/raid1/www/Hosts/bankrupt/TCRLA_Public/230821.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, August 21, 2023, Vol. 24, No. 167
Headlines
B R A Z I L
BRAZIL: Gov't. Surprised by Central Bank Delay in Cutting Rates
COSAN: S&P Affirms BB- Global Scale Ratings, Alters Outlook to Pos.
J A M A I C A
JAMAICA: BOJ to Disclose Latest Monetary Policy Decision
MYSTIC MOUNTAIN: Supreme Court Approves Sale of Company
P U E R T O R I C O
ESJ TOWERS: Bid to Prohibit Cash Collateral Access Denied
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Chamber Calls for Tax Cut on TTPS Donation
X X X X X X X X
LATAM: FX up on Soft Dollar, Firm Commodity Prices
[*] BOND PRICING COLUMN: For the Week Aug. 14 to Aug. 18, 2023
- - - - -
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B R A Z I L
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BRAZIL: Gov't. Surprised by Central Bank Delay in Cutting Rates
---------------------------------------------------------------
Reuters reports that Brazil's Finance Minister Fernando Haddad said
the government was surprised by the central bank's delay in cutting
interest rates, noting that there were already reasons for a
reduction before the easing cycle began earlier this month.
In a podcast interview with journalist Reinaldo Azevedo, recorded
on August 11 and aired on August 14, he stressed that the strong
economic performance of the first quarter was boosted by the farm
sector, and said that he had been indicating a significant slowdown
ahead, notes Reuters.
According to Haddad, if the rate cut earlier this month hadn't
come, the economy would be in "serious trouble," citing tax
revenues that "plummeted" in July, the report notes.
Official data will be released by the revenue service later this
month, the report discloses.
The central bank trimmed the Selic benchmark rate by 50 basis
points to 13.25%, ending a nearly yearlong hold which had drawn
sharp criticism from President Luiz Inacio Lula da Silva, his
ministers and political allies, the report says.
Haddad revealed plans to launch academic studies this week,
conducted by non-financial market experts, to examine global
strategies for combating inflation, the report relays.
The minister said that Brazil faces excessive interest rates
despite its economic fundamentals, even during periods of declining
public debt, the report adds.
"Our intent is not to become the central bank, but rather to
understand the central bank," the report quoted the minister as
saying.
While asserting his progressive and left-leaning stance, Haddad
underscored his apprehension regarding expenditure and its
implications for public debt, the report notes.
The government intends to present a 2024 budget bill that will
mathematically substantiate the achievability of reducing the
primary deficit to zero, he said, adds Reuters.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.
Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook. Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable.(March 2018).
COSAN: S&P Affirms BB- Global Scale Ratings, Alters Outlook to Pos.
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Cosan to positive from
stable and affirmed its 'BB-' global scale ratings. S&P also
affirmed the 'BB-' issue-level rating on the debt issued by Cosan's
financial arms and kept the '3' (65%) recovery rating unchanged.
S&P Global Ratings revised its outlook on the Brazilian sovereign
to positive from stable on June 14, 2023, and affirmed the 'BB-'
long-term sovereign credit rating.
S&P said, "The positive outlook indicates that we can raise our
ratings on Cosan in the next two years if we were to raise the
sovereign ratings on Brazil and if the company continues reducing
leverage.
"S&P Global Ratings revised its outlook on Brazil to positive from
stable and affirmed its 'BB-' rating on June 14, 2023. We took the
same action on Cosan because, in our view, the rating on Cosan is
limited by the sovereign. We view Cosan's operations as very linked
to the domestic economy, especially in the regulated gas
distribution business at Comgás. For this reason, we don't believe
Cosan would withstand a sovereign default.
"We think Cosan has ample access to credit markets, as proven by
the two recent debentures issuances of Brazilian real (R$) 1
billion each and the 2030 senior notes totaling $550 million. The
company has completed a tender offer of its 2027 notes for $250
million and prepaid almost R$300 million of the first tranche of
the collar financing of R$1.3 billion due in October 2024.
"With the prepayment, Cosan released an additional 0.10% and
reached a 1.60% stake of economic rights on Vale's capital. Last
year, Cosan acquired a 4.9% minority stake in Vale S.A., one of the
world's largest iron ore companies. We don't expect Cosan to
exercise the option for an additional stake because it wouldn't
bring immediate returns to balance an additional debt increase of
approximately R$5 billion.
"We believe the group is seeking alternatives to address a somewhat
heavy capital structure, through debt maturity extension and
potential assets monetization. The parent ended June 2023 with
gross financial debt of almost R$23 billion, to which we add the
preferred shares balance of R$8.6 billion.
"We forecast the group will end 2023 with debt to EBITDA of
4.0x-4.5x, down from 5.0x last year but still relatively high for
our expectations for a 'bb' stand-alone credit profile (SACP).
Moreover, with the structure of preferred shares, Cosan is
receiving less dividends from Raizen and Compass. Still, we expect
a gradual leverage reduction in 2024-2025, to 3.5x-4.0x debt to
EBITDA, from higher cash flows from Rumo and Compass with revenue
growth and margins expansion.
"We forecast the group's total capex at R$5.8 billion this year and
around R$7.5 billion annually in 2024 and 2025. About R$3.6 billion
in 2023 and R$5.4 billion in 2024-2025 relates to Rumo's capex
plan."
The Lucas do Rio Verde (LRV) project is in early stages, and the
company initiated capex for the first phase, which will connect a
terminal in the city of Rondonópolis to a new terminal in Campo
Verde. Total capex for this phase is R$4.5 billion, to be deployed
in 2023-2026. After the first phase, the project has an additional
R$7 billion of planned expansion capex. Besides this major project,
Rumo's capex is directed to the extension of Malha Paulista and
maintenance of operations seeking higher productivity. Together,
these will support Rumo's future growth.
For Compass, S&P forecasts capex of about R$1.7 billion this year,
directed to the construction of the regasification terminal in the
state of São Paulo, which will be concluded by the fourth quarter
and will support solid growth prospects. The company has already
signed a contract with Petrobras to distribute gas to its clients,
under a contract of 10 years that amounts to R$56 billion.
ESG factors have an overall neutral influence on our credit rating
analysis of Cosan. The bulk of its operations consist of the
railroad operator, Rumo, and the regulated utility, Comgas. It has
exposure to environmental risks in the sugar and ethanol sector
through Raizen--we forecast Raizen's dividends will represent
around 10% of Cosan's consolidated EBITDA. However, S&P has a
positive view of the regulatory framework, given the track record
of transparency of rate setting, despite risks of delays in rate
hikes due to political intervention. Although rail operations are
more fuel efficient than truck transportation, the key driver for
customers remains economic.
At this point, the acquisition of the minority stake in Vale
doesn't change our view of Cosan's ESG assessment given the
relatively small contribution to the group. ESG factors are a very
negative consideration in S&P's credit rating analysis of Vale. A
series of disasters demonstrate Vale's weak governance because of
its inability to adequately map, mitigate, and address these risk
factors.
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J A M A I C A
=============
JAMAICA: BOJ to Disclose Latest Monetary Policy Decision
--------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) was to announce its
latest monetary policy decision last Friday, Aug. 18.
The rate currently offered by the central bank on overnight
placements is 7 per cent, according to RJR News.
This rate has been in place since November 2022.
Financial analyst Keisha Bailey believes it is unlikely the BOJ
will drop the policy interest rate, the report notes.
"We need to see a trend in inflation slowly tempering. We've seen
it recently, but we need to see more of a trajectory before I
believe that the BOJ is going to say, let's take off our foot of
the gas here and go the opposite direction," she said, notes the
report.
"That's a big move right there when, in fact, the rest of the world
and the larger economis, they have not started lowering as yet.
So, when we think on a global perspective, it may be too soon to
start having those discussions because we haven't seen enough of
the inflation data improving as yet," she argued, the report
relays.
Based on the latest economic data from the Statistical Institute of
Jamaica (STATIN), inflation on an annual basis was 6.6 per cent as
at July, the report discloses.
That is just outside the BOJ's 4 to 6 per cent target range, the
report says.
It also represents a cooling from the 10.2 per cent point to point
inflation at August last year, the report notes.
Increases in the cost of goods peaked at 11.8 per cent in April
last year, the report adds.
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.
MYSTIC MOUNTAIN: Supreme Court Approves Sale of Company
-------------------------------------------------------
Javaughn Keyes at RJR News reports that the Supreme Court has
approved the sale of Ocho Rios based attraction Mystic Mountain.
The oral judgment handed down by Justice David Batts, grants the
Receiver Manager (and former Trustee) of Mystic Mountain Wilfred
Baghaloo, approval to sell the firm, according to RJR News.
The court ruled that the sale includes all assets and leases held
by Mystic Mountain, the report notes.
Dr. Christopher Malcolm represents the Bankruptcy Trustee in the
matter, the report relays.
"In short, what the judgment determined is that an application for
sale has been made, can proceed, and it having been so determined,
it is now for the trustee to consider the best interest of the
estate as well as the 200-plus creditors involved and how it is
that the matter is to be taken forward," he said, the report says.
Sky-High Holdings is listed as the main secured creditor, which is
owed more than J$1 billion, the report notes.
Radio Jamaica News was informed that this accounts for between 70
to 80 per cent of the sum owed to creditors by Mystic Mountain, the
report discloses.
More than a hundred unsecured creditors are also involved.
"I believe in some ways the court is agreeing that due process was
followed and as such I should proceed in concluding the sale
agreement. I'd like to thank the creditors and the workers and
they are preferred buyer for their patience because they've been
waiting for almost a year for us to have a definitive way forward.
And now that we have a definitive way forward, hopefully the
creditors should be in a much more happy position by the end of
this calendar year," Winfred Baghaloo told Business Reporter
Javaughn Keyes following the court ruling, the report relays.
Mr. Baghaloo did not disclose the name of the secured buyer of the
attraction, nor the value of the sale, the report says.
The written judgment is expected in a matter of days, the report
notes.
The Court also ordered the Trustee, Debbie-Ann Gordon to incur a
number of costs, the report discloses.
When asked about this, Ms. Gordon said it is an unusual order, as
by law, costs are for the estate, the report notes.
She said if this were general practice, trustees would be
intimidated when it comes to challenging irregularities in
bankruptcy proceedings, the report adds.
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P U E R T O R I C O
=====================
ESJ TOWERS: Bid to Prohibit Cash Collateral Access Denied
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico denied
the Motion to Prohibit the Use of the Council's Property and Cash
Collateral and for the Entry of an Order to Segregate Such Property
and/or Cash Collateral as Adequate Protection filed by the Council
of Co-Owners of ESJ Towers Condominium, also known as the ESJ
Towers Condominium Association.
ESJ HOA is the unincorporated association of all the owners of all
units or premises interests in the ESJ Towers Condominium and it
includes the owners of all of the intervals in all of the units in
the ESJ Towers Condominium, which has the powers and duties set
forth in the Act and the Condominium Documents.
The court said the key issue that needs to be addressed first is
whether the ESJ HOA has a validly perfected security interest over
the Debtor's real estate property and, consequently, whether the
proceeds from the maintenance and resort fees and the insurance
proceeds constitute "cash collateral" under 11 Section 363(a). Both
the Debtor and Oriental contend that the ESJ HOA does not have a
validly perfected security interest over the Debtor's real estate
property and thus, is an unsecured creditor.
The court notes that the ESJ HOA did not argue that its alleged
security interest in the postpetition monthly maintenance fees,
resort fees, and the insurance proceeds falls under the enumerated
exceptions of Section 552(b).
The ESJ HOA filed amended proof of claim number 98-2 in the secured
amount of $4.4 million, on account of maintenance fees and
insurance assessment. The basis for perfection of proof of claim
number 98-2 is disclosed as a statutory lien pursuant to Article 60
of the Puerto Rico Condominium Act, 31 L.P.R.A. section 1923e. It
is the only secured claim filed by the ESJ HOA.
A creditor must have properly perfected its security interest in
the debtor's property and its proceeds to have an interest in the
cash collateral pursuant to 11 U.S.C section 363. If a creditor has
a properly perfected interest in property, then it is entitled to
request adequate protection under 11 U.S.C. section 361 to protect
its property interest.
The court finds that the ESJ HOA failed to evince that it has a
perfected security interest in the subject collateral pursuant to
11 U.S.C. section 363(p). Therefore, the court holds that the ESJ
HOA does not have an 'interest' within the meaning of 11 U.S.C.
section 363(a), and thus is not entitled to adequate protection
pursuant to 11 U.S.C. section 361. The court concludes that the ESJ
HOA is an unsecured claimant as to the monthly maintenance fees,
resort fees and insurance proceeds.
A copy of the order is available at https://urlcurt.com/u?l=Sd9TVc
from PacerMonitor.com.
About ESJ Towers
ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury
apartments and condo units at ESJ Towers have direct access to Isla
Verde Beach, widely considered one of the best in Puerto Rico.
ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as
50 million in both assets and liabilities. ESJ President Keith St.
Clair signed the petition.
Judge Enrique S. Lamoutte Inclan oversees the case.
The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill,
PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at
RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as
special counsels; Dage Consulting CPAS, PSC as financial advisor;
CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and
De Angel & Compania, PA, LLC as auditor.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 12, 2022. MRO Attorneys at Law, LLC
and Dage Consulting CPAS, PSC serve as the committee's legal
counsel and financial advisor, respectively.
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T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Chamber Calls for Tax Cut on TTPS Donation
-------------------------------------------------------------
Joel Julien at Trinidad Express reports that the Trinidad and
Tobago Chamber of Industry and Commerce is recommending the
introduction of a 100 per cent tax deduction to individuals and
companies who donate up to $1 million to the Trinidad and Tobago
Police Service (TTPS) as a means of providing alternative funding
to help in this country’s crime fight.
The Chamber is also recommending a similar tax deduction be
provided for entities and individuals that support Crime Stoppers,
according to Trinidad Express.
"Crime has been impacting every aspect of our country including,
inter alia, the safety and well-being of our citizens, the smooth
operating of businesses and the influx of foreign nationals into
our country. We recognize that to fight crime, more resources are
needed," the Chamber stated, the report notes.
In this regard the Chamber is recommending for consideration:
"Individuals and Companies - Donations to the Trinidad and Tobago
Police Services (TTPS) for operational and infrastructural support
- A tax deduction of 100 per cent of the actual expenditure
incurred up to $1 million for a defined period (say income years
2024 to 2026), the report discloses.
"Individuals and entities- Donations to Crime Stoppers - A tax
deduction of 100 per cent to the actual expenditure incurred up to
$1 million for a defined period (say income years 2024 to 2026),"
it stated, the report relays.
These were just two of a wide array of recommendations provided by
the Chamber in a 38-page document published, the report discloses.
In May the T&T Chamber formed a Budget Committee.
"Members of the committee are representatives of key business
sectors and are active in their industries.
"Information was also gathered from within our membership which
comprises over six hundred businesses nationally with our largest
group of members being Small and Medium-Sized Enterprises," the
document stated.
The Chamber said based on the feedback and spearheaded by insights
from its Trade and Business Development Unit, the recommendations
were developed, Trinidad Express relays.
"We know that active and ongoing collaboration is needed with our
government in their role as the custodians of the country’s
resources. We hope that some of the suggestions will be accepted
for the upcoming fiscal period and that some may need to be
considered for the following period," it stated.
The Chamber said it also notes that ongoing discussions may allow
them the opportunity to reach mutually agreeable alternatives.
The recommendations were placed in 15 focus areas including the
construction sector, the energy sector, and Tobago, the report
notes.
For the construction sector, the Chamber said with respect to the
reintroduction of the property tax it is calling on the Government
to remove property tax on all industrial plant and machinery, the
report discloses.
It said this would encourage businesses to retool with the aim of
improving productivity and by extension profitability, the report
says.
The Chamber also called for the reducing of stamp duty on the
transfer or sale of residential and commercial properties, the
report notes.
"In the case if residential land, consider removing stamp duty
altogether or alternatively, revisiting thresholds which are quite
antiquated," it said, Trinidad Express relates.
The Chamber said with the reduction of such transaction costs,
businesses and individuals would be incentivised to acquire
properties thereby generating cash flow in the economy, the report
relays.
"Such savings on stamp duty could be used as collateral by persons
to build homes," it stated, the report notes.
The Chamber also called for the imminent implementation of the
Special Economic Zones Act, the report says.
The impact of this, the Chamber said, is the "removal of T&T being
blacklisted possibly leading to further investments in the country
and the lower likelihood of further double taxation treaties being
repealed," the report adds.
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X X X X X X X X
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LATAM: FX up on Soft Dollar, Firm Commodity Prices
--------------------------------------------------
Ankika Biswas and Bansari Mayur Kamdar at Reuters report that most
Latin American currencies edged higher on Aug. 17 on a weaker
dollar and firm commodity prices, while Argentina's peso rebounded
after tumbling to a historic low in the prior session amid
political and economic uncertainty.
Stocks slipped amid concerns about China's economic health,
according to Reuters.
The report notes that Argentina's peso reached 740-per-dollar, a
day after touching a record low in a popular parallel market as
libertarian presidential candidate Javier Milei's unexpected
primary election win shocked the country.
Meanwhile, Argentina's government said that the International
Monetary Fund had originally wanted a "100%" devaluation of the
peso, before the two sides agreed to an 18% correction made
earlier, the report discloses.
"Argentine USD sovereign bonds present an attractive
risk-reward profile: You've got still very depressed valuations,
a positive correlation to commodity prices, and the high
likelihood of political regime change," Alejo Czerwonko, CIO
Emerging Markets Americas at UBS Global Wealth Management told
the Reuters Global Markets Forum, the report notes.
Chile's peso and Peru's sol gained 0.2% and 0.1%, respectively, as
red metal prices rose after the yuan recovered following China's
support measures, the report discloses.
An opinion poll showed Chile's central bank is expected to
cut its benchmark rate by 75 basis points at the September
monetary policy meeting, the report says.
Chile's Codelco, world's largest copper producer, is at risk
of insolvency due to rising costs and a growing debt pile
stemming from projects that missed output targets, Chile's
Centre for Copper and Mining Studies (CESCO) said in a report,
Reuters discloses.
Higher crude oil prices boosted top exporter Colombia's peso
by 0.9%, the report ontes.
Brazil's real was unchanged, with central bank chief Roberto Campos
Neto saying the bar is "quite high" to accelerate rate cuts and
deemed future 50-bps cuts as "appropriate," the report relays.
Neto, separately, added that Congress approving revenue-raising
measures would boost market confidence in fiscal targets, the
report notes.
Brazil's inflation as measured by IGP-10 price index fell
0.13% in August, compared to a 1.10% drop in July, Getulio
Vargas Foundation said, the report says.
The MSCI Latin American stocks index shed 0.8% tracking broader
markets on worries about China's faltering economic growth and
possible rate hikes from the Federal Reserve, Reuters relays.
Global ratings agency Fitch downgraded Ecuador deeper into
junk territory, citing financing risks arising from
a significant deterioration in fiscal accounts as voters head to
the polls for a general election, the report discloses.
The voting will take place just 10 days after the assassination of
presidential candidate Fernando Villavicencio, the report notes.
[*] BOND PRICING COLUMN: For the Week Aug. 14 to Aug. 18, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
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
eHi Car Services 7 64.9 09/21/2026 KY USD
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
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
Banco de Chile 1.7 69.5 04/26/2032 CL EUR
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
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
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
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Earls Eight 2.3 75.2 05/20/2032 KY AUD
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
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
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
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.2 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
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
Earls Eight 1.7 71.4 06/20/2032 KY AUD
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
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
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
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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
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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 * * *