/raid1/www/Hosts/bankrupt/TCRLA_Public/231225.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, December 25, 2023, Vol. 24, No. 257
Headlines
A R G E N T I N A
ARGENTINA: Milei Discloses Sweeping Reforms to Deregulate Economy
ARGENTINA: Pulls Off Record Sale of Peso Debt Amid Milei Rework
B R A Z I L
BRAZIL: Charts Course for 2024 Rate Cuts
J A M A I C A
JAMAICA: BOJ Projects Inflation Will Exceed 4-6% Target
JAMAICA: Spent $1.55BB to Import Raw Materials for Jan to Aug
P U E R T O R I C O
RED CAT HOLDINGS: Continued Losses Raise Going Concern Doubt
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Dec. 18 to Dec. 22, 2023
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Milei Discloses Sweeping Reforms to Deregulate Economy
-----------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that resident Javier
Milei had unveiled a series of measures to deregulate Argentina's
economy, including steps to privatize state-owned companies,
facilitate exports and end price controls.
Milei listed the initial 30 policies in a televised address from
the presidential palace, adding they're part of a broader package
containing some 300 measures, according to Bloomberg News.
"I'm signing an urgent decree that will kick-start the process of
economic deregulation that Argentina needs so much," he said in the
speech, flanked by his entire Cabinet, Bloomberg News notes.
His plan comes one week after Economy Minister Luis Caputo
announced deep budget cuts and a 54 percent devaluation of the peso
as part of a shock-therapy program designed to avoid hyperinflation
and put the economy back on track, Bloomberg News relays.
Markets have so far applauded the moves, sending bond prices to
two-year highs and keeping the peso's parallel exchange rate little
changed, Bloomberg News adds.
In a separate report, Buenos Aires Times said that President Jaiver
Milei outlined his ambitious plan in a 'Cadena Nacional' nationwide
broadcast from the Salon Blanco of the Casa Rosada, according to
Buenos Aires Times.
Among the changes are the repeal of at least seven laws previously
passed by Congress, including legislation governing the rental
prices of properties and the supply of goods at shops, the report
relays.
Milei also announced a "modernisation of labour legislation to
facilitate the process of creating real jobs" and a series of other
deregulatory measures affecting tourism, pharmaceuticals, wine
production and foreign trade, the report discloses.
The libertarian leader further wants to strip the Constitution of
articles which block the privatisation of state firms and football
clubs, as well as restructure the private healthcare industry, the
report notes.
He even intends to change the rules governing satellite Internet
service providers -- mainly to allow the entry of Elon Musk's
Starlink into Argentina, the report says.
"The goal is to start along the path to rebuilding the country,"
Milei said in a speech broadcast on television and radio.
"In the next few days, extraordinary sessions [of Congress] will be
called and a package of bills will be sent to accompany these
reforms and advance the process of change," revealed the president,
the report discloses.
Following the speech, a loud cacerolazo pot-banging protest broke
out across and the capital and thousands of people converged on the
streets near the Congress to voice their discontent, the report
relays.
"I am here because I am terrified by the decree," said Nicolás
Waiselbaum, a 48-year-old teacher.
Leopoldo Maldonado, a 25-year-old student, said "the measures are
very negative."
"I'm especially worried about the rent law and the labour reform.
It is already very complicated for young people to get a stable
job," he added.
Decrees and Bills
To become effective, Milei's ginormous decree -- which runs to 83
pages -- must be published in the Official Gazette, which will
likely happen, the report relays. It will then be sent to Congress
for analysis by a bicameral committee, the report notes.
Constitutional law expert Emiliano Vitaliani said that the decree
could only be overturned if rejected by both the lower house and
the Senate, the report says.
Milei's La Libertad Avanza party only has 40 of the 257 seats in
the Chamber of Deputies and only seven of the 72 seats in the upper
chamber, though he will receive strong support from his political
allies in the Juntos por el Cambio coalition, which has larger
numbers, the report discloses.
During his broadcast, the President sent a message to lawmakers
from all political forces: "They will have to decide whether they
will be part of this change or whether they will obstruct the most
ambitious reform project of recent years. I trust that our
representatives will defend the interests of the Argentine people
and not those of the caste."
Leaders of different opposition groups rushed to criticise the
decree on social media, with many questioning its legality and the
President's decision to seek amendments via decree and not with the
consent of Congress, the report relays.
"Milei's deregulation decree is unconstitutional. The President of
the Nation has no powers to repeal that battery of laws," railed
opposition Buenos Aires Province national deputy Alejandro "Topo"
Rodriguez, the report discloses.
Centrist GEN deputy Margarita Stolbizer considered in her own post
that the measures go "against institutionality and the rule of
law," the report relays.
"The president uses a cadena nacional to denigrate politics and
politicians," she wrote, decrying Miilei's attempts to "repeal laws
by means of a decree," the report adds.
'Collectivist' Predecessors
Flanked by eight of his nine of his Cabinet ministers and former
government officials involved in drawing up the reforms, Milei had
begun his broadcast in an ideological tone, slamming the
"collectivism" of his Peronist predecessors in government, the
report relays.
Milei went after the "political caste" and accused them of filling
their own pockets before looking after Argentina's people, the
report discloses.
"The problem is not the chef but the recipe – the ideas which
failed in Argentina and all over the planet where they were tried
have been an economic, social and cultural failure and cost the
lives of millions of people," said Milei, the report says.
"That doctrine that they call leftism, Communism, fascism or
socialism, and that we call collectivism, is a way of thinking
which dilutes the individual in favour of the power of the State,
the report relays. It is based on the premise that the reason of
the State is more important than the individual, that the
individual must submit to the State and that, therefore, citizens
owe obeisance to their representatives: the political caste," he
argued, the report notes.
Milei said he rejected the "doctrine that politicians are God,"
adding that "not only are they not God, but they are the cause of
our problems." He said it was wrong that "a group of bureaucrats
can plan the lives of human beings," the report relays.
Argentina is currently wracked by inflation running at more than
160 percent per annum, the report notes. More than 40 percent of
the population already lives in poverty and prices are expected to
rise by more than 50 percent in just the next two months, the
report discloses.
"A few days ago we announced the Stabilisation Plan," said Milei,
referencing recent reforms announced by Economy Minister Luis
Caputo, the report relays.
He said his intention is to resolve Argentina's fiscal deficit,
which the La Libertad Avanza leader described as "the origin of the
problem and the primary source of inflation," the report notes.
Outlining his "bases for the reconstruction" of Argentina's
economy, Milei said he wanted to "restore freedom and autonomy to
individuals by getting the state off their backs," the report
discloses.
His intention, he declared, is to "dismantle the enormous amount of
regulations that have impeded, hindered and stopped the economic
growth of our country," the report notes.
Top 30
Even Milei recognised though that the sheer size of his reform plan
would be indigestible in a 15-minute broadcast and thus he
highlighted 30 key reforms for viewers, the report discloses.
"These reforms, of which I have only mentioned 30 of the more than
300 included, are some of those contemplated in the decree,"
explained Milei, the report says.
At least seven laws will be struck down via decree, revealed the
president, including laws governing the rental of private
properties and the supply of items at supermarkets, the report
notes.
According to reporting by Perfil, many government officials were
kept out of the loop about the fine print of the decrees and were
given no room for reaction or to manoeuvre once confronted with
details of the reforms, the report relays.
Former Central Bank governor Federico Sturzenegger, who played a
key role in the drafting of the reform, presented details of the
decree in the last Cabinet meeting, government sources said, the
report says.
He is believed to have spent working with Milei. Rodolfo Barra,
Milei's Treasury attorney of controversial past, was also
influential, the report notes.
Sturzenegger's presence next to the president during the national
broadcast surprised most onlookers, many of whom noted that he did
not have a formal role in government, the report discloses.
However, an overview of Milei's reform package, sent to reporters
by the Casa Rosada, noted in it that the former Mauricio Macri
administration official was an "advisor to the president," the
report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.
S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.
Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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: Pulls Off Record Sale of Peso Debt Amid Milei Rework
---------------------------------------------------------------
Buenos Aires Times reports that Argentina's new government
continued its series of bold policy steps with the largest-ever
auction of local-currency notes as President Javier Milei tries to
pull the economy back from the brink of its sixth recession in a
decade.
The nation's Treasury sold 2.96 trillion pesos of debt in an
auction on Dec. 20, considerably more than the two trillion initial
offer that was already the rough equivalent of one third of all
banknotes currently circulating in the South American country,
according to Buenos Aires Times. It got offers for a total of 13
trillion pesos, according to an emailed statement.
Most of the proceeds will be used to buy back government debt held
by the Central Bank, which should help absorb pesos and avoid
further fanning inflation, the report discloses.
Cleaning up the Central Bank's balance sheet, transferring its
debts to the Treasury and stopping the overflow of pesos is a key
part of Milei's plan, the report relays. The libertarian was
elected in a landslide in November promising radical change -
including shuttering the central bank and replacing the country's
currency with the US dollar, the report notes.
Argentina sold two trillion of pesos of 27-day notes, which were
expected by markets to be in high demand, with an effectively
monthly rate of 8.66 percent, the report says. It also sold 893.6
billion pesos of inflation-linked bonds due in 2025, and another
71.3 billion pesos in similar notes due in 2026 - while both have
negative rates, they offer investors a chance to profit from
inflation that's already running at 160 percent a year and expected
to accelerate even further after a 54 percent currency devaluation
announced earlier this month, the report discloses.
The country's existing restrictions prevent banks from opting for
the parallel exchange rate, which trades at around 954 per dollar,
compared with 800 per level at the official rate, the report
relays. To many lenders, sticking with peso debt is the "least
damaging" option, said Juan Jose Ciro, the chief financial officer
of local lender CMF. Before the sale, he said the operation would
be "super-successful" amid an abundance of pesos in the economy,
the report discloses.
The Central Bank's announcement earlier that it would stop issuing
Leliqs - until recently its main debt instrument - was expected to
have stoked investor appetite, as it frees up pesos banks have to
put to use, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.
S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.
Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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
===========
BRAZIL: Charts Course for 2024 Rate Cuts
----------------------------------------
Richard Mann at Rio Times Online reports that Roberto Campos Neto,
head of Brazil's Central Bank, has announced plans for two 0.5
percentage point cuts to the Selic rate in early 2024.
These cuts follow four previous reductions, signaling a drop to
10.75 percent by March, according to Rio Times Online.
Campos Neto stressed these decisions aim to reduce policy costs
while maintaining economic stability, the report notes.
President Luiz Inacio Lula da Silva's criticism of slow rate cuts
has not deterred the bank's plans, the report adds.
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.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
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).
=============
J A M A I C A
=============
JAMAICA: BOJ Projects Inflation Will Exceed 4-6% Target
-------------------------------------------------------
Javaughn Keyes at RJR News reports that the Bank of Jamaica (BOJ)
estimates that inflation will likely fall outside its 4 to 6 per
cent target range over the next year.
The central bank's Monetary Policy Committee says for much of the
period between December 2023 and March 2025, inflation could fall
outside of the range, according to RJR News.
This would be primarily due to the continued impact of the
increases in select public passenger vehicle fares, the report
notes.
Annual inflation as at November was outside the target range, at
6.3 per cent, the report discloses.
This was driven by an increase in some bus fares and higher
domestic agricultural prices, the report says.
The medium term inflation forecast is also linked to
higher-than-projected future wage adjustments, in the context of
the tight domestic labor market, the report relays.
The Committee says deterioration in supply chain conditions could
also influence higher inflation, the report notes.
It says, however, inflation could be lower if oil and grains prices
trend well below the forecast, the report discloses.
Other downside risks include weaker-than-expected global growth,
which could have a stronger-than-projected downward pull on
domestic demand and imported inflation, 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.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
JAMAICA: Spent $1.55BB to Import Raw Materials for Jan to Aug
-------------------------------------------------------------
RJR News reports that Jamaica spent $1.55 billion on the import of
'Raw Materials/Intermediate Goods' up to August this year.
This was 0.6 per cent lower than the $1.56 billion spent for
January to August 2022, according to RJR News.
The Statistical Institute of Jamaica (STATIN) says this was due to
a fall in the importation of 'Industrial Supplies' and
'Construction Materials,' the report discloses.
Imports of 'Industrial Supplies' were valued at US$799 million, a
3.6 per cent decrease when compared to the first eight months of
last year, the report says.
Spending on 'Construction Materials' decreased by 2.1 per cent, due
largely to lower imports of cork and wood manufactures (excluding
furniture), as well as, iron and steel, 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.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
=====================
P U E R T O R I C O
=====================
RED CAT HOLDINGS: Continued Losses Raise Going Concern Doubt
------------------------------------------------------------
Red Cat Holdings, Inc. disclosed in a Form 10-Q Report filed with
the Securities and Exchange Commission for the quarterly period
ended October 31, 2023, that there is substantial doubt about its
ability to continue as a going concern exists.
According to the Company, it has never been profitable, and its net
losses have been increasing related to acquisitions, as well as
costs incurred to pursue its long-term growth strategy. During the
six months ended October 31, 2023, the Company incurred net losses
of $10,649,592 from continuing operations and $842,084 from
discontinued operations and used cash in operating activities of
$11,240,359 from continuing operations and $550,120 from
discontinued operations. As of October 31, the Company has working
capital of $18,857,407. While the Company has historically been
successful in raising capital to meet its working capital
requirements, the ability to continue raising such capital to
enable the Company to continue its growth is not guaranteed.
Therefore, there is substantial doubt about the Company's ability
to continue as a going concern as the Company will require
additional liquidity to continue its operations and meet its
financial obligations for the next 12 months.
If the Company is unable to raise additional capital, there is a
risk that the Company could default on its financial obligations
and could be required to discontinue or significantly reduce the
scope of its operations.
For the three months ended October 31, 2023, the Company reported a
net loss of $5,681,328 compared to a net loss of $6,244,477 for the
same period in 2022.
A full-text copy of the Form 10-Q is available at
https://tinyurl.com/36fskjwz
About Red Cat Holdings, Inc.
San Juan, Puerto Rico-based, Red Cat Holdings was originally
incorporated in February 1984. Since April 2016, the Company's
primary business has been to provide products, services, and
solutions to the drone industry, which it presently does through
its four wholly owned subsidiaries. Beginning in January 2020, the
Company expanded the scope of its drone products and services
through four acquisitions, including the acquisition of: Rotor
Riot, a provider of First Person View drones and equipment,
primarily to consumers, Fat Shark Holdings, a provider of FPV video
goggles to the drone industry, Skypersonic which provides hardware
and software solutions that enable drones to complete inspection
services in locations where GPS is either denied or not available,
yet still record and transmit data even while being operated from
thousands of miles away, and Teal Drones, a leader in commercial
and government UAV.
As of October 31, 2023, the Company had $50,606,644 in total assets
and $4,731,769 in total liabilities.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Dec. 18 to Dec. 22, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
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
Three Gorges Finance 3.2 74.2 10/16/2049 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
Earls Eight 2.3 75.2 05/20/2032 KY AUD
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
MSU Energy SA 6.9 71.2 02/01/2025 AR USD
Jamaica Government 8.5 68.9 12/21/2061 JM JMD
Jamaica Government 6.3 72.7 07/11/2048 JM JMD
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
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
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
Kaisa Group Holdings 10.9 9.1 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
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
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
QNB Finance 11.5 62.1 1/30/2025 KY TRY
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
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
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
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
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
Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL
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
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
Helenbergh China 8 32.9 11/07/2024 KY USD
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
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
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 * * *