/raid1/www/Hosts/bankrupt/TCRLA_Public/230724.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 24, 2023, Vol. 24, No. 147
Headlines
A R G E N T I N A
ARGENTINA: Alberto Fernandez Rejects Devaluation Rumors
ARGENTINA: Expects to Reach IMF Staff-Level Agreement Soon
B R A Z I L
PETROLEO BRASILEIRO: Discussions on Braskem Sale Far from Over
C O L O M B I A
ALMACENES EXITO: GPA Again Rejects Gilinski Bid to buy 51% of Firm
J A M A I C A
JAMAICA: Assessment Must Be Done Before Importation of Labor
T R I N I D A D A N D T O B A G O
CARIBBEAN AIRLINES: Needs Procurement Exemption, Says Imbert
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week July 17 to July 21, 2023
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Alberto Fernandez Rejects Devaluation Rumors
-------------------------------------------------------
Manuela Tobias and Scott Squires at Bloomberg News report that
Argentine President Alberto Fernandez warned against a sharp
devaluation of the country's currency as expectations mount that
his soon-to-be-elected successor will have no other choice to
address a chronic dollar shortage.
"An abrupt devaluation would be a problem for Argentina," Fernandez
said during an interview with Bloomberg TV's Maria Tadeo in
Brussels, where he was attending a summit of leaders from Latin
America and Europe. He made no mention that a currency move he
characterised as "very damaging" was imminent, according to
Bloomberg News.
Investors see a peso devaluation as all but inevitable either this
year or next, with it likelier to occur after a new government
takes office in December, Bloomberg News notes. Rumors of a
devaluation have loomed over Fernandez, who is not seeking
reelection in October's presidential vote, for years as he has
implemented one currency control after another, Bloomberg News
relays.
The Argentine peso has suffered amid the South American nation's
broader economic problems, with the official exchange rate sitting
above 267 pesos per dollar and many local economists projecting
that it will weaken to 400 by the end of this year, Bloomberg News
notes. It has lost 34% of its value against the dollar so far this
year, making it the worst performing currency in emerging markets,
Bloomberg News says.
The web of currency controls has prevented further slides for the
official exchange rate, Bloomberg News discloses. But the more
common free-floating parallel rate has fallen nearly 60% this year,
sending the gap between the two surging past 100%, Bloomberg News
says.
Many economists regard devaluation as a likely outcome because
currency controls have played a key role in draining the central
bank's foreign reserves, Bloomberg News relays.
Fernandez's political rivals, meanwhile, have pounced on the
economic struggles ahead of the election. The scale of the
currency's weakening combined with high government spending have
left Argentina "on the edge of hyperinflation," according to
Mauricio Macri, Fernandez's predecessor, Bloomberg News notes.
But Fernandez said he sees "no signs" of hyperinflation in the near
future, even as the annual rate of consumer price increases has
accelerated above 100%, Bloomberg News discloses. He blamed the
triple-digit inflation on a record drought that has cost the
economy US$20 billion in agriculture exports, saying it had caused
a shortage of dollars that weakened the peso and put additional
pressure on prices, Bloomberg News relays.
Argentina's primary vote will take place on Aug. 13, followed by an
October general election. Fernandez's ruling coalition faces an
uphill battle amid a bleak economic landscape, with nearly 40% of
the country living in poverty and expectations for another
recession this year, Bloomberg News notes.
After Fernandez ruled out a reelection campaign in April, current
Economy Minister Sergio Massa emerged as the governing coalition's
candidate, Bloomberg News notes. Massa is also renegotiating the
country's US$44 billion aid program with the International Monetary
Fund, an effort that has dragged on for months, Bloomberg News
says.
Argentina's overseas bonds jumped on expectations of a deal and a
victory for the opposition coalition in a gubernatorial primary
election, Bloomberg News relays. Argentina's bonds due 2030 have
climbed more than 1.3 cents to nearly 34 cents on the dollar,
Bloomberg News notes.
Fernandez said he expected the IMF deal to be finalized, and that
he wanted Massa to remain in his post even as the election unfolds,
Bloomberg News discloses.
"I want him to stay with me until the end of the year," Fernandez
said, Bloomberg News notes. "I hope he will be able to because he
is an important part of our government. I aspire for him to be my
successor. I want him to help me and I want to help him win."
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.
In 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.
S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.
S&P's negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.
Fitch Ratings, on March 24, 2023, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-'.
Fitch's downgrade of Argentina's rating to 'C' from 'CCC-' follows
an executive decree that forces domestic public-sector entities
into operations involving their holdings of sovereign debt
securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
ARGENTINA: Expects to Reach IMF Staff-Level Agreement Soon
----------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentine
officials expect to close a staff-level agreement with the
International Monetary Fund after months of negotiations over the
US$44-billion program, according to two Economy Ministry officials
who asked not to be named discussing ongoing talks.
Economy Minister Sergio Massa spoke to IMF Managing Director
Kristalina Georgieva, according to one of the officials. Argentina
would send a delegation to Washington to accelerate talks, the
officials added, though a trip has been teased several times in
recent weeks by ministry staff, only to be pushed back, according
to Bloomberg News.
Some Argentine staff members still haven't been told if they're
flying, according to a person with direct knowledge, the report
notes. Massa pledged three weeks ago that a deal would become
public in "hours," Bloomberg News relays.
The government owes the IMF about US$2.6 billion by the end of July
or risks running into arrears, Bloomberg News relays. The Central
Bank scraped together a similar-sized payment in June by using its
IMF special drawing rights and Chinese yuan from a currency swap
line with Beijing, Bloomberg News notes.
Massa is seeking to overhaul the country's IMF program as a record
drought and "policy setbacks" pushed the program off track,
Bloomberg News discloses. At the same time, talks have stalled for
political reasons because Massa is now the ruling party's
presidential candidate, putting this particular round of
negotiations in election crosshairs, Bloomberg News relays.
Massa and his team are seeking to receive more cash up front from
the IMF as a result of the drought that destroyed US$20 billion of
agriculture exports, Bloomberg News notes. They're also pushing
the IMF to let Argentina use some of the money to intervene in the
country's exchange rates, an economic policy that the IMF has
warned against in the past, Bloomberg News says.
An IMF spokesperson didn't provide a comment during weekend hours.
Chief IMF spokeswoman Julie Kozack declined to provide details of
talks at a press conference, noting both sides were working
"intensely," Bloomberg News notes.
Argentines will cast ballots in the primary on August 13 and then
vote in the general election on October 22, Bloomberg News 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.
In 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.
S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.
S&P's negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.
Fitch Ratings, on March 24, 2023, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-'.
Fitch's downgrade of Argentina's rating to 'C' from 'CCC-' follows
an executive decree that forces domestic public-sector entities
into operations involving their holdings of sovereign debt
securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
===========
B R A Z I L
===========
PETROLEO BRASILEIRO: Discussions on Braskem Sale Far from Over
--------------------------------------------------------------
Reuters reports that Brazilian state-run oil company Petroleo
Brasileiro S.A. or Petrobras said it will analyze all offers
presented for Braskem but believes that discussions on a potential
sale of the petrochemical producer are still far from over.
Petrobras is one of Braskem's main shareholders alongside
conglomerate Novonor, which holds a controlling stake in the firm
but has long looked to sell it to repay creditors after entering
bankruptcy protection, according to Reuters.
Three offers so far have been presented for control of Braskem: a
joint bid from Abu Dhabi's ADNOC and U.S. asset manager Apollo, and
separate proposals from Brazilian firms Unipar Carbocloro and J&F.
Petrobras holds contractual rights to decide if it wants to buy out
Novonor in the firm or exercise tag-along rights in case of a
potential sale, the report notes.
"We have the privilege of being the last one to have a say," chief
executive Jean Paul Prates told reporters at an event in Rio de
Janeiro, adding the state-run giant would take a look at all the
proposals, the report adds.
About Petrobras
Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil. Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia. But, Brazil represents majority of its production.
The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.
A corruption scandal was uncovered in 2014 that involved Petrobras.
The scandal related to money laundering that involved Petrobras
executives. The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total. Over a thousand warrants were issued against politicians
and businessmen in relation to the scandal. In 2016, Marcelo
Odebrecht, CEO of Odebrecht, was sentenced to 19 years in prison
after being convicted of paying more than $30 million in bribes to
Petrobras executives.
In January 2018, Petrobras agreed to pay $2.95 billion to settle a
U.S. class action corruption lawsuit. In September 2018, Petrobras
agreed to pay $853.2 million to settle with Brazilian and U.S.
authorities.
In July 2022, Fitch Ratings affirmed Petrobras' BB- Long-Term
Issuer Default Rating. In addition, Fitch has revised the Rating
Outlook to Stable from Negative following a similar revision to
Brazil's Sovereign Rating Outlook. Also in July 2022, Egan-Jones
Ratings Company upgraded the foreign currency and local currency
senior unsecured ratings on debt issued by Petrobras to BB+ from
BB.
===============
C O L O M B I A
===============
ALMACENES EXITO: GPA Again Rejects Gilinski Bid to buy 51% of Firm
------------------------------------------------------------------
Peter Frontini and Carolina Pulice at Reuters report that Brazilian
retailer GPA (PCAR3.SA) said its board rejected a second offer from
Colombian billionaire Jaime Gilinski to acquire a 51% stake in its
subsidiary Almacenes Exito (IMI.CN).
In a securities filing, GPA said the offer does not serve the best
interests of the firm and its shareholders, as the price offered
falls short of "financial reasonableness for a transaction aiming
at a controlling interest," according to Reuters.
The Brazilian retailer also said that the proposal presented by
Gilinski does not provide sufficient elements to assure the board
of its binding nature or a "reasonable expectation of concluding a
transaction," the report notes.
Last month, GPA declined Gilinski's offer to pay $836 million for
nearly 97% of Exito, the report adds.
Ezra Fieser and Vinicius Andrade at Bloomberg News, had previously
reported -- citing a draft letter and later confirmed in a
regulatory filing -- that Gilinski Gilinski sent the letter to
Exito's largest shareholder, Cia Brasileira de Distribuicao,
offering $586.5 million in cash for a 51% stake in the retailer.
It represents a per-share premium of more than 30% from the
original offer, which was made last month for 96.5% of Exito and
rejected by GPA's board, Bloomberg News notes.
The revised bid ups the pressure on GPA and its French parent
company, Casino Guichard-Perrachon SA, Bloomberg News notes.
Casino has been considering selling units as it seeks to shore up
liquidity and reduce its debt burden, Bloomberg News says.
Casino owns a 41% stake in GPA, which, in turn, owns 96.5% of
Exito, Bloomberg News relays. GPA has been considering a potential
spinoff of Exito over the past quarters, Bloomberg News notes.
The deal would have given Gilinski ownership of one of Colombia's
largest companies, which runs more than 500 grocery and retail
stores throughout the country and has operations in Uruguay and
Argentina, Bloomberg News notes.
GPA's shares have climbed more than 39% since the first offer was
made in late June, the best performing stock on the benchmark
Ibovespa gauge, Bloomberg News notes says.
Casino, meanwhile, is likely to come under the control of a foreign
buyer, Bloomberg News notes. Czech investor Daniel Kretinsky is
set to take control after gaining support from key creditors for an
improved offer to inject EUR1.2 billion ($1.3 billion) into the
debt-laden grocer, Bloomberg News says. Kretinsky plans to divest
Casino's Latin American businesses, including Exito, Bloomberg News
adds.
=============
J A M A I C A
=============
JAMAICA: Assessment Must Be Done Before Importation of Labor
------------------------------------------------------------
RJR News reports that Minister of Skills and Digital Transformation
Dr. Dana Morris Dixon has responded to suggestions by some private
sector groups for Jamaica to look at the importation of labour to
fill gaps in the labor market.
Dr. Morris Dixon said before such a decision is taken, an
assessment of the local labour pool has to be done, according to
RJR News.
"I know there is a significant number of people who are outside of
the labor force and we have to understand that group. I also
believe there is quite a bit of under-employment in Jamaica and we
have to understand it," she said, the report notes.
"So before we start talking about these radical shifts in policy,
and they may have to happen at some point, but before we get there,
it is our responsibility to have the data. It's our responsibility
to actually understand what is happening in our country because we
cannot just, you know, on a hunch, decide that we're going to do
certain things," she argued, the report notes.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020). Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019). Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).
In March 2022, Fitch Ratings 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
=====================================
CARIBBEAN AIRLINES: Needs Procurement Exemption, Says Imbert
------------------------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited will have
to be exempt from the procurement regime or else it would not be
able to operate.
So said Finance Minister Colm Imbert as he wound up the debate on
the Public Procurement and Disposal of Public Property (Validation
and Amendment) Act in the Senate, according to Trinidad Express.
Imbert said he heard Independent Senator Dr Maria Dillon-Remy say
that there would be few exemptions. "Sorry, not true," he said, the
report notes.
"Prior to the proclamation of the Act, the Caribbean Airlines used
a tendering process for all products or services, which required an
investment of over US$100,000. Based on the Act many of our
processes now require special guidelines, then senior management
approval prior to submission and then approval by the OPR due to
the specialised nature of our industry," Imbert said, the report
relays.
Imbert said the areas that now require exemption include airport
and aircraft leases, fuel contracts, aircraft maintenance and pilot
training, the report discloses.
"Caribbean Airlines is now flying to all sorts of destinations, but
because they are a public body, a wholly-owned State enterprise,
subject to the Act, every one of these things, buying fuel, they
land in Miami, they buy fuel; they land in New York, they buy fuel;
they go to Toronto and they have to engage ground handling
services, different suppliers in each destination for different
things. According to the Act, every one of these things now has to
be with a supplier that is registered with the procurement
depository and pre-qualified and has gone through the tender
process, the 20 days for bidding, and also the standstill period
and so on. Obviously, we will have to do some sort of conditional
exemption for Caribbean Airlines as it flies, otherwise, Caribbean
Airlines will just stop flying," he said, the report says.
Imbert said on July 13 he received a letter from Caribbean Airlines
detailing its challenges with operating under the new procurement
regime, which he read in the Upper House, the report relays.
He said CAL gave some background which was that it had experienced
an increased demand for air travel following the relaxation of
border restrictions, leading the airline to urgently review and
optimise its operating schedule resulting in an increasing call for
CAL to expand its routes and frequency of flights to meet the
demand of various territories, the report notes.
CAL, he said, is acquiring three more wide-bodies aircraft, four
more ATRs and three to four mid-range jets for interregional travel
and it was also expanding the destinations that it plans to go to
the upper Caribbean, British Virgin Islands and Central and South
America and other destinations in North America, the report adds.
About Caribbean Airlines
Caribbean Airlines Limited -
http://www.caribbean-airlines.com/providespassenger airline
services in the Caribbean, South America, and North America. The
company also offers freighter services for perishables, fish and
seafood, live animals, human remains, and dangerous goods. In
addition, it operates a duty free store in Trinidad. Caribbean
Airlines Limited was founded in 2006 and is based in Piarco,
Trinidad and Tobago.
Caribbean Airlines is among many airlines whose business has been
greatly affected in 2020 by the slowdown of international travel
caused by the COVID-19 pandemic. The government of Trinidad &
Tobago guaranteed a US$65 million loan for the airline, and that
funding has helped with the airlines' cash flow shortfall since
May 2020. In September 2020, the airline related it will be
taking cost-cutting measures to help keep it afloat. The
measures, which was to affect some 1,700 employees, included
salary
deductions, no-pay leaves and lay-offs.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week July 17 to July 21, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
Banco del Estado 3.1 72.5 02/21/2040 CL AUD
Banco del Estado de 1.7 70 03/01/2032 CL EUR
Banco del Estado 2.8 68.9 03/13/2040 CL AUD
Banco del Estado 1.7 69.2 07/05/2032 CL EUR
Banco GNB Sudameris 7.5 73.3 04/16/2031 CO USD
Banco GNB Sudameris 7.5 73.4 04/16/2031 CO USD
Banco Santander Chile 1.3 57.6 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.3 02/28/2039 CL AUD
Earls Eight 1.7 71.4 06/20/2032 KY AUD
Ecopetrol SA 4.6 75 11/02/2031 CO USD
Ecopetrol SA 5.9 63.9 11/02/2051 CO USD
Ecopetrol SA 5.9 65.5 05/28/2045 CO USD
Lani Finance 3.1 68.6 10/19/2048 KY AUD
Lani Finance 1.9 63.3 10/19/2048 KY EUR
Lani Finance 1.7 60 03/14/2049 KY EUR
Lani Finance 1.9 62.3 09/20/2048 KY EUR
QNB Finance 3.4 75.4 10/21/2039 KY AUD
QNB Finance 13.5 55.7 10/06/2025 KY TRY
QNB Finance 2.9 75.3 12/04/2035 KY AUD
UEP Penonome II SA 6.5 73.6 10/01/2038 PA USD
UEP Penonome II SA 6.5 74.1 10/01/2038 PA USD
Guaranteed 5.4 73.7 01/29/2038 KY USD
Guaranteed 5.3 71.9 03/23/2038 KY USD
Banco Davivienda SA 6.7 66.5 CO USD
Banco de Chile 2.7 75.4 03/09/2035 CL AUD
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 3.9 54.8 02/15/2061 CO USD
Colombia Bond 4.1 61.9 02/22/2042 CO USD
Colombia Bond 5.6 72.7 02/26/2044 CO USD
Colombia Bond 3.1 74 04/15/2031 CO USD
Colombia Bond 3.3 72.1 04/22/2032 CO USD
Colombia Bond 5.2 67.3 05/15/2049 CO USD
Colombia Bond 4.1 58.8 05/15/2051 CO USD
Colombia Bond 5 66.9 06/15/2045 CO USD
Colombia Bond 6.3 63 07/09/2036 CO COP
Colombia Bond 6.3 63 07/09/2036 CO COP
YPF SA 1 69.8 01/10/2026 AR USD
YPF SA 7 61.6 12/15/2047 AR USD
YPF SA 7 61 12/15/2047 AR USD
Banco de Chile 1.7 69.5 04/26/2032 CL EUR
Chile Bond 1.3 52 01/22/2051 CL EUR
Chile Bond 3.1 66.9 01/22/2061 CL USD
Chile Bond 1.3 65.4 01/29/2040 CL EUR
Chile Bond 1.3 71.2 07/26/2036 CL EUR
Chile Bond 3.3 66.6 09/21/2071 CL USD
Panama Bond 4.5 73.5 01/19/2063 PA USD
Panama Bond 4.3 74.8 04/29/2053 PA USD
Panama Bond 3.9 66.8 07/23/2060 PA USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Peruvian Bond 3.6 68.6 01/15/2072 PE USD
Peruvian Bond 2 69.5 11/17/2036 PE EUR
Peruvian Bond 2.8 61.1 12/01/2060 PE USD
Peruvian Bond 1.3 72.1 03/11/2033 PE EUR
Peruvian Bond 3.2 60.9 07/28/2121 PE USD
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Earls Eight 2.3 75.2 05/20/2032 KY AUD
China Maple Leaf 2.3 75 01/27/2026 KY USD
China SCE Group 6 29 02/04/2026 KY USD
China SCE Group 7.4 56.2 04/09/2024 KY USD
China SCE Group 7 35.2 05/02/2025 KY USD
China SCE Group 6 42.9 09/29/2024 KY USD
Ruta del Maipo 2.3 53.5 12/15/2024 CL CLP
Santander Consumer 2.9 73.1 11/27/2034 CL AUD
Seagate HDD Cayman 3.4 73.4 07/15/2031 KY USD
Seazen Group 4.5 63.6 07/13/2025 KY USD
Silk Road Investments 2.9 68.8 01/23/2042 KY AUD
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Skylark 1.8 58.2 04/04/2039 KY GBP
Helenbergh China 8 32.9 11/07/2024 KY USD
Agile Group Holdings 6.1 41 10/13/2025 KY USD
Agile Group Holdings 5.5 45 04/21/2025 KY USD
Agile Group Holdings 5.5 39.2 05/17/2026 KY USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alibaba Group 2.7 67.4 02/09/2041 KY USD
Alibaba Group 3.2 65.2 02/09/2051 KY USD
Agile Group Holdings 5.8 50.2 01/02/2025 KY USD
QNB Finance 11.5 62.1 1/30/2025 KY TRY
SYN prop e tech SA 13.6 20.3 3/15/2024 BR BRL
Yango Cayman 12 3.9 09/15/2023 KY USD
MSU Energy SA 6.9 70.8 02/01/2025 AR USD
MSU Energy SA 6.9 71.2 02/01/2025 AR USD
Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL
Jamaica Government 8.5 68.9 12/21/2061 JM JMD
Jamaica Government 6.3 72.7 07/11/2048 JM JMD
Kaisa Group Holdings 10.9 9.1 KY USD
Fospar S/A 6.5 1.3 05/15/2026 BR BRL
Frigorifico 7.7 71.1 07/21/2028 PY USD
Frigorifico 7.7 71.4 07/21/2028 PY USD
Galaxy Digital 3 62.5 12/15/2026 KY USD
Generacion 9.9 73.1 12/01/2027 AR USD
Generacion 12.5 0 02/16/2024 AR USD
Gol Finance Inc 8.8 40.5 KY USD
Gol Finance Inc 8.8 42 KY USD
Goldman Sachs 2.3 75.9 06/30/2040 KY EUR
Greenland Hong Kong 10.2 45.9 KY USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Tencent Holdings 3.2 66.2 06/03/2050 KY USD
Tencent Holdings 3.2 66.5 06/03/2050 KY USD
Tencent Holdings 3.3 63 06/03/2060 KY USD
Tencent Holdings 3.3 63.5 06/03/2060 KY USD
Three Gorges Finance 3.2 74.2 10/16/2049 KY USD
VTR Comunicaciones 5.1 55.3 01/15/2028 CL USD
VTR Comunicaciones 5.1 53.6 01/15/2028 CL USD
VTR Comunicaciones 4.4 54.4 04/15/2029 CL USD
VTR Comunicaciones 4.4 54.5 04/15/2029 CL USD
Vista Energy 1 73 03/03/2028 AR USD
Voyager II 3.3 74.3 03/23/2034 KY AUD
Transocean Inc 6.8 67.6 03/15/2038 KY USD
Inversiones Latin 5.1 44.6 06/15/2033 CL USD
Inversiones Latin 5.1 44.8 06/15/2033 CL USD
KWG Group Holdings 7.4 15.8 01/13/2027 KY USD
KWG Group Holdings 6 40.8 01/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 02/13/2026 KY USD
KWG Group Holdings 7.4 26.5 03/05/2024 KY USD
KWG Group Holdings 6 19.4 08/10/2025 KY USD
KWG Group Holdings 6 16.8 08/14/2026 KY USD
KWG Group Holdings 7.9 27.5 08/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
Telecom Argentina SA 1 56.5 02/10/2028 AR USD
Telecom Argentina SA 1 64.2 03/09/2027 AR USD
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
eHi Car Services 7 64.9 09/21/2026 KY USD
El Salvador Bond 6.4 62.3 01/18/2027 SV USD
El Salvador Bond 6.4 62 01/18/2027 SV USD
El Salvador Bond 7.1 48.5 01/20/2050 SV USD
El Salvador Bond 7.1 48.6 01/20/2050 SV USD
El Salvador Bond 5.9 46 01/30/2025 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 8.6 58.1 02/28/2029 SV USD
El Salvador Bond 8.6 57.9 02/28/2029 SV USD
El Salvador Bond 8.3 56.4 04/10/2032 SV USD
El Salvador Bond 8.3 56.3 04/10/2032 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 9.5 54.6 07/15/2052 SV USD
El Salvador Bond 9.5 54.5 07/15/2052 SV USD
El Salvador Bond 7.6 49.9 09/21/2034 SV USD
El Salvador Bond 7.6 50 09/21/2034 SV USD
Banda de Couro 8 69.1 01/15/2027 BR BRL
Alibaba Group 3.3 63 02/09/2061 KY USD
AMTD IDEA Group 4.5 52.5 KY SGD
AAC Technologies 3.8 68.6 06/02/2031 KY USD
ACEN Finance 4 70.9 KY USD
AES Tiete 6.8 0.7 04/15/2024 BR BRL
Agile Group Holdings 13.5 40.7 KY USD
Agile Group Holdings 8.4 38.1 KY USD
Agile Group Holdings 7.9 31 KY USD
Argentina Bonar Bonds 1 19.8 7/09/2029 AR USD
Argentina Bonar Bonds 1 27.5 08/05/2023 AR USD
Argentina Treasury 2.5 25.3 11/30/2031 AR ARS
Argentine Bond 0.5 19.5 07/09/2029 AR EUR
Argentine Bond 1 23.7 07/09/2029 AR USD
Argentine Bond 0.1 21.5 07/09/2030 AR EUR
Argentine Bonos 16 72.6 10/17/2023 AR ARS
Argentine Bonos 15.5 22.2 10/17/2026 AR ARS
Ascent Finance 3.4 58.4 02/06/2043 KY AUD
Ascent Finance 3.8 59.8 06/28/2047 KY AUD
Ascent Finance 1.2 61.4 07/12/2047 KY EUR
Astra Cumulative 1.5 60.6 11/01/2029 KY 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 2023. 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
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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 * * *