/raid1/www/Hosts/bankrupt/TCRLA_Public/220516.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, May 16, 2022, Vol. 23, No. 91
Headlines
A R G E N T I N A
ARGENTINA: Dollar Bonds Yielding 0% Are Minting Money for Banks
[*] ARGENTINA: Has Gas But Needs Strong Investment to be Reservoir
C H I L E
LATAM AIRLINES: TLA Claimholders Want Postpetition Interest
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Cement Demand Grows Despite Rising Costs
DOMINICAN REPUBLIC: Price Freeze on All Fuels Sold
P U E R T O R I C O
CONDADO ROYAL: Seeks to Hire Lamoutte LLC as Notary Public
X X X X X X X X
[*] BOND PRICING: For the Week May 9 to May 13, 2022
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Dollar Bonds Yielding 0% Are Minting Money for Banks
---------------------------------------------------------------
Buenos Aires Times reports that Argentine banks have latched on to
a lucrative trade that produces all-but-guaranteed profits while
also allowing local corporations to sell dollar bonds paying
coupons as low as zero percent.
They've turned to a loophole in complex currency regulations meant
to keep dollars from flowing out of the country. To profit from it,
banks buy dollar-denominated local bonds, then sell them for pesos
in an unofficial market where the dollar is much stronger,
according to Buenos Aires Times.
They then swap those pesos for dollars at the official rate,
profiting from the exchange-rate gap, the report notes.
Some banks recently caught on to the opportunity and have become
the largest buyers of these bonds over the last few weeks,
according to people familiar with the matter, who asked not to be
identified discussing confidential information, the report
discloses.
The Central Bank says that such an operation is not allowed, and
that it would begin an investigation on banks seen buying and
selling bonds using such a trade, according to a spokesman, the
report relays. The country's two associations for private banks
didn't reply to a request seeking comment.
The trade is so popular that it's boosted demand for corporate-bond
sales to the point that companies including Banco Hipotecario, a
local lender, have issued debt with zero percent coupons, the
report notes. Slightly riskier firms are still able to sell notes
with yields below three percent, a ridiculously low rate for
issuers from a country known as a serial defaulter, especially
given that US-based junk bonds are yielding 7.5 percent, the report
says.
The Central Bank sent an informal warning to bank associations not
to engage in that foreign-exchange arbitrage, according to a
different person, the report notes.
"There's no regulation condemning these trades, and anything that
isn't prohibited is allowed," said Carlos de Nevares, senior
analyst at Moody's in Argentina, the report discloses. "The
financial sector believes it's allowed, but the central bank says
it's not," he added.
It's all part of the wild world of investing in Argentina, a
junk-rated country with high levels of government spending, annual
inflation above 50 percent and a track record of three defaults
since the turn of the century, the report relays. In an effort to
stabilize its economy, Argentina has leaned on increasingly
stringent exchange controls, the report notes.
Those seeking to take advantage of the exchange-rate distortions
have boosted demand for new bonds. Banco Macro - rated nine levels
below investment grade by Moody's Investors Service - sold US$17
million of two-year notes on April 27 at a yield of 1.45 percent,
the report discloses. Banco Hipotecario sold almost US$16 million
of securities at a zero percent coupon on May 2, the report says.
Amid the strict controls, banks are among few players with some
access to the official currency market as they can trade currencies
for their own balance sheets, the report notes. This is how a
transaction would work: A bank buys US$1 million of dollar
denominated bonds issued by a local company, the report relays. It
then sells them at a modest discount, typically about 10 percent,
on the secondary market, where the dollar is valued at 206 pesos,
receiving 186 million pesos, the report discloses. The bank can
then convert those 186 million pesos back to dollars at a rate of
117 pesos per dollar, leaving it with US$1.59 million - i.e., a
quick 59 percent profit with a minimum of effort, the report says.
The biggest loser in these transactions is the central bank because
the trade drains already dwindling foreign reserves at a time the
government is struggling to bolster its coffers to meet targets
laid out in its recent deal with the International Monetary Fund,
the report relays. That said, the amounts involved are fairly
small relative to the country's US$42 billion of gross reserves,
the report notes.
For Paula La Greca, a corporate fixed-income analyst at TPCG
Valores in Buenos Aires, the ability of Argentine companies to sell
dollar bonds at such low yields is a signal that the exchange-rate
gap is warping the market, the report relays.
"Banco Hipotecario's dollar issuance in the local market shows how
disruptive Argentina's parallel exchange-rate regime is," 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.
On March 25, 2022, Argentina finalized agreement with the IMF for a
new USD44 billion Extended Funding Facility (EFF) intended to fund
USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF and is
facilitating a parallel rescheduling of Paris Club debt.
As reported by The Troubled Company Reporter - Latin America on
April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program. Fitch
added that it is uncertain whether the EFF will be a strong anchor
for macroeconomic stabilization. Its policy requirements are fairly
unambitious relative to other IMF programs and in light of the
economy's deep imbalances, but it faces heightened risk nonetheless
from weak political support and spill-overs from the Russia-Ukraine
war, says Fitch.
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. DBRS' credit rating for Argentina is CCC, given on Sept. 11,
2020.
[*] ARGENTINA: Has Gas But Needs Strong Investment to be Reservoir
------------------------------------------------------------------
Rio Times Online reports that Argentina has a buried treasure in
Vaca Muerta, the world's second largest unconventional gas reserve,
but it requires strong investments for the massive development of
this formation and, in addition, gas transportation and
liquefaction infrastructure that will allow it to make its dream of
be a world-class player.
On a tour of Europe in serious trouble to ensure future gas
supplies due to Russia's invasion of Ukraine, the president of
Argentina, Alberto Fernandez, highlighted in Spain and Germany the
energy potential of the South American country, according to Rio
Times Online.
The president of Argentina, Alberto Fernandez, has underlined in
Spain and Germany the energy potential of the South American
country, the report adds.
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.
On March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in
up-front net financing. This has averted the risk of a default to
the IMF and is facilitating a parallel rescheduling of Paris
Club debt.
As reported by The Troubled Company Reporter - Latin America on
April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
Fitch added that it is uncertain whether the EFF will be a
strong anchor for macroeconomic stabilization. Its policy
requirements are fairly unambitious relative to other IMF
programs and in light of the economy's deep imbalances, but it
faces heightened risk nonetheless from weak political support and
spill-overs from the Russia-Ukraine war, says Fitch.
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. DBRS' credit rating for Argentina is CCC, given
on Sept. 11, 2020.
=========
C H I L E
=========
LATAM AIRLINES: TLA Claimholders Want Postpetition Interest
-----------------------------------------------------------
The TLA Claimholders Group, an ad hoc group of holders of claims
against TAM Linhas Aereas S.A., submitted an objection to the Joint
Plan of Reorganization of LATAM Airlines Group, S.A. et al.
The TLA Claimholders Group points out that the Plan proposes to pay
claims in TLA Class 6 the 100% of the principal amount of such
claims, but deprives holders of those claims of any post-petition
interest ("PPI"). At the same time, the Plan denies those
creditors the right to vote, as the Plan deems Class 6 to be
unimpaired under 11 U.S.C. section 1124. The Debtors bear the
burden of establishing that the claims are unimpaired, and they can
only meet this burden if they prove that the Plan "leaves unaltered
the legal, equitable, and contractual rights" of creditors in TLA
Class 6 even though the Plan denies them payment of PPI. Stripping
creditors of their bargained-for rights to interest is a violent
alteration of their "legal, equitable, and contractual rights."
Thus, the Debtors cannot meet their burden and the Plan fails.
TLA Claimholders Group further points out that for the Debtors to
legitimately unimpair TLA Class 6, Second Circuit precedent
mandates that that the Plan pay creditors PPI at the contractual
rates set forth in the governing documents.4 See Ruskin v.
Griffiths ("Ruskin"), 269 F.2d 827, 832 (2d Cir. 1959) ("[W]here
there is no showing that the creditor entitled to the increased
interest caused any unjust delay in the proceedings, it seems to us
the opposite of equity to allow the [solvent] debtor to escape the
expressly-bargained-for" contractual interest provision). Paying
any lesser amounts, by definition, would alter the legal,
equitable, and contractual rights of such creditors and is not
unimpairment. Indeed, in the intervening 60-year period since
Ruskin was decided, no court anywhere in the Second Circuit -- not
one -- has suggested that Ruskin is no longer binding precedent.
The Debtors ask this Court to be the first.
According to TLA Claimholders Group, even if the outcome were not
dictated by the Bankruptcy Code and existing precedent (and it is),
the facts and circumstances here amply support requiring the
Debtors to pay PPI at the contractual rates to unimpair TLA Class
6. It appears that TLA was solvent when it commenced its bankruptcy
case and had no need to reorganize. Indeed, TLA was not among the
original petitioners to file on the Parent Petition Date. Nearly 2
years later, TLA will emerge from bankruptcy still solvent, without
having reorganized any of its own debts. At the same time, the Plan
reinstates the TLA equity held by its parent and, as is the subject
of extensive litigation, will also reinstate the equity of LATAM
Airlines Group S.A., the ultimate parent. By allowing TLA to avoid
paying PPI at the contractual rates, this Court would be allowing
an entity to file a seemingly unnecessary bankruptcy, to then
exploit the bankruptcy process to dodge its bargainedfor
contractual commitments, and to then siphon the value not paid to
its creditors to its corporate parent and on to its parent's
out-of-the-money shareholders. The evidence at confirmation will
show that this is the scenario the Second Circuit warned against in
Ruskin -- allowing an equityholder of a solvent debtor to recover
while denying creditors their full contractual entitlement. The TLA
Claimholders Group respectfully submits that the Court should not
endorse such an inequitable outcome.
TLA Claimholders Group asserts that the Debtors cannot meet their
burden to establish by a preponderance of the evidence that TLA
Class 6 is unimpaired and as such the Plan cannot be confirmed.
Counsel for the TLA Claimholders Group:
Daniel A. Fliman, Esq.
Christopher M. Guhin, Esq.
Emily L. Kuznick, Esq.
John F. Iaffaldano, Esq.
PAUL HASTINGS LLP
200 Park Avenue
New York, NY 10166
Telephone: (212) 318-6000
Facsimile: (212) 319-4090
About LATAM Airlines Group
LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.
Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.
LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.
The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.
The Hon. James L. Garrity, Jr., is the case judge.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.
The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.
The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.
Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Cement Demand Grows Despite Rising Costs
------------------------------------------------------------
Dominican Today reports that during the first quarter of 2022, the
local demand for cement in the Dominican Republic grew by around
2.9% compared to the same period in 2021, despite the increase in
the costs of most essential inputs, especially energy factors. And
fuel, which represents approximately 60% of the variable expenses
in cement manufacture.
This was stated by the Dominican Association of Portland Cement
Producers (Adocem) when highlighting that these increases have been
experienced since 2021 and also include increases in the costs of
machinery, imported spare parts, and paper, among others, according
to Dominican Today.
"Without a doubt, energy management is a key point in the economic
sphere of a cement plant since it makes this industry very
susceptible to deficiencies and high tariffs in the electricity
sector, as well as to the continuously increasing costs of oil and
its derivatives", expressed Felix Gonzalez, president of the
entity, the report notes.
He highlighted that last year, a great dynamism in the construction
sector was reflected in the increase in cement production, which
last year reached 6.5 million tons versus the 5.1 million tons
produced in 2020, the report relays. Finally, internal consumption
grew by 24.2%, which represents, in absolute values, about 5.5
million tons consumed in the local market, the report notes.
He explained that despite the economic challenges, the Dominican
cement industry stands out as being one of the leading cement
exporters in the area; however, in the last five years, given the
continuous growth of local demand and situations of political
instability in Haiti, its primary export market, exports have been
declining since 2015, when they exported about 25% of their
production, to ship 12.3% in 2021, with a value of US$71 million,
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.
DOMINICAN REPUBLIC: Price Freeze on All Fuels Sold
--------------------------------------------------
Dominican Today reports that the Dominican Republic's Ministry of
Industry, Commerce, and MiPymes ordered, for the week of May 14 to
20, to maintain the same prices for all ten types of fuel sold in
the country.
The government announced that it had allocated RD$1,350 million in
fuel subsidies to slow down the increase in prices and thus
mitigate its impact on inflation in the local market, according to
Dominican Today.
In this sense, premium gasoline will continue to be sold at
RD$293.60 per gallon and regular gasoline at RD$274.50, the report
notes.
Regular diesel will be priced at RD$221.60 per gallon, optimum at
RD$241.10 per gallon, avtur at RD$298.91 per gallon, and kerosene
at RD$338.10 per gallon, the report relays.
Likewise, fuel oil #6 will continue to be sold at RD$192.11 per
gallon; fuel oil 1%S will be at RD$211.77 per gallon, the report
discloses.
Liquefied Petroleum Gas (LPG) continues at RD$147.60 per gallon,
and Natural Gas at RD$28.97 per m3 maintains its price, the report
says.
The weekly average US dollar exchange rate is RD$55.27 from the
Central Bank's daily publications, 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.
=====================
P U E R T O R I C O
=====================
CONDADO ROYAL: Seeks to Hire Lamoutte LLC as Notary Public
----------------------------------------------------------
Condado Royal Palm, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Lamoutte, LLC as
notary public.
The Debtor needs the assistance of a notary public to execute the
sales deed for the real property of the estate and subscribe any
preparatory documents or deeds as may be required for completing
the sale.
Lamoutte will be paid a 0.5 percent fee, plus out-of-pocket
expenses.
Carlos Lamoutte, a member at Lamoutte, disclosed in a court filing
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Carlos Lamoutte
Lamoutte, LLC
P.O. Box 9022185
San Juan, PR 00902
Telephone: (787) 688-6036
About Condado Royal Palm
Condado Royal Palm, Inc., primarily engaged in renting and leasing
real estate properties, filed a petition for Chapter 11 protection
(Bankr. D.P.R. Case No. 22-01282) on May 4, 2022, listing
$8,300,995 in total assets and $15,493,286 in total liabilities.
Jose A. Ramirez de Arellano, president, signed the petition.
Judge Mildred Caban Flores oversees the case.
Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC serves as the
Debtor's counsel.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 9 to May 13, 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
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
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
Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD
Esval SA 3.5 49.9 2/15/2026 CL CLP
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
Provincia de Cordoba 7.1 72.7 8/1/2027 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
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Polarcus Ltd 5.6 71.8 7/1/2022 AE USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US 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
Provincia del Chubut A 4.5 2208 3/30/2021 AR 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
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
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
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
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
*********
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 2022. All rights reserved. ISSN 1529-2746.
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
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* * * End of Transmission * * *