/raid1/www/Hosts/bankrupt/TCRLA_Public/200302.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, March 2, 2020, Vol. 21, No. 44
Headlines
A R G E N T I N A
ARGENTINA: IMF Mission Will Visit Country to Discuss 'Next Steps'
B R A Z I L
BRAZIL: Stock Market Reopens Down 7% as Coronavirus Advances
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Conep President Makes Statement on Elections
M E X I C O
ALGON CORP: Seeks to Extend Exclusivity Period to April 24
P U E R T O R I C O
BAHIA DEL SOL: Triangle 2 Asks 10 Days to File Claim Repayment Deal
NUTRITION CARE: Court Confirms Plan of Reorganization
S T . L U C I A
ST. LUCIA: IMF Says Construction Sector Continues to Contract
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Chamber Concerned at Credit Card Dollar Limits
X X X X X X X X
LATAM: First COVID-19 Case Sends Currencies Into Tailspin
[*] BOND PRICING: For the Week February 24 to February 28, 2020
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: IMF Mission Will Visit Country to Discuss 'Next Steps'
-----------------------------------------------------------------
Andrea Shalal and Cassandra Garrison at Reuters reports that the
International Monetary Fund will send another mission to Argentina
to continue debt strategy talks and discuss "next steps," an IMF
spokesman said, as the South American nation seeks to renegotiate
its $57 billion financing package.
The IMF technical team will arrive in Buenos Aires [in the first
week of March 2020] for meetings with economy ministry officials
about the government's economic program, the spokesman said,
according to Reuters. The fund's last mission to Argentina ended
just over a week ago, the report notes.
Julie Kozack, the IMF deputy director for the Western Hemisphere,
and Luis Cubeddu, head of the IMF's mission in Argentina, will lead
the team, which is expected to stay until the end of this week, the
report relays.
"The meetings will also be an opportunity to continue to discuss
next steps with the authorities," the spokesman said, the report
notes.
The Latin American country, which has defaulted on debt obligations
eight times, is facing tough negotiations with creditors and the
IMF to restructure around $100 billion in debt that the Argentine
government says it cannot pay unless given time to revive stalled
economic growth, the report discloses.
Reuters says that the IMF gave Argentina a $57 billion standby
financing agreement in 2018, but that program was agreed by the
previous government and has been essentially on ice since the
election.
Discussions between the IMF and Argentina are going well, said
Gerry Rice, another IMF spokesman, earlier, the report notes.
Argentine Economy Minister Martin Guzman and his team met with IMF
staff in Washington, Rice said, following a meeting with IMF
Managing Director Kristalina Georgieva in Riyadh during a meeting
of G20 finance officials, where Guzman said Argentina would
initiate Article IV consultations that could pave the way for a new
IMF program the report relays.
"The discussions are going well and we expect that to continue in
the coming days," Rice told reporters at a regular IMF briefing,
describing the current state of talks with Argentina's new Peronist
government as "very constructive," the report notes.
The last IMF mission to Argentina ended on Feb. 19. At that time,
the fund said Argentina's debt situation was unsustainable and
urged Buenos Aires to draft a definitive plan to restore debt
sustainability, including a "meaningful contribution from private
creditors," the report notes.
Fitch Ratings said Argentina needed significant debt relief to
overcome its solvency and liquidity challenges, but said potential
disagreements around the type and magnitude of debt relief needed,
and how much fiscal tightening is realistic, could make it tough to
reach consensus on a path forward by the end of March, as
Argentinian authorities intend.
Atradius, a global credit insurer, agreed the timetable was highly
ambitious especially since the process was moving so slowly, and
said the risk of a disorderly debt default remained high, the
report relates.
In a report, Atradius said the new administration faced a difficult
balancing act between its campaign pledges promising no more
austerity measures, and investor demands for a clear macroeconomic
plan to improve long-term sustainability, the report discloses.
It warned that a disorderly default would undermine efforts to
revive the economy and rebuild confidence, and could return
Argentina to the "pariah status" it had in international capital
markets between 2001 and 2014, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri 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.
Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019. S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'. S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'. DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.
===========
B R A Z I L
===========
BRAZIL: Stock Market Reopens Down 7% as Coronavirus Advances
------------------------------------------------------------
Richard Mann at Rio Times Online reports that the Brazilian Stock
Exchange has returned from the Carnaval holiday in sharp decline
amid confirmation of the first case of the coronavirus in the
country and the spread of occurrences around the world.
The Brazilian markets reopened on Feb. 26 - after two days closed -
with IBOVESPA, the main reference index, down by seven percent to
105,718 points at the end of the day, according to Rio Times
Online.
All the shares that make up the index operated in the red, the
report notes.
The drop in the Brazilian stock market is the highest since the
so-called 'Joesley Day', the report relates.
As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings in November 2019 affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Conep President Makes Statement on Elections
----------------------------------------------------------------
Dominican Today reports that National Enterprise Council (Conep)
president Pedro Brache warned that if extraordinary elections don't
take place as planned in the Dominican Republic, its effects will
be felt in the national economy.
"It has not yet begun to make sense, but it will begin to feel if
things do not progress and the elections do not develop as they
have to be developed, but we have faith that everything will work
out," said Brache upon leaving the Central Electoral Board,
according to Dominican Today.
Mr. Brache denied that his role is that of mediator between the
Board and political parties, ensuring that the Conep's main purpose
is that things go well and ensure transparent elections with
international accompaniment, the report notes.
"The political parties are doing their part so that things are
going well and we have satisfactory elections. We all have to
support each other at this difficult time for democracy," 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.
The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related 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.
Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).
===========
M E X I C O
===========
ALGON CORP: Seeks to Extend Exclusivity Period to April 24
----------------------------------------------------------
Algon Corporation asked the U.S. Bankruptcy Court for the Southern
District of Florida to extend the exclusivity period to file a
Chapter 11 plan of reorganization and solicit acceptances for the
plan to April 24 and June 23, respectively.
The company needs more time to negotiate and structure a
transaction that will provide the necessary financing for its
reorganization plan as well as to resolve matters with its
creditors.
Since its bankruptcy case was filed, Algon Corporation has sought
alternative financing in order to proceed with a plan of
reorganization. It has negotiated various non-disclosure
agreements and met with about a half dozen prospective lenders.
Much of the problem in finding appropriate financing is that a
significant portion of the collateral is located in Mexico, and
these prospective lenders, if willing to loan, request extremely
high and disqualifying interest rates.
Currently, the company is actively engaged in negotiations with a
lender and investor to fund a plan. Algon Corporation needs
additional time to consummate these discussions, finalize all
critical terms, and structure the necessary funding in conjunction
with its plan. Also, the company anticipates reviewing its plan
with BBVA Compass Bank and Export-Import Bank prior to filing.
About Algon Corp
Algon Corp -- https://www.algon.com/ -- is a worldwide distributor
of raw materials and industrial parts for the pharmaceutical,
cosmetic, and food industries. It is located in Miami, Fla.
Algon Corp sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 19-18864) on July 1, 2019. In the
petition signed by its president, Alfredo Suarez, the Debtor
estimated assets and liabilities of less than $10 million. The
case is assigned to Judge Robert A. Mark. The Debtor is
represented by Geoffrey S. Aaronson, Esq., at Aaronson Schantz
Beiley P.A.
=====================
P U E R T O R I C O
=====================
BAHIA DEL SOL: Triangle 2 Asks 10 Days to File Claim Repayment Deal
-------------------------------------------------------------------
Triangle Cayman Asset Co. 2, secured creditor of Bahia del Sol
Hotel Corp., asks the U.S. Bankruptcy Court for the District of
Puerto Rico for an extension of time of 10 days to allow the
parties to finalize, executed and file a settlement agreement as to
the repayment of Triangle's claim, in connection with the Debtor's
proposed sale of the real property currently known as "Plaza
Parguera Hotel" located at La Parguera Ward, Road 304, Km. 3.2,
Lajas, Puerto Rico, to Puerto Rico Asset Management, LLC for $1.3
million, subject to overbid.
On Aug. 16, 2019, Triangle filed Proof of Claim 9 in the amount of
$1,141,306, which repayment is secured with, among other things,
property 15,629, located at Road 305, La Parguera, Lajas, where the
Debtor operates its hotel business ("Real Estate Property").
During the status conference held on Aug. 21, 2019, the Debtor
stated it would be filing a motion to sell the Real Estate Property
by Sept. 30, 2019.
On Sept. 27, 2019, the Debtor requested an extension to file the
motion to sell, which the Court granted, until Oct. 21, 2019.
On Oct. 21, 2019, the Debtor and Triangle jointly requested another
extension to file the motion to sell because good faith
negotiations for the consensual repayment of the Triangle Claim
were ongoing. As a result, the Court granted such request until
Nov. 22, 2019.
On Nov. 22, 2019, the Debtor filed the Motion. Thereafter,
Triangle has sought several extensions of time to either finalize
an agreement for repayment of the Triangle Claim, or for Triangle
to otherwise state its position in connection with the Motion. The
current timeframe to do so expires Jan. 30, 2020.
The Parties have reached an agreement in principle, and, prior to
the Extension of Time, Triangle has circulated a revised draft of
the settlement agreement to the Debtor, for the discussion and
finalization thereof.
In consideration of the above, Triangle needs additional time to
allow to finalize, execute and file the same. Thus, it
respectfully asks that the Court grants it an additional extension
of time of 10 days, to allow the Parties to finalize, execute and
file a stipulation as to the repayment of Triangle's claim.
About Bahia Del Sol Corporation
Bahia Del Sol Hotel Corporation filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 19-03234) on June 5, 2019,
estimating under $1 million in both assets and liabilities. The
Debtor tapped Noemi Landrau Rivera, Esq., at Landrau Rivera &
Assoc., as counsel.
NUTRITION CARE: Court Confirms Plan of Reorganization
-----------------------------------------------------
Judge Enrique S. Lamoutte recently confirmed the Chapter 11 Plan
and Amended Disclosure Statement of Nutrition Care Inc. The Plan
was filed in October 2018.
A copy of the order dated February 11, 2020, is available at
https://tinyurl.com/wkh2qlo from PacerMonitor at no charge.
About Nutrition Care
Nutrition Care, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-00394) on Jan. 29,
2018.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million. Judge Enrique S.
Lamoutte Inclan presides over the case. Tomas F. Blanco Perez,
Esq., at MRO Attorneys at Law, LLC, is the Debtor's bankruptcy
counsel.
=================
S T . L U C I A
=================
ST. LUCIA: IMF Says Construction Sector Continues to Contract
-------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
Feb. 7, 2020, concluded the Article IV consultation discussions
with St. Lucia and considered and endorsed the staff appraisal
without a meeting.
Following a slowdown in 2018, real GDP growth has picked up in 2019
supported by strong growth in tourism activities. The construction
sector continued to contract in early 2019 owing to delays in
public infrastructure projects but stayover arrivals grew by 7.9 in
the first three quarters of the year (y-o-y). Preliminary data also
point to improvement in the current account. Unemployment has
declined somewhat but remains high at 18 percent while inflation
remained subdued as fuel price pressures subsided.
Prudent fiscal policies and revenues from the
citizenship-by-investment program (CIP) have helped stabilizing
public debt as a share of GDP. The primary fiscal surplus rose to
2.1 percent of GDP in 2018 and is projected to be broadly balanced
in 2019 due to a decline in CIP applications and increased public
sector wages. Bank credit to the private sector shrank for a sixth
consecutive year, reflecting more conservative lending practices
and banks' efforts to resolve legacy NPLs, while the expansion of
the credit union sector remains strong.
Near-term growth prospects are favorable, albeit with downside
risks. The commencement of large public infrastructure projects,
including the redevelopment of the international airport and a
comprehensive road improvement program, is expected to
substantially boost growth in 2020-22 but will push up public debt
and weaken the external position. Nonetheless, the expected
improvement in St. Lucia's connectivity could help address capacity
constraints and has the potential to catalyze a more durable
expansion of the tourism sector and related activities. Downside
risks to the outlook include a deeper-than-expected slowdown in
major source markets for tourism, energy price shocks, disruptions
to global financial markets, and loss of correspondent bank
relationships. St. Lucia's high vulnerability to natural disasters
constitutes an ever-present risk to both growth and the fiscal
outlook.
Executive Board Assessment
St. Lucia's near-term growth prospects are favorable, but policy
adjustments will be needed to strengthen longer-term growth. The
commencement of large public infrastructure projects is expected to
substantially boost growth in 2020-22 but will raise public debt
and weaken the external position. However, a deeper-than-expected
slowdown in major source markets for tourism, energy price shocks,
disruptions to global financial markets, and loss of CBR all
represent downside risks. St. Lucia's high vulnerability to natural
disasters constitutes an ever-present risk to both growth and the
fiscal outlook. Longer-term growth continues to be impeded by the
high public debt, lingering vulnerabilities in the financial
system, and structural impediments to private investment. On the
other hand, there is an upside that infrastructure investment could
catalyze a greater-than-expected expansion of the tourism sector
and related activities. While the overall external position is
assessed to be broadly consistent with the level implied by
fundamentals and desirable policies, St. Lucia still has
considerable competitiveness challenges, particularly in its
non-tourism sector, that need to be addressed.
Fiscal policies should be geared toward rebuilding policy space and
ensuring public debt converges to the regional target of 60 percent
of GDP by 2030. The debt-financed infrastructure investments,
despite being on semi-concessional terms with long-run repayment
largely covered by dedicated revenue streams, will move public debt
further away from the regional target. The need to invest in
climate resilience and the uncertainty over future CIP revenues
pose additional challenges to public finances. Without policy
adjustments, debt vulnerabilities are elevated, and public debt
does not stabilize over the near term.
The government's near-term focus should be on revenue-enhancing
measures and investments that build resilience to climate related
shocks. In addition to limiting current spending growth
(particularly the public wage bill), additional revenues should be
mobilized from the proposed hotel accommodation fee, the
introduction of a carbon tax, and reducing the scope of VAT
exemptions. Since some of these measures will likely be regressive,
they should be introduced in parallel with targeted transfers that
offset the impact on poor and vulnerable households. The National
Health Insurance system should also be introduced in a fiscally
responsible manner. Concerted efforts are also needed to mobilize
donor grants to fund investments in climate resilience. If there is
over-performance of the CIP, or of other revenue sources, it should
be directed toward financing a self-insurance fund to bolster the
economy's resilience against natural disasters.
A fiscal rule would help anchor fiscal policy over the medium term
and support consolidation efforts. To be effective, the fiscal rule
should encompass a comprehensive definition of fiscal activities,
including the fiscal costs of natural disasters and the lumpy
expenditure associated with infrastructure investment, and should
be part of a broader fiscal responsibility framework that embeds
appropriate institutional and governance arrangements to ensure
both the appropriate degree of flexibility as well as
enforceability of the fiscal rule. The fiscal rule will also need
to be carefully calibrated to strike the balance between credibly
meeting the debt target over the medium-term and providing space
for much-needed spending to build resilience.
To support private sector investment, measures are needed to
address constraints on financial intermediation. There is scope to
improve credit market efficiency by modernizing foreclosure and
insolvency legislation, establishing a regional credit bureau and
registry, and taking steps to allow for the greater use of movable
property as loan collateral.
Emerging financial sector risks warrant a more assertive approach
to regulation and supervision. The banks' rising allocation of
their assets to overseas debt securities has supported bank
profitability but may also expose the sector to losses if global
financial market conditions deteriorate or risk premia rise. The
rapid expansion of credit unions has increased the sector's
macro-financial significance that warrants stronger oversight. The
swift adoption of the Harmonized Co-operative Societies Act,
combined with a strengthening of supervisory oversight of the
non-bank financial sector, remain key policy priorities. In
addition, continued efforts are needed to satisfy international
taxation and AML/CFT standards.
Efforts are needed to further enhance resilience to climate change
and natural disasters. Progress has been made in implementing
recommendations of the CCPA. Key measures to address the remaining
institutional, financing and capacity gaps include the active
costing of climate projects, improving public financial management
of climate financing and outlays, mobilizing private investment in
mitigation and adaptation and strengthening capacity in managing
climate-related investments.
Decisive and targeted reforms are needed to address supply-side
impediments to long-term growth. Enhancing productivity will
require a better alignment of the education system with labor
market needs. There is scope to improve the business environment by
enhancing access to credit and reducing electricity costs, further
diversifying the economy toward higher-value exports, and
increasing local content in the tourism supply chain.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Chamber Concerned at Credit Card Dollar Limits
-----------------------------------------------------------------
Trinidad Express reports that CEO of the T&T Gabriel Faria said the
decision by local commercial bank to reduce the foreign purchase
limits of their credit cards will have "a negative impact" on small
businesses and individuals.
The availability of foreign currency notes at local commercial
banks has become increasingly tight, according to Trinidad
Express.
===============
X X X X X X X X
===============
LATAM: First COVID-19 Case Sends Currencies Into Tailspin
---------------------------------------------------------
Aline Oyamada at Bloomberg News reports that the first coronavirus
case (coronavirus disease 2019 or COVID-19) in Latin America sent
currencies tumbling across the region as investors became
increasingly risk averse.
All Latin American currencies were among the worst performers in
emerging markets, with Brazil's real reaching an all-time low
despite the central bank intervention and the Mexican peso dropping
to the weakest since early December, according to Bloomberg News.
Both the Colombian and Chilean pesos were on track to reach their
all-time lows.
The bloodbath underscores fears about the impact of the virus
outbreak to a region that is already suffering from weak growth and
had been spared the illness until last week, Bloomberg News says.
Brazil reported Latin America's first coronavirus case Feb. 26 and
said there are 20 more suspected cases in the country, Bloomberg
News notes.
"The market had a narrative of contained regional effects; now that
narrative has changed and we have seen broad de-risking across the
board," said Juan Prada, a currency strategist at Barclays in New
York, Bloomberg News relates. "The Mexican peso had been shielded
by carry, but now positions are being unwound, the Colombian peso
had been resilient despite lower oil, but now we see some
capitulation there," Bloomberg News notes.
While local assets had already been dragged down amid the global
sell-off, investors are now assessing the direct impact of the
illness on earnings and the economy, Bloomberg News relates.
Shares of travel-related companies were among the worst performers
in Brazil, Mexico and Chile over the past two days, with airline
companies such as Gol Linhas Aereas Inteligentes SA and Azul SA
plunging about 20% and Latam Airlines Group SA down over 10%,
Bloomberg News discloses.
Bonds followed suit. Ten-year dollar notes from all major Latin
American countries fell and five-year credit default swaps spreads
rose, led by a 17 basis point jump in Brazil, Bloomberg News
relays.
"As long as there's uncertainty regarding the magnitude of the
shock to global growth, Latin American currencies can remain weak,"
said Armando Armenta, a New York-based economist and strategist at
AllianceBernstein LP, Bloomberg News notes. "Low levels of
inflation mean central banks are comfortable with the observed
level of depreciation and would not act with conviction to try to
lean against the wind," he added.
[*] BOND PRICING: For the Week February 24 to February 28, 2020
---------------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP
Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Provincia del Chubut A 4.5 2208 3/30/2021 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Polarcus Ltd 5.6 71.8 7/1/2022 AE USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Banco Security SA 3.0 27.4 6/1/2021 CL CLP
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
Enel Americas SA 5.8 32.7 6/15/2022 CL CLP
Empresa Provincial de 12.5 0.0 1/29/2020 AR USD
Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL
Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Plaza SA 3.5 38.3 8/15/2020 CL CLP
Banco Security SA 3.0 5.6 7/1/2019 CL CLP
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP
Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP
Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD
Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD
Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Esval SA 3.5 49.9 2/15/2026 CL CLP
*********
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 2020. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *