/raid1/www/Hosts/bankrupt/TCRLA_Public/220711.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, July 11, 2022, Vol. 23, No. 131

                           Headlines



A R G E N T I N A

ARGENTINA: Commitment to IMF Deal a Condition for Paris Club Talks
ARGENTINA: Names New Economy Minister as Inflation Crisis Mounts
ARGENTINA: Nervous Buying & Price Hikes Amid Inflation Fears


C H I L E

RIPLEY CORP: Fitch Affirms & Then Withdraws 'BB' LongTerm IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: World Events Pose Risks to Economy, IMF Says


J A M A I C A

JAMAICA: MSMEs Receive Negotiation Tips


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Transparency Called For in First Citizens Deal


X X X X X X X X

[*] BOND PRICING: For the Week July 4 to July 8, 2022

                           - - - - -


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

ARGENTINA: Commitment to IMF Deal a Condition for Paris Club Talks
------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's new
economy minister must give her commitment to an IMF program in
order for the Paris Club of creditor nations to open talks on the
South American country's debt, a Paris Club source said.

Argentina was due to hold talks with the group of government
creditors but had to pull out after the surprise resignation of
economy minister Martin Guzman days ahead of the trip to the French
capital, according to globalinsolvency.com.

His abrupt departure on Saturday sparked concerns of a shift
towards populist policies and state spending in Argentina, which is
grappling with sky-high inflation, while raising concerns that the
new government would seek to change the terms of a deal with the
International Monetary Fund, the report notes.

The Paris Club source said that the group wanted assurances that
the new economy minister, Silvina Batakis, planned to go ahead with
implementing the IMF program, the report relays.

"It's a precondition for any new agreement with Argentina," the
source said, the report notes.  "If we get this condition, we are
ready at any time to have a negotiation session with the Argentine
authorities about the Paris Club debt," the source 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.


ARGENTINA: Names New Economy Minister as Inflation Crisis Mounts
----------------------------------------------------------------
globalinsolvency.com, citing the Wall Street Journal, reports that

Argentine President Alberto Fernandez appointed a little-known
public servant as economy minister as his administration was facing
soaring inflation and a weakening currency, which risk leading to
social unrest.

Silvina Batakis, an economist aligned with the ruling Peronist
coalition's far-left faction, took over the government's top
economic post, two days after the surprise resignation of Martín
Guzman, a moderate aligned with the president, according to
globalinsolvency.com.

In past interviews and messages on her Twitter account, Ms. Batakis
has spoken of the importance of a robust state while lambasting the
International Monetary Fund, a frequent punching bag for Peronist
leaders on its role in Argentina, the report relays.

In a message on Twitter from 2019 on poverty, the former economy
minister for Buenos Aires province said, "You combat it with a
state that plans and intervenes," the report discloses.

Ms. Batakis has voiced opposition to austerity, saying in a 2015
interview with the newspaper La Nacion that Argentina needs a
long-term approach to tackle inflation without cooling the economy,
the report relays.

Mr. Guzman's decision to step down was a blow to Mr. Fernandez and
the more moderate wing of government aligned with him, which had
looked to reduce public spending as part of Argentina's recent deal
with the IMF to refinance $44 billion in debt, the report
discloses.

Mr. Guzman's deputies in the ministry also resigned, the report
notes.

                      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.


ARGENTINA: Nervous Buying & Price Hikes Amid Inflation Fears
------------------------------------------------------------
Buenos Aires Times reports that the resignation of Argentina's
economy minister and a crisis in the government, amid an inflation
rate that exceeds 60 percent, has provoked a wave of fear
triggering a surge in the value of the dollar on the country's
parallel exchange markets and a sharp rise in prices in shops.

"Every day is like going out to hunt a lion," says Luis Sacco,
speaking from behind the counter of his electrical goods shop in
Caballito in the capital . . . price changes on price tags have
been the order of the day in order "to cover against a
devaluation," according to Buenos Aires Times.

The loss of value of the local currency is a phenomenon that
Argentines have been living with for decades, the report notes.
But with inflation soaring and the differences between President
Alberto Fernandez and Vice-President Cristina Fernandez de Kirchner
deepening, coupled with the resignation of Economy Minister Martin
Guzman, the architect of recent foreign debt renegotiations, the
day-to-day drama is turning into a feature-length thriller, the
report relays.

"It was the longest Sunday of my life," admitted Sacco, who says he
spent in anxiety, "not knowing whether or not to raise the
shutters, thinking of a catastrophe," the report notes.

Guzman resigned in a letter posted on Twitter -- just as Fernandez
de Kirchner was delivering a speech, the report discloses.

                     Buying to 'Save'

Despite everything, "there was no earthquake," he sighs. "There are
purchases, more than ever - people are still buying because they
know that if they wait, the price will go up. It's time to sell
stock," the report relays.

He continues: "Prices had already increased 15 percent a few weeks
ago and now they have added a 'tweak' to average 20 percent,
although imported goods have jumped up to 30 percent [more],"
explains the trader, the report discloses.

Argentina has strict restrictions on the purchase of foreign
currency and several exchange rates coexist, the report notes.
While the official exchange rate shows a dollar costs 132 pesos,
the US currency touched 280 pesos on the black market, the report
says.  The so-called 'dolar blue,' or informal dollar, eventually
stabilised, the report discloses.

Guzman was replaced by Silvina Batakis, a 53-year-old economist who
is seen as close to the vice-president, who in her first statements
to the press said she will continue the president's current
economic course, the report relays.

Sensitive to any sign of recurring economic crises, the reaction of
Argentines was to go straight out and buy in fear of further price
rises, the report relates.

Fernando Agote, the owner of a hardware store, said that although
there had been "nervous purchases without paying much attention to
price increases, things are calming down," the report says.

Only one of his suppliers stopped sales, the report notes.

"There was a lot of nerves, a lot of speculation. Nobody knows
where the real prices are, they are not set by costs," he admits,
the report discloses.

                   Prices Up, Sales Up

At a paint shop in the Floresta neighbourhood, price increases were
also around 20 percent, the report discloses. But sales did not
slow down, the report notes.

"Everything was sold," said Leo, the manager. But there was not the
same fluidity in the restocking of merchandise, the report relays.


"Only one company delivered to me, the rest [of the deliveries]
were suspended," he confessed.

Although he expects supplies to return to normal, "all the price
and payment conditions are going to change," he ventured, the
report notes.

With more than 20 years in the business, Leo has already
experienced several economic crises, the report discloses.

"This one has the particularity that people have money, they
consume. These days we sold like crazy, the digital channels
[online shopping] exploded with orders," he added.

In Argentina, the memory of the 2001 crisis is fresh. It was the
worst in the country's history, hitting in the midst of
hyperinflation, and the country declared its biggest sovereign
default on record, the report notes.

The change of minister coincided with the payment to wage earners
of 50 percent of the famous aguinaldo (mid-year bonus), a
development that often boosts consumption at this time of year, the
report says.  Added to this is the decision by many Argentines to
buy in anticipation of future price rises, the report notes.

Price rises are most noticeable in imported products that are paid
for in foreign currency, the report relays.

In the food sector, "the price of fruit, especially those coming
from abroad, such as bananas, papaya and melon, have gone up 30
percent " explained John Quinteros, the manager of a greengrocer's
in Floresta, the report discloses.

In the Villa Crespo neighbourhood, Utopia, a natural products shop,
has proudly put up a sign saying "Prices have not gone up here,"
the report relays.

"We decided to keep them as long as we can stand it," said Liliana
de los Santos, the manager, who admits "it's a risk," the report
notes.

Argentina's cumulative inflation this year is 29.3 percent until
May, but food prices alone rose by 33.7 percent over the same
period, 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.

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.




=========
C H I L E
=========

RIPLEY CORP: Fitch Affirms & Then Withdraws 'BB' LongTerm IDRs
--------------------------------------------------------------
Fitch Ratings has affirmed Ripley Corp. S.A. 'BB' Long-Term Local
and Foreign Currency Issuer Default Ratings (IDRs) and
simultaneously withdrawn the ratings. At the time of the
withdrawal, the Rating Outlook for the corporate ratings was
Stable.

Ripley's ratings reflect the company's strong business position
within the retail and real estate sector in Chile and Peru, its
integrated retail-financial services business model, recovered
capital structure following the disrupted operations during the
pandemic and adequate financial flexibility. Fitch expects the
company's cash flow from operations will comfortably cover capital
expenditures and dividends outflow in the next three years with net
leverage peaking at 4.0x in 2023 and falling to 3.0x once new
development shopping malls operations in Peru kick in.

Fitch has withdrawn the ratings for commercial reasons. Therefore,
Fitch will no longer provide analytical coverage for the issuer.

KEY RATING DRIVERS

Strong Business Position: Ripley's ratings reflect its position as
a solid retail-financial services player in Chile and Peru. In
Chile, it has approximately 22% of market share in department
stores. Most recently, to overcome business disruptions due to the
pandemic, the company focused on strengthening its omnichannel
proposal, which was proved positive to its cash flow generation. In
2021, e-commerce sales increased by 34.6% yoy while representing
39.5% of total retail sales.

Integrated Business Model: Ripley's business position is enhanced
by the synergies between its retail sector and its financial
service (FS) segment, which is comprised of its fully own
subsidiaries, Banco Ripley Chile, rated 'BBB-'/Stable, and Banco
Ripley Peru. These co-dependent businesses translate into a
commercial strategy that mutually supports the competitive position
of Ripley's brand in both business units.

Growing Real Estate Business: Fitch's analysis incorporates
expected organic growth following the company's construction of two
malls in Peru in the next 18 months. These malls will increase the
company's presence to five from three malls that it currently
operates in Peru, and will expand its GLA by 55% to 316 thousand
square meters. Ripley's real estate business benefits from a stable
source of cash flow generation in the form of rental revenues
contracted out to over 10 years, along with EBITDA margins in the
range of 80%.

Adequate Capital Structure: Ripley's ratings incorporate an
expectation that the company's corporate-only net adjusted leverage
ratio will slightly increase to 4.0x in 2022 from 3.2x in 2021
mainly due to the elimination of government stimulus in Chile that
heat up demand during the past two years and the expectations of
higher inflation curbing consumer spending. These leverage figures
are an improvement from the net leverage ratio of 12x in 2020.
Fitch expects the company's cash flow from operations will
comfortably cover capital expenditures and dividends outflow in the
next three years with net leverage peaking at 4.0x in 2023 and
falling to below 3.0x once new development shopping malls
operations in Peru kick in.

For debt calculation, Fitch considers the corporate only debt,
including debt at holding level, and debt associated with operating
activities in the real estate and retail segments. The
lease-adjusted corporate only debt as of Dec. 31, 2021 wasCLP682
billion. The debt includes CLP313 billion of corporate-only debt,
and the balance relates to lease-adjusted debt.

Volatile Discretionary Business: Ripley's retail business focused
on department stores are more volatile than other retail segments
such as food and pharmacy. The company's results from retail
stores, shopping malls, and credit card operations improved
materially in 2021 after suffering from imposed social
restrictions. In 2021, the company's adjusted EBITDAR was CLP152
billion, which includes CLP15 billion of dividends received from FS
entities and no dividends received from minority participation.
These figures compare with total adjusted EBITDAR of CLP37 billion,
FS and minorities dividends of CLP33 billion in 2020.

Divestment of Investment: In 2020, Ripley announced its intention
to evaluate the sale of its 22.5% minority interest in Nuevos
Desarrollos S.A., an entity that owns eight shopping malls that are
controlled and managed by Plaza S.A., rated 'AA+(cl)'/Stable. Fitch
views this strategy could strengthen the company's financial
flexibility in the medium term but doesn't not incorporate in its
base case.

RATING SENSITIVITIES

Rating sensitivities do not apply as the rating has been
withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

ISSUER PROFILE

Ripley Corp is one of the largest retail companies in Chile and
Peru. Ripley's three business segments are the retail business, the
banking business and the real estate business. It currently
operates 76 stores in Chile and Peru.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT             RATING                    PRIOR
   ----             ------                    -----
Ripley Corp. S.A.  LT IDR      BB   Affirmed    BB

                   LT IDR      WD   Withdrawn   BB

                   LC LT IDR   BB   Affirmed    BB

                   LC LT IDR   WD   Withdrawn   BB




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

DOMINICAN REPUBLIC: World Events Pose Risks to Economy, IMF Says
----------------------------------------------------------------
Dominican Today reports that the Executive Board of the
International Monetary Fund (IMF) concluded the Article IV
consultation with the Dominican Republic and among its
considerations indicates that the prospects point to a continuous
recovery of the local economy, "although world events pose risks."

It indicates that the growth of the gross domestic product (GDP)
would converge to its potential and inflation would return to the
target range for next year as the impact of global shocks is
reduced, in a context of financial stability and a solid external
position, the report notes.

The entity projects an inflation of consumer prices (end of the
period) to 2023 of 4.5%; for this 2022 of 8%, the report relays.

It considers that "the economic policies adopted by the country
(fiscal prudence, temporary measures to mitigate the prices of raw
materials and tightening of monetary policy)" continue to be
adequate, the report says.

                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.




=============
J A M A I C A
=============

JAMAICA: MSMEs Receive Negotiation Tips
---------------------------------------
RJR News reports that micro, small, and medium-sized enterprises
(MSMEs) have received practical tips and advice on how to negotiate
effectively to build better relationships and contribute to
business success.

At the Jamaica Business Development Corporation Virtual Biz Zone
held, Senior Business Development Officer at the entity, Colin
Coley, highlighted the importance of being a good negotiator,
according to RJR News.

Mr. Coley provided strategies to help entrepreneurs increase their
bargaining power with different stakeholder groups such as banks
and suppliers, the report notes.

In business, negotiation skills are important in everyday
interactions and conducting formal transactions such as conditions
of sale, lease, service delivery, and other legal contracts, the
report relays.

Mr. Coley said for entrepreneurs to establish long-lasting
partnerships, succeed in their respective fields, settle disputes
amicably, and add value to their companies, effective negotiation
abilities are required, the report adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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

TRINIDAD & TOBAGO: Transparency Called For in First Citizens Deal
-----------------------------------------------------------------
Trinidad Express reports that Opposition Senator, Wade Mark, is
reiterating his call for the Government to launch a full and
transparent investigation into the decision by majority State-owned
First Citizens to extend US-dollar loans to a private Jamaican
company, Cornerstone Financial Holdings, which is the majority
shareholder of Barita Investments Ltd, a company that is listed on
the Jamaica Stock Exchange.

Mark, who is the leader of Opposition business in the Senate,
initially raised the issue of the US dollar loans by First Citizens
to Cornerstone Financial Holdings in a motion on the adjournment in
the Senate, according to Trinidad Express.

Finance Minister Colm Imbert issued a news release condemning
Mark's presentation in the Senate as "dangerous misinformation"
about FCB's investments, the report notes.

Imbert said: "In his irresponsible outburst, which was obviously
intended to harm the reputation of both companies, Senator Mark
alleged, without a shred of evidence, other than regurgitating
unfounded insinuations in the newspapers, that FCB had invested
hundreds of millions of TT dollars in what he described as an
unknown, over-leveraged, fly-by-night company, involved in a Ponzi
scheme. Senator Mark went further to claim that FCB's investment in
Cornerstone was a criminal act," the report relays.

In the Senate, Mark had raised issues about a further US$45 million
($306 million) loan, not an investment, that First Citizens had
extended to Cornerstone Financial Holdings, the report discloses.

Mark's comments were based on a Sunday Express article of March 20,
2022, which was sourced from the security confirmation deed between
Cornerstone Financial Holdings Ltd, as the borrower, and First
Citizens Bank Ltd, as the lender, the relays.

That document was prepared by the Jamaican law firm of Myers,
Fletcher & Gordon and was executed on February 8, 2022.

The deed was executed by Cornerstone directors Paul Simpson and
Arnold Aiken, and by Lindi Ballah-Tull and Jason Julien of First
Citizens, the report notes.

The security confirmation deed refers to a April 24, 2020 loan
agreement between the two parties, in which First Citizens agreed
to make available to Cornerstone a loan facility of up to US$25
million, the report discloses.

The security confirmation deed also refers to a July 6, 2021 loan
agreement, in which First Citizens agreed to lend Cornerstone up to
US$15.1 million, the report relays.

The report notes that and the document outlined that First Citizens
had "agreed to extend additional credit facilities to the borrower
of up to US$45 million", to be disbursed in two tranches:

  -- Tranche 1 in the sum of US$25 million;

  -- Tranche 2 in the sum of US$20 million.

First Citizens agreed to hold Cornerstone shares in Barita
Investments as collateral for the loan facilities, the report
discloses.

Cornerstone responded to the Sunday Express article by issuing a
statement to the Guardian, which was published on March 30, 2022.
That article confirmed the Jamaican company has three facilities
with First Citizens, but it puts the total exposure at US$60.1
million, the report notes.

The Cornerstone statement confirmed the first facility of US$25
million, the second facility of US$20 million and the first tranche
of the third facility of US$15.1 million, the report relays.

"As at March 25, the total number of shares pledged to First
Citizens Bank stood at 184,333,333 ordinary shares," according to
the Cornerstone statement, the report notes.

Cornerstone's audited 2021 financial statements provide information
on the company's long-term loans as at September 30, 2021, the
report relays.

The first loan facility of US$25 million "attracts a variable
interest rate of 4.5 per cent at the statement of financial
position date, which is comprised on LIBOR plus a reprice margin,"
the report discloses.

The second loan facility of US$15.1 million "attracts a variable
interest rate of 5.12 per cent at the statement of financial
position date, which is comprised on LIBOR plus a reprice margin,"
the report says.

The third facility is not included because it was extended in
2022.

At the end of June, Cornerstone pushed back the issue date of a
JA$6 billion (US$39.7 million) bond it is attempting to raise on
the Jamaican market from June 28 to July 28, the report notes.
That bond is in three tranches paying interest rates of between
8.50 per cent and 9.75 per cent per annum, the report says.

In his news release, Mark said: "The mere fact that Imbert feels
the need to rush to the defence of First Citizens Bank over this
matter is itself a major red flag," the report discloses.

Mark said it is no surprise that the Minister of Finance objected
to his call for transparency and accountability, referring to the
minister's failure to lay the annual reports of the National
Insurance Board for 2019 and 2020 in Parliament within the
timeframe outlined in the National Insurance Act, the report says.

Mark also referred to indemnities allegedly granted by the
Government to the directors of National Gas Company and to the
judgment last month involving terminated Central Bank governor
Jwala Rambarran, the report notes.

"I again repeat my call for full transparency and accountability in
all actions by the State including the move by First Citizens Bank
to loan the private company Cornerstone Financial the sum of US$45
million," Mark concluded, the report adds.




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

[*] BOND PRICING: For the Week July 4 to July 8, 2022
-----------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     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
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    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

Avadel Finance Cayman      4.5    55.0     2/1/2023    US     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
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
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    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     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
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
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    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.

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.
.


                  * * * End of Transmission * * *