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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Monday, May 17, 2021, Vol. 22, No. 92

                           Headlines



A R G E N T I N A

ARGENTINA: Turns to Austria and ECB for Help in Macri Family Probe


B E R M U D A

HERMITAGE OFFSHORE: Unsecureds Share Pro-Rata in Recovery Fund


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Consumer Prices Climb 0.41% in April


E C U A D O R

ECUADOR: Egan-Jones Hikes Sr. Unsecured Debt Ratings to CCC


H O N D U R A S

INVERSIONES ATLANTIDA: S&P Rates New Senior Secured Notes 'B+'


M E X I C O

BRASKEM IDESA: S&P Affirms 'B' ICR, Off CreditWatch Negative
CREDITO REAL: S&P Lowers ICR to 'BB-' on Lower Capitalization


X X X X X X X X

[*] BOND PRICING: For the Week May 10 to May 14, 2021

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Turns to Austria and ECB for Help in Macri Family Probe
------------------------------------------------------------------
Julett Pineda Sleinan at occrp.org reports that An Argentinian
attorney has turned to the Austrian government and the European
Central Bank (ECB) for information that would explain why Austria's
defunct Meinl Bank has bought off the debt of the bankrupt
Argentinian postal service against its own and the interest of
other creditors but in favor of the family of Argentine former
President Mauricio Macri.

Correo Argentino, the country's postal service, was privatized in
1997 but under the new owner, the Macri family, one of the richest
in Argentina, the company slumped into insolvency in 2001 and
became unable to pay its creditors and the concession fees it owed
the state, according to occrp.org.

The bankrupt company was re-nationalized in 2003 and in 2005 Meinl
Bank bought up nearly 40 percent of Correo Argentino's debts,
becoming the key decision maker, the report notes.

However, a recent investigation by OCCRP and La Nacion revealed
that just months before Meinl bought up the debt, it signed a
secret agreement with an offshore company linked to the family
patriarch, Franco Macri, the report discloses.  The deal gave the
bank the right to manage the claims of several Correo Argentino
creditors on behalf of this company, based in the secretive
European principality of Liechtenstein, the report relays.

Now lead prosecutor Gabriela Boquin requested Austrian authorities
and the ECB to provide documents showing commercial operations
involving Meinl Bank and one of the main companies from the Macri
family holding, the report notes.

Among other, Boquín requested in her 71-page-long court ruling
issued last week to look deeper into one of OCCRP's revelations -
that Meinl paid the International Finance Corporation (IFC) and the
Inter-American Development Bank (IDB) for their claims against
Correo Argentino so that the bank could become the company's main
private creditor, the report relays.

This way, Meinl engaged in a series of decisions that puzzled
prosecutors for years and, instead of benefitting creditors, its
maneuvers ultimately favored the Macri family, the report
discloses.  As Correo Argentino's main creditor, Meinl Bank holds a
key power to approve or reject payment proposals from the Macris,
the report says.

The lead attorney warned that she would take the case to
Argentina's highest court if a judgment disregards her latest
concerns, the report relays.

The longstanding battle looked close to reaching an agreement, but
Boquin's ruling may delay the possibility of a resumption if
Argentinian judge Marta Cirulli, in charge of the case, admits the
evidence requested by the attorney, the report notes.

The report relays that the Macris have put forward a proposed
settlement of 1 billion pesos (around US$10.7 million) to discharge
all Correo Argentino's debt, but the Argentinian treasury says the
figure falls short and estimates the company owes the equivalent of
at least $46 million.

The family argues that most of its creditors approved the
settlement, including Meinl, which reportedly did so before going
bankrupt, the report says.

Prosecutors are pushing for a declaration of bankruptcy that could
allow the court to seize and distribute the company's assets among
its creditors, 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.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




=============
B E R M U D A
=============

HERMITAGE OFFSHORE: Unsecureds Share Pro-Rata in Recovery Fund
--------------------------------------------------------------
Hermitage Offshore Services Ltd. and its debtor-affiliates filed
with the Bankruptcy Court a Disclosure Statement explaining the
Debtors' Joint Plan of Liquidation.  

Pursuant to the Plan, the Debtors intend to wind down any of their
remaining businesses and affairs and to effectuate a distribution
of assets to their creditors and interest holders.  The Debtors
have already closed the sales of substantially all of their assets,
comprised of 21 offshore support vessels (OSVs) pursuant to a
Court-approved sale process.  

The primary objective of the Plan is to maximize the value of
recoveries to all holders of Allowed Claims and Interests and to
distribute all property of the Debtors' Estates that is available
or becomes available for distribution.  

Classes of Allowed Claims under the Plan:

   * Class 1 Other Priority Claims,

   * Class 2 Prepetition Secured Term Facility Claims,

   * Class 3 General Unsecured Claims,

   * Class 4 Intercompany Claims,

   * Class 5 Intercompany Interests,

   * Class 6 Section 510(b) Claims, and

   * Class 7 Interests in Holdings.

Class 2 and Class 4 are impaired under the Plan, all the rest of
classes of claims being unimpaired and therefore are not entitled
to vote to accept or reject the Plan.

Each holder of a Class 2 Allowed Prepetition Secured Term Facility
Claim in shall receive its Pro Rata share of (i) the Debtors'
Assets, net only of the Wind-Down Fund and the amount of Cash
necessary to satisfy the distributions provided under the Plan, and
(ii) the remaining recovery, in full satisfaction of the Allowed
Pre-petition Secured Term Facility Claims.  On the Effective Date,
each Class 4 Intercompany Claim will be cancelled and holders of
Allowed Intercompany Claims will not receive any distribution on
account of their Allowed Intercompany Claims.

Each holder of a Class 3 Allowed General Unsecured Claim shall
receive its pro rata share of the GUC Recovery Fund, and from no
other sources, in full and final satisfaction of said Claim.
Holders of Class 3 Claims are presumed to accept the Plan and
therefore are not entitled to vote.

The combined hearing on the Disclosure Statement and confirmation
of the Plan will be held on June 23, 2021 at 10:00 a.m., Eastern
Time.  The deadline to file objections to approval of the Plan is
June 16, 2021 at 4:00 p.m., Eastern Time.  A copy of the Disclosure
Statement is available for free at https://bit.ly/2REwx3k from
Prime Clerk, LLC, claims agent.  

                     About Hermitage Offshore

Bermuda-based Hermitage Offshore Services Ltd. (previously Nordic
American Offshore Ltd.) -- http://www.hermitage-offshore.com/-- is
an offshore support vessel company that owns 23 vessels consisting
of 10 platform supply vessels, or PSVs, two anchor handling tug
supply vessels, or AHTS vessels, and 11 crew boats.  The Company's
vessels primarily operate in the North Sea or the West Coast of
Africa.

The Debtors' OSVs are all focused on, and used primarily in, the
oil and gas business, including in the installation, maintenance,
and movement of oil and gas platforms. Demand for the Debtors'
services, as well as its operations, growth, and stability in the
value of the OSVs, depend on activity in offshore oil and natural
gas exploration, development, and production.

Hermitage Offshore Services Ltd. (Lead Debtor) (Bankr. S.D.N.Y.
Case No. 20-11850) and 20 affiliates sought Chapter 11 protection
on August 11, 2020. The cases are assigned to Judge Martin Glenn.

In the petitions signed by Cameron Mackey, director, the
consolidated cases estimated assets and liabilities in the range of
$100 million to $500 million.

The Debtors tapped Brian S. Rosen, Esq., and Joshua A. Esses, Esq.,
at Proskauer Rose LLP as counsel.  The Debtors tapped Perella
Weinberg Partners L.P. as their Investment Banker. They tapped
Napdragon Advisory AB as their Professional Shipping Advisory
Firm.

Prime Clerk LLC serves as the Debtors' claims, noticing, and
solicitation agent.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Consumer Prices Climb 0.41% in April
--------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic reported that consumer prices climbed 0.41% in April
2021.

"It's the lowest rate in the first four months of the year compared
to the 0.97%, 0.68% and 0.60% in January, February and March of
this year, respectively, showing a slowdown in the rate of growth
of prices," according to Dominican Today.

It said accumulated inflation in the January-April period stands at
2.69%, the report notes.

It said the underlying inflation for the month of April stood at
0.39% compared to the month of March 2021, the report relays.

"This indicator isolates the variations in the prices of some
agricultural goods that tend to be volatile, as well as of the
alcoholic beverages, tobacco, fuels and managed and transport
services, thus allowing the extraction of clearer signals for
conduction of monetary policy," 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.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

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).




=============
E C U A D O R
=============

ECUADOR: Egan-Jones Hikes Sr. Unsecured Debt Ratings to CCC
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 30, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Republic of Ecuador to CCC from CCC-. EJR also upgraded the
ratings on commercial paper issued by the Company to C from D.

Ecuador is a country straddling the equator on South America's west
coast.




===============
H O N D U R A S
===============

INVERSIONES ATLANTIDA: S&P Rates New Senior Secured Notes 'B+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to
Inversiones Atlantida, S.A.'s (Invatlan; B+/Negative/--) proposed
senior secured notes for up to $300 million. The tenure of the
notes will be five years.

The 'B+' rating on the new notes is at the same level as the
long-term global scale issuer credit rating on Invatlan. The new
notes will rank equally in right of payment with all of the
lender's existing debt. The Honduras-based financial group will use
the proceeds mostly to repay its existing senior notes due 2022 and
the remainder for general corporate purposes, including the working
capital needs of various subsidiaries.

S&P said, "We believe the proposed issuance will improve slightly
the lender's debt maturity profile, and won't modify our view of
Invatlan's funding and liquidity because the new notes will
represent about 6% of its funding base. We believe Invatlan's
stable and diversified deposit base will remain the primary source
of funding and will continue representing more than 80% of the
total funding structure. Additionally, about 48% of Invatlan's
deposit base consists of retail deposits, providing resilience for
group against adverse financing conditions. We forecast Invatlan's
stable funding ratio will be about 120%, above the three-average of
116%.

"We base our liquidity assessment on Invatlan on its broad deposit
base, which provides enough liquidity cushion to cope with its
liquidity needs in the next 12 months with manageable liquidity
indicators. Invatlan's broad liquid asset to short-term wholesale
funding was 7.4x as of December 2020. In addition, the group has no
significant maturities that could jeopardize its liquidity
position, therefore, we don't foresee liquidity pressures for the
group during the next few months."

The rating on Invatlan incorporates its status as a non-operating
holding company and its reliance on the subsidiaries' dividend
upstream to service its debt and other financial obligations. In
this sense, the rating indicates Invatlan's constant operating
revenue growth and the leading market position of its banking
subsidiary in Honduras, Banco Atlantida, which has provided
historical revenue stability to the group. S&P said, "Additionally,
we forecast Invatlan's average risk-adjusted capital ratio to be
5.2% for the next 24 months. From our perspective, Invatlan's asset
quality metrics are manageable, although we believe they will
deteriorate in the next months due to the deep recession caused by
COVID-19."

Finally, Invatlan has increased its double leverage ratio in the
last few years due to investments in entities operating outside of
Honduras, which has increased the entity's reliance on liquidity
upstreams. If this metric remains constantly above 120% for the
next 12 months,S&P would lower its credit and senior unsecured note
ratings on Invatlan.

  Ratings List

  NEW RATING
  Inversiones Atlantida, S.A.

  Senior Secured     B+




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M E X I C O
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BRASKEM IDESA: S&P Affirms 'B' ICR, Off CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings, on May 13, 2021, affirmed its 'B' global scale
issuer credit and issue-level ratings on Mexican petrochemicals
producer Braskem Idesa, S.A.P.I., and removed them from CreditWatch
with negative implications, where S&P placed them on Dec. 4, 2020.

S&P said, "At the same time, we maintained a recovery rating of '3'
on the company's senior secured notes, indicating our expectation
of a meaningful recovery (50%-90%) for lenders in the event of a
default.

"The negative outlook reflects our view that Braskem Idesa's
operating and financial performance is still dependent on the
continuity of ethane supply, and consequently, the completion of
negotiations with PEMEX. The negative outlook also reflects our
view that Braskem Idesa's deleveraging could take longer than
previously expected if the company doesn't reach the estimated
polyethylene output level, denting EBITDA."

The company suspended its operations between Dec. 2, 2020, and Dec.
29, 2020, due to the suspension of natural gas transportation
service (main energy source for its production plant) supply from
Centro Nacional de Control del Gas Natural (CENAGAS). However,
Braskem Idesa resumed its operations through an experimental
business model by using imported ethane gas (raw material for the
production of polyethylene). In addition, on March 1, 2021, the
company announced that it signed with PEMEX a Memorandum of
Understanding (MoU) to continue discussing the potential amendments
to the current ethane supply contract and for the development of an
ethane import terminal, subject to negotiation, entering final
documentation, and approvals of Braskem Idesa's shareholders and
creditors. Moreover, the company signed an agreement with CENAGAS
for natural gas transport service for 15 years, subject to the
conclusion of discussions with PEMEX. S&P said, "We expect Braskem
Idesa to continue operating in an uninterrupted manner if the
conclusion of negotiation with PEMEX is favorable. Additionally, we
expect continuity in operations given a constant ethane supply from
PEMEX and through higher ethane imports through the company's
"Fast-Track" solution. The latter consists of importing ethane from
the U.S. through vessels and transportation of it through trailers
to the company's production complex that represent 30%-40% of
ethane needs." However, given that this alternative is more
expensive than the ethane received from PEMEX, the company's
margins could reduce if ethane imports rise further and supplies
from PEMEX fall. Nonetheless, consistent production volumes,
coupled with the currently favorable polyethylene prices, should
boost the company's revenue and EBITDA in the next 12 months. S&P
said, "We believe that through a combination of higher volumes and
sales prices, the company should bolster its credit metrics and
lower its debt to EBITDA to the 4.0x area. However, we believe that
uncertainty stemming from renegotiations with PEMEX, associated
with the inherent risks in the ethane contract negotiations settled
through the MoU (whose definition time is uncertain) or if there
are other unforeseen adverse conditions that could affect the
operational and financial performance of the company, could hamper
the company's revenue, EBITDA, and leverage metrics."

S&P said, "We expect the company to improve its revenue and EBITDA
for the next 12 months. This is because of the substantial recovery
in the polyethylene prices and the expectation of stable production
volumes. As seen in 2020 amid the pandemic-induced economic crisis,
the company's product (polyethylene) continued to generate high
demand due to its diverse final applications. The latter are
oriented to more resilient industries such as the packaging,
hygiene, cleaning, pharmaceuticals, food, and beverage, among
others. Products from these industries are of basic necessity, and
their consumption during the pandemic has skyrocketed. Braskem
Idesa also sells its product to other industries such as
construction and automotive manufacturing. Although both sectors
suffered a slowdown last year, we expect a gradual recovery in
2021.

"Besides the expectation of stable operational performance for 2021
and onwards, we also believe that this operational continuity
coupled with the positive momentum of the polyethylene prices
should support Braskem Idesa's financial evolution and get back on
its way to the deleverage process. We expect favorable prices of,
and higher demand for, polyethylene to boost the company's EBITDA
to MXN9.7 billion - MXN9.8 billion for the next 12 months. This
coupled with a downward trend in the company's debt, mainly through
the scheduled amortizations of its project finance loan, should
reduce debt to EBITDA to 4.0x or lower. Due to these factors, we
expect the company's liquidity to be sufficient to meet operating
needs and financial obligations, including servicing the project
finance bank loan and bond."


CREDITO REAL: S&P Lowers ICR to 'BB-' on Lower Capitalization
-------------------------------------------------------------
S&P Global Ratings lowered its long-term global scale issuer credit
rating on Credito Real S.A.B. de C.V. SOFOM E.N.R. to 'BB-' from
'BB'. S&P also lowered its national scale rating to 'mxA-/mxA-2'
from 'mxA/mxA-1'. At the same time, S&P lowered its issue-level
rating on the company's senior unsecured notes to 'BB-' from 'BB'
and its issue-level rating on the subordinated perpetual notes to
'B-' from 'B'. The outlook is stable.

Credito Real's downgrade reflects the lower-than-expected year end
2020 and first-quarter 2021 results and very difficult conditions
for the coming months. During 2020, several company's financial
metrics eroded due to Mexico's deep economic contraction, which
resulted in low origination, higher funding costs, and a jump in
delinquencies. For 2021, S&P originally expected the company to
gradually recover and restore loan growth and profitability levels.
However, disappointing first-quarter results have hobbled the
recovery, weakening our projected RAC ratio, asset quality
indicators, and profitability metrics for the next 12 months.

S&P said, "The deterioration of Credito Real's profitability during
2020 and our expectation of the impact on the lender's capital base
from the financial developments disclosed by the company during the
first quarter of 2021, have prompted us to revise our assessment of
the company's capital and earnings to a weaker category. These
factors include the drastic jump in Credito Real's non-performing
assets (NPAs; past-due loans over 90 days and foreclosed assets) to
6.03% as of March 2021 from 1.59% in the same period of 2020, after
one of its largest loans in the small and medium enterprises (SMEs)
portfolio impaired, and the repossession of MXN1.379 billion of
foreclosed assets, also related to commercial loans. In addition,
the loan-loss reserves to NPA coverage ratio plummeted 70.9% as of
the first quarter of 2021 from 222% for the same period last year.
In this regard, we expect Credito Real to create additional
loan-loss reserves during the year, which along the falling
interest margin, will continue to drag on bottom-line results and
internal capital generation. These factors have prompted us to
reduce our projected RAC ratio below 10% for the next 12-24 months.
Therefore, we're revising our capital and earnings assessment to
adequate from strong, triggering a downgrade of Credito Real on the
global and national scales."

As of March 2021, Credito Real's return on average assets (ROAA;
measured as core earnings to adjusted asset) plunged to 0.31% from
2.14% as of the same period of 2020. The drop was due to Credito
Real's net interest margin of 9.32%, down from the last three
fiscal year average of 16.40%, the increase of up to 200 basis
points (bps) in funding costs, and various expenses at the leasing
business. S&P said, "Apart from the margin drop, we believe the
asset quality deterioration will lift provisions, which along with
a high cost of funding, will continue hampering the lender's
profitability, absent positive factors or developments. We forecast
Credito Real's average ROAA of only 1.7% for 2021-2022."

COVID-19 is lingering in Mexico and Central America, and the
economic recovery will depend on the vaccination pace and efforts
to reduce the contagion. S&P said, "Therefore, we believe the
effects of the pandemic will continue weakening the financial
sector's asset quality metrics in the next 12 months, with the SME
segment taking the brunt. In this sense, we view favorably Credito
Real's strategy to decrease its SME exposure to about 15% of its
total loan portfolio from 23% currently and to narrow its focus on
the payroll segment, in which the lender has ample expertise and
which has posted historically better asset quality indicators. We
believe this could stabilize asset quality and bottom-line results.
However, we believe the timeframe and success of this strategy
could take longer than expected to materialize while also depending
on external market conditions. In our opinion, Credito Real has the
challenge to implement moderate risk tolerances to mitigate
additional potential hits on its asset quality metrics in the near
future. Our base-case scenario assumes that Credito Real's NPAs
will reach about 4.6% in 2021 and fall to 3.5% in 2022."

Credito Real's funding base consists of market debt and various
banking lines. So far, the company has managed its debt maturity
profile by extending maturities thanks to its ability to raise debt
in international capital markets. S&P said, "Credito Real has drawn
down slightly more than 90% of its credit facilities, so we will
continue monitoring their renewal in the next few months. Credito
Real's stable funding ratio was 80% as of March 2021 and the
average for the past five years was 82%, which is above those of
many peers we rate. Additionally, the next large market debt
maturity in swiss francs (equivalent to about MXN 3,405 million) is
due on February 2022 and our base case scenario is that the company
will be able to refinance it. Our liquidity assessment reflects our
expectation that Credito Real will maintain relatively stable
collection levels despite the sluggish economic recovery. From our
perspective, payment collection will remain a significant source of
liquidity for Credito Real. Additionally, we believe Credito Real
has the flexibility to slow down its loan origination to improve
its liquidity through loan repayments. Therefore, we'll monitor
these factors closely, especially because a drastic drop in the
collections under severe stress conditions or the lack of renewal
of credit facilities could hamper its liquidity, although these
elements aren't in our base-case assumptions."




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week May 10 to May 14, 2021
-----------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
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
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     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
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
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
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
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
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     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
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    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 2021.  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
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Information contained herein is obtained from sources believed to
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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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