/raid1/www/Hosts/bankrupt/TCRLA_Public/241209.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, December 9, 2024, Vol. 25, No. 246
Headlines
A R G E N T I N A
ARGENTINA: Mercosur, EU Announce Agreement on Free-Trade Deal
PAMPA ENERGIA: Fitch Assigns 'B' Rating to Sr. Unsecured Bonds
B A H A M A S
FTX GROUP: Clawback Deal With Ex-Alameda Co-CEO Gets Court Nod
B R A Z I L
GOL LINHAS: Ch. 11 Deal Cuts Debt To Brazil By $750 Million
C A Y M A N I S L A N D S
EMIRATES REIT III: Fitch Rates USD205M Trust Certs. 'BB+(EXP)'
E C U A D O R
ECUADOR DPR: Fitch Affirms 'BB-' Loans/Note Rating, Outlook Stable
J A M A I C A
JAMAICA: Launches $20M Equipment Lease Program for Dairy Farmers
X X X X X X X X
[*] BOND PRICING: For the Week from Dec. 2 to 6, 2024
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A R G E N T I N A
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ARGENTINA: Mercosur, EU Announce Agreement on Free-Trade Deal
-------------------------------------------------------------
Buenos Aires Times reports that the European Union and the Mercosur
regional trade bloc have concluded a huge but controversial
sweeping free-trade deal that is opposed by France and many
European farmers, it was announced.
European Commission chief Ursula von der Leyen confirmed the news,
stating the EU had finalised talks with the four members of the
South American grouping, made up of Argentina, Brazil, Paraguay and
Uruguay, according to Buenos Aires Times.
"This is a win-win agreement," von der Leyen said in Montevideo, as
she attended the bloc's latest top-level summit, the report notes.
Argentina's President Javier Milei welcomed the news, stating it is
"always good to open commercial ties," the report notes.
Uruguay President Lacalle Pou said the deal is "not only" an
important trade deal, it reflected to South America's historic ties
to Europe, the report relays. "It is not a solution, but an
opportunity, and it will depend on us in each of our countries how
much importance we give to it," he added.
The agreement calls for the creation of a sprawling free-trade zone
of more than 700 million people, the report discloses.
But the deal still needs to be sign off by at least 15 of the
European Union's 27 member nations representing 65 percent of the
EU population, and by the European Parliament, the report notes.
That will not be easy, with fierce opposition to the deal in
Europe, the report adds.
'Truly Historic'
Von der Leyen called the agreement - nearly a quarter of a century
in the making - "a truly historic milestone" that would build trade
bridges at a time when "strong winds are blowing in the opposite
direction, towards isolation and fragmentation."
But the European farmers' group COPA-COGECA immediately reiterated
its opposition, and called a protest in Brussels, the report
relays.
EU countries and the European Parliament "must now firmly challenge
the terms of this agreement," the umbrella organisation said, the
report notes.
France, which has been rocked by successive protests by farmers
fearing the agreement would bring unfair competition, has tried to
forge a blocking minority of EU countries, the report discloses.
Poland has rallied to France's side, and Italian government sources
say Rome believes "the conditions are not met" to back the deal,
the report says. The Netherlands and Austria have also expressed
reservations, the report relays.
France's minister for trade, Sophie Primas, said in a statement to
the AFP news agency: "Today is not the end of the story. . . .This
only commits the commission, not the [EU] member states," the
report notes.
But Germany, eager to open trade opportunities amid gloom for its
manufacturing sector, had strongly come out in favour of the
EU-Mercosur deal, as had Spain, the report discloses.
German Chancellor Olaf Scholz said on X that "an important hurdle"
had been overcome, the report says. Spanish Prime Minister Pedro
Sanchez hailed a "historic agreement" that would form "an
unprecedented economic bridge between Europe and Latin America,"
the report relays. "After more than 20 years of negotiations, the
Mercosur countries and the EU have reached a political agreement,"
he added on X.
Message to EU Farmers
The broad outlines of a deal were agreed back in 2019 but it was
never ratified amid concerns over the impact of Brazilian farming
on climate change, among other issues, the report notes.
Von der Leyen acknowledged those worries, saying: "The EU-Mercosur
agreement reflects our steadfast commitment to the Paris Agreement
[on fighting climate change] and to the fight against
deforestation."
Brazilian President Luiz Inacio Lula da Silva - who before the
summit had declared his intention to finalise the agreement before
the end of December - hailed the conclusion of negotiations, the
report relays.
He said in a statement on the X social network that the
participating countries had "invested enormous political and
diplomatic capital" to get it over the finish line, the report
discloses.
He also said the final negotiated text "is very different to the
one announced in 2019," the report relays.
Sources familiar with the negotiations said the deal included
changes to chapters including on government contracts, services,
intellectual property and the environment, the report notes.
Von der Leyen also singled out European farmers, telling them: "We
have heard you, listened to your concerns, and we are acting on
them. This agreement includes robust safeguards to protect your
livelihoods."
Changes to Come
According to the report, the deal, once ratified, would allow the
EU to export cars, machinery and pharmaceutical products more
easily to South America.
In return, agricultural giant Brazil and its neighbours would be
able to sell meat, sugar, rice, honey, soybeans and other products
to Europe with fewer restrictions, the report discloses.
The treaty aims to eliminate most import taxes between the EU and
Mercosur to create a vast free-trade area with a combined GDP of
US$21.3 trillion, the report says.
French President Emmanuel Macron had repeated a warning to von der
Leyen that the agreement was "unacceptable in its current state."
Industry group Cámara Argentina de Comercio (CAC) welcomed news of
the agreement in a statement, the report notes.
"The deepening of trade is essential to promote the progress of
nations, and the Mercosur-European Union agreement is a powerful
tool for that purpose," it said, the report 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.
In March 2022, the International Monetary Fund (IMF) approved a
new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of
monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Nov. 15, 2024, Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'. Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's confidence in the
authorities' ability to make upcoming foreign-currency bond
payments without seeking relief of some sort.
S&P, in March 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 S&P ratings have
been affirmed as of August 2024. S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress
in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.
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.
PAMPA ENERGIA: Fitch Assigns 'B' Rating to Sr. Unsecured Bonds
--------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating with a Recovery Rating of
'RR3' to Pampa Energia S.A.'s (Pampa) proposed benchmark-size
unsecured bonds. Net proceeds will fund the redemption in full or
in part of its outstanding 2027 notes and other general corporate
purposes. Fitch currently rates Pampa's Long-Term Foreign and Local
Currency Issuer Default Rating (IDR) 'B-'. The Rating Outlook is
Stable.
Pampa's Long-Term Foreign Currency IDR is constrained by
Argentina's 'B-' Country Ceiling, which limits the IDR by
incorporating transfer and convertibility risk. The ratings reflect
Pampa's strong operating performance despite the country's economic
challenges.
The ratings incorporate Pampa's exposure to Compañía
Administradora del Mercado Mayorista Eléctrico (CAMMESA), which
manages wholesale electricity market transactions in Argentina. It
relies on government subsidies to cover the cost of the electricity
generated. This adds an additional layer of risk to Pampa's
operations since its revenues partially depend on payments from
CAMMESA.
Key Rating Drivers
Strong Operator; Weak Operating Environment: Pampa is an integrated
energy company in Argentina with significant market shares across
its business segments: 15% in power generation, 9% in exploration
and production (E&P), and between 94%-100% in petrochemicals. Pampa
primarily operates in Argentina, which is characterized by high
inflation, unemployment, high cost of capital, capital controls,
and an unstable regulatory environment. However, the company has
maintained a conservative leverage profile and strong liquidity.
Solid Leverage Profile: Fitch's base case forecasts EBITDA leverage
of close to 3.0x in FY2024. However, Fitch expects this to be
temporary because the company plans to redeem the 2027 notes in
January 2025. This will bring leverage close to 2.0x in FY2025
despite delays in CAMMESA payments, which comprise roughly 30% of
Pampa's revenues, and debt issued to manage working capital needs.
As of 3Q24, CAMMESA's payment delays have not significantly
deviated from its contracted 42 days.
Gas and Renewables Expansion Affects Cash Flow: Fitch estimates
balanced FCF in 2024 despite a boost in Pampa's capital investment
to increase gas production and advance expansion of its PEPE VI
wind farm. The company estimates total capex of approximately
USD1.1 billion over the 2024 to 2026 period. It has predictable
cash flow as most of its EBITDA comes from U.S. dollar-denominated
contracts with government-related entities. Pampa's two main
business segments, upstream and power generation, comprised close
to 90% of EBITDA as of LTM September 2024.
Plan Gas Supports Liquidity: Pampa was awarded contracts under the
government's Plan Gas initiative in December 2022 for a daily
volume of 4.8 million cubic meters per day (m3d) of gas at a
guaranteed average price of USD3.50 per million Btu through 2028.
This was in addition to the extension of its nine million m3d of
production commitment until December 2028. Incremental revenue from
these awards will help maintain the company's solid financial
position.
Derivation Summary
Pampa's ratings are constrained by Argentina's 'B-' Country
Ceiling. Pampa's generation business compares with those of AES
Argentina Generacion S.A. (CCC), Generacion Mediterranea S.A. (CCC)
and MSU Energy S.A. (CCC). In integrated energy, Pampa's closest
peer is Capex S.A. (B-/Stable).
Pampa and Central Puerto S.A. (not rated) are power producers with
the largest market share in Argentina by installed capacity in 2023
with 15% each, followed AES Argentina at 7%. In addition, Pampa is
a leading developer in the sector and has added 1.2GW of installed
capacity since 2018. The company added 140MW of renewable energy,
commissioning during 2024.
Capex is the company's closest peer in Argentina, and like Pampa,
is an integrated gas producer and generation company. Fitch expects
Capex's gross leverage to be higher than Pampa's, averaging 2.5x
over the rating horizon.
Key Assumptions
- Daily oil production average of 4,800 barrels per day in
2024-2026;
- Daily gas production average of 107,000 boed in 2024-2026;
- Average realized natural gas price of USD3.50 per million Btu,
flat over the rated horizon under Plan Gas;
- Average realized Brent crude oil price of $80 per barrel in 2024,
$70 per barrel in 2025, and $65 per barrel in 2026.
- Installed year-end capacity of 5,332 MW in 2023, 5,472 MW in 2024
and each year thereafter;
- Average monomic price of USD35.6 per MWh in through 2026;
- Load factor across entire portfolio average of 45% in 2023 and
43% thereafter;
- CAMMESA payments received within 80 days post-2024.
- Fitch average and end of period ARS/USD exchange rates;
- Average annual capex of USD370 million over the 2024-2026
period;
- No dividends.
- Debt issuance of about USD350 million in 2024.
Recovery Analysis
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that Pampa would be a going concern
(GC) in bankruptcy and that it would be reorganized rather than
liquidated.
GC Approach:
- A 10% administrative claim.
- The GC EBITDA is estimated at USD250 million. The GC EBITDA
estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
valuation of Pampa.
- EV multiple of 6.0x.
Argentina is assigned to Group D, as per the Country Groups
specified in Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, where the assigned Recovery Ratings are capped at 'RR4'.
Fitch believes the recovery prospects for Pampa are higher than the
expected recovery of 31%-50% for the 'RR4' band.
This is based on Fitch's bespoke recovery analysis for each
individual issuer as well as precedents of debt exchange offerings
driven by capital control restriction put into place by the
Argentine Central Bank. In all cases, the calculated recovery was
higher than the expected recovery of 51%-70% for the 'RR3' band,
but Fitch capped the Recovery Ratings at 'RR3' to reflect a less
predictable range of outcomes.
A Recovery Rating of 'RR3' supports a one-notch uplift for the
instrument rating from the issuer's FC IDR.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A downgrade of Argentina's Country Ceiling;
- Significant delays in payments that negatively affect working
capital, liquidity and leverage, or revision of existing contracts
with CAMMESA;
- Amendments to capital control rules that weaken the company's
ability to access capital and refinance debt;
- Significant deterioration of credit metrics, with total
debt/EBITDA of 4.5x or more;
- Should Fitch believe a default of some type appears probable, or
a default or default-like process has begun, which would be
represented by a 'CC' or 'C' rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upgrade in Argentina's Country Ceiling;
- Contracted exports with high quality off-takers, or PPAs with
non-regulated customers, with a long-term tenure with adequate
legal protections to avoid interference from the federal
government.
Liquidity and Debt Structure
Pampa reported a consolidated cash and equivalents of USD332
million and marketable securities of USD774 million at 3Q24. The
combined USD1.1 billion in cash and equivalents provide the company
with liquidity to cover interest expense over the rating horizon.
However, Pampa is affected by crippling inflation, which limits its
financial flexibility and could affect debt repayment. The
company's debt and interest expense are predominately in U.S.
dollars, and Fitch's rating case assumes it will continue to access
the official exchange to service its debt.
Issuer Profile
Pampa is the largest independent energy integrated company in
Argentina. Pampa and its subsidiaries are engaged in generation and
transmission of electricity in Argentina, and oil and gas
exploration and production, refining, petrochemicals and
hydrocarbon commercialization and transportation in Argentina.
Criteria Variation
Fitch has applied a criteria variation to the section titled: "When
an Instrument Enters a Distressed or Defaulted State," of the
Country-Specific Treatment of Recovery Ratings Criteria. The
criteria allows a Recovery Rating to be above the defined cap for
distressed issuers if Fitch believes recoveries in an specific case
would be consistent with a higher Recovery Rating.
Fitch has extended this analytical approach to all Argentine-based
corporates rated 'B-'. This reflects their highly speculative
credit profiles and operations within a distressed operating
environment (Argentina, Foreign Currency IDR CC).
Date of Relevant Committee
25-Jul-2024
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
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
----------- ------ --------
Pampa Energia S.A.
senior unsecured LT B New Rating RR3
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B A H A M A S
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FTX GROUP: Clawback Deal With Ex-Alameda Co-CEO Gets Court Nod
--------------------------------------------------------------
Ben Zigterman at law360.com reports that a Delaware bankruptcy
judge has approved a deal to settle clawback claims by FTX against
former Alameda Research Ltd. executive John Samuel Trabucco, who
agreed to hand over two San Francisco apartments purchased in 2021
for $8.7 million and a 53-foot yacht bought in 2022 for $2.5
million.
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 R A Z I L
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GOL LINHAS: Ch. 11 Deal Cuts Debt To Brazil By $750 Million
-----------------------------------------------------------
Ben Zigterman at law360.com reports that low-cost Brazilian airline
GOL Linhas has reached a settlement that will cut the amount of
taxes and fees it owes to government agencies in Brazil by about
$750 million, as it seeks to restructure in Chapter 11.
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 S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
The Debtors tapped Milbank Llp as counsel, Seabury Securities LLC
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring
Administration LLC is the claims agent.
===========================
C A Y M A N I S L A N D S
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EMIRATES REIT III: Fitch Rates USD205M Trust Certs. 'BB+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Emirates REIT (CEIC) PLC's (Emirates
REIT) USD205 million senior secured sukuk (trust certificates),
issued through Emirates REIT Sukuk III Limited (ERS3L), an expected
rating of 'BB+(EXP)'. The Recovery Rating is 'RR2'.
ERS3L, also the trustee and purchaser, is a bankruptcy-exempted
company with limited liability incorporated in the Cayman Islands
and has been established for the sole purpose of issuing the
certificates. Its shares are held by MaplesFS Limited as share
trustee.
Emirates REIT plans to use proceeds from the issue primarily to
refinance its outstanding USD200 million sukuk that matures in
December 2025.
The assignment of the sukuk's final rating is contingent on the
amount of the planned debt issue being largely in line with its
assumptions and the receipt of final documentation conforming to
information already received.
Key Rating Drivers
The sukuk's expected rating is at the maximum two notches above
Emirates REIT's Long-Term IDR of 'BB-', which is on Stable Outlook,
in line with its criteria. This reflects Fitch's expectation of
superior recoveries in the event of a default, which is denoted by
its 'RR2'.
Fitch believes that the trustee's ability to satisfy payments due
on the certificates ultimately depends on Emirates REIT satisfying
its secured payment obligations to the trustee under the
transaction documents. The issue will refinance the outstanding
USD200 million of certificates issued in December 2022 for an
initial total USD380 million, which have been partially redeemed
over the past two years. As the new debt will mature in December
2025, it will extend Emirates REIT's debt maturities and improve
its liquidity, but will not affect Fitch's overall view of its
leverage or funding profile.
The underlying assets in this transaction are described as wakala
assets. These assets include the commercial office space within the
Index Tower, located in Zabeel Second, DIFC, Dubai. Emirates REIT
is responsible for managing the wakala portfolio to maintain the
value of the wakala assets at least equal to the aggregate face
amount of the outstanding certificates.
In addition to Emirates REIT's propensity to ensure repayment of
the sukuk, the company is required to ensure full and timely
repayment of ERS3L's obligations, due to its role and obligations
under the sukuk structure and documentation, especially, but not
limited to the features below:
Under the servicing agency agreement, Emirates REIT, as servicing
agent, will ensure sufficient funds are available to meet the
periodic distribution amounts payable by the trustee under the
certificates on each periodic distribution date. It can take other
measures to ensure that there is no shortfall and that the payment
of principal and profit are paid in full and in a timely manner.
The trustee will have the right, under a purchase undertaking, to
require Emirates REIT to purchase all of the trustee's rights,
title, interests, benefits, and entitlements in, to, and under the
wakala assets on the dissolution date at an exercise price.
The exercise price payable by Emirates REIT to the trustee is
intended to fund the dissolution distribution amount payable by the
trustee under the certificates, which should equal the sum of (a)
the outstanding face amount of the certificates; and (b) any
accrued, but unpaid, periodic distribution amounts; and (c) any
other amounts payable following a total loss event.
Following the occurrence of a total loss event, the proceeds of the
insurances and any total loss shortfall amount will be credited to
the transaction account and will be used by the trustee to redeem
all of the certificates at the dissolution distribution amount on
the 61st day after the total loss event.
If the servicing agent fails to insure the assets against a total
loss event, it will immediately deliver a written notice of this
non-compliance, along with details, to the trustee and the
delegate. This will constitute an obligor event. It will also be an
obligor event if Emirates REIT repudiates or challenges the
validity, legality, the binding nature, enforceability or sharia
compliance of any part of a transaction document to which it is a
party. It will also be an obligor event if Emirates REIT performs
or causes any action that indicates an intention to repudiate or
challenge, these conditions or any transaction document to which it
is a party.
The payment obligations of Emirates REIT under the transaction
documents will be direct, unconditional, unsubordinated and secured
obligations of the obligor. These obligations will at all times
rank as follows:
senior to all its present and future unsecured obligations from
time to time outstanding, to the extent of the value of the
mortgages
at least equally with all its other present and future unsecured
and unsubordinated obligations from time to time outstanding, to
the extent such obligations are in excess of the value of the
mortgages
effectively subordinated to all its present and future unsecured
obligations from time to time outstanding that are secured by
property and assets that do not secure the obligor's obligations,
to the extent of the value of the property and assets securing such
obligations.
The sukuk issue includes negative pledge provisions, financial
reporting obligations, Emirates REIT events, change- of-control
clauses, restrictive covenants, asset disposal events, and
cross-default terminology.
The sukuk requires Emirates REIT to maintain a profit coverage
ratio - calculated as free cash flow (excluding acquisitions or
proceeds from disposals) before deducting finance charges/finance
charges - above 1.75x for the first three years, and above 2.25x
afterwards. The improving portfolio's leasing activity should allow
the company to operate within this covenant, although with limited
headroom. Fitch does not forecast valuation changes in its credit
assessment; however, Fitch acknowledges management's intention to
operate under a prudent financial policy that is compatible with
the 40% financing-to-value threshold indicated in the obligor
covenant. Liquidity is expected to remain above the USD10 million
liquidity covenant. Emirates REIT's management plans to retain
minimum liquidity, primarily cash, of USD15 million.
Certain aspects of the transaction will be governed by English law,
while other aspects will be governed by the laws of DIFC and the
Cayman Islands. Fitch does not express an opinion on whether the
relevant transaction documents are enforceable under any applicable
law. However, Fitch's rating on the trust certificates reflects the
agency's belief that Emirates REIT would stand behind its
obligations.
Fitch does not express an opinion on the trust certificates'
compliance with sharia principles when assigning ratings to the
certificates to be issued.
Derivation Summary
The sukuk's rating is derived from Emirates REIT's Long-Term IDR
and is in line with its senior secured rating.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
ERS3L's Rating:
- A downgrade of Emirates REIT's senior secured rating
- Adverse changes to the roles and obligations of Emirates REIT and
ERS3L under the sukuk's structure and documents
Emirates REIT's IDR:
- Largest single asset at more than 70% of the portfolio value
- Office WALB decreasing to less than 2.5 years, combined with
vulnerability to falling rental values
- Net debt/EBITDA at more than 8x
- Net interest cover lower than 1.5x
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
ERS3L's Rating:
- An upgrade of Emirates REIT's senior secured rating
Emirates REIT's IDR
- Meaningful reduction in asset concentration risk
- Office WALB of over three years, high occupancy, and rental
stability
- Net debt/EBITDA at less than 6x
- Net interest cover higher than 2.0x
Liquidity and Debt Structure
Emirates REIT's liquidity consisted of USD22.5million cash at
end-1H24. The cash balance was boosted by the AED74 million (USD20
million) proceeds from the disposal of Trident Grand Mall, which
partly reduced its outstanding sukuk to USD305 million, and by the
Office Parks disposal proceeds of AED720 million (USD196 million),
which repaid associated debt and reduced the sukuk further to
around USD200 million.
The existing sukuk matures in December 2025 and the Islamic
financing (USD50 million) matures in March 2033. The profit share
on the existing sukuk had risen to 11%, incentivising Emirates REIT
to refinance its December 2022 restructured debt. The planned
four-year USD205 million sukuk will refinance the existing sukuk
with the collateral of Index Tower. The Islamic financing is
secured by the GEMS school.
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.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Entity/Debt Rating Recovery
----------- ------ --------
Emirates REIT
Sukuk III Limited
senior secured LT BB+(EXP) Expected Rating RR2
=============
E C U A D O R
=============
ECUADOR DPR: Fitch Affirms 'BB-' Loans/Note Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Ecuador DPR Funding Limited's series
2020-1 loan, 2022-1 notes, and 2023-1 loan at 'BB-'. The Rating
Outlook is Stable.
Entity/Debt Rating Prior
----------- ------ -----
Ecuador DPR Funding
2020-1 LT BB- Affirmed BB-
2022-1 27928YAA5 LT BB- Affirmed BB-
2023-1 LT BB- Affirmed BB-
Transaction Summary
The future flow (FF) program is backed by existing and future U.S.
dollar-denominated diversified payment rights (DPRs) originated by
Banco Pichincha C.A. (BP) in Ecuador. The majority of DPRs are
processed by designated depository banks (DDBs) that have signed
acknowledgement agreements (AAs), irrevocably obligating them to
make payments to an account controlled by the transaction trustee.
Fitch's ratings address timely payment of interest and principal on
a quarterly basis.
KEY RATING DRIVERS
Future Flow Rating Driven by Originator's Credit Quality: The
rating of this FF transaction is driven by the Long-Term Issuer
Default Rating (IDR) of the originator, BP. On Oct. 31, 2024, Fitch
affirmed BP's Long-Term IDR at 'CCC+' and Viability Rating (VR) at
'ccc+'. BP's IDR is driven by its VR, or standalone
creditworthiness. However, the bank's ratings are capped by Fitch's
assessment of the operating environment (OE) score of 'ccc+' of
Ecuador, which significantly influences the bank's VR.
Going Concern Assessment (GCA) Score Supports Notching
Differential: Fitch uses a GCA score to gauge the likelihood that
the originator of a future flow transaction will stay in operation
through the transaction's life. Fitch assigns a GCA score of 'GC1'
to BP based on it being the largest and most systemically important
bank within the highly concentrated Ecuadorian market. The score
allows for a maximum of six notches above the Long-Term IDR of the
originator; however, additional factors limit the maximum uplift.
Factors Limit Notching Differential: The 'GC1' score allows for a
maximum six-notch rating uplift from the bank's IDR, pursuant to
Fitch's future flow methodology. However, uplift is tempered to
four notches from BP's Long-Term IDR given certain factors, such as
high future flow debt relative to BP's non-deposit funding and
Fitch reserving the maximum notching uplift for originator's rated
at the lower end of the rating scale.
Relatively High Future Flow Debt Relative to BP's Balance Sheet
Limits Notching Differential: Future flow debt represents
approximately 2.6% of BP's total funding and 31.0% of non-deposit
funding when considering the current outstanding balance of the
program ($418.8) as of Oct. 31, 2024 and utilizing September 2024
non-consolidated financials.
Fitch does not allow the maximum uplift for originators that have
future flow debt greater than 30% of the overall non-deposit
funding. Nevertheless, given the benefits of the structure and
quality of flows, the agency allows for differentiation (four
notches) from BP's Long-Term IDR. Fitch is comfortable with these
ratios at the assigned rating and expects these levels to remain
high given that the program continues to be a main source of
funding for the bank.
Coverage Levels Commensurate with Assigned Rating: The series
2023-1 loan has an interest-only period of two years, with the
first principal payment not expected to be due until March 2025.
Considering average rolling quarterly DDB flows over the past five
years (November 2019 through October 2024) and the maximum periodic
debt service over the life of the program, including Fitch's 'BB-'
interest rate stress for the series 2023-1 floating-rate loan,
Fitch's minimum projected quarterly debt service coverage ratio
(DSCR) is 53.3x.
The program can withstand a reduction in flows of approximately 98%
and still cover the maximum quarterly debt service obligation.
Nevertheless, Fitch will continue to actively monitor the
performance of the flows.
Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until collection
of the periodic debt service amount, allowing the transaction to be
rated over the sovereign country ceiling. Fitch believes payment
diversion risk is partially mitigated by the account agreements
signed by the six correspondent banks processing the vast majority
of U.S. dollar DPR flows originating in the U.S.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The transaction's ratings are sensitive to changes in BP's credit
quality, which in turn is sensitive to changes in Ecuador's credit
quality and operating environment. A deterioration of BP's credit
quality by more than one notch could trigger a negative rating
action on the transaction's rating;
- The transaction's ratings are sensitive to the DPR business
line's performance and its ability to continue operating, as
reflected by the GCA score. A change in Fitch's view on the bank's
GCA score can lead to a change in the transaction's ratings. The
minimum expected quarterly DSCR is approximately 53.3x, and should
therefore withstand a significant decline in cash flows in the
absence of other issues. However, significant declines in flows
could lead to a negative rating action. Any changes in these
variables will be analyzed in a rating committee to assess the
possible impact on the transaction's ratings;
- No company is immune to the economic and political conditions of
its home country. Political risks and the potential for sovereign
interference may increase as a sovereign's rating is downgraded.
However, the underlying structure and transaction enhancements
mitigate these risks to a level consistent with the assigned
rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The main constraint to the transaction's ratings is the
originator's rating and BP's operating environment. If upgraded,
Fitch will consider whether the same uplift could be maintained or
if it should be further tempered in accordance with criteria.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The future flow ratings are driven by the credit risk of Banco
Pichincha C.A. as measured by its Long-Term IDR.
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.
=============
J A M A I C A
=============
JAMAICA: Launches $20M Equipment Lease Program for Dairy Farmers
----------------------------------------------------------------
RJR News reports that Minister of Agriculture, Fisheries, and
Mining, Floyd Green, says the government will assist dairy farmers
to significantly improve their output through a $20-million
Equipment Lease Program.
The minister says the program is designed to alleviate the
financial burden faced by farmers who struggle to acquire the
necessary equipment for efficient dairy operations, relates RJR
News.
He added that the farmers will now have access to modern milking
technologies without the upfront costs typically associated with
purchasing such equipment, the report notes.
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.
In September 2023, S&P Global Ratings raised 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', with a stable outlook. In
September 2024, S&P affirmed 'BB-/B' sovereign ratings on Jamaica
and revised outlook to positive.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook
is Stable.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week from Dec. 2 to 6, 2024
-----------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
---------- --- ----- -------- ----- ----
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
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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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
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