $32 million in the second quarter. This equates to a loss
of $6.86 per diluted share, compared to a loss per diluted share of
$4.29 in the second quarter. The third quarter included net charges
totaling approximately $25 million, primarily reflecting the
redemption premium on the 2026 notes and market adjustments on
investments. Third quarter adjusted EBITDA was $222 million,
compared to $218 million in the previous quarter.
Third Quarter Highlights:
* Nabors announced the signing of an agreement to acquire
Parker Wellbore. Parker's lines of business include the leading
franchise in U.S. tubular rentals "Quail Tools" as well as
international tubular rentals, well construction services
(including casing running), and drilling rigs. Parker expects to
generate EBITDA of $180 million this year. Nabors has identified
synergies potential at an annualized run-rate of $35 million within
12 months of closing. Nabors will acquire all of Parker's issued
and outstanding common stock in exchange for 4.8 million shares of
Nabors common stock, subject to a share price collar. Nabors will
also assume approximately $100 million in net debt.
* Nabors Lower 48 rigs once again set notable performance
milestones. A major operator in the Delaware Basin drilled three
wells each with four-mile laterals, utilizing a Nabors PACE(R)-X
rig equipped with a Canrig(R) Sigma topdrive. Sigma's rated torque
is the industry's highest and is ideal for the larger-diameter
drill pipe run on these wells. The rig also employed an NDS
technology package.
* A large operator in the Eagle Ford drilled its longest well
in the basin, incorporating a lateral length of more than four
miles. The lateral was drilled in a single run without the use of
rotary steerable systems. The rig was a Nabors PACE(R)-M1000,
utilizing larger-diameter drill pipe.
* A large operator in the Bakken completed a four-mile lateral
in a single run in under 12 days, utilizing a Nabors PACE-X rig.
This well is the operator's first four-mile lateral, and the
operator believes it is the quickest in the Bakken. The rig was
equipped with a comprehensive package of NDS Smart technology.
Anthony G. Petrello, Nabors Chairman, CEO and President, commented,
"We are excited as we move forward with our announced acquisition
of Parker Wellbore. Our companies' portfolios are highly
complementary. Parker's recent track record speaks for itself.
Quail Tools, already the leader in its space, plays a key role as
operators extend the lengths of their wellbore laterals. The
transaction increases our scale, provides incremental growth and
improves our leverage metrics.
"Our third quarter operating results matched our overall
expectations. Higher average daily margins and an improved mix
drove growth in our International Drilling segment. International
growth also resulted in better performance for our Drilling
Solutions segment.
"Daily margins in our International Drilling segment exceeded the
$17,000 mark in the third quarter. We reached this milestone
earlier than we expected. This result demonstrates the earnings
power of our International segment. During the quarter we also
started up previously awarded rigs. We have a path to substantial
international growth with 13 rigs scheduled to deploy through early
2026 in the Middle East and Latin America. The opportunity set on
top of those planned start-ups is also substantial.
"In the Lower 48 market, our leading-edge pricing remained stable,
supporting daily rig margins that were essentially in line with our
expectations. Our average rig count was just under the prior
quarter. Although we have not yet seen the anticipated increases in
gas-directed drilling or a recovery from reductions driven by E&P
consolidation, we look forward to an improvement in Lower 48
drilling activity in 2025."
Segment Results:
International Drilling adjusted EBITDA totaled $116 million,
compared to $106.4 million in the second quarter. Average rig count
increased to 85 from 84, driven by rig additions in Algeria and
Saudi Arabia. Daily adjusted gross margin for the third quarter
averaged $17,085, an increase of more than $1,000 compared to the
prior quarter.
The U.S. Drilling segment reported third quarter adjusted EBITDA of
$108.7 million, compared to $114 million in the second quarter.
Nabors' third quarter Lower 48 average rig count totaled 68, versus
69 in the second quarter. Daily adjusted gross margin in the Lower
48 averaged $15,051, versus $15,598 in the prior quarter.
Drilling Solutions adjusted EBITDA increased to $34.3 million,
compared to $32.5 million in the second quarter. This growth was
driven by higher revenue in international markets of approximately
8% and higher penetration of performance software on Nabors U.S.
rigs.
Rig Technologies' adjusted EBITDA was $6.1 million, versus $7.3
million in the second quarter. The decrease was spread across
several business lines in the U.S., mainly capital equipment, spare
parts, and energy transition.
Adjusted free cash flow was $18 million in the third quarter
compared to $57 million in the preceding quarter. Capital
expenditures totaled $118 million, including $37 million supporting
the newbuilds in Saudi Arabia. This compares to $138 million in the
second quarter, including $56 million supporting the newbuilds. The
third quarter included two and a half additional months of interest
payments for the notes issued late last year, translating into
$11.7 million of interest. The first coupon payment for the notes
occurred eight months after the notes were issued. Total interest
payments for the quarter were $82 million, compared to $31 million
in the prior quarter.
William Restrepo, Nabors CFO, stated, "We signed an agreement to
acquire Parker Wellbore. The transaction is well aligned with our
long-term strategy. It grows our capex-light NDS business, expands
our international footprint, and helps us delever Nabors.
Additionally, Parker is on track to earn meaningful EBITDA this
year, totaling $180 million with attractive growth. Finally, Parker
comes with low debt and it generates positive cash flow.
This is before targeted annual synergies of $35 million. We are
excited about the addition of Parker to the Nabors platform.
"Nabors' third quarter results met our outlook. Daily adjusted
gross margin in our International Drilling segment expanded by more
than $1,000. We reached the $17,000 daily margin target a quarter
ahead of schedule, driven by exceptional performances in Saudi
Arabia and Latin America, which both increased daily margins, by
$1,200 and $1,300 respectively. We have three rigs scheduled to
deploy in the fourth quarter, each with attractive economics. These
deployments will be somewhat offset by the 12-month suspension of
three lower-margin rigs in the Kingdom.
"Strength in the international markets also led to sequential
growth in our Drilling Solutions business. We experienced an
increase in international casing running jobs, augmented by greater
deployment of performance software products, driving the segment's
gross margin above 53%.
"In our Lower 48 drilling business, pricing discipline and strict
expense control maintained our average daily margin above $15,000
and in line with our forecast. We expect relative stability in the
fourth quarter in both margin and rig count. Our rig count forecast
is dependent on stable oil prices, a similar level of churn, and
stability in the overall market.
"Our capital spending target for the fourth quarter is now $230
million, with capital expenditures for SANAD newbuilds forecast at
$105 million. The resulting annual capital spending forecast for
2024 is now $600 million, including $230 million related to the
SANAD newbuilds. SANAD's rig supplier has improved its performance
in reaching manufacturing milestones. We now expect earlier
delivery of our rigs going forward. This has accelerated
approximately $40 million of newbuild capital spending into 2024.
We are targeting reductions in various markets to offset this
increase.
"Given the SANAD newbuild capital expenditures moving forward to
2024, the recent rig suspensions by Saudi Aramco and the slightly
lower U.S. activity in the fourth quarter, we now expect our full
year free cash flow to close the year between $100 and $130
million."
Nabors expects the following metrics for the fourth quarter of
2024:
U.S. Drilling
* Lower 48 average rig count of approximately 68 rigs
* Lower 48 daily adjusted gross margin of $15,000
* Alaska and Gulf of Mexico combined adjusted EBITDA up
approximately $1.5 million versus the third quarter, with an
additional rig starting work in Alaska
International
* Average rig count of approximately 84 rigs
* Daily adjusted gross margin of approximately $17,000
Drilling Solutions
* Adjusted EBITDA of $36 million to $37 million
Rig Technologies
* Adjusted EBITDA of $9 million to $10 million
Capital Expenditures
* Capital expenditures of $230 million, with $105 million
for the newbuilds in Saudi Arabia
* Full-year capital expenditures of approximately $600
million, with $230 million for the SANAD newbuilds
* This forecast includes accelerated timelines from SANAD's
rig supplier totaling an estimated $40 million
Adjusted Free Cash Flow
* Full-year adjusted free cash flow of $100 to $130 million
Mr. Petrello concluded, "The results from our International
Drilling segment demonstrate the value we are building in this
business. With our pending rig deployments across markets, our path
to future growth is well defined. Our success is driven in large
part from our advanced technology. We see the global client base
increasingly embracing the benefits of our solutions."
About Nabors
Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets. Nabors also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.
Nabors Industries reported a net loss of $11.8 million for the year
ended December 31, 2023, a net loss of $307.22 million in 2022, a
net loss of $543.69 million in 2021, a net loss of $762.85 million
in 2020, a net loss of $680.51 million in 2019, a net loss of
$612.73 million in 2018, and a net loss of $540.63 million in
2017.
As of March 31, 2024, the Company had $4.64 billion in total
assets, $3.37 billion in total liabilities, and $522.82 million in
total stockholders' equity.
* * *
In August 2024, Fitch Ratings has assigned a 'CCC'/'RR6' rating to
Nabors Industries, Inc.'s proposed senior guaranteed notes (PGN)
due 2031. Nabors plans to utilize the proceeds from these notes to
refinance the 7.25% PGN due 2026 held at Nabors Industries, Ltd.
(Bermuda) and for general corporate purposes. The proposed notes
will rank pari passu with Bermuda's existing PGN due 2026 and PGN
due 2028.
Nabors' existing 'B-' Long-Term Issuer Default Rating and Stable
Outlook reflect the softening U.S. drilling environment since the
beginning of 2023, alongside a steadily growing international
segment. Fitch's credit profile assessment is supported by the
expectation that free cash flow (FCF) will be directed toward gross
debt reduction, as well as the company's proactive management of
its maturity profile and its adequate liquidity.
However, these positive factors are partially offset by the
company's large note maturities starting in 2027, which Fitch
anticipates will likely require partial refinancing through capital
markets. Additionally, potential declines in rig activity and day
rates could negatively impact cash flow and restrict FCF and
near-term gross debt reduction. The company's complex capital
structure, combined with the current high-interest rate
environment, could also limit refinancing options and increase
interest expenses.
In March 2024, S&P Global Ratings revised its outlook to stable
from positive and affirmed its 'B-' issuer credit rating on Nabors
Industries Ltd. At the same time, S&P affirmed its 'B-' issue-level
rating on the company's senior priority guaranteed notes, with a
recovery rating of '3,' and a 'CCC' issue-level rating on the
company's priority guaranteed notes, with a recovery rating of '6.'
The stable outlook reflects S&P's expectation for the company's
operating performance, industry fundamentals, near-term debt
maturity profile, and credit metrics to remain appropriate for the
'B-' issuer credit rating. The outlook revision reflects S&P's
expectation of reduced free cash flow generation and lower than
anticipated debt reduction.
In July 2024, S&P Global Ratings assigned its 'CCC' issue-level
rating and '6′ recovery rating to Nabors Industries Ltd.'s
proposed $550 million senior guaranteed notes due 2031. The
company's subsidiary, Nabors Industries Inc., will issue the
notes.
The '6' recovery rating indicates S&P's expectation of negligible
(0%-10%; rounded estimate: 0%) recovery of principal by creditors
in the event of a payment default.
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[] BOND PRICING: For the Week from Nov. 4 to 8, 2024
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Issuer Name Cpn Price Maturity Cntry Curr
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Aeropuerto Tocumen 5.1 70.3 8/11/2061 PA USD
Aeropuerto Tocumen 4 71.7 8/11/2041 PA USD
Aeropuerto Tocumen 5.1 70.1 8/11/2061 PA USD
Aeropuerto Tocumen 4 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 16.4 1/2/2025 KY USD
Agile Group Holdings 6.1 13.4 10/13/2025 KY USD
Agile Group Holdings 5.5 12.6 5/17/2026 KY USD
Agile Group Holdings 7.9 3.3 KY USD
Agile Group Holdings 5.5 15.1 4/21/2025 KY USD
Agile Group Holdings 7.8 3.3 KY USD
Alfa Desarrollo SpA 4.6 74.7 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 74.6 9/27/2051 CL USD
Alibaba Group Holding 3.2 66 2/9/2051 KY USD
Alibaba Group Holding 2.7 68.5 2/9/2041 KY USD
Alibaba Group Holding 3.3 63.4 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55 KY SGD
Amwaj 6.4 69.7 KY USD
Amwaj 4.5 49.6 KY USD
Argentina Bonar Bonds 1 43.3 7/9/2029 AR USD
Argentina Treasury Bond 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Te 15.5 39.7 10/17/2026 AR ARS
Argentine Gov't Int'l 1 46.4 7/9/2029 AR USD
Argentine Gov't Int'l 0.5 41.4 7/9/2029 AR EUR
Argentine Gov't Int'l 0.1 42 7/9/2030 AR EUR
Ascent Finance 1.2 61.6 7/12/2047 KY EUR
Ascent Finance 3.8 67 6/28/2047 KY AUD
Ascent Finance 3.4 65.7 2/6/2043 KY AUD
Astra Cumulative 2019 1.5 62 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 70 5/12/2028 KY USD
AYC Finance 3.9 62.2 KY USD
Banco Davivienda SA 6.7 64.1 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 3.6 75.7 11/18/2039 CL AUD
Banco de Chile 3.5 75.4 9/5/2039 CL AUD
Banco de Chile 2.7 74.7 3/9/2035 CL AUD
Banco del Estado de Ch 3.1 70.5 2/21/2040 CL AUD
Banco del Estado de Ch 2.8 67 3/13/2040 CL AUD
Banco Nacional de Pana 2.5 74.7 8/11/2030 PA USD
Banco Santander Chile 3.1 70.6 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.5 11/29/2034 CL EUR
Banda de Couro Energe 8 54.4 1/15/2027 BR BRL
Baraunas II Energeti 8 12.4 1/15/2027 BR BRL
Bishopsgate Asset Fi 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov't Int'l 4.5 55.6 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
Bolivian Gov't Int'l 4.5 55.8 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
BOPREAL 5 64.7 10/31/2027 AR USD
BOPREAL 3 60.9 5/31/2026 AR USD
Brazilian Gov't Int'l4.8 73.8 1/14/2050 BR USD
BRF SA 5.8 73.5 9/21/2050 BR USD
BRF SA 5.8 73.6 9/21/2050 BR USD
Camposol SA 6 72.1 2/3/2027 PE USD
Camposol SA 6 72.5 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.6 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.1 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 8.7 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 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 72.6 1/25/2050 CL USD
Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD
Chile Gov't Int'l Bond 3.1 62.7 1/22/2061 CL USD
Chile Gov't Int'l Bond 3.5 72.1 4/15/2053 CL USD
Chile Gov't Int'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov't Int'l Bond 1.3 54 1/22/2051 CL EUR
Chile Gov't Int'l Bond 3.3 62.8 9/21/2071 CL USD
Chile Gov't Int'l Bond 1.3 74.2 7/26/2036 CL EUR
China Overseas Cayman 3.1 75.1 3/2/2035 KY USD
China Yuhua Education 0.9 65.8 12/27/2024 KY HKD
CK Hutchison Int'l 19 3.4 74 9/6/2049 KY USD
CK Hutchison Int'l 19 3.4 73.9 9/6/2049 KY USD
CK Hutchison Int'l 20 3.4 73.7 5/8/2050 KY USD
CK Hutchison Int'l 20 3.4 73.8 5/8/2050 KY USD
Colombia Gov't Int'l 3.9 2/15/2061 CO USD
Colombia Gov't Int'l 4.1 61.6 5/15/2051 CO USD
Colombia Gov't Int'l 5.2 72.9 5/15/2049 CO USD
Colombia Gov't Int'l 4.1 67 2/22/2042 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 5 72 6/15/2045 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Telecom 5 66.9 7/17/2030 CO USD
Colombia Telecom 5 67 7/17/2030 CO USD
Colombian TES 7.3 71.6 10/26/2050 CO COP
Colombian TES 6.3 73.4 7/9/2036 CO COP
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.6 74 7/22/2039 CL AUD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Dibens Leasing S/A 10.9 30.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 34.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 29.2 3/1/2035 BR BRL
Earls Eight 1.7 72 6/20/2032 KY AUD
Earls Eight 0.1 64.2 12/20/2031 KY AUD
Ecopetrol SA 5.9 74.2 5/28/2045 CO USD
Ecopetrol SA 5.9 70.7 11/2/2051 CO USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 72.9 9/21/2034 SV USD
El Salvador Gov't Int 7.6 73.3 2/1/2041 SV USD
El Salvador Gov't Int 5.9 65.1 1/30/2025 SV USD
El Salvador Gov't Int 7.6 73.5 9/21/2034 SV USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 73.5 2/1/2041 SV USD
Embotelladora Andina 6.5 23.3 6/1/2026 CL CLP
EFE 3.8 65.8 9/14/2061 CL USD
EFE 3.1 60 8/18/2050 CL USD
EFE 3.1 59.9 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 71.8 5/2/2049 PA USD
Empresa de Transmision 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.2 9/13/2061 CL USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 5.5 50.2 7/15/2027 CL CLP
Edsa SA 5 62.6 5/11/2025 AR USD
ENAP 4.5 73.3 9/14/2047 CL USD
ENAP 4.5 73.4 9/14/2047 CL USD
ENA Master Trust 4 70.8 5/19/2048 PA USD
ENA Master Trust 4 71.1 5/19/2048 PA USD
Enel Generacion Chile 6.2 29.4 10/15/2028 CL CLP
Equatorial Energia 11 1.1 10/15/2029 BR BRL
Equatorial Energia 10.8 1 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 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterrane 4.6 0 11/12/2024 AR ARS
General Shopping Finan 10 66.2 KY USD
General Shopping Finan 10 65.1 KY USD
Genneia SA 2 56.4 7/14/2028 AR USD
Greenland Hong Kong 10.2 12.9 KY USD
Guacolda Energia SA 4.6 70.4 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Guacolda Energia SA 4.6 70.6 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Hector A Bertone SA 1.9 0 4/7/2024 AR USD
Hilong Holding 9.8 65.7 11/18/2024 KY USD
Hilong Holding 9.8 62.2 11/18/2024 KY USD
Hilong Holding 9.8 65.6 11/18/2024 KY USD
ICBC DO Brasil 3.3 59.5 BR USD
IMPSA 1 75 12/30/2031 AR USD
Itau Unibanco SA/Nassau 5.8 20.1 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 12/21/2061 JM JMD
Lani Finance 1.7 64.1 3/14/2049 KY EUR
Lani Finance 1.9 66.5 9/20/2048 KY EUR
Lani Finance 1.9 67.5 10/19/2048 KY EUR
Lani Finance 3.1 64.7 10/19/2048 KY AUD
Link Finance Cayman 2.2 69.8 10/27/2038 KY HKD
LIPSA Srl 1 0 8/23/2024 AR USD
Logan Group Co 7 5 KY USD
Longfor Group Holdings 4 45.2 9/16/2029 KY USD
Longfor Group Holdings 3.4 58 4/13/2027 KY USD
Longfor Group Holdings 3.9 40.2 1/13/2032 KY USD
Longfor Group Holdings 4.5 55.2 1/16/2028 KY USD
Luminis III 2.3 41.5 9/22/2048 KY USD
Luminis III 2.4 54 9/22/2048 KY AUD
Luminis IV 3.2 69.6 1/22/2042 KY AUD
Luminis 2.3 53.5 9/22/2048 KY AUD
Lunar Funding I 1.7 70.7 8/11/2056 KY GBP
MTR Corp CI 3 72.6 3/11/2051 KY HKD
MTR Corp CI 2.8 72.7 9/6/2047 KY HKD
MTR Corp CI 3.2 73.1 2/5/2055 KY HKD
MTR Corp CI 3 72.5 3/11/2051 KY HKD
Panama Gov't Int'l Bon 4.5 64.1 4/1/2056 PA USD
Panama Gov't Int'l Bon 2.3 70.3 9/29/2032 PA USD
Panama Gov't Int'l Bon 3.9 56.6 7/23/2060 PA USD
Panama Gov't Int'l Bon 3.3 75.7 1/19/2033 PA USD
Panama Gov't Int'l Bon 4.5 65.7 4/16/2050 PA USD
Panama Gov't Int'l Bon 4.5 63 1/19/2063 PA USD
Panama Gov't Int'l Bon 4.5 67.3 5/15/2047 PA USD
Panama Gov't Int'l Bon 4.3 63.8 4/29/2053 PA USD
Peruvian Gov't Int'l 2.8 57.2 12/1/2060 PE USD
Peruvian Gov't Int'l 3.2 57 7/28/2121 PE USD
Peruvian Gov't Int'l 3.6 71.3 3/10/2051 PE USD
Peruvian Gov't Int'l 3.6 65.4 1/15/2072 PE USD
Peruvian Gov't Int'l 3.3 74 3/11/2041 PE USD
Petroleos del Peru SA 5.6 66.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 66.4 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.7 10/27/2026 AR USD
Provincia de la Rioja 4.5 55.5 1/20/2027 AR USD
Provincia de la Rioja 7.5 51.1 7/20/2032 AR USD
Chaco Argentina 4 0 12/4/2026 AR USD
QNB Finance 13.5 65.4 10/6/2025 KY TRY
QNB Finance 11.5 73.2 1/30/2025 KY TRY
QNB Finance 2.9 73.4 9/16/2035 KY AUD
QNB Finance 2.9 72.1 12/4/2035 KY AUD
QNB Finance 3 74.6 2/14/2035 KY AUD
QNB Finance 3.4 70.7 10/21/2039 KY AUD
Radiance Holdings Grou 7.8 69.6 3/20/2024 KY USD
Rio Alto Energias Reno 7 28.7 7/15/2027 BR BRL
Santander Consumer Ch 2.9 72.5 11/27/2034 CL AUD
Seazen Group 6 70.3 8/12/2024 KY USD
Seazen Group 4.5 30.6 7/13/2025 KY USD
Shui On Dev't 5.5 73.2 3/3/2025 KY USD
Shui On Dev't 5.5 61.7 6/29/2026 KY USD
Silk Road Investments 2.9 66 1/23/2042 KY AUD
Skylark 1.8 59.1 4/4/2039 KY GBP
Autopista Central 5.3 37.3 12/15/2026 CL CLP
Vespucio Norte 5.3 50.7 12/15/2028 CL CLP
Minera de Chile SA 3.5 65.5 9/10/2051 CL USD
Minera de Chile SA 3.5 65.4 9/10/2051 CL USD
Southern Water Services 3 70.9 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.7 1/15/2042 BR BRL
SPE Saneamento RIO 2 6.9 10.3 1/15/2034 BR BRL
SPE Saneamento RIO 3 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 4 6.9 10.3 1/15/2034 BR BRL
Spica 2 74.6 3/24/2033 KY AUD
Spirit Loyalty Cayman 8 72.1 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72.5 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72 9/20/2025 KY USD
Spirit Loyalty Cayman 8 70.9 9/20/2025 KY USD
Sylph 2.7 68.3 3/25/2036 KY USD
Sylph 2.4 64.1 9/25/2036 KY USD
Sylph 3.1 74.6 9/25/2035 KY USD
Sylph 2.9 74.1 6/24/2036 KY AUD
SYN prop e tech SA 11.1 21.1 3/15/2024 BR BRL
Telecom Argentina SA 1 74.1 3/9/2027 AR USD
Telecom Argentina SA 1 66.2 2/10/2028 AR USD
Telefonica Moviles Chi 3.5 74.1 11/18/2031 CL USD
Telefonica Moviles Chi 3.5 74.2 11/18/2031 CL USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.3 6/3/2050 KY USD
Tencent Holdings 3.3 63.6 6/3/2060 KY USD
Tencent Holdings 3.9 73.4 4/22/2061 KY USD
Tencent Holdings 3.8 74.8 4/22/2051 KY USD
Tencent Holdings 3.2 67.2 6/3/2050 KY USD
Tencent Holdings 3.3 63.8 6/3/2060 KY USD
Tencent Holdings 3.9 73.2 4/22/2061 KY USD
Three Gorges Finance 3.2 70.5 10/16/2049 KY USD
Grupo Travessia 9 1.6 1/20/2032 BR BRL
Vina Santa Rita SA 4.4 63.8 9/15/2030 CL CLP
Volcan Cia Minera SAA 4.4 61.7 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 61.8 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 62.5 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 62.9 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 63.1 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 63.1 4/15/2029 CL USD
YPF SA 7 72.5 12/15/2047 AR USD
YPF SA 7 72.1 12/15/2047 AR USD
YPF SA 1 65.9 4/25/2027 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.
This material is copyrighted and any commercial use, resale or
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The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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