/raid1/www/Hosts/bankrupt/TCRLA_Public/201026.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, October 26, 2020, Vol. 21, No. 214
Headlines
B R A Z I L
VOTORANTIM CIMENTOS: S&P Hikes Stand-Alone Credit Profile to 'bb+'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Customs Collects US$1.5BB Thru September
DOMINICAN REPUBLIC: Food Insecurity Creates Concern for Families
J A M A I C A
JAMAICA: Urges Farmers to Access Productive Input Relief Benefits
S U R I N A M E
SURINAME: Wants to Talk to Creditors on Eurobond Grace Period
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Credit Unions Are Unexplored Gems
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Estimates Dollar Rate at BS1.2MM Next Year
X X X X X X X X
LATAM: US$1 Billion in 'Emergency Financing' Provided
[*] BOND PRICING: For the Week Oct. 19 to Oct. 23, 2020
- - - - -
===========
B R A Z I L
===========
VOTORANTIM CIMENTOS: S&P Hikes Stand-Alone Credit Profile to 'bb+'
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BBB-' global scale rating on
Brazil-based cement producer Votorantim Cimentos S.A. (VC), which
mirrors that on its parent, Votorantim S.A. (VSA), given its
expectation of its continued support to VC.
The stronger cash flows will reduce debt to EBITDA to about 2.5x in
2020 and below 2.5x in 2021, compared with its previous expectation
of 3.5x-4.5x. This led S&P to revise upward the company's
stand-alone credit profile (SACP) to 'bb+' from 'bb'.
VC's higher-than-expected volumes and prices increases this year
should raise revenue in Brazil by about 15%. This results from low
interest rates and the government aid program that has bolstered
construction activity over the past few months. EBITDA margin will
likely rise to 16%-18% in Brazil this year from 8% in 2019. S&P
expects the favorable trend to continue in 2021 due to new
infrastructure projects in the country, such as sanitation works.
VC's Brazilian unit is likely to contribute about 40% of
consolidated EBITDA for 2020 and 45% in 2021.
VC's consolidated volumes will likely increase 3%-5% year-over-year
in 2020 and 5%-10% in 2021, with high growth in Brazil compensating
for a weaker pace in other countries due to COVID-19. The Brazilian
unit's stronger revenue and profitability, coupled with cash flows
in hard currency, counterbalances the lower sales volumes in
regions that were more severely affected. As a result, S&P now
expects VC to present stronger credit metrics, with debt to EBITDA
at about 2.5x in 2020 and below 2.5x in 2021. This led S&P to
revise upward the company's SACP to 'bb+' from 'bb'.
VC has no significant debt maturing until 2022, which provides a
liquidity cushion if market conditions worsen again. The company
maintained robust cash position by increasing the efficiency of its
production process, postponing almost all of its 2020 planned asset
upgrades until 2021, and not paying any dividends to VSA this
year.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Customs Collects US$1.5BB Thru September
------------------------------------------------------------
Dominican Today reports that Dominican Customs said it collected
RD$23.8 billion in the last two months, about RD$540 million each
day, or above the daily average during the state of emergency.
During the emergency period, the daily average of collections
ranged between RD$330.94 and RD$492.16 million, prior to the
current administration, according to Dominican Today.
The collections reported by Customs in September topped RD$11.2
billion, the report notes.
It said that during the January-September 2020 period, revenues
totaled RD$85.6 billion (US$1.5 billion), the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis
Rodolfo Abinader Corona is the current president of the nation.
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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
DOMINICAN REPUBLIC: Food Insecurity Creates Concern for Families
----------------------------------------------------------------
Dominican Today reports that the availability of food and the
affordability of the basic staples generate concern in a population
that does not stop complaining in the aisles of supermarkets and
market stalls.
Leonor Sanchez, a single mother and head of household, went out to
do the shopping and expressed her amazement when she took a package
of a little more than a pound of ground beef and saw that it was at
RD$155, verifying that a pound cost RD$140, according to Dominican
Today.
"A few weeks ago, a pound of prime ground meat did not exceed
RD$100, and now I can't find it for less than RD$140. I decided
better not to buy it," she explained to LISTIN DIARIO, the report
notes.
She added that it is worrying that many products have gone up in
price, and others are not even to be found, the report says.
"Look, I have not found cabbage lettuce, nor bell peppers, green
bananas are at RD$44 per pound and ripe ones at RD$45, liquid milk
since the beginning of the pandemic exceeds RD$50. Barcelo
tomatoes are at ten pesos each in the grocery store near my house.
This worries me because, at this rate, the money will not last,"
explained Leonor, who was in one of the supermarket chains where
the population buys the most, the report relates.
Mothers
Like Leonor, Marisol Almonte also expressed deep concerns over
prices. "Everything is expensive." She indicated that in her
neighborhood, bananas are at RD$28 and that in previous days she
bought a pound of pigeon peas at RD$140, the report notes.
Almonte indicated that the carton of eggs she formerly bought for
RD$100 is now RD$150, and the green bananas that she got at four
for RD$10 are now sold for RD$5 per unit. Recently, Romain Sirois,
the representative in the country of the World Food Program (WFP),
stated that, as a result of the economic crisis created by Covid-19
and its effects on reducing family income, the rate of severe food
malnutrition in the Dominican Republic could go from 1% before the
pandemic to 7.4% in 2021, the report relates.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis
Rodolfo Abinader Corona is the current president of the nation.
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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
=============
J A M A I C A
=============
JAMAICA: Urges Farmers to Access Productive Input Relief Benefits
-----------------------------------------------------------------
RJR News reports that Jamaica Promotions Corporation (JAMPRO) is
encouraging farmers to access benefits provided by the Productive
Input Relief.
This includes the duty-free importation of equipment that can be
used in greenhouses, as well as concessions on specific vehicles
for farming purposes, according to RJR News.
JAMPRO is intensifying its COVID-19 response strategy to drive
activity, development and support for the Agribusiness sector, the
report notes.
It says there are several areas in agriculture that are untapped,
and its aim is to channel investment activities in these areas,
while increasing its support for farmers who are ready to export
fresh produce, the report relays.
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.
Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020). Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019). Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).
As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.
===============
S U R I N A M E
===============
SURINAME: Wants to Talk to Creditors on Eurobond Grace Period
-------------------------------------------------------------
Karin Strohecker at Reuters reports that Suriname said it wanted to
make use of a 30-day grace period on its dollar-bond coupon
payments coming due on Oct. 26 to engage with creditors to tackle
its debt sustainability issues.
Indicating that it might not pay the coupon, the government said in
a statement it had invited all its commercial creditors to an
investor presentation on Oct. 30, according to Reuters.
"Public debt has risen to historical levels and borrowing continued
even as severe macroeconomic and financial imbalances were building
up," the government of the South American nation said, the report
relays.
It added that it could not refinance at affordable market prices
and servicing its debt conflicted with dealing with the social
fallout from the ongoing crisis, the report notes.
The government said it had developed an economic reform programme
which included unifying exchange rates and raising fuel taxes, and
was working with the International Monetary Fund to secure
financial assistance, the report says.
"At the investor presentation, further details of Suriname's
current financial and economic position will be disclosed and the
next steps in the process to restoring public debt sustainability
will be discussed," the statement said.
The coupon payment was due on a $550 million dollar-denominated
bond maturing in 2026, which last traded at just over 55 cents in
the dollar, the report discloses. The issue is down more than 5
cents since the start of the week, the report says.
The country's total foreign debt stands at around $4 billion, with
debt service absorbing large amounts of government income, the
report relays.
President Chan Santokhi said earlier on in October that his
government would prioritise a rescheduling and restructuring of two
loans from investment bank Oppenheimer amounting to $125 million,
the report adds.
As reported in the Troubled Company Reporter-Latin America on July
20, 2020, S&P Global Ratings raised its long-term foreign and local
currency sovereign credit rating on the Republic of Suriname to
'CCC' from 'SD' and 'CCC-', respectively. S&P Global Ratings also
raised is issue-level ratings on the restructured US$125 million
December 2023 bond to 'CCC' from 'D' and on the US$550 million
October 2026 bond to 'CCC' from 'CCC-'. At the same time, S&P
Global Ratings raised its short-term foreign currency
sovereign credit rating on Suriname to 'C' from 'SD', and affirmed
its 'C' short-term local currency sovereign credit rating on the
country. Finally, S&P Global Ratings raised its transfer and
convertibility assessment on Suriname to 'CCC' from 'CCC-'. The
outlook is stable.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Credit Unions Are Unexplored Gems
----------------------------------------------------
Trinidad Express reports that newly-appointed president of the
Caribbean Confederation of Credit Unions (CCCU) Joseph Remy is
keeping an eye on the first bidder for National Petroleum gas
stations.
During the 2020/2021 budget presentation on October 5, Finance
Minister Colm Imbert announced that gas stations will be divested
and fuel prices liberalised at the pumps, according to Trinidad
Express.
In an interview with the Sunday Express, at COPOS Credit Union on
Pembroke Street, Port of Spain, Remy, 62, said: "I am looking to
see who will buy the first gas station at about $10 million
minimum. It's a good investment. But they have to ensure a steady
fuel supply at reasonable prices. We want a win-win for everyone,"
the report notes.
Remy's appointment has come as the credit union movement celebrates
Credit Union Month in October, the report relays. He-succeeds
Jamaica's Winston Fletcher, the report discloses. The new
vice-president is Belize's Leopoldo Romero while the chief
executive officer (CEO) is Andre Goindoo, the report says.
Gasparillo-born Remy has built a formidable reputation as a well
respected trade unionist who eventually emerged as president of
Communication Workers Union (CWU), the report relates.
Remy is adamant credit unions will not fall under the remit of the
Central Bank since they (credit unions) are "not profit-driven, but
exist to serve the people," the report notes. Remy is also
prepared to morph into a militant role should politicians toy with
the idea of decertification of trade unions, the report says.
Passion for Credit Unions, Trade Unionism
Reflecting on the genesis of credit unions, Remy said: "On my first
day of work at Telephone Workers' Credit Union (TWCU), they brought
two forms for me-a union form and a credit union form, the report
says. Since then, my fascination and devotion to both socially
conscious organizations began, the report notes. I have been
involved in credit unions since 1977, the report recalls. It's a
wealth of experience, the report relays.
"It's a humbling feeling to be responsible for credit unions in 17
countries. It's a signal day for Trinidad and Tobago, the credit
union movement and the Caribbean. Credit Unions provide a great
service for people on the fringes, and helps to lift them out of
poverty and indigence. It helps to improve their standard of living
socially, economically and financially," the report notes.
Contemplating the journey ahead, Remy said: "Jamaica and T&T are
two of the countries with the largest numbers of credit union
members, the report discloses. I hope to bring a high level of
objectivity, and inspire board members to be able to serve their
countries' competently. In terms of regional integration, the
credit union movement is second only to West Indies Cricket," the
report relays.
Fellow board members include Aaron Moses (Grenada), Lennox Bowman
(St Vincent/treasurer), Carol Fraser (Guyana/secretary) and Hally
Haynes (Barbados/director).
Not Under Central Bank
Finance Minister Colm Imbert has indicated there's a proposal for
credit unions to be regularized under the Central Bank, the report
notes. To date, Remy has been in discussions with former public
utilities minister Robert LeHunte, the report discloses. They have
written Minister of Youth Development and National Services
Fitzgerald Hinds for a meeting, the report says.
Asked about the proposal for credit union regularisation, Remy
said: "It means it's security for an integral support mechanism for
the grassroots and working class. It's a cradle for all sectors of
the society. It's a gem that has not been explored. We would have
had discussions on regularisation with the Government, and with
former minister (LeHunte). We had arrived at an agreement for
credit unions to be regulated by an independent body, the report
relays.
"It's not going to be under the Central Bank. A credit union is a
financial institution with a social conscience. Profit is not our
reason for existence but service to the people," the report
discloses.
Remy said the focus was on developing sustainability among credit
unions, the report relays.
"We want to be regularized in our image and likeness. Some of the
fundamental elements of the credit unions would be lost if we are
regularized under the Central Bank modus operandi," said Remy, the
report notes.
Customers can depend upon "character" loans, he added.
"We don't just lend on collateral, but on projection. If you have
$10,000 you can borrow another $20,000 tranche because you are
deemed credit-worthy. You can borrow soft loans of $1,000 for an
emergency dental appointment. We are easily accommodating with a
range of loans for vehicle, home and education," he added.
Remy knows education is a passport out of poverty, saying: "We
place huge emphasis on education. They have given scholarships to
CSEC and CAPE pupils. We have to ensure they develop thrift, proper
money management skills and financial literacy. Five per cent of
the surplus from credit unions goes towards education." Asked if
there was a risk credit unions would become more like commercial
banks, Remy said: "We won't. Under our watch, we will not be an
appendage to the commercial banks. We will remain an alternative to
the commercial banks, the report relays.
"We will retain our ownership to the poor and downtrodden and the
fundamental principles upon which we were founded. We try to ensure
the credit unions hold on to its focus on working and middle class
people. We are in support of traditional Yoruba based sous sous,
and not pyramid schemes," the report notes.
Beneficiary Benefits
Remy said the "low hanging fruit" has to be tackled.
"We would have written (Minister) Hinds. Trinidad is one of the few
remaining countries where there is still a cap on what you can
access.
If I am a member of the credit union and I pass on, my beneficiary
can't access a sum of about $100,000. If I pass away, you can
access $5,000 and then $50,000. You can't get the full estate," he
said, the report notes.
Remy is also cognisant credit unions have to adapt to technology
amid the onslaught of Covid-19. "We have to adapt to allow people
to access the credit unions online. Some unscrupulous employers are
using Covid-19 as an excuse to send home employees. Every time
there is a crisis we tend to socialise the process. Whenever there
is a boom, we privatise. I don't think 2020 Budget is too much in
favour of the working class," said Remy, the report discloses.
Showing solidarity with trade unions, Remy said: "I would be ready
for war if there is any threat of decertification. It's a brutal
and blatant attack on democracy," the report adds.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Estimates Dollar Rate at BS1.2MM Next Year
------------------------------------------------------------------
The Latin American Herald reports that the so-called Budget
Formulation Guide of state-owned oil company Petroleos de Venezuela
(PDVSA) has projected the country's foreign exchange rate to be
located at Bs.1.2 million per dollar in 2021.
However, according to local daily Panorama which had access to this
document, a devaluation of 202.5% throughout next year is also
contemplated, meaning that the exchange rate is projected to be
somewhere near Bs.3.7 million per dollar, according to The Latin
American Herald.
In other words, the remaining months of 2020 may be quite
devastating with such a forecast, let alone other estimates from
renowned economists and market experts over the past few months,
who have already forecast the dollar surpassing the threshold of
Bs.1 million long before year-end, the report notes.
What's more, the administration of left incumbent Nicolas Maduro
has projected an average monthly increase in the official foreign
exchange rate of Bs.200,000 for 2021, the report relays.
PDVSA warns in the document that "the information was not provided
by the National Budget Office (Onapre) and was projected based on
the real behavior released by the Central Bank of Venezuela (BCV)
for the period January-July 2020, a forecast carried out by the
Corporate Budget Management and Management Control," the report
discloses.
According to projections based on the real behavior released by the
BCV, Venezuela's inflation rate will hover between 500%-600%.
According to the opposition-controlled Congress (aka National
Assembly or AN), inflation between January and September of this
year was 1,433.58%, higher than the 844.1% figure released by the
BCV, the report relays.
With regard to oil activity, PDVSA has laid down a goal that
practically triples the current production located between
388,000-400,000 barrels per day (bpd) according to OPEC data, the
report notes. Tareck El Aissami, the current Minister of
Petroleum, and Asdrubal Chavez, president of PDVSA, have set a
production goal of 1.8 million bpd based on an oil basket average
price of $35, the report adds.
About PDVSA
Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas. It employs around
70,000 people and reported $48 billion in revenues in 2016.
In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.
Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset. CITGO is majority-owned by PDVSA. CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.
However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA. The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.
===============
X X X X X X X X
===============
LATAM: US$1 Billion in 'Emergency Financing' Provided
-----------------------------------------------------
Trinidad Express reports that the International Monetary Fund (IMF)
said that the coronavirus (Covid-19) pandemic has hit Latin America
and the Caribbean (LAC) harder than other parts of the world, both
in human and economic terms.
In its latest outlook for the LAC, the IMF said the relatively
large human toll is evident with only 8.2 per cent of the world
population, the region had 28 per cent of cases and 34 per cent of
deaths, by the end of September, according to Trinidad Express.
Director of the IMF's Western Hemisphere Department, Alejandro
Werner, told a virtual news conference that in the first stages of
the pandemic, the IMF had provided "emergency financing" for the
Caribbean region, estimated at US$1 billion, the report notes.
"We are continuing to work with all the countries in the region,
both at the bilateral level and at the regional level to explore
possibilities to help the Caribbean countries in the second stage
of the pandemic after the Rapid Financing instruments have been
deployed," the report relays.
He told reporters that "all ideas are on the table and basically we
need to find, let's say a framework for engagement that eventually
will allow the region to weather the effects of the pandemic that
as I said before is one of the worst affected regions in the world,
the report notes.
"We need to find the financing instruments that could be grants
financing, etc, and other types of financial assistance to support
these packages. So we are working constantly with the countries,"
the report relays.
Werner described as "very important" a meeting held earlier this
week with Caribbean Community (Caricom) leaders, adding "and we
continue to work and we hope that in the next few months we will
see the products of these deliberations to help the countries in
the Caribbean minimize the impact of these very negative shocks for
the region, the report discloses.
"I think it is important to say that the region has been able to
control the pandemic very, very well, but obviously the lack of
international mobility, as I said before, has significantly
hampered the tourism sector and that is the life line of many
countries in the Caribbean and therefore a compensating income is
of the utmost importance for these countries and we are exploring
many possibilities to provide this," the senior IMF official told
reporters, the report notes.
The IMF in its new "Regional Economic Outlook: Western Hemisphere"
report projects a real gross domestic product (GDP) contraction of
8.1 per cent in 2020, noting that unlike in previous recessions,
employment contracted more strongly than GDP in the second quarter
of 2020, with 20 per cent on average for the five largest
countries, the report discloses.
"Two structural characteristics of Latin American and the Caribbean
economies contributed to the relatively larger economic impact:
comparatively more people work in activities that require close
physical proximity, and less people have jobs in which teleworking
is feasible, the report says.
"Almost 45 per cent of jobs are in contact-intensive sectors-like
restaurants, retail stores, or public transportation-compared to
just over 30 per cent for emerging markets. In reverse, only about
one in five jobs can be done remotely, half the share of advanced
economies and below the emerging world average (26 per cent), the
report relays.
"These two features, in addition to a high degree of informality
and poverty, and combined with lower trade and financial turbulence
caused by the ailing global economy, contributed to the historic
collapse in activity," the IMF said.
Tourist-Dependent
States Take Hardest Hit
The IMF noted that with the Caribbean countries dependent on
tourism for anywhere between 20 to 90 per cent of GDP and
employment, they were the hardest hit, the report notes.
"Despite being relatively successful at containing the virus
spread, the sudden stop in tourist arrivals and local lockdowns was
equivalent to a cardiac arrest to their economies," the
Washington-based financial institution added, the report relays.
The IMF said that bold policy actions by many governments were
critical in mitigating the pandemic's economic and social impact
but leave a legacy of higher public and private debt, the report
says.
"Policies should remain focused on containing the pandemic and
cementing the recovery. Premature withdrawal of fiscal support
should be avoided. However, further support should be accompanied
by explicit, legislated and clearly communicated commitments to
consolidate and rebuild fiscal defenses over the medium-term," the
report relays.
The IMF said that once the pandemic is under control and the
recovery is underway, these commitments will need to be executed,
entailing strengthening of medium-term anchors, the report
discloses.
It said fiscal structural reforms should also aim at enhancing
automatic stabilisers, social safety nets and access to health and
education, while preserving public investment, the report notes.
"Financial regulation will need to address the potential financial
stability risks emerging from the crisis. The share of corporate
debt at risk-when earnings are lower than interest expense-has
doubled from 14 per cent last December to 29 per cent in June, and
could rise more in 2021, in an adverse scenario. Debt restructuring
will be critical to recover the financial health of viable firms.
"For unviable ones, efficient and equitable bankruptcy frameworks
that distribute losses between investors, creditors, owners,
workers, and the government will be needed," the report relays.
The IMF said that a weaker-than-expected recovery and a more
persistent pandemic will impose more difficult choices for
governments, the report says.
"Scarring and lower potential GDP growth add to the short-run
policy challenges. While some structural reforms may support
confidence and the recovery, especially if they manage to lay the
foundations for more sustainable and inclusive growth going
forward, the legacies of the pandemic cloud an already uncertain
outlook for the region," the report adds.
[*] BOND PRICING: For the Week Oct. 19 to Oct. 23, 2020
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
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
China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Sylph Ltd 2.4 65.1 9/25/2036 KY 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
Empresa Electrica de l 2.5 63.8 5/15/2021 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
Plaza SA 3.5 38.3 8/15/2020 CL CLP
Argentine Republic Gov 8.3 72.9 12/31/2033 AR 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
Banco Security SA 3.0 27.4 6/1/2021 CL CLP
Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP
City of Cordoba Argent 7.9 73.1 9/29/2024 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
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
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
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
Banco Security SA 3.0 5.6 7/1/2019 CL CLP
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD
Polarcus Ltd 5.6 71.8 7/1/2022 AE 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
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR 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
mpresa de Transporte 4.3 30.9 7/15/2020 CL CLP
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
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL
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
Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
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
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
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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 2020. All rights reserved. ISSN 1529-2746.
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contact Peter A. Chapman at 215-945-7000.
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