/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/240129.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, January 29, 2024, Vol. 25, No. 21 Headlines A R G E N T I N A ARGENTINA: Economy Posted Mild Contraction Amid Run-Off Election B R A Z I L BRAZIL: Foreign Investors Exit Ibovespa Amidst January Slump BRAZIL: Inflation Well Below Expectations Ahead of Rate Decision BRAZIL: Struggle to Integrate Affordable Air Travel J A M A I C A JAMAICA: BOJ Pumps US$30 Million Into Foreign Exchange Market JAMAICA: Set to Create Climate Smart Financing Facility JAMAICA: To Sell Some Shares in Several Infrastructure Entities M E X I C O FIBRA SOMA: Moody's Affirms 'Ba1' CFR, Outlook Stable P U E R T O R I C O HIJOLE FOODS: Hires Juan C. Bigas Law Office as Legal Counsel X X X X X X X X [*] BOND PRICING COLUMN: For the Week Jan. 22 to Jan. 26, 2024 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Economy Posted Mild Contraction Amid Run-Off Election ---------------------------------------------------------------- Manuela Tobias at Bloomberg News reports that Argentina's economy posted a slight contraction in November last year amid a volatile run-off election that handed a victory to President Javier Milei, who warned of a long period of stagflation as he implements shock therapy to narrow the yawning deficit. Economic activity in November fell 1.4 percent from October, according to government data published, according to Bloomberg News. From the same month a year earlier, activity fell 0.9 percent, more than the 0.5 percent decline forecast by economists surveyed by Bloomberg. Argentines went to the polls November 19 to choose between Milei and former economy minister Sergio Massa, whose government imposed a plethora of capital controls and price freezes to cap accelerating inflation, while running the money-printing machine to maintain government salaries and benefits, the report relays. By the end of 2023, inflation hit 211.4 percent and is expected to keep accelerating in the coming months before it begins to ease, according to the International Monetary Fund, the report notes. Milei ran on a promise of aggressive fiscal austerity and is staying true to his word. His economic plan, helmed by Economy Minister Luis Caputo, has so far seen an aggressive currency devaluation, a freeze on public works, a sharp rollback on energy and transport subsidies as well as public sector job cuts, the report relays. Worker unions are planning a nationwide strike to protest the austerity measures, the report discloses. Economists surveyed by the Central Bank forecast that gross domestic product will contract 2.6 percent this year, the report notes. 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: Foreign Investors Exit Ibovespa Amidst January Slump ------------------------------------------------------------ Richard Mann at Rio Times Online reports that in January, the Brazil Stock Exchange Index (Ibovespa) saw a notable decline. This was mainly due to foreign investors pulling out, according to Rio Times Online. The Ibovespa index dropped over 3.5% in January, the report notes. This fall was linked to foreign investors withdrawing funds, the report relays. Data shows they pulled out R$ 1.67 billion (approximately $337.37 million) on January 16 and R$600 million (about $121.21 million) on January 17, 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). BRAZIL: Inflation Well Below Expectations Ahead of Rate Decision ---------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Brazil's inflation came in well below market expectations in its mid-January reading, statistics agency IBGE said, providing central bank policymakers with good news as they gather for their first interest rate decision of 2024. Consumer prices in Latin America's largest economy rose 0.31% in the month to mid-January, IBGE said, down from 0.40% in the previous month and below all estimates in a Reuters poll of economists, whose median forecast was for a 0.47% increase. Annual inflation reached 4.47%, sliding from 4.72% in the previous reading and also below the 4.63% expected by market participants, the report notes. The fresh figures come as Brazil's central bank is expected to lower its benchmark interest rate by 50 basis points for the fifth time in a row to 11.25% when its board meets on Jan. 30 to 31, although some do not see larger cuts as out of the question, 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). BRAZIL: Struggle to Integrate Affordable Air Travel --------------------------------------------------- Rio Times Online reports that in 2023, Brazil's aviation industry faced challenges integrating budget airlines into its domestic market, a trend also observed across Latin America. The Brazilian government aimed to reduce air travel costs but encountered obstacles due to the country's high operational expenses, especially labor and legal costs, according to Rio Times Online. 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). ============= J A M A I C A ============= JAMAICA: BOJ Pumps US$30 Million Into Foreign Exchange Market ------------------------------------------------------------- RJR News reports that the Bank of Jamaica intervened in the foreign currency market. Six banks and six cambios were successful in their bids as US$30 million was on offer, according to RJR News. NCB Jamaica, JMMB Securities, JMMB Bank and GraceKennedy Currency Trading Services received the larger shares of the offer, the report notes. After the flash sale, trading resumed with banks and cambios selling the US dollar for an average $156.41, the report relays. The Canadian dollar is going for $120.93, the report says. The Pound is selling for $198.43, while the Euro is trading for $172.87, 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: Set to Create Climate Smart Financing Facility ------------------------------------------------------- Javaughn Keyes at RJR News reports that Jamaica is looking to create a climate smart financing facility. Finance Minister Dr. Nigel Clarke says discussions are already underway with prospective partners, according to RJR News. Speaking at the Jamaica Stock Exchange's 19th annual regional investments conference, Dr. Clarke said the fund will focus on the blue economy, including sustainable projects linked to the sea, and the general green economy, the report notes. "Projects in the private sector, or I even dare say the public sector projects that are brought to the private sector, can have access to green or blue financing right here in Jamaica. What we're working on is to build a facility here in Jamaica, where the government of Jamaica comes in at the first loss layer to inspire others to come in," he said, the report relays. "We're working to have multilaterals at the green financing facility and others, as well as bilaterals, provide funding as well in a way that the government can lever its contribution severalfold. And those funds will be available on concessional terms for investing in projects that have a green or blue lens or feature to them," Dr. Clarke added, 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: To Sell Some Shares in Several Infrastructure Entities --------------------------------------------------------------- RJR News reports that the Jamaican Government intends to, over the next 12 months, list on the Jamaica Stock Exchange some of its shares in several infrastructure entities. These entities include South Jamaica Power, TransJamaican Highway, and the Jamaica Public Service Company, according to RJR News. The listing is expected to be done via a special infrastructure vehicle, which is to be created for the purpose of the stock offer of the government assets, the report notes. Making the announcement at the 19th regional JSE Investments and Capital Market Conference, Finance Minister, Dr. Nigel Clarke, said the requisite approvals have been received, including from Cabinet, the report relays. In the meantime, Dr Clarke disclosed that Jamaica Mortgage Bank's initial public offering on the Jamaica Stock Exchange is also expected over the next 12 months, 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. =========== M E X I C O =========== FIBRA SOMA: Moody's Affirms 'Ba1' CFR, Outlook Stable ----------------------------------------------------- Moody's Investors Service has affirmed Fideicomiso Irrevocable CIB/3332's ("Fibra SOMA" or "SOMA") Corporate Family Rating and Senior Unsecured Notes rating at Ba1, and maintained the stable outlook. RATINGS RATIONALE Fibra SOMA's ratings affirmation at Ba1 reflects the company's strategic geographic focus in Mexico City and other states, contributing collectively to approximately 28% of Mexico's gross domestic product (GDP). The ratings also take into account SOMA's moderate leverage, bolstered by its commitment of maintaining a loan-to-value (LTV) ratio under 35%, and a net debt to EBITDA ratio of less than 7.5x. At the same time, the ratings also incorporate the company's relatively smaller scale and concentrated portfolio when compared to higher-rated peers in the US, Europe, and Mexico. Fibra SOMA possesses a premium property portfolio that extends over 795.5 thousand square meters (sqm) of gross leasable area (GLA). Operational properties comprise about 465.5 thousand sqm, or 59% of its portfolio. The company also has a strong base of unencumbered assets, which make up 91% of the total. Additionally, Fibra SOMA benefits from a high-quality tenant base, devoid of single tenant concentration, and is witnessing a rebound in occupancy rate levels. SOMA has registered an improvement of its occupancy rate surpassing pre-pandemic levels. As of the third quarter of 2023, this rate equaled 98.3%, surpassing the company's target of 96% and a higher level compared to the average 96.7% for the 2015-2019 period. This progress reflects not only a recovery but also indicates an upward trajectory in occupancy rates, surpassing historical averages. SOMA's ratings are constrained by its focus on the retail segment, representing 72% of its gross leasable area (GLA), particularly with pronounced exposure to the fashion and luxury industry, partially mitigated by SOMA's 21% of its GLA exposure to the office segment. The company's relatively smaller scale and higher leverage related to other rated real estate investment trust (REITs), also constrain the ratings. Fibra SOMA's liquidity is adequate, supported by its internal resources to meet its requirements. The company had MXN1.68 billion in available cash as of September 30, 2023. In addition, it had available MXN3.1 billion Revolving Credit Facility (RCF). SOMA has an upcoming obligation of approximately MXN2,556 million due in 2024, which Moody's expects Fibra SOMA to refinance, and does not have any major maturity until 2027 and after. Moody's anticipates that Fibra SOMA's capex requirements will increase due to the pipeline projects in 2024 and 2025. The culmination of the projects will require Fibra SOMA to acquire additional debt, potentially engaging banks and capital markets. As a result, Moody's expects leverage to increase to 29.1% from 24.4% as of September 2023, still a level in line with current ratings. The stable outlook reflects Moody's expectation that Fibra SOMA will be able to successfully tap the international markets to refinance its upcoming long-term debt maturities while maintaining adequate liquidity and strong credit metrics for the rating category. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Fibra SOMA's ratings could be upgraded if the company delivers its development pipeline in a timely fashion. Qualitatively, the ratings upgrade will require net debt/EBITDA levels around 5.5x and secured debt below 10% on sustained basis. Additionally, gross assets size should increase over US 3.5 billion, with company fixed charge coverage ratio above 2.0x and total debt plus preferred stock as percentage of gross assets below 30%. On the other hand, Fibra SOMA's ratings could be downgraded if the company underperforms and do not comply with the scheduled pipeline or either it's credit metrics significantly deteriorate on sustained basis, such as net debt/EBITDA above 6.5x; secured debt / gross assets above 10% and/or company fixed charge coverage ratio below 1.0x. COMPANY PROFILE Fibra SOMA, with its core business in the ownership, development, and leasing of shopping malls, also holds a diversified portfolio of office spaces and hotels spread across several regions in Mexico, including Mexico City, Puebla, Queretaro, Veracruz, Baja California, and Guanajuato. While the company's main concentration is in the retail sector, it also implements a diversification strategy into the office and hotel sectors. Fibra SOMA's ownership is allocated among SOMA (43%), Ontario Teachers' Pension Plan (24%), the Del Valle Family (11%), with the remaining 22% dispersed among various investors, each holding a stake of 5% or less. As of the third quarter of 2023, Fibra SOMA held a portfolio of 19 premium assets, comprising 11 operational properties and 8 under development. The company's tenant mix covers a range of sectors, including fashion & luxury, entertainment & leisure, office spaces, food & beverage, home, and sports apparel, among others. Notably, the retail segment of the portfolio shows a concentration of 63% of Gross Leasable Area (GLA) in the fashion & luxury and entertainment & leisure sectors, highlighting Fibra SOMA's exposure to cyclical industries. Fibra SOMA's tenant base includes 1,469 clients active across various sectors like fashion and luxury, entertainment and leisure, office spaces, food and beverage, home goods, and sports apparel, among others. No individual tenant takes up more than 7% of the gross leasable area (GLA), and the five most significant tenants jointly represent approximately 20% of the GLA. The mean duration of lease contracts with its tenants is three years. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in September 2022. ===================== P U E R T O R I C O ===================== HIJOLE FOODS: Hires Juan C. Bigas Law Office as Legal Counsel ------------------------------------------------------------- Hijole Foods Bistro, Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C. Bigas Law Office to handle its Chapter 11 case. Juan C. Bigas Law Office received a retainer in the amount pf $5,000, against which the firm will bill on the basis of $300 per hour. In addition, the firm will seek reimbursement for work-related expenses. As disclosed in court filings, Juan C. Bigas Law Office is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Juan Carlos Bigas Valedon, Esq. Juan C Bigas Law Office P.O. Box 7462 Ponce, PR 00732-7462 Phone: (787) 259-1000 Email: cortequiebra@yahoo.com About Hijole Foods Bistro, Corp. Hijole Foods Bistro, Corp. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-0015) on Jan. 19, 2024, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Juan C. Bigas Valedon, Esq. at Juan C. Bigas Law Office represents the Debtor as counsel. =============== X X X X X X X X =============== [*] BOND PRICING COLUMN: For the Week Jan. 22 to Jan. 26, 2024 -------------------------------------------------------------- Issuer Cpn Price Maturity Country Curr ------ --- ----- -------- ------- ---- Empresa de los Ferrocarriles 6.5 11.1 1/1/2026 CL CLP Empresa de los Ferrocarriles 3.8 67.6 9/14/2061 CL USD AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL Inversiones CMPC SA 1.5 57.2 7/3/2025 CL CLP Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050 CO COP Elektra Noreste SA 3.9 74.2 7/15/2036 PA USD Amwaj Ltd 6.4 72.8 KY USD Colombia Gov't Int'l Bond 5.0 73.7 6/15/2045 CO USD Silk Road Investments Ltd 2.9 66.3 1/23/2042 KY AUD Banco del Estado de Chile 2.8 67.2 3/13/2040 CL AUD Vert Cia Securitizadora SA 11.5 56.5 2/15/2024 BR BRL Guacolda Energia SA 10.0 70.0 12/30/2030 CL USD Colombia Gov't Int'l Bond 6.3 72.5 7/9/2036 CO COP AMTD IDEA Group 4.5 61.3 KY SGD Nuevosur SA/Chile 4.0 40.6 3/21/2028 CL CLP SYN prop e tech SA 11.3 20.8 3/15/2024 BR BRL Esval SA 3.5 16.7 2/15/2026 CL CLP Esval SA 3.4 23.6 3/15/2028 CL CLP Colombian TES 6.3 72.2 7/9/2036 CO COP Colombia Gov't Int'l Bond 6.3 72.5 7/9/2036 CO COP Banco Santander Chile 1.3 72.5 11/29/2034 CL EUR 2W Ecobank SA 10.3 26.3 11/24/2029 BR BRL Sociedad Concesionaria 5.3 36.6 12/15/2026 CL CLP Fospar S/A 6.5 1.4 5/15/2026 BR BRL Luminis IV Ltd 3.2 69.9 1/22/2042 KY AUD Ascent Finance Ltd 3.8 66.2 6/28/2047 KY AUD Banda de Couro Energetica 8.0 64.6 1/15/2027 BR BRL Baraunas II Energetica 8.0 24.0 1/15/2027 BR BRL Astra Cumulative Return 1.5 61.7 11/1/2029 KY USD Genneia SA 2.0 56.2 7/14/2028 AR USD Empresas Gasco SA 7.3 20.4 12/1/2025 CL CLP Falabella SA 3.4 73.5 1/15/2032 CL USD Ecopetrol SA 5.9 72.5 11/2/2051 CO USD CFLD Cayman 2.5 7.7 1/31/2031 KY USD Tencent Holdings Ltd 3.8 72.8 4/22/2051 KY USD Argentina Bonar Bonds 1.0 35.9 7/9/2029 AR USD Bolivian Gov't Int'l Bond 4.5 49.3 3/20/2028 BO USD Shui On Development 5.5 66.2 3/3/2025 KY USD BRF SA 5.8 71.7 9/21/2050 BR USD Longfor Group Holdings Ltd 4.5 53.7 1/16/2028 KY USD Agile Group Holdings Ltd 5.8 16.5 1/2/2025 KY USD Argentina Gov't Int'l Bon 0.5 32.7 7/9/2029 AR EUR Shui On Development 5.5 56.3 6/29/2026 KY USD Petroleos del Peru SA 4.8 70.5 6/19/2032 PE USD Tencent Holdings Ltd 3.2 65.0 6/3/2050 KY USD Colombian TES 7.3 71.1 10/26/2050 CO COP QNB Finance Ltd 3.4 71.3 10/21/2039 KY AUD Banco del Estado de Chile 3.1 70.7 2/21/2040 CL AUD Sylph Ltd 2.7 68.1 3/25/2036 KY USD Banco Santander Chile 3.1 70.7 2/28/2039 CL AUD Luminis III Ltd 2.3 39.4 9/22/2048 KY USD Ascent Finance Ltd 1.2 61.6 7/12/2047 KY EUR Spica Ltd 2.0 74.2 3/24/2033 KY AUD Lani Finance Ltd 1.7 63.8 3/14/2049 KY EUR Luminis Ltd 2.3 54.5 9/22/2048 KY AUD Luminis III Ltd 2.4 54.9 9/22/2048 KY AUD Skylark Ltd 1.8 59.2 4/4/2039 KY GBP Amwaj Ltd 4.5 51.8 KY USD Earls Eight Ltd 1.7 71.0 6/20/2032 KY AUD Santander Consumer Chile SA 2.9 72.1 11/27/2034 CL AUD Earls Eight Ltd 0.1 63.1 12/20/2031 KY AUD Farfetch Ltd 3.8 1.5 5/1/2027 KY USD Colombia Telecomunicaciones 5.0 65.0 7/17/2030 CO USD Volcan Cia Minera SAA 4.4 63.2 2/11/2026 PE USD Spirit Loyalty Cayman Ltd 8.0 72.0 9/20/2025 KY USD Longfor Group Holdings Ltd 3.4 57.7 4/13/2027 KY USD YPF SA 7.0 73.6 12/15/2047 AR USD Brazil Gov't Int'l Bond 4.8 74.2 1/14/2050 BR USD Seazen Group Ltd 6.0 53.5 8/12/2024 KY USD Telefonica Moviles Chile SA 3.5 73.2 11/18/2031 CL USD Camposol SA 6.0 69.4 2/3/2027 PE USD Longfor Group Holdings Ltd 4.0 46.4 9/16/2029 KY USD Petroleos del Peru SA 5.6 60.2 6/19/2047 PE USD Agile Group Holdings Ltd 5.5 12.1 5/17/2026 KY USD Banco Davivienda SA 6.7 72.1 CO USD Longfor Group Holdings Ltd 3.9 41.5 1/13/2032 KY USD VTR Comunicaciones SpA 5.1 58.5 1/15/2028 CL USD Seazen Group Ltd 4.5 30.0 7/13/2025 KY USD Gol Finance Inc 8.8 25.3 KY USD Panma Gov't Int'l Bond 3.9 56.3 7/23/2060 PA USD Powerlong Real Estate 7.0 9.5 12/6/2025 KY USD Argentina Gov't Int'l Bond 0.1 34.7 7/9/2030 AR EUR Banco Nacional de Panama 2.5 74.2 8/11/2030 PA USD Powerlong Real Estate 6.3 9.3 8/10/2024 KY USD Credivalores-Crediservicios 8.9 23.5 2/7/2025 CO USD CFLD Cayman Investment 2.5 2.6 1/31/2031 KY USD Argentine Bonos del Tesoro 15.5 32.3 10/17/2026 AR ARS VTR Comunicaciones SpA 4.4 58.4 4/15/2029 CL USD Tencent Holdings Ltd 3.9 70.8 4/22/2061 KY USD Alibaba Group Holding Ltd 3.3 60.5 2/9/2061 KY USD Spirit Loyalty/ Spirit IP 8.0 72.8 9/20/2025 KY USD Alibaba Group Holding Ltd 2.7 66.0 2/9/2041 KY USD Alibaba Group Holding Ltd 3.2 63.3 2/9/2051 KY USD Sociedad Quimica 3.5 67.2 9/10/2051 CL USD Agile Group Holdings Ltd 6.1 13.0 10/13/2025 KY USD Aeropuerto Internacional 5.1 74.2 8/11/2061 PA USD eHi Car Services Ltd 7.0 66.6 9/21/2026 KY USD Colombia Gov't Int'l Bond 3.9 58.6 2/15/2061 CO USD Colombia Gov't Int'l Bond 5.2 74.5 5/15/2049 CO USD ENAP 4.5 74.4 9/14/2047 CL USD Chile Gov't Int'l Bond 3.5 72.3 4/15/2053 CL USD Agile Group Holdings Ltd 5.5 14.0 4/21/2025 KY USD Bolivian Gov't Int'l Bond 7.5 54.7 3/2/2030 BO USD Hilong Holding Ltd 9.8 50.8 11/18/2024 KY USD AYC Finance Ltd 3.9 62.2 KY USD AySA 7.9 74.3 5/1/2026 AR USD Colombia Telecomunicaciones 5.0 65.1 7/17/2030 CO USD Peru Gov't Int'l Bond 3.2 58.2 7/28/2121 PE USD ETESA 5.1 71.8 5/2/2049 PA USD Agile Group Holdings Ltd 7.9 3.3 KY USD Powerlong Real Estate 7.1 9.4 1/15/2026 KY USD ENA Master Trust 4.0 70.1 5/19/2048 PA USD Panma Gov't Int'l Bond 4.5 65.9 4/16/2050 PA USD Panma Gov't Int'l Bond 4.5 62.1 1/19/2063 PA USD ACEN Finance Ltd 4.0 64.2 KY USD Chile Gov't Int'l Bond 3.1 63.3 1/22/2061 CL USD CODELCO 3.7 68.8 1/30/2050 CL USD Guacolda Energia SA 4.6 64.4 4/30/2025 CL USD Powerlong Real Estate 4.0 9.3 7/12/2024 KY USD Peru Gov't Int'l Bond 2.8 58.7 12/1/2060 PE USD Panma Gov't Int'l Bond 4.5 63.7 4/1/2056 PA USD Peru Gov't Int'l Bond 3.6 72.3 3/10/2051 PE USD Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD Spirit Loyalty/ Spirit IP 8.0 72.8 9/20/2025 KY USD El Slavador Gov't Int'l Bond 7.1 68.5 1/20/2050 SV USD Peru Gov't Int'l Bond 3.6 67.0 1/15/2072 PE USD Panma Gov't Int'l Bond 4.5 67.4 5/15/2047 PA USD Agile Group Holdings Ltd 7.8 4.4 KY USD General Shopping Finance Ltd 10.0 69.3 KY USD Chile Gov't Int'l Bond 3.3 63.2 9/21/2071 CL USD Empresa de los 3.1 60.3 8/18/2050 CL USD Argentina Treasury Dual Bond 3.3 45.8 4/30/2024 AR USD Panma Gov't Int'l Bond 4.3 63.5 4/29/2053 PA USD China Yuhua Education 0.9 65.3 12/27/2024 KY HKD Spirit Loyalty/Spirit IP 8.0 71.8 9/20/2025 KY USD CK Hutchison Int'l 20 Ltd 3.4 73.8 5/8/2050 KY USD Bonos Para La Reconstruccion 5.0 50.2 10/31/2027 AR USD Colombia Gov't Int'l Bond 4.1 68.0 2/22/2042 CO USD Empresa de los Ferrocarriles 3.8 67.7 9/14/2061 CL USD CODELCO 3.2 61.8 1/15/2051 CL USD Bishopsgate Asset Finance 4.8 69.3 8/14/2044 KY GBP Tencent Holdings Ltd 3.3 61.3 6/3/2060 KY USD Telefonica Moviles Chile SA 3.5 73.3 11/18/2031 CL USD Falabella SA 3.4 73.6 1/15/2032 CL USD Greenland Hong Kong 10.2 13.2 KY USD Provincia de Cordoba 7.1 39.9 10/27/2026 AR USD CFLD Cayman 2.5 3.0 1/31/2031 KY USD Chile Gov't Int'l Bond 1.3 54.8 1/22/2051 CL EUR At Home Cayman 11.5 66.6 5/12/2028 KY USD Peru Gov't Int'l Bond 2.0 74.5 11/17/2036 PE EUR China Overseas Finance 3.1 73.7 3/2/2035 KY USD Lunar Funding I Ltd 1.7 73.2 8/11/2056 KY GBP VTR Comunicaciones SpA 5.1 58.7 1/15/2028 CL USD El Slavador Gov't Int'l Bond 7.6 71.8 9/21/2034 SV USD Banco Nacional de Panama 2.5 74.4 8/11/2030 PA USD Chile Gov't Int'l Bond 1.3 68.7 1/29/2040 CL EUR El Slavador Gov't Int'l Bond 7.6 72.5 2/1/2041 SV USD Sociedad Quimica 3.5 67.1 9/10/2051 CL USD Tencent Holdings Ltd 3.8 72.9 4/22/2051 KY USD Volcan Cia Minera SAA 4.4 63.0 2/11/2026 PE USD Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050 CO COP Empresa de Transporte 3.7 65.8 9/13/2061 CL USD Guacolda Energia SA 10.0 67.9 12/30/2030 CL USD Petroleos del Peru SA 5.6 60.2 6/19/2047 PE USD CFLD Cayman 2.5 8.6 1/31/2031 KY USD ETESA 5.1 72.0 5/2/2049 PA USD Camposol SA 6.0 70.0 2/3/2027 PE USD Chile Gov't Int'l Bond 1.3 74.6 7/26/2036 CL EUR Southern Water Services 3.0 69.4 5/28/2037 KY GBP VTR Comunicaciones SpA 4.4 58.4 4/15/2029 CL USD Three Gorges Finance I 3.2 71.1 10/16/2049 KY USD AES Argentina Generacion SA 8.0 94.4 7/15/2025 AR USD QNB Finance Ltd 13.5 67.6 10/6/2025 KY TRY AMTD IDEA Group 1.5 7.5 KY USD CODELCO 3.7 68.7 1/30/2050 CL USD Bolivian Gov't Int'l Bond 4.5 48.6 3/20/2028 BO USD Gol Finance Inc 8.8 29.1 KY USD QNB Finance Ltd 11.5 73.1 1/30/2025 KY TRY Petroleos del Peru SA 4.8 70.6 6/19/2032 PE USD Aeropuerto Internacional 5.1 74.1 8/11/2061 PA USD CFLD Cayman 2.5 2.3 1/31/2031 KY USD Bolivian Gov't Int'l Bond 7.5 54.2 3/2/2030 BO USD Tencent Holdings Ltd 3.9 70.7 4/22/2061 KY USD Empresa de Transporte 3.7 66.1 9/13/2061 CL USD Aruba Gov't Int'l Bonds 6.5 62.8 5/6/2028 AW USD YPF SA 1.0 65.3 4/25/2027 AR USD BRF SA 5.8 71.6 9/21/2050 BR USD Banco Davivienda SA 6.7 71.0 CO USD Telecom Argentina SA 1.0 73.2 3/9/2027 AR USD SPE Saneamento RIO 1 SA 7.2 10.6 1/15/2042 BR BRL SPE Saneamento RIO 1 SA 6.9 10.4 1/15/2034 BR BRL CODELCO 3.2 61.7 1/15/2051 CL USD ENAP 4.5 74.4 9/14/2047 CL USD Logan Group Co Ltd 7.0 3.9 KY USD Bonos Para La Reconstruccion 3.0 59.9 5/31/2026 AR USD Telecom Argentina SA 1.0 65.5 2/10/2028 AR USD Empresa de los Ferrocarriles 3.1 60.1 8/18/2050 CL USD Tencent Holdings Ltd 3.2 64.9 6/3/2050 KY USD Hilong Holding Ltd 9.8 51.9 11/18/2024 KY USD Credivalores-Crediservicios 8.9 23.9 2/7/2025 CO USD Guacolda Energia SA 4.6 63.9 4/30/2025 CL USD ENA Master Trust 4.0 69.3 5/19/2048 PA USD Tencent Holdings Ltd 3.3 61.4 6/3/2060 KY USD Jamaica Government Bond 8.5 73.0 12/21/2061 JM JMD SPE Saneamento Rio 4 SA 7.2 10.1 1/15/2042 BR BRL El Slavador Gov't Int'l Bond 5.9 59.0 1/30/2025 SV USD CFLD Cayman 2.5 3.0 1/31/2031 KY USD CFLD Cayman 2.5 3.0 1/31/2031 KY USD CODELCO 3.6 74.2 7/22/2039 CL AUD At Home Cayman 11.5 66.6 5/12/2028 KY USD El Slavador Gov't Int'l 7.1 68.6 1/20/2050 SV USD General Shopping Finance 10.0 69.3 KY USD Hilong Holding Ltd 9.8 51.3 11/18/2024 KY USD CK Hutchison International 3.4 74.0 5/8/2050 KY USD CFLD Cayman 2.5 2.0 1/31/2031 KY USD Equatorial Para 11.0 1.0 5/15/2028 BR BRL El Slavador Gov't Int'l 7.6 72.1 9/21/2034 SV USD Industrias Metalurgicas 1.0 72.6 12/30/2031 AR USD YPF SA 7.0 73.4 12/15/2047 AR USD CFLD Cayman 2.5 8.5 1/31/2031 KY USD Generacion Mediterranea SA 12.5 0.0 2/16/2024 AR USD Provincia de la Rioja 7.5 57.1 7/20/2032 AR USD Enel Generacion Chile SA 6.2 29.0 10/15/2028 CL CLP SPE Saneamento Rio 4 SA 6.9 10.4 1/15/2034 BR BRL Sociedad Quimica 4.9 55.7 1/5/2030 CL CLP Provincia de la Rioja 4.5 58.7 1/20/2027 AR USD Link Finance Cayman 2009 2.2 72.7 10/27/2038 KY HKD ICBC DO Brasil Banco 3.3 59.6 BR USD Provincia del Chaco 4.0 0.0 12/4/2026 AR USD El Slavador Gov't Int'l Bond 7.6 72.6 2/1/2041 SV USD Jamaica Government Bond 6.3 67.7 7/11/2048 JM JMD Elektra Noreste SA 3.9 74.2 7/15/2036 PA USD GDM Argentina SA 2.5 0.0 9/8/2024 AR USD QNB Finance Ltd 2.9 73.4 9/16/2035 KY AUD Colombia Gov't Int'l Bond 4.1 62.9 5/15/2051 CO USD Panma Gov't Int'l Bond 2.3 70.5 9/29/2032 PA USD Argentina Gov't Int'l Bond 1.0 38.5 7/9/2029 AR USD Chile Gov't Int'l Bond 3.5 72.9 1/25/2050 CL USD Rio Alto Energias Renovaveis 7.0 28.4 7/15/2027 BR BRL Travessia Securitizadora 9.0 1.6 1/20/2032 BR BRL Hector A Bertone SA 1.9 0.0 4/7/2024 AR USD Sociedad Concesionaria 5.3 49.3 12/15/2028 CL CLP Empresa de Transporte 5.5 57.8 7/15/2027 CL CLP Embotelladora Andina SA 6.5 23.0 6/1/2026 CL CLP Sylph Ltd 3.1 74.3 9/25/2035 KY USD Sylph Ltd 2.4 64.0 9/25/2036 KY USD Lani Finance Ltd 1.9 66.1 9/20/2048 KY EUR Lani Finance Ltd 1.9 67.2 10/19/2048 KY EUR Banco de Chile 2.7 74.4 3/9/2035 CL AUD Lani Finance Ltd 3.1 65.7 10/19/2048 KY AUD Dibens Leasing S/A 10.6 30.9 3/1/2035 BR BRL QNB Finance Ltd 2.9 72.1 12/4/2035 KY AUD Ascent Finance Ltd 3.4 66.6 2/6/2043 KY AUD Dibens Leasing S/A 10.6 32.4 3/1/2035 BR BRL Itau Unibanco SA/Nassau 5.8 20.5 5/20/2027 BR BRL Sylph Ltd 2.9 73.9 6/24/2036 KY AUD Dibens Leasing S/A 10.6 36.6 3/1/2035 BR BRL ********* 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. 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