/raid1/www/Hosts/bankrupt/TCRLA_Public/211025.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 25, 2021, Vol. 22, No. 207

                           Headlines



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Water Fixes Will Cost US$8.65BB Thru 2036


J A M A I C A

JAMAICA: Bank of Jamaica Issues $1 Million of Digital Currency


M E X I C O

GRUPO AEROMEXICO: Disclosure Statement Hearing Moved to Nov. 10


P E R U

MINERA DEL NORTE: Parent Explores Possibility of Filing for Ch. 11
MINSUR SA: Commences Tender Offer for 6.25% 2024 Sr. Notes Due 2024


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: IMF Hears of Regional Efforts to Tackle Covid


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 18 to Oct. 22, 2021
[*] LATAM: IDB, Mastercard to Help Cities Boost Economic Inclusion

                           - - - - -


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Water Fixes Will Cost US$8.65BB Thru 2036
-------------------------------------------------------------
Dominican Today reports that Economy Minister, Miguel Ceara Hatton,
cited 15 worrying facts about the water situation in the Dominican
Republic, before presenting a solution: an investment plan until
2036 for an estimated US$8.65 billion, supported by a national pact
for water and a state policy.

The diagnosis he cited is discouraging: only 26% of households
receive water for 24 hours; 84% of the homes have toilets and only
20% are connected to the sewer system; and between 50% to 60% of
the service is lost due to the poor condition of the water
conduction and distribution grids, according to Dominican Today.

Moreover 95% of the wastewater is discharged without treatment,
more than 60% of the water used in agriculture is wasted, the
valleys have been salinized and the quality of the water stored in
the dams degraded due to lack of treatment of the wastewater, among
other dire realities, the report notes.

                  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, 2021, 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).




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J A M A I C A
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JAMAICA: Bank of Jamaica Issues $1 Million of Digital Currency
--------------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) has so far issued
$1 million of its central bank digital currency.

The CBDC has been made available to BOJ staff through the bank's
internal wallet, as part of the CBDC pilot, according to RJR News.

Deputy Governor of the Bank of Jamaica Natalie Haynes says by the
end of this month, National Commercial Bank should share with the
BOJ the quantity of CBDC it requires, the report notes.

The BOJ minted $230 million in CBDC in August.

                        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.

Fitch Ratings affirmed in March 2021 Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook.  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).  

According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by
vulnerability to external shocks, a high public debt level and a
debt composition that makes the sovereign vulnerable to exchange
rate fluctuations.

The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.




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M E X I C O
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GRUPO AEROMEXICO: Disclosure Statement Hearing Moved to Nov. 10
---------------------------------------------------------------
Grupo Aeromexico, S.A.B. de C.V. on Oct. 18, 2021, disclosed that
(i) the hearing to approve the Disclosure Statement has been
adjourned to Nov. 10, 2021 (originally scheduled for Oct. 21,
2021), (ii) the hearing to confirm the Joint Plan of Reorganization
(the "Plan") has been adjourned to on or around Dec. 13, 2021 (the
"Confirmation Hearing") (originally scheduled for Nov. 29, 2021),
and (iii) the lenders under the Company's DIP financing facility
have agreed to extend the milestone under the DIP Credit Agreement
to reflect the new Confirmation Hearing date.

Aeromexico intends to continue working with its key stakeholders to
finalize the Plan and emerge from chapter 11 as expeditiously as
possible.

                     About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport.  Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020.  In the petitions signed by CFO Ricardo Javier Sanchez
Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker.  White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.  

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.




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P E R U
=======

MINERA DEL NORTE: Parent Explores Possibility of Filing for Ch. 11
------------------------------------------------------------------
Noe Torres at Reuters reports that Mexican steelmaker Altos Hornos
de Mexico (AHMSA) confirmed that it is exploring the possibility of
filing for Chapter 11 bankruptcy protection under U.S. law for its
subsidiary Minera del Norte.

The unit had been hurt by state power utility Comision Federal de
Electricidad (CFE)'s decision to cancel coal supply contracts for
power stations, AHMSA said in a statement, adding that a third of
the mining operations were in the United States, according to
Reuters.


MINSUR SA: Commences Tender Offer for 6.25% 2024 Sr. Notes Due 2024
-------------------------------------------------------------------
Minsur S.A. ("Minsur"), a corporation organized under the laws of
Peru, announced that it has commenced a tender offer for cash (the
"Offer") for any and all of its outstanding 6.250% Senior Notes due
2024 (CUSIP Nos. 60447K AA8 and P6811T AA3) (the "Notes").

The Offer is being made on the terms and subject to the conditions
set forth in the Offer to Purchase, dated October 18, 2021 (the
"Offer to Purchase"), and the related Notice of Guaranteed Delivery
(as these terms are defined in the Offer to Purchase and,
collectively, the "Offer Documents").

A full text copy of the press release is available free at:
https://bit.ly/3pp0J16


                       About Minsur SA

Headquartered in Lima, Peru, Minsur is a majority-owned subsidiary
of the Peruvian conglomerate Inversiones Breca S.A. The company is
primarily a producer and seller of tin, copper and gold in Peru and
Brazil, where it also produces tin, as well as niobium and tantalum
alloys as byproducts at Taboca. Minsur revenues are expected to
reach $1.6 billion in 2021 from $649 in 2020.

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2021, S&P Global Ratings assigned its 'BB+' issue-level
rating to Minsur S.A.'s (BB+/Positive/--) proposed senior unsecured
notes of up to $500 million with an expected maturity of 10 years.




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T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: IMF Hears of Regional Efforts to Tackle Covid
----------------------------------------------------------------
Trinidad Express reports that Central Bank Governor Dr. Alvin
Hilaire says Caribbean countries have been hit particularly hard by
Covid-19 as many of the economies are highly dependent on tourism.

Hilaire, addressing the Caribbean ministerial meeting with the
managing director of the International Monetary Fund (IMF)
Kristalina Georgieva earlier, said while the regional countries are
currently sorting out the appropriate timing and scale of unwinding
the extraordinary Covid-19 fiscal and monetary measures that they
had adopted "as a whole, the region experienced sharp contractions
in economic activity last year and early this year," according to
Trinidad Express.

He said the contraction totally erased several years of growth and
that in response to the Covid-19 shock, "our policy makers swiftly
implemented a comprehensive set of unprecedented fiscal, monetary
and regulatory measures to mitigate the negative fallouts on our
populations,the report notes.

"Across the region, governments' fiscal actions included the
provision of tax cuts, tax deferrals and grants to households and
businesses as well as direct funding for health infrastructure and
medical equipment and personnel," the report relays.

Hilaire said central banks lowered their policy rates, injected
substantial amounts of liquidity in the banking systems and
introduced regulatory moratoria on the treatment of deferred loan
payments and restructured facilities, the report discloses.

He said the implementation of these policy measures was essential
for regional economies to weather the immediate challenges,
including shoring up health systems and protecting the
disadvantaged who have been disproportionately affected by the
pandemic, the report says.

"At the same time, the measures have further constrained fiscal
space, added to already elevated debt levels, contributed to credit
rating downgrades in some cases, and increased the risks to
financial stability," the report notes.

Hilaire said Caribbean countries are now well into the second year
of the pandemic and the end of the crisis is still very uncertain,
the report relays.

"Despite this, generally good progress on vaccine access has
provided an impetus for Caribbean economies to re-open and
ultimately return to growth, although vaccine hesitancy remains a
problem in achieving herd immunity, the report notes.

"The tremendous uncertainty is therefore impacting how we schedule
the unwinding of policy measures as there are still immediate needs
to be addressed," he said, noting for example, one particular
concern is how to safely restore high quality education for the
region's young people, a key investment for sustainable future, the
report adds.

The report relays that he added: "Overall, we recognise that the
withdrawal of Covid-19 support measures is not an easy undertaking.
On the fiscal front, the policies translated into higher government
expenditures at a time when government revenues contracted.
Initially, most countries provided broad-based fiscal support.




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X X X X X X X X
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[*] BOND PRICING: For the Week Oct. 18 to Oct. 22, 2021
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
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
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
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
Esval SA                   3.5    49.9    2/15/2026    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
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    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
Provincia del Chubut A     4.5    2208    3/30/2021    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


[*] LATAM: IDB, Mastercard to Help Cities Boost Economic Inclusion
------------------------------------------------------------------
The Inter-American Development Bank (IDB) and Mastercard signed a
Memorandum of Understanding formalizing the IDB's participation in
City Possible network, pioneered by Mastercard. The IDB is the
first multilateral to join the program, which brings cities,
companies, and communities together to identify common challenges
and co-develop solutions that advance inclusive and sustainable
urban development.

"The COVID-19 pandemic impacted all the cities in our region, and
cities remain critical hubs for post pandemic recovery and engines
for economic growth. Now more than ever, public and private
partnerships are needed to promote economic inclusion and replicate
innovative solutions that address urban challenges, particularly in
the developing world," said IDB President, Mauricio Claver-Carone.

With more than 220 city members and candidate cities globally, the
City Possible partnership framework focuses on building more
inclusive and sustainable cities by increasing access to services
in urban areas expanding mobility solutions and informing an
inclusive recovery through data driven insights.

In Latin America, the following cities are part of the network:
Candeias, Curitiba, Distrito Federal, Guarulhos, ItĂș, Juazeiro do
Norte, Jundiai, Madre de Deus, Novo Hamburgo, Porto Alegre, Recife,
Registro, Santo Andre, Sao Caetano do Sul and Sorriso in Brazil, as
well as Buenos Aires in Argentina.

"As the world starts to recover from the global pandemic, actions
taken by cities within the next few years will play a large part in
determining future resiliency. It is essential to ensure that, in
addition to economic development, social and environmental
dimensions of sustainability are also considered," added Michael
Froman, Vice Chairman and President of Strategic Growth for
Mastercard. "The IDB will bring essential expertise, insights and
reach for City Possible members in Latin America and around the
world."

This IDB-Mastercard joint effort will complement the work already
being done by the IDB through its Cities Network. The Cities
Network is a city-level platform for knowledge, relationships, and
solutions that aims to share best practices in environmental,
economic, and social sustainability among more than 160 cities in
Latin America and the Caribbean.



                           *********


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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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