/raid1/www/Hosts/bankrupt/TCRLA_Public/221024.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, October 24, 2022, Vol. 23, No. 206

                           Headlines



A R G E N T I N A

ARGENTINA: Economy Grew in August Despite Political Crisis
MERCADOLIBRE INC: Egan-Jones Keeps BB- Senior Unsecured Ratings


B E R M U D A

CARNIVAL HOLDINGS: S&P Rates New $1.25BB Sr. Priority Notes 'B+'


B R A Z I L

BANCO MASTER: Fitch Assigns 'B' IDRs, Outlook Stable
BIONIK LABORATORIES: Appoints New CEO and CFO
BRAZIL: Growers Gain Space in Soybean Market Due to U.S. Drought


J A M A I C A

JAMAICA: BOJ, Businesses Part Company on Inflation


X X X X X X X X

LATAM: IDB Lab OKs Investment to Boost Deeptech Ventures
[*] BOND PRICING: For the Week Oct. 17 to Oct. 21, 2022

                           - - - - -


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

ARGENTINA: Economy Grew in August Despite Political Crisis
----------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina's
economy expanded in August even after a political crisis within the
ruling coalition sparked uncertainty and propelled inflation to
historic highs.

Economic activity increased 0.4 percent in August compared to July,
compared to expectations for a 0.5 percent drop from analysts in a
Bloomberg survey.  From a year ago, the economy grew 6.4 percent,
according to government data published by the INDEC national
statistics bureau, according to Bloomberg News.

Argentina named three economy ministers in a month's time earlier
this year, exacerbating doubts about the nation's direction and
catapulting inflation even higher, the report relays.  Sergio
Massa, who currently holds the position, took over in early August
but didn't implement major policy changes until September, the
report notes.

After posting resilient growth in the first part of the year,
Argentina faces a more challenging second half as consumer price
increases are projected to hit 100 percent in coming months with
Central Bank reserves at razor-thin levels, the report notes.
Economists polled by the monetary authority last month see
contractions in gross domestic product in both the third and fourth
quarter, the report discloses.

The country also posted a trade surplus of US$414 million in
September, compared to a US$300-million deficit the previous month,
according to additional data released, 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.

Last 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
Aug. 12, 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the
Republic of Argentina. The outlook remains stable. S&P also
affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer
and convertibility assessment. S&P said the stable outlook reflects
the challenges in managing pronounced economic imbalances ahead of
the 2023 national elections given disagreement on policy within the
government coalition and financing pressures in the local market.

Last 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.
On July 19, 2022, Fitch Ratings placed Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) and Long-Term Local
Currency IDR Under Criteria Observation (UCO) following the
conversion of the agency's Exposure Draft: Sovereign Rating
Criteria to final criteria. The UCO assignment indicates that
ratings may change as a direct result of the final criteria. It
does not indicate a change in the underlying credit profile, nor
does it affect existing Rating Outlooks.

Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.


MERCADOLIBRE INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2022, retained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by MercadoLibre, Inc.

Headquartered in Buenos Aires, Argentina, MercadoLibre, Inc.
operates an online trading site for the Latin American markets.




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

CARNIVAL HOLDINGS: S&P Rates New $1.25BB Sr. Priority Notes 'B+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to U.S.-based cruise operator Carnival Corp.'s
proposed $1.25 billion senior priority notes due 2028. The '2'
recovery rating indicates its expectation for substantial (70%-90%;
rounded estimate: 85%) recovery for noteholders in the event of a
default. Carnival Holdings (Bermuda) Ltd., a wholly-owned direct
subsidiary of Carnival Corp., will issue the notes. The company
plans to use the proceeds from these notes to make principal
payments on its debt and for general corporate purposes.

S&P said, "Because the transaction is largely debt for debt, it
does not affect our 'B' issuer credit rating or negative outlook on
Carnival. We continue to expect the company's S&P Global
Ratings-adjusted credit measures will remain very weak in fiscal
year 2022 (ending Nov. 30, 2022) because of its coronavirus
pandemic-related incremental debt and the gradual recovery in its
operations." Carnival generated modestly positive EBITDA in the
third quarter of 2022, which marks the first time it has generated
positive EBITDA since the pandemic shut down the cruise industry in
March 2020. While the company anticipates it will also generate
positive EBITDA in the second half of 2022, it has publicly
indicated that it expects its fourth-quarter EBITDA will be
breakeven to slightly negative as it increases its advertising
investment to support the booking volumes and revenue yield for its
2023 sailings ahead of the industry's traditional wave season. This
follows the relaxation of many COVID-19 related protocols in the
cruise industry, which has aligned the requirements for cruise
vacations more closely with those for land-based alternatives.

The relaxation of COVID-related protocols has led to an
acceleration in cruise booking volumes. Since the announcement of
relaxed protocols in mid-August, Carnival reported that the booking
volumes for all of its future sailings were tracking considerably
higher than its 2019 levels. Specifically, the company noted that
the booking volumes for its North American brands were up 30%
(relative to the same period in 2019) in the weeks prior to its
third-quarter earnings call. On the same call, Carnival also
reported that its cumulative advanced booked position for full year
2023 is slightly above the historical average and at considerably
higher prices compared to 2019 levels normalized for future cruise
credits, and that prices are higher in all four quarters of 2023.
However, macroeconomic headwinds pose a risk to the company's
recovery despite its currently positive booking indicators.
Specifically, S&P now forecasts the U.S. economy will fall into
recession in 2023. High inflation that reduces household purchasing
power could also cause leisure consumers to pull back on the ticket
prices they are willing to pay for travel. If cruise operators need
to lower their prices to fill ships, it could slow their ability to
reduce their leverage, especially if their fuel and other costs
remain elevated.

S&P has updated its base-case forecast for Carnival with the
following assumptions:

-- U.S. real GDP increases by 1.6% in 2022 and 0.2% in 2023 as the
economy falls into a shallow recession in the first half of 2023;

-- U.S. consumer spending rises by 2.4% in 2022 and 0.7% in 2023;

-- Eurozone GDP expands by 3.1% in 2022 and 0.3% in 2023;

-- U.K. GDP improves by 3.3% in 2022 before contracting by 0.4% in
2023;

-- Australia GDP increases by 3.9% in 2022 and 1.8% in 2023;

-- Extremely high prices and aggressive rate hikes weigh on
household demand. Reduced household purchasing power could hinder
the cruise industry's recovery if consumers pull back on their
discretionary leisure and travel spending;

-- Given the pause in Carnival's operation of the majority of its
fleet for most of 2020 and 2021, S&P compares its 2023 assumptions
with its results from 2019;

-- Break-even to modestly negative EBITDA in the company's fourth
quarter of 2022;

-- Capacity is 3%-5% higher than in 2019 and Carnival derives
about 25% of its 2023 capacity from its newer, more efficient
ships;

-- A continued gradual recovery in occupancy in 2023, with its
occupancy returning to historic levels in the summer of 2023. This
leads to blended occupancy of modestly above 100% in 2023;

-- Revenue per passenger cruise day (PCD) increases by the low- to
mid-single digit percent area, which is in line with Carnival's
commentary that the current pricing for its 2023 booked position
exceeds its 2019 levels by the mid-single-digit percent area, and
future cruise credits have less than a one percentage point impact
on its results in 2023;

-- 2023 net revenue is about 3%-5% above 2019 levels due to the
company's increased capacity, a recovery in its occupancy closer to
2019 levels, and higher net revenue per PCD;

-- Despite a newer and more efficient fleet, S&P assumes
Carnival's net cruise costs per available lower berth day increase
by the low- to mid-single-digit percent area relative to 2019
because of inflation;

-- Carnival does not hedge its fuel consumption. Despite its
increased capacity relative to 2019, S&P forecasts the company's
fuel consumption will be in line with, or modestly below, its 2019
levels because of its more efficient fleet. Carnival's cost per
metric ton is 40%-50% higher than 2019 levels based on our oil
price assumptions; and

-- 2023 EBITDA is 15%-20% below 2019 primarily because of
inflationary cost pressures, significantly higher fuel expenses,
and unfavorable currency headwinds.

Based on the above assumptions, S&P arrives at the following key
credit metrics:

-- Leverage improves to the high-6x to low-7x area in 2023 from
unsustainable levels in 2022; and

-- EBITDA coverage of interest improves to the low-2x area in 2023
from less than 1x in 2022.

S&P said, "The negative outlook on Carnival continues to reflect
that we could lower our rating if we no longer believe its
occupancy and cash flow will recover sufficiently to support an
improvement in its leverage below our 7.5x downgrade threshold in
2023. We could also downgrade the company if we believe it will be
unable to generate positive free operating cash flow (net of
committed ship financing) in 2023. We assume that in the current
rising interest rate environment, Carnival's interest costs could
rise. However, we view the proposed note issuance as a net positive
because it refinances the company's upcoming maturities and ensures
it will maintain adequate liquidity. That said, we would lower our
rating on Carnival if we anticipate any strain on its liquidity
position, which would likely stem from weaker-than-expected demand
for its 2023 sailings."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P said, "We assigned our 'B+' issue-level rating to
Carnival's proposed $1.25 billion priority senior notes. The '2'
recovery rating indicates our expectation for substantial (70%-90%;
rounded estimate: 85%) recovery. While our estimated recovery for
the priority senior notes would indicate a recovery rating of '1'
(90%-100% recovery), we cap our recovery ratings on the unsecured
debt issued by companies we rate in the 'B' category at '2'. This
cap addresses that these creditors' recovery prospects are at
greater risk of being impaired by the issuance of additional
priority or pari passu debt prior to default."

-- The issuance of these priority notes modestly reduces the
recovery prospects for the company's unsecured debt with subsidiary
guarantees, though the reduction is not significant enough to
warrant a lower recovery rating. Therefore, S&P revised its rounded
estimate for this debt to 40% from 45%.

-- All of S&P's other issue-level ratings and recovery ratings are
unchanged.

Simulated default assumptions

-- S&P's simulated default scenario contemplates a default
occurring by 2025 due to a significant decline in the company's
cash flow from permanently impaired demand for cruises following
the negative publicity and travel advisories during the COVID-19
pandemic, a prolonged economic downturn, or increased competitive
pressures.

-- S&P's estimate of the unsecured claims that benefit from
subsidiary guarantees includes new ship debt that it expects
Carnival will incur before the year of default.

-- S&P estimates a gross enterprise value at emergence of about
$24 billion by applying a 7x multiple to its estimate of the
company's EBITDA at emergence. S&P uses a multiple that is at the
high end of its range for leisure companies to reflect Carnival's
good position in the cruise industry, which is a small but
underpenetrated segment of the overall travel and vacation
industry.

-- S&P allocates its estimate of gross enterprise value at
emergence among secured and unsecured claims based on its
understanding of the contributions, by asset value, of the parent,
Carnival Holdings, and the subsidiary guarantors.

-- S&P assumes that of its estimated gross enterprise value at
emergence, about 63% is available to cover the first- and
second-priority secured claims, about 24% is available to cover the
unsecured claims at Carnival Holdings (a newly formed subsidiary
that will issue the proposed priority senior notes and own the 12
vessels backing the notes), and about 13% is at remaining
unencumbered vessels and is available to cover the unsecured claims
that benefit from subsidiary guarantees.

-- Under S&P's analysis, and after subtracting administrative
expenses from its estimate of the company's gross enterprise value,
about $5.2 billion of enterprise value would be available to cover
priority senior notes claims of Carnival Holdings. The residual
value of about $3.9 billion would flow to parent Carnival Corp. and
be available to cover other unsecured claims guaranteed by the
parent.

-- S&P said, "Under our analysis, and after subtracting
administrative expenses from our estimate of the company's gross
enterprise value, about $13.9 billion of enterprise value would be
available to cover its secured claims. After satisfying the first-
and second-priority secured claims, any remaining value, which we
estimate will be about $4 billion, would then be allocated among
the claims that benefit from subsidiary guarantees and those that
only benefit from parent guarantees. This is because it is our
understanding that a material portion of the collateral sits at the
subsidiary guarantors."

-- S&P said, "We estimate that about $5.3 billion of the
enterprise value at default will be directly available to unsecured
debt benefiting from subsidiary guarantees This includes $2.4
billion of residual collateral value, after satisfying various
secured claims, and an additional $2.9 billion, which is our
estimated value of the remaining unencumbered vessels after carving
out the vessels being contributed to Carnival Holdings. The $5.3
billion of total value only partially covers our estimate of the
unsecured debt with subsidiary guarantees at default. We assume
these deficiency claims are pari passu with the unsecured debt that
only benefit from parent guarantees."

-- S&P estimates there is about $5.5 billion of residual
enterprise value at default after satisfying other debt claims that
will be available to the unsecured debt that has only parent
guarantees. This includes $1.6 billion of residual collateral
value, after satisfying various secured claims and an additional
$3.9 billion, which reflects the residual value at Carnival
Holdings after fully repaying the proposed new notes. The total
value of $5.5 billion only partially covers S&P's estimate of those
unsecured claims and pari passu deficiency claims at default.

-- S&P assumes Carnival's revolving credit facilities are 100%
drawn at default and that their maturities are extended to the year
of default.

Simplified waterfall

-- Emergence EBITDA: $3.4 billion

-- EBITDA multiple: 7x

-- Gross enterprise value: $24 billion

-- Net enterprise value available after administrative expenses
(7%): $22 billion

-- Value attributable to secured/priority unsecured
claims/unsecured claims: $13.9 billion/$5.2 billion/$2.9 billion

-- Value available to the proposed Carnival Holdings priority
senior notes claims: $5.2 billion

-- Estimated priority senior notes claims: $1.3 billion

-- Residual value from Carnival Holdings available for unsecured
claims that benefit from parent guarantees: $3.9 billion

-- Value available to first-lien secured claims: $13.9 billion

-- Estimated first-lien secured claims at default: $7.7 billion

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Value available to second-lien secured claims: $6.2 billion

-- Estimated second-lien secured claims at default: $2.2 billion

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Residual value available from collateral after satisfying
first- and second-lien secured claims: $4 billion

-- Residual value available from collateral for unsecured claims
that benefit from subsidiary guarantees (export credit facilities,
the 2026, 2027, 2029, and 2023 notes, the 2023 and 2024 convertible
notes, the revolver, and bi-lateral bank facilities): $2.4 billion

-- Residual value available from collateral for unsecured debt
that benefits from parent guarantees: $1.6 billion

-- Value available to unsecured claims that benefit from
subsidiary guarantees: $5.3 billion

-- Pro rata share of parent value: $5.2 billion

-- Total value available to unsecured claims that benefit from
subsidiary guarantees: $10.6 billion

-- Estimated unsecured claims that benefit from subsidiary
guarantees at default: $25 billion

    --Recovery expectations: 30%-50% (rounded estimate: 40%)

-- Value available to unsecured debt with only parent guarantees:
$240 million

-- Unsecured claims with only parent guarantees at default: $890
million

    --Recovery expectations: 10%-30% (rounded estimate: 25%)

Note: All debt amounts include six months of prepetition interest.




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B R A Z I L
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BANCO MASTER: Fitch Assigns 'B' IDRs, Outlook Stable
----------------------------------------------------
Fitch Ratings has assigned Banco Master S.A. (Master) Long and
Short-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
of 'B' and a Viability Rating (VR) of 'b'. Fitch has also assigned
Master a Government Support Rating (GSR) of 'ns'. The Rating
Outlook on the Long-Term ratings is Stable.

Fitch last reviewed Master's National Ratings on Sept. 23, 2022.

KEY RATING DRIVERS

VR, IDRs and National Ratings

Master's IDRs are based on the bank's intrinsic creditworthiness as
indicated by its VR. The bank's implied VR of 'b' is in line with
its assigned VR.

Master's ratings reflect its growing, but still evolving franchise
and business model. Although no longer dependent on the sale of
assets, the bank continues to face the challenge of reducing the
volatility of its results, mainly derived from its high level of
recent investments as well as the risks associated with its assets
that carry credit risk. The ratings also reflect the improvement
observed in its funding and liquidity structure, as well as its
adequate capitalization.

Despite Master's reported operating loss in the first half of 2022,
a reflection of provisions on certain investments held by the bank,
Master's results are likely to recover in the second half of 2022,
as Fitch does not expect the bank to maintain the same level of
provision expenses.

Although Fitch had access to all the necessary information, the
bank's business model, as well as its organizational structure, is
more complex relative to its peers, given Master's current strategy
of investing in investment funds (FIDCs) and equity investment
funds (FIPs) -- instruments with lower liquidity compared with
government bonds. This structure reduces investors' visibility of
holdings/exposures that could affect the bank's financial
performance.

Master continues to expand its business verticals; as of June 2022,
the most relevant were: payroll loans activities, judicial
securities issued by Brazil federal government (Precatorios),
foreign exchange and private credit operations securitized through
its funds. At the same time, the bank has also sought to develop
new business lines to achieve greater revenue and client
diversification. Master's main initiatives include the development
of its investment banking arm and wealth management, combined with
its international expansion strategy.

In the 1H22, Master reported an operating loss close to BRL60
million, mostly because of provisioning expenses of BRL186 million
related to the bank's FIDCs. Such provisions reflect the
convergence of the bank's policies in relation to its exposures to
credit risk held by its funds. Despite this, Fitch notes the
positive effects of the development of the business model achieved
by the bank. Prior results were heavily dependent on the sale of
its payroll loan portfolio; however, in 2022, results benefited
from the greater scale and diversification of its operations.

Master's asset quality indicators compare positively with its
peers, benefiting from strong growth of 83.5% during the first half
of 2022, as well as a high proportion of precatorios, which reached
62.4% of total loans during this period. Loans classified between
'D-H' declined to a low 2.6% of gross loans in June 2022 from 3.4%
at end-2021. Despite the low delinquency and good levels of
consolidated concentration, with the twenty largest credit
exposures accounting for 14.2% of total loans, the bank maintains a
moderate client concentration. Excluding precatorios operations,
the twenty largest exposures reached 37.2% of total loans or 150%
of the reference equity at June 2022.

Master's capitalization ratios have gradually improved despite
strong asset expansion, supported by the shareholders' constant
capital contributions in recent years. At June 2022, the bank's
common equity tier I capital (CET1) ratio increased to 11.7%, a
level in line with its peers, from 10.4% and 8.5% in 2021 and 2020,
respectively. Even though capitalization has improved and the
bank's profitability ratios will recover, new capital injections
will be necessary to sustain Master's medium-term growth strategy.

Fitch considers Master's funding structure as adequate for its
business model. Funding has gradually improved in recent years,
reflecting the bank's strategy of expanding its funding channels,
with the increase in the number of partners that distribute their
funding products. Funding costs remain relatively higher compared
with its peers, generating a carrying cost for its current
liquidity position. As of June 2022, the bank's liquid assets
totaled BRL 1.2 billion and covered 65% of its funding maturing in
less than one year. In the same period, the bank's loans/deposits
and bills indicator was close to 60%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- A substantial deterioration of the bank's asset quality, with the
reduction of its profitability, operating profit/risk weighted
assets ratio below 1.5%;

- A sustained reduction in the bank's capitalization, CET 1 ratio
below 10.0%.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Over time, Master ratings could benefit from the stability of its
business model, with scale gains and maintenance of current asset
quality ratios coupled with an increase in its profitability levels
(operating profit/risk weighted assets ratio above 2.5%);

- Substantial reduction of investor attributions in its funding
base, diversification of products and channels and increase on its
liquidity;

- CET 1 ratio close to 12% on a sustained basis.

VR ADJUSTMENTS

The Earnings and Profitability Score of 'b' has been assigned below
the implied 'bb' Score due to the following adjustment reason:
Volatility (negative).

The Funding and Liquidity Score of 'b+' has been assigned below the
implied 'bb' Score due to the following adjustment reason:
Liquidity Coverage (negative).

ESG CONSIDERATIONS

Master has an ESG score of '4' for Group Structure due to the
opacity of the bank's high exposure to funds, which adds to group
complexity and limits transparency. This has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors.

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.

   Entity/Debt                       Rating            
   -----------                       ------            
Banco Master S.A.   LT IDR              B   New Rating
                    ST IDR              B   New Rating
                    LC LT IDR           B   New Rating
                    LC ST IDR           B   New Rating
                    Viability           b   New Rating
                    Government Support  ns  New Rating


BIONIK LABORATORIES: Appoints New CEO and CFO
---------------------------------------------
Bionik Laboratories Corp. has appointed Richard Russo, Jr. as chief
executive officer and president, who previously served as chief
financial officer.  Filling the role as executive vice president
and chief financial officer will be Dan Gonsalves, formerly
Bionik's corporate controller.  Both appointments are effective
immediately.

Mr. Russo and Mr. Gonsalves will implement the Company's recently
announced strategic growth plan featuring a roadmap of branded
outpatient care centers, commercial expansion to new global
markets, and new efforts to amplify data collection and analysis
across its devices.

Bionik Laboratories' InMotion robotic devices are installed at 450
locations worldwide, including more than 300 in the United States.
As the Company looks ahead, it intends to focus on four areas of
growth with its new executive team.  These areas include:

   * Establish Bionik-Owned 'Centers of Excellence': The recently
announced initiative is intended to further establish Bionik as
the stroke recovery experts through Bionik owned and operated
neuro-care centers to be located throughout the US.  The first such
center, located in Clermont, Florida, was acquired by Bionik in
September 2022, with further acquisition candidates being
evaluated.

   * Continue Commercial Expansion Globally: Bionik InMotion
devices are present across 20 countries worldwide, and the Company
will continue its efforts to expand InMotion's presence to new
markets including the EU, China, Canada, and Brazil.

   * Enhanced Data Collection Capabilities: A recent whitepaper
found patients utilizing InMotion robotic devices measured upwards
of 15-20% improvement over a 14-day time-frame.  The new data
suggests additional sessions with InMotion robots improve a
patient's ability to move more smoothly, with intention, and in a
controlled manner.  Bionik will continue to enhance this level of
data collection and use its centers of excellence as another
vehicle for collection to further provide patients and clinicians
with a personalized rehab experience. With the first flagship
center from Bionik now operating, additional data collection
efforts are underway.

   * Focus on New Technology & Products: A focus on IoT and data
integration with existing products is expected to further enhance
Bionik's cloud-connected data analytics platform InMotion' Connect
to continue to provide positive patient outcomes.  Real-time
performance metrics, prediction metrics for treatments and
outcomes, and more will lead towards the build of a large data-set
to further AI-powered outcomes.

"Bioniks' new strategic plan is designed to bring neuro-recovery
care centers nationwide to showcase and provide additional
accessibility to our technology and solutions through a patient
care model that goes beyond the boundaries of insurance," said Rich
Russo Jr., president and CEO of Bionik.  "With my appointment as
CEO, I'm excited to have the confidence of the Board to lead Bionik
through the next stages of growth and development."

"The global neurorehabilitation devices market alone is projected
to reach $4.9 billion by 2028," said Dan Gonsalves, CFO and
executive vice president at Bionik.  "With a growing installed base
of InMotion devices driving awareness and usage and a global
distribution strategy, Bionik expects to build on its upward
trajectory."

Bionik's Inmotion Therapy helps stroke survivors and those with
other neurological conditions to regain arm and hand movement by
training shoulder protraction/retraction, flexion/extension,
abduction/adduction, internal/external rotation, elbow
flexion/extension and hand grasp/release.  InMotion robotic devices
guide the patient through specific tasks, aiming to improve motor
control of the arm and hand by increasing strength, range of motion
and coordination, and assisting with the provision of efficient,
effective, intensive sensorimotor therapy.

On Oct. 11, 2022, the Company and Mr. Russo entered into an
Amendment No. 2 to his employment agreement dated Nov. 30, 2020,
which in addition to the above appointments, provided for the
following:

* Current annual salary of $265,000 would increase to $325,000,
  with the increase deferred and accruing until a later date.

* Bonus target would increase from 40% to 50%

The Board further granted to Mr. Russo options to purchase 60,000
shares of the Company's common stock at an exercise price per share
equal to the fair market value of the Company's common stock on
Oct. 6, 2022, the date of grant, and which will vest 1/3 on each of
the first three anniversaries of the grant date.

The Company also entered into an employment agreement with Mr.
Gonsalves, effective as of Oct. 6, 2022.  Mr. Gonsalves will be
employed by the Company as its chief financial officer until
terminated pursuant to the termination provisions described in the
Employment Agreement.  Pursuant to the terms of the Employment
Agreement, Mr. Gonsalves will receive an annual base salary of
$240,000 per annum.  The annual base salary shall be reviewed on an
annual basis.  Mr. Gonsalves may be entitled to receive an annual
bonus of up to 30% of annualized actual base salary, based on
performance in the previous fiscal year.  He is also entitled to
participate in the Company's equity incentive plan, and shall be
granted options to purchase an aggregate of 60,000 shares of the
Company's common stock, at an exercise price per share equal to the
fair market value of the Company's common stock on Oct. 6, 2022,
the date of grant, and which will vest 1/3 on each of the first
three anniversaries of the grant date.

                     About BIONIK Laboratories

Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a
robotics company focused on providing rehabilitation and mobility
solutions to individuals with neurological and mobility challenges
from hospital to home.  The Company has a portfolio of products
focused on upper and lower extremity rehabilitation for stroke and
other mobility-impaired patients, including three products on the
market and three products in varying stages of development.

Bionik reported a net loss and comprehensive loss of $10.41 million
for the year ended March 31, 2022, compared to a net loss and
comprehensive loss of $13.62 million for the year ended March 31,
2021.  As of June 30, 2022, the Company had $4 million in total
assets, $2.41 million in total liabilities, and $1.60 million in
total stockholders' equity.

Toronto, Canada-based MNP LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 9,
2022, citing that the Company has experienced losses and has a
working capital deficiency and an accumulated deficit.  These
conditions, along with other matters, raise substantial doubt about
Company's ability to continue as a going concern.


BRAZIL: Growers Gain Space in Soybean Market Due to U.S. Drought
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil is taking part
in the sales of soybeans from the United States, which has lost
competitiveness in the global market due to the unprecedented
drought affecting the Mississippi River and the high dollar.

The low water level of the river, which paralyzes ships on the path
of U.S. soybeans to the Gulf, has raised the U.S. export price,
directing some of the Chinese demand to Brazil, according to Rio
Times Online.

China bought six ships of soybeans for shipment in November, half
from Brazil and half from the U.S., according to Arlan Suderman,
chief economist for commodities at StoneX, the report notes.

                        About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

As reported in the Troubled Company Reporter-Latin America on
July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' and revised the
Rating Outlook to Stable from Negative.

On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long-
and short-term foreign and local currency sovereign credit
ratings on Brazil.

Moody's Investors Service also affirmed on April 15, 2022,
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. At the same time,
DBRS Morningstar confirmed the Federative Republic of Brazil's
Short-term Foreign and Local Currency Issuer Ratings.




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

JAMAICA: BOJ, Businesses Part Company on Inflation
--------------------------------------------------
Josimar Scott at Jamaica Observer reports that a diverging outlook
on inflation between the Bank of Jamaica (BOJ) and the business
community has been blamed for the central bank's move to increase
policy interest rates.

Despite inflation falling from 10.2 per cent in August 2022 to 9.3
per cent in September, the Bank of Jamaica's Survey of Businesses'
Inflation Expectation for July-August indicates that firms expect
inflation to rise to 12.6 per cent and stay in that range over the
next year, into August 2023, according to Jamaica Observer.

This was shared by Economic Program Oversight Committee (EPOC)
chair Keith Duncan during a press briefing, the report discloses.

While this poll reflected that businesses forecast a lower
inflation rate over the next year, when compared to the 13.1 per
cent they forecast a month earlier, Duncan said this was still a
concern for the central bank, the report relays.

"So, therefore, inflationary expectations for the business
community [are] not aligned to the BOJ's inflation forecast and
that would continue to be a concern for the Bank of Jamaica," he
pointed out, the report notes.

With inflation eluding by far the 4.0 per cent-6.0 per cent target
range set by the BOJ for a 14th consecutive month, the EPOC chair
believes that the central bank will again increase the policy rate
when the Monetary Policy Committee meets in the next month, the
report relays.

Duncan pointed out that when the Monetary Policy Committee
deliberated last month, they raised the policy rate further because
they believe that conditions did not show that inflation is
sustainably on a downward path, the report notes.

"We would have hoped that now with new data, with inflation now at
9.3 per cent, they would be a little bit more convinced that
inflation is on a downward path," he added referring to September's
inflation figure which is the lowest since the start of the year,
the report discloses.

Duncan, however, pointed out that the BOJ is seeing positive signs
from its actions with the consumer price index showing that
inflation has fallen from its peak of 11.8 per cent back in April
to 9.3 per cent last month, the report notes.

Among the factors contributing to the downward trajectory in
inflation are: declining commodity prices, a relatively stable
exchange rate, tighter liquidity management by the BOJ, and higher
interest rates, the report relays.

The central bank, however, anticipates that inflation will continue
to decline into 2023, the EPOC chairman noted, the report
discloses.

"Assuming no additional shocks, BOJ sees inflation tending towards
the lower bound of nine per cent 11 per cent for the remainder of
2022. BOJ further notes that inflation should start to decline from
these levels in 2023," Duncan said, adding that it should fall
within the target range by December next year, the report says.

Another concern for the central bank is the slow pace with which
the financial services sector has responded to the adjustment in
the policy interest rates. Since September 2021, the BOJ has
increased overnight lending rates nine times, from 0.50 per cent to
6.50 per cent, the report discloses.

Still, banks have not followed suit to increase interest on savings
accounts and loans at the same rate, the report relays.

"In other words, they [BOJ] don't believe the deposit-taking
institutions are moving aggressively as they should to increase
interest rates," Duncan stated, the report notes.

Pointing to similar policy action by the US Federal Reserve, he
said that banks run the risk of the US dollar-denominated
instruments becoming more attractive, which would result in capital
outflows and possibly runaway depreciation of the Jamaican dollar,
the report relates.

In a recent interview on Radio Jamaica's Beyond the Headlines with
Dionne Jackson Miller, BOJ Governor Richard Byles shared a similar
concern, the report notes.

"Everytime the Fed . . . moves up interest rate as they did
[recently] . . . it makes our Jamaican dollar come under pressure.
People are saying, 'Wait, American interest rates looking
attractive.' So we have to keep an eye on what the Fed is doing and
match what they're doing to make sure we have a differential that
makes people want to stay in Jamaica dollars and not go for US,"
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.




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

LATAM: IDB Lab OKs Investment to Boost Deeptech Ventures
--------------------------------------------------------
The innovation laboratory of the Inter-American Development Bank,
IDB Lab, has approved an investment of $3 million in the GridX II
regional fund to promote the creation and development of
science-based ventures with a special focus on biotechnology. This
investment will allow us to bet on solutions to environmental,
inequality, and health issues raised by a maximum of 75 deeptech
startups in our region.

Companies with a deeptech approach in Latin America share
challenges derived from the lack of knowledge and infrastructure
necessary to commercially scale scientific and technological
ventures that respond to the most pressing social and environmental
problems. In addition, science and technology-based startups have
been practically neglected by the entrepreneurial capital industry
in the region since, unlike digital-based ventures, they usually
require long research periods in academia before achieving a
functional prototype.

"Establishing effective mechanisms for the creation, acceleration,
and investment in deeptech startups is one of the most important
elements for the take-off of the entrepreneurship and innovation
ecosystem of our region and to take advantage of its enormous
potential and that of its researchers," said Irene Arias, CEO of
IDB Lab.

Grid X, a fund with a deeptech investment thesis that already
launched a financial year in 2017, now seeks to expand into Latin
America from its initial focus in Argentina and significantly
increase the startups in its portfolio and follow-up investments in
the most promising companies. About half of its portfolio is
expected to focus on companies addressing climate change-related
issues and the other half on those focused on health issues. Both
sectors demand new forms of production and consumption through our
region's significant scientific or technological advances.

The Investment Model of GridX II aims to act as a bridge between
scientists and entrepreneurs so that they jointly create and invest
in science-based companies at the height of a new wave of
innovation marked by the bio-revolution, which can have a
significant impact on the economies and lives of people, from
health to agriculture, consumer goods, energy, and materials.

This operation follows the investment thesis IDB Lab drew up in
2021 to help close persistent gaps in early-stage financing in
Latin America and the Caribbean. The strategy includes investing in
venture capital funds specialized in high-impact sectors, such as
deeptech, with a regional approach that encompasses nascent or
emerging ecosystems and those more developed ones.


[*] BOND PRICING: For the Week Oct. 17 to Oct. 21, 2022
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Noble Holding Internat     6.1    62.0     3/1/2041    KY     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
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     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
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    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
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    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
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
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
Province of Santa Fe       6.9    75.2    11/1/2027    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 * * *