/raid1/www/Hosts/bankrupt/TCRLA_Public/220404.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, April 4, 2022, Vol. 23, No. 61
Headlines
A R G E N T I N A
YPF SA: Leads Emerging-Market Bond Gains
[*] ARGENTINA: IMF Deal Fails to Revive Bonds Stuck Around 30 Cents
B R A Z I L
BRF SA: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
C O L O M B I A
[*] COLOMBIA: IMF Forecasts More Growth for Country
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Fuel Prices to Remain Unchanged Until April 8
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Index of Retail Prices for Food Up in 2022
X X X X X X X X
[*] BOND PRICING: For the Week March 28 to April 1, 2022
- - - - -
=================
A R G E N T I N A
=================
YPF SA: Leads Emerging-Market Bond Gains
----------------------------------------
Jonathan Gilbert & Scott Squires at Bloomberg News reports that
only 14 months ago Argentina's YPF SA was a nightmare for investors
caught out by a US$6-billion distressed debt restructuring. Now,
in a swift turnaround, the 100-year-old state-run oil company is
producing the best fixed-income returns in all of emerging markets,
according to Bloomberg News.
YPF SA has rewarded steely creditors with returns topping 20& this
year on some of its notes, Bloomberg News discloses. It emerged
from the pandemic with a strong cash position after bondholders
agreed to push back US$630 million in debt payments, helping fund
long-term investments in Vaca Muerta, the vast Patagonian shale
patch, Bloomberg News relays. Repeated promises by executives to
reverse a long decline in oil production have finally started to
come true, Bloomberg News relates.
The operational turnaround since Fitch Ratings and S&P Global
Ratings declared YPF in default in February 2021 has brought yields
on the company's debt below Argentine government bonds, a
phenomenon almost unheard in any country given that sovereign debt
is usually considered the least risky, Bloomberg News notes. Even
architects of the comeback plan can't quite believe how well it's
going, especially as higher fuel prices amid the global oil rally
help to shore up the company's books even further, Bloomberg News
relays.
"Things evolved in a much better way than we anticipated," Chief
Financial Officer Alejandro Lew said in an interview, Bloomberg
News discloses. "If we'd continued to decline and hadn't put
forward a significant capex plan, the situation would've become
completely unsustainable."
After hitting lows of about 51 cents on the dollar in the months
after the restructuring, YPF's US$750 million of bonds maturing in
2029 now trade at almost 72 cents, Bloomberg News relays. A 23%
return this year beats all other notes from sovereign and corporate
issuers in emerging markets, according to a Bloomberg index, which
shows an average loss of 9.8%, Bloomberg News notes. In fact, YPF
bonds occupy five of the top six slots in 2022, Bloomberg News
relays.
Lew, a former fixed-income syndicate trader at JPMorgan Chase & Co
in New York, is now overseeing hikes to YPF's domestic fuel prices
that are spurring another boost in capital expenditures, driving
what would be the company's biggest annual jump in oil and gas
production in a quarter of a century, Bloomberg News discloses.
That rosy picture contrasts with a gloomier situation for creditors
in Argentina more broadly, with the International Monetary Fund
already warning of risks to a brand-new repayment program,
Bloomberg News relays. That has put yields on YPF's quasi-sovereign
debt in the strange position of trading inside the sovereign,
Bloomberg News notes.
Investors are assigning less risk to YPF because of last year's
restructuring and the receipt of a US$300-million loan from the
Andean Development Corporation, or CAF, in January, Bloomberg News
discloses. Plans for interest rates to step up on several of the
company's securities are also bolstering prices, according to Paula
La Greca, a corporate credit analyst at TPCG Valores in Buenos
Aires, Bloomberg News relays.
Siby Thomas, a portfolio manager at T. Rowe Price in Baltimore,
said YPF's healthy cash position has given him confidence in the
company despite concerns about other corporate issuers in
Argentina, Bloomberg News relays.
YPF had US$1.1 billion in cash and equivalents at the end of 2021,
according to its last earnings presentation, Bloomberg News relays.
The company has US$700 million in debt maturities this year, with
about US$400 million stemming from international bonds that it will
mostly pay with the CAF loan, Bloomberg News discloses.
"We're fairly bearish on Argentina corporates, but in the short
term we're comfortable with YPF," Thomas said, Bloomberg News
relays.
Argentina Risk
The biggest risk for YPF is that it operates in Argentina, meaning
it could be whipsawed by frequent changes to the country's economic
policies, including currency controls, and inflation running at
more than 50% a year, Bloomberg News notes.
Under current foreign-exchange regulations, YPF should be able to
access dollars for all its debt payments over the next six years,
Lew said, Bloomberg News discloses.
Another question mark for investors is government oversight that
limits how much YPF is allowed to increase domestic fuel prices,
Bloomberg News relays. That means the company only fully benefits
from surging global prices on the 12% of its fuel revenue that
comes from exports, Bloomberg News relates.
"YPF's crude and fuel pricing policies will likely result in its
cash flow lagging global oil peers," Bloomberg Intelligence
analysts Fernando Valle and Brett Gibbs wrote in a note, Bloomberg
News notes.
ESG Plans
If the numbers don't add up, YPF says it won't hesitate to rein in
drilling investments in Vaca Muerta to ease stress on its finances,
Bloomberg News relays.
YPF is also in early-stage plans to swap some of its overseas notes
for a sustainability-linked bond to meet rising demand for
securities based on environmental, social and governance, or ESG,
goals, Lew said, Bloomberg News discloses.
Even as the world strives to accelerate the energy transition to
cleaner fuel and move away from fossil fuels, Lew believes the
window is still wide open for YPF and other Argentine drillers to
grow shale production, Bloomberg News relates.
"You have a trade-off around the world between climate change and
energy poverty," Lew said. "I think the market went too far ahead
on the E and forgot about the S in ESG. We still need to supply
cheap energy to billions of people. The S requires investments in
oil and gas to remain pretty high," Bloomberg News adds.
As reported in the Troubled Company Reporter-Latin America on Feb.
17, 2022, Fitch Ratings has affirmed the Long-Term Foreign Currency
(FC) and Local Currency (LC) Issuer Default Ratings (IDRs) of YPF
S.A. at 'CCC'. In addition, Fitch has affirmed YPF's outstanding
senior unsecured notes at 'CCC'/'RR4'. Fitch has also maintained
the standalone credit profile at 'b'.
[*] ARGENTINA: IMF Deal Fails to Revive Bonds Stuck Around 30 Cents
-------------------------------------------------------------------
Buenos Aires Times reports that it is a sign of how bad things are
in Argentina that an accord for billions of dollars in extra loans
from the International Monetary Fund hardly caused a ripple in the
bond market.
The nation's bonds maturing in 2035 are little changed since just
before President Alberto Fernandez's administration reached an
agreement with the Fund's staff on March 1 for US$44 billion in
extra financing, according to Buenos Aires Times. The debt remains
deep in distressed territory around 30 cents on the dollar,
indicating the country could default on the foreign debt it
restructured just two years ago, the report notes.
While much of the accord is conditional on Argentina reaching
fiscal and monetary targets, many analysts see the Latin American
government as incapable of weening itself of the loose spending
policies that help it to hold onto power, but also fuel rampant
inflation, the report relays. The outlook got even more sombre as
Russia's invasion of Ukraine pushed up commodity prices, adding to
the problems of an economy in perpetual crisis, the report
discloses.
The IMF's executive board approved the 30-month Extended Fund
Facility on March 25, allowing for the immediate disbursement of
US$9.7 billion, the report recalls. In total, it's a US$44-billion
agreement that the IMF said aims to provide Argentina with balance
of payments and budget support backed by measures designed to
strengthen debt sustainability, tackle inflation and boost
reserves, the report notes.
The Economy Ministry didn't respond to a request from Bloomberg
News for comment, says the report.
Regime change
While most sovereign bonds rally in the immediate aftermath of a
deal with the IMF, Argentina's bondholders were distinctly
unimpressed, the report discloses.
Investor cynicism is understandable, says the report. Over more
than 60 years, Argentine leaders have agreed to a string of
financing programs with the IMF, with only a few lasting more than
24 months, the report notes. Even the previous programme under
ex-president Mauricio Macri in 2018, which came alongside
dramatically tighter fiscal and monetary policy, failed to cool
inflation or make the debt more sustainable, the report notes.
Argentina's dollar bonds due in 2030 and 2035 are both down this
year to 33 and 30 cents, respectively, little changed since just
before the IMF deal was agreed, the report relays. Investors still
demand more than 1,750 basis points over US Treasuries to hold the
sovereign debt, according to JPMorgan Chase & Co, well above the
1,000-basis point level considered in distress, the report notes.
Default Risk
According to the report, credit-default swaps indicate an 89%
chance that the government will fail to stay current on its
obligations to bondholders over the next five years.
"There is a high bar for a sustained rally in Argentina's sovereign
dollar bonds," said emerging markets economist Nikhil Sanghani at
Capital Economics Ltd. "Investors need to see action, rather than
words, toward policy tightening and/or market-friendly reforms,"
the report notes.
Of course not everyone is so sceptical, the report relays. Siobhan
Morden, head of Latin America fixed-income strategy at Amherst
Pierpont, pointed out the "waning influence" of more radical
members of the government as highlighted by Argentina's vote on the
IMF program, the report discloses.
Several lawmakers in the far-left wing of the bloc voted against
the deal, but they failed to block it. They did however stop short
of allowing the economic policies to underpin the program, the
report relays.
"This reinforces a declining influence of radicalism and reaffirms
our view of a decisive gradual policy and political transition,"
she said. Now, "the more important phase shifts to how much
adjustment is feasible under the limited policy flexibility of the
ideological constraints and external shocks," she added.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its 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.
Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.
Buenos Aires Times reports that it is a sign of how bad things are
in Argentina that an accord for billions of dollars in extra loans
from the International Monetary Fund hardly caused a ripple in the
bond market.
The nation's bonds maturing in 2035 are little changed since just
before President Alberto Fernandez's administration reached an
agreement with the Fund's staff on March 1 for US$44 billion in
extra financing, according to Buenos Aires Times. The debt remains
deep in distressed territory around 30 cents on the dollar,
indicating the country could default on the foreign debt it
restructured just two years ago, the report notes.
While much of the accord is conditional on Argentina reaching
fiscal and monetary targets, many analysts see the Latin American
government as incapable of weening itself of the loose spending
policies that help it to hold onto power, but also fuel rampant
inflation, the report relays. The outlook got even more sombre as
Russia's invasion of Ukraine pushed up commodity prices, adding to
the problems of an economy in perpetual crisis, the report
discloses.
"At the end of the day the IMF is not the problem," said Diego
Ferro, founder of M2M Capital in New York. "Argentina is the
problem, because it's doing a pathetic job of having a credible
economic plan, or a team that will be able to execute that plan,"
the report notes.
The IMF's executive board approved the 30-month Extended Fund
Facility at a meeting, allowing for the immediate disbursement of
US$9.7 billion, the Fund said in a statement, the report relays.
In total, it's a US$44-billion agreement that the IMF said aims to
provide Argentina with balance of payments and budget support
backed by measures designed to strengthen debt sustainability,
tackle inflation and boost reserves, the report notes.
The Economy Ministry didn't respond to a request from Bloomberg
News for comment.
Regime change
While most sovereign bonds rally in the immediate aftermath of a
deal with the IMF, Argentina's bondholders were distinctly
unimpressed, the report discloses.
"People have finally figured it out," Ferro said. "The only thing
driving Argentine bonds is regime change in 2023," he added,
referring to the next presidential elections, the report relays.
Investor cynicism is understandable. Over more than 60 years,
Argentine leaders have agreed to a string of financing programs
with the IMF, with only a few lasting more than 24 months, the
report notes. Even the previous programme under ex-president
Mauricio Macri in 2018, which came alongside dramatically tighter
fiscal and monetary policy, failed to cool inflation or make the
debt more sustainable, the report relays.
Argentina's dollar bonds due in 2030 and 2035 are both down this
year to 33 and 30 cents, respectively, little changed since just
before the IMF deal was agreed, the report relays. Investors still
demand more than 1,750 basis points over US Treasuries to hold the
sovereign debt, according to JPMorgan Chase & Co, well above the
1,000-basis point level considered in distress, the report notes.
Default Risk
Credit-default swaps indicate an 89 percent chance that the
government will fail to stay current on its obligations to
bondholders over the next five years, the report discloses.
"There is a high bar for a sustained rally in Argentina's sovereign
dollar bonds," said emerging markets economist Nikhil Sanghani at
Capital Economics Ltd. "Investors need to see action, rather than
words, toward policy tightening and/or market-friendly reforms,"
the report notes
Of course not everyone is so sceptical, the report relays. Siobhan
Morden, head of Latin America fixed-income strategy at Amherst
Pierpont, pointed out the "waning influence" of more radical
members of the government as highlighted by Argentina's vote on the
IMF program, the report discloses.
Several lawmakers in the far-left wing of the bloc voted against
the deal, but they failed to block it. They did however stop short
of allowing the economic policies to underpin the program, the
report relays.
"This reinforces a declining influence of radicalism and reaffirms
our view of a decisive gradual policy and political transition,"
she said. Now, "the more important phase shifts to how much
adjustment is feasible under the limited policy flexibility of the
ideological constraints and external shocks," she added.
Nathalie Marshik, a managing director for fixed income at Stifel
Nicolaus & Co, said for the bonds to get out of distress, investors
would need to see "genuine economic good news that point to a
serious retrenchment of inflation," the report relays.
That "means a fundamental change in the way the fiscal accounts are
managed and how the government finances its deficit," she said.
"You would need pension, labor reform to get rid of indexation,"
the report notes.
To make the stakes even higher, of all the IMF's outstanding
credits to countries, Argentina's is by far the biggest, the report
says.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its 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.
Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.
===========
B R A Z I L
===========
BRF SA: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------
On March 30, 2022, S&P Global Ratings affirmed its 'BB' global
scale issuer credit and its 'brAAA' national scale issuer credit
ratings on Brazil-based food company BRF S.A. S&P also affirmed the
'BB' issue-level rating, with the recovery rating remaining at
'3'.
S&P said, "The stable outlook reflects our view that although BRF's
margins will remain pressured in 2022, the company will keep
adjusted debt to EBITDA below 4.0x due to countercyclical measures
such as curtailing investments to control leverage. The outlook
also incorporates a potential support from Marfrig if BRF's
stand-alone credit profile (SACP) were to weaken."
BRF has elected a 10-member board, which Marfrig Global Foods S.A.
nominated, for a two -year term beginning April 1, granting Marfrig
significant influence over BRF's decision making.
S&P said, "We view BRF as a moderately strategic company to
Marfrig. We believe that, although both companies have separate
operations, their debts have no cross-default clauses and each
company has its own brands, Marfrig could provide extraordinary
support to BRF under some circumstances. In the short term, we
don't expect drastic changes to BRF's management, and both
companies could benefit from some commercial and procurement
synergies. However, we believe that BRF is important to Marfrig's
long-term strategy, and there could be a gradual merger of the
operations in the next few years.
"In addition, we view that Marfrig could provide support to BRF if
operating conditions deteriorate, because Marfrig already invested
more than R$8 billion in BRF and has been seeking to diversify its
portfolio into more processed food and other proteins. In this
sense, BRF is an important asset for Marfrig's long-term strategy.
BRF is confronting substantial cost pressures in 2022, exacerbated
by the conflict in Ukraine, which is driving up grain prices, which
compose close to half of BRF's costs, amid a weak consumption in
Brazil because of high inflation and unemployment. The mitigating
factor is the easing of competition in the Middle East's poultry
market where BRF has a strong position, given that prior to the
conflict, Ukraine was a market player. Nevertheless, we now expect
BRF's margins to drop to high-single digits, with adjusted debt to
EBITDA approaching 4.0x by the end of 2022." A downgrade, however,
would be limited, given a potential support from Marfrig of one
notch.
===============
C O L O M B I A
===============
[*] COLOMBIA: IMF Forecasts More Growth for Country
---------------------------------------------------
Jamaica Observer reports that the International Monetary Fund (IMF)
has forecast that the Colombian economy will remain buoyant as it
continues to recover from the impact of the novel coronavirus
pandemic.
In its findings from an Article IV consultation, the IMF concluded,
"Colombia's very strong policy frameworks and comprehensive policy
response to the pandemic supported the economy's resilience,
according to Jamaica Observer. A flexible exchange rate, central
bank credibility under inflation targeting, effective financial
sector supervision and regulation, a medium-term fiscal rule, and
strong institutions have helped the country to withstand external
shocks and promote economic growth," the report relays.
Following a 7.0 per cent contraction in gross domestic product in
2020, Colombia recovered in 2021 with growth of 10.6 per cent, the
report discloses. The IMF anticipates "above-potential growth" of
approximately 5.75 per cent for the South American country this
year, "led by robust household consumption and continued recovery
of investment and exports," the report relays.
Over the next two to five years, the fund estimates growth to fall
in the region of 3.4 per cent, the report discloses.
With strong local demand, the IMF also believes that inflation will
breach the four per cent cap set by the central bank of Colombia,
ending 2022 at 6.75 per cent, the report discloses. Banco de la
Republica, as the central bank is known, in February announced
inflationary target of 3.0 per cent within a band of two per cent
to four per cent, the report notes.
As current global prices of commodity continue to rise, the country
is expected to be able to benefit from a reduction in the current
account of its balance of payments, the report discloses. Colombia
exports petroleum, coal, coffee, gold, and bananas, with the United
States of America, Panama and China its main trading partners, the
report relays.
However, the IMF warned that the country faces risks associated
with the war in Ukraine, among other factors, the report notes.
As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2021, Fitch Ratings has affirmed Colombia's Long-Term
Foreign Currency Issuer Default Rating (IDR) 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: Fuel Prices to Remain Unchanged Until April 8
-----------------------------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce,
and Mipymes (MICM) announced that for the week of April 2 to 8, the
price of fuels would again remain unchanged for the cost of the
main fuels.
The average rate weighted by the Central Bank of the Dominican
Republic (BanCentral) was RD$55.11. Therefore, the savings implies
an investment for the State of 1.13 billion pesos, according to
Dominican Today.
The average price of WTI is US$108.85 per barrel, the report
notes.
In this regard, Premium Gasoline will remain at RD$293.60, and
Regular Gasoline will remain at RD$274.50, the report discloses.
Meanwhile, Regular Gasoil will continue at RD$221.60, and Optimum
Gasoil will remain at RD$241.10 per gallon, the report says.
Likewise, Liquefied Petroleum Gas (LPG) will remain at RD$147.60
per gallon, and Natural Gas will maintain its price at RD$28.97 per
m3, the report notes.
The report relays that fuel Oil will also be priced at RD$192.11
per gallon and Fuel Oil 1% at RD$211.77.
Meanwhile, Avtur will increase 14.87 and will be sold at RD$264.40,
and Kerosene will increase RD$15.80 to be priced at RD$300.70, 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.
TCRLA 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, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'. The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative. S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said. A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Index of Retail Prices for Food Up in 2022
-------------------------------------------------------------
Trinidad Express reports that people are now paying more for food
and non-alcoholic beverages than they did in December 2021.
The Index of Retail Prices for food and non-alcoholic beverages
showed an increase from 127.0% between December 2021 and 128.1 in
January 2022, the Central Statistical Office (CSO) reported,
according to Trinidad Express.
In a memorandum on the Index of Retail Prices (RPI) published, the
CSO noted that the All Items Index of Retail Prices showed an
increase of 0.7 per cent for the month of January 2022, the report
relays.
It noted that contributing significantly to this increase was the
general upward movement in the prices of carite-fresh; powdered
milk-full cream; parboiled rice; white flour; king fish-fresh;
carrots; eddoes; snacks other chilled or frozen chicken (parts);
and cucumber, the report discloses.
However, the full impact of these price decreases was offset by the
general reductions in the prices of tomatoes; pumpkin; chive; other
fruit drinks (not orange); fresh beef; steak-fresh beef; carbonated
soft drinks; potatoes; apples; and salted pig tail, the report
relays.
The report says that the CSO review of the data for January 2022
compared with December 2021 reflected increases in the sub-indices
for:
-- 2.0% for alcoholic beverages and tobacco;
-- 2.5% for Communication (cellphones, telephones, internet and
other similar services.)
-- 1.3% for Housing, water, electricity, gas and Other Fuels;
-- 1.1% for health;
-- 1.0% for hotels, cafes and restaurant;
-- 0.7% for Furnishings, Household Equipment & Routine
Maintenance of the House;
-- 0.7% Miscellaneous Goods and Services
-- 0.5% for transport;
-- 0.3v for clothing and footwear;
However, decreases were noted in the sub-indices for recreation and
culture of 2.7% and all other sections remained unchanged, the
report notes.
The price of a basket of 118 basic food items increased by 9.7%
between February 2020 and February 2022, according to a
comprehensive assessment by the Consumer Affairs Division (CAD) of
the Ministry of Trade and Industry (MTI), the report relays.
The ministry pointed out that the increase in wheat prices will
have a domino effect on the price of grain, feed, poultry and dairy
products, the report discloses. And it said both local flour
production houses are in receipt of stock with further shipments
(at increased prices) due to arrive, the report notes. These
businesses will consider in the next few months whether price
increases may be necessary, the report relays.
The ministry said its Consumer Affairs Division estimated that
locally the price of flour increased by 16% over the period
February 2020-February 2022, the report discloses.
"Other items which increased during this period locally include
vegetable and soya oil (42%); corned beef (40%); poultry (29%);
infant formula (26%); milk (20%); red beans (16%); salted fish
(15%); rice (13%); and granulated sugar (11%)," the report relays.
The ministry said the following food items remained constant during
the period February 2020 to February 2022-powdered milk, biscuits,
tea bags, mauby, baked beans, mayonnaise, dried pigeon peas, channa
and salt, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 28 to April 1, 2022
--------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
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
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Noble Holding Internat 6.1 62.0 3/1/2041 KY 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 de Rio Negro 7.8 70.3 12/7/2025 AR USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
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 de Cordoba 7.1 74.7 8/1/2027 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Province of Santa Fe 6.9 75.2 11/1/2027 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
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Esval SA 3.5 49.9 2/15/2026 CL CLP
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 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
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Province of Santa Fe 6.9 75.2 11/1/2027 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
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
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
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
City of Cordoba Argent 7.9 73.1 9/29/2024 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
YPF SA 16.5 67.3 5/9/2022 AR ARS
Polarcus Ltd 5.6 71.8 7/1/2022 AE 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
*********
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