/raid1/www/Hosts/bankrupt/TCRLA_Public/240318.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, March 18, 2024, Vol. 25, No. 56
Headlines
A R G E N T I N A
ARGENTINA: Central Bank Cuts Rates to 80% as Inflation Cools
ARGENTINA: Milei Warns Inflation Rate for March Could be High
ARGENTINA: Seeks Breathing Room With Peso Swap Worth US$65 Billion
GAUCHO GROUP: Introduces Innovative Vineyard Home Rental Program
B R A Z I L
BRAZIL: 2023 Farmer Bankruptcy Filings up 535%, Alarm Bells Up
BRAZIL: Growers Go Bust in Blow to $7 Billion Farm-Credit Boom
BRAZIL: Inflation Tops Estimates in February
C A Y M A N I S L A N D S
SPI INVESTMENT: Creditors’ Meeting Set March 19
P E R U
PERU: Central Bank Sees Return to Economic Growth in Q1
X X X X X X X X
[*] BOND PRICING: For the Week March 11 to March 15, 2024
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A R G E N T I N A
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ARGENTINA: Central Bank Cuts Rates to 80% as Inflation Cools
------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina's
Central Bank unexpectedly cut its benchmark interest rate to 80
percent from 100 percent as policymakers see monthly inflation
cooling while the peso continues to strengthen against the US
dollar in parallel markets.
Despite annual inflation over 250 percent, the monetary authority
cited a range of factors in explaining the cut, including its
steady rebuilding of reserves, according to Bloomberg News.
Argentina's statistics agency is due to publish February inflation
figures, according to Buenos Aires Times. Economists surveyed by
Bloomberg expect consumer price gains will come in at 15 percent on
the month, continuing to cool from 21 percent in January and 26
percent in December, Bloomberg News notes. On a yearly basis,
however, inflation is likely to accelerate past 280 percent,
Bloomberg News relays.
The policy change also comes as the government is in the midst of a
record peso debt swap, attempting to exchange as much as 55
trillion (US$65 billion) of Treasury notes due this year for ones
maturing between 2025 to 2028, Bloomberg News discloses.
The doveish policy move contrasts with February guidance from the
International Monetary Fund in its most recent review of
Argentina's US$44-billion program, where staff wrote "going
forward, the authorities agreed that the monetary policy stance
would need to be tightened to support money demand and
disinflation,” Bloomberg News relays. More broadly, IMF
officials have long insisted Argentina keep interest rates above
inflation to incentivise savings in pesos and cool prices,
Bloomberg News discloses.
Following a similar rate cut in December, along with a 54 percent
currency devaluation, many Argentines got out of 30-day peso
deposits, transferring the money to their bank accounts to spend or
dollarize, Bloomberg News notes.
Monetary authorities in Buenos Aires noted that while rates are
coming down, the amount of money in circulation - or the monetary
base - has declined 17 percent in inflation-adjusted terms since
Milei took office, Bloomberg News says. Keeping a tight grip on
the monetary base has helped cool prices on a monthly basis so far,
Bloomberg News notes.
While monthly inflation continues to cool and the parallel exchange
rate strengthens, the trade off is a steep recession this year,
Bloomberg News says. Milei's austerity measures wiped out social
security spending and wages adjusted for inflation, or real wages,
which are at their lowest level since 2003, Bloomberg News 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: Milei Warns Inflation Rate for March Could be High
-------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei anticipated
that March's inflation rate will be "very complicated," though he
is confident there will be a slowing the following month.
"March is going to be very complicated because it has a very heavy
issue of seasonality, but I do not rule out that in April there
will be a sharp drop in inflation," said the head of state during a
television interview, according to Buenos Aires Times.
Milei said that inflation in February would come in at around 15
percent, which he said would be a good figure after rates of 25.5
percent seen in December and 20.9 percent in January, the report
notes.
"Inflation is collapsing," he said, arguing that price hikes were
slowing at a rate "which is faster than during convertibility," the
report relays.
The La Libertad Avanza leader admitted, however, that in the first
week of March there was an acceleration of food prices, the report
notes. He said seasonal factors were behind the rise, the report
discloses.
Increases in food and non-alcoholic beverages were "less than in
the first week of February, which was less than in January - in the
first week it always goes up," the president said, the report
says.
Milei said he is confident he has the support of Argentines.
"Seventy percent of people are convinced that we are going to
defeat inflation. Eighty percent believe we will do it in a year
and 20 percent believe it will take longer," he claimed, 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: Seeks Breathing Room With Peso Swap Worth US$65 Billion
------------------------------------------------------------------
Buenos Aires Times reports that Argentina is starting a record swap
of peso-denominated debt in a bid to roll over almost all of its
2024 maturities into the next four years, providing a temporary
respite to President Javier Milei's government.
The Economy Ministry published on March 8 a list with the bonds it
seeks to repurchase and sell, saying it will receive offers from
investors until Tuesday, March 12, 3pm in Buenos Aires (2pm ET),
according to Buenos Aires Times. The swap may amount to 55
trillion pesos (US$65 billion), according to Juan Manuel Truffa,
partner and director at local consulting firm Outlier, the report
notes.
Conversations between Economy Minister Luis Caputo and local banks
began in January as his team floated the idea of rolling over all
of the peso debt due this year, which amounts to 57 trillion pesos,
the report relays. While debt swaps are common in Argentina, the
record size of this operation will be seen as a test of local
market confidence in Milei's economic program, three months into
his presidency, the report discloses.
Extending local debt maturities would reduce the need to print
pesos to cover all of Argentina's local debt payments in 2024,
helping to stabilise the currency and potentially stamping out some
inflationary pressures, 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.
GAUCHO GROUP: Introduces Innovative Vineyard Home Rental Program
----------------------------------------------------------------
Gaucho Group Holdings, Inc. announced a new venture from its
subsidiary, Algodon Wine Estates, a sprawling 4,138-acre wine,
wellness, culinary, and sport resort in San Rafael, Mendoza,
Argentina, with the launch of its vineyard home rental program.
This initiative allows Algodon Wine Estates' private homeowners to
list their luxury vineyard homes for rent through the estate's
resort hospitality portal, available at www.algodonwineestates.com,
for short or long-term stays.
The first home to be featured in this program, Casa Gaucho, is a
stunning 6,000 sq ft villa. This estate, which is the residence
of
the Company's founder and serves as a model home for the real
estate project, is enveloped by a historic 1946 Malbec vineyard and
a 12-acre olive grove. With its prime location overlooking the 9th
hole of the estate's golf course, Casa Gaucho offers breathtaking
views and an array of luxurious amenities including a private pool,
elegant galleries, and an exclusive underground wine cellar with a
private dining area.
Scott Mathis, CEO and Founder of Gaucho Group Holdings, commented
on this development: "The launch of our vineyard home rental
program at Algodon Wine Estates marks a significant milestone in
our journey. This innovative approach not only enhances the value
proposition for our real estate owners but also aligns perfectly
with our vision of offering unique luxury experiences. Our
presence in Argentina since 2007 has uniquely positioned us to
capitalize on the investment opportunities in the region. With
established operations and a seasoned management team, we are
excited to set new benchmarks in luxury real estate and resort
living."
Gaucho Holdings' established presence in Argentina since 2007, a
diversified portfolio, and the synergies among its assets, allow it
to leverage joint resources and streamline operations across
platforms. This strategic advantage, coupled with a management
team experienced in navigating the Argentine market, positions
Gaucho Holdings at the forefront of luxury real estate and
lifestyle experiences in the region.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc.'s
mission has been to source and develop opportunities in Argentina's
undervalued luxury real estate and consumer marketplace. The
Company has positioned itself to take advantage of the continued
and fast growth of global e-commerce across multiple market
sectors, with the goal of becoming a leader in diversified luxury
goods and experiences in sought after lifestyle industries and
retail landscapes. With a concentration on fine wines
(algodonfinewines.com & algodonwines.com.ar), hospitality
(algodonhotels.com), and luxury real estate
(algodonwineestates.com) associated with its proprietary Algodon
brand, as well as the leather goods, ready-to-wear and accessories
of the fashion brand Gaucho - Buenos Aires (gaucho.com), these are
the luxury brands in which Argentina finds its contemporary
expression.
Gaucho reported a net loss of $21.83 million for the year ended
Dec. 31, 2022, compared to a net loss of $2.39 million for the year
ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $18.91
million in total assets, $11.02 million in total liabilities, and
$7.89 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
The Company's operating needs include the planned costs to operate
its business, including amounts required to fund working capital
and capital expenditures. Based upon projected revenues and
expenses, the Company believes that it may not have sufficient
funds to operate for the next twelve months from the date these
financial statements are made available. Since inception, the
Company's operations have primarily been funded through proceeds
received from equity and debt financings. The Company believes it
has access to capital resources and continues to evaluate
additional financing opportunities. There is no assurance that the
Company will be able to obtain funds on commercially acceptable
terms, if at all. There is also no assurance that the amount of
funds the Company might raise will enable the Company to complete
its development initiatives or attain profitable operations. The
aforementioned factors raise substantial doubt about the Company's
ability to continue as a going concern for a period of one year
from the issuance of these financial statements, according to the
Company's Quarterly Report for the period ended Sept. 30, 2023.
===========
B R A Z I L
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BRAZIL: 2023 Farmer Bankruptcy Filings up 535%, Alarm Bells Up
--------------------------------------------------------------
Reuters reports that Brazilian farmer bankruptcy requests shot
through the roof in 2023, according to a new survey from data
services company Serasa Experian, reflecting higher business risks
for global grain traders in one of the world's biggest food
producers.
According to Serasa's data, there were 127 farmer bankruptcy
filings last year, up 53% from the year before, the report
discloses.
Most of the creditor protection requests came from soybean growers,
Serasa said, though cattle property owners and coffee farmers also
sought to stay creditors and reorganize their businesses, Serasa
said citing satellite sensing data, according to Reuters.
"Put into perspective, the number of bankruptcy filings compared
with the millions of people engaged in farming activities seems
small," said Marcelo Pimenta, head of agribusiness at Serasa, the
report relays. "But the speed at which these requests are growing
quarter by quarter is worrying," he added.
Brazilian grain merchants have become increasingly vocal about the
issue because the rise in farmer bankruptcy cases may affect
delivery of committed produce and hamper traders' ability to
complete export programs, the report notes.
"A historically big challenge in Brazil is how to finance
agricultural production," said Paulo Sousa, CEO of U.S. grain
trader Cargill in Brazil, speaking at an event, the report notes.
"Lately there has been a wave of bankruptcy filings in agriculture
. . . and brings a lot of concern to the sector."
Serasa's Pimenta cited climate issues, which have caused crop
failure in several regions and boosted farm management challenges,
as a driver of farmer bankruptcies, the report discloses.
He also said lower commodities prices have tightened farmer margins
in a scenario of still-high interest rates in Brazil, 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: Growers Go Bust in Blow to $7 Billion Farm-Credit Boom
--------------------------------------------------------------
Clarice Couto, Giovanna Bellotti Azevedo, and Rachel Gamarski at
Bloomberg News reports that Agricultural powerhouse Brazil is
harvesting one bumper crop after another. Yet, growers are going
bankrupt at an alarming rate, dealing a blow to investors in the
fast-growing $7 billion market for agribusiness funding, according
to Bloomberg News.
Tumbling corn and soybean prices are sparking defaults, undermining
returns for so-called Fiagros, the Brazilian investment funds
backed by agricultural receivables such as interest, dividends and
land-lease payments, Bloomberg News relays. Funds including
Galapagos Recebiveis do Agronegocio and SFI Investimentos do
Agronegocio have plunged below the value of their underlying assets
after farmers skipped payments on some credit facilities, Bloomberg
News notes.
It's a surprising turn of events for a country that's seen its
agribusiness expand fast over the past decade - Brazil first
overtook the US as the world's largest soybean shipper in 2013 and
climbed to the top spot for corn just last year, Bloomberg News
says. The number of growers filing for bankruptcy protection
surged sixfold in 2023, according to credit data provider Serasa
Experian, Bloomberg News notes.
"There's a wave of bankruptcies in the Brazilian agriculture
sector, and that's very worrying," said Paulo Sousa, who heads the
Brazilian operations of Cargill Inc., the world's largest crop
trader. "That brings uncertainty for financiers, Bloomberg News
discloses. A lot of new money has entered the sector in recent
years, and that's a risk," he added.
Bloomberg News says that Fiagros were first introduced in 2021 and
gained popularity with retail investors seeking high returns and
exposure to the fastest-growing sector in Latin America's biggest
economy. These investment funds had more than 34 billion reais ($7
billion) under management in January, up 43% from a year earlier,
according to capital markets association Anbima, the report notes.
Brazil's agriculture boom was in part funded by these new
instruments, Bloomberg News relays. Prior to Fiagros, the sector
had been largely shut out of capital markets, relying on funding
from banks and trading firms, Bloomberg News disclsoes. Fresh cash
helped growers expand soybean plantings at a record pace - exactly
4.6 million additional acres a year on average since 2019,
according to Brazil's national supply company, or Conab, Bloomberg
News discloses.
Rising Defaults
Bloomberg News relays that now a rash of defaults is fueling
concern about the health of those funds and jeopardizing a push to
broaden access to capital through debt securitization. If more and
more farmers file for bankruptcy, it could also pose a risk for the
Brazilian economy, which has grown increasingly dependent on
agriculture, Bloomberg News relays.
Big banks including Itau BBA SA are tracking clients with debt
coming due in the short term to renegotiate maturities and avoid
defaults, Bloomberg News notes.
"2024 will be a more challenging year," Pedro Fernandes, director
of agribusiness at Itau, said in an interview. "Some farmers will
have to put off debt payments," he added.
Bloomberg News relays that crop prices have been in decline since
mid-2022 as bumper global supplies offset trade disruptions caused
by Russia's invasion of Ukraine. A Bloomberg gauge of key
agricultural commodities tumbled almost 16% last year, the biggest
drop in a decade. In Brazil, prices fell even further, with corn
and soybeans trading at large discounts to futures in Chicago,
Bloomberg News relays.
Farming companies filing for bankruptcy protection have included
Elisa Agro Sustentavel Ltda, a soybean and corn producer in the
state of Goias, Bloomberg News discloses. The company is part of a
group that sold 293 million reais in local bonds known as CRAs to
investors including Galapagos, Bloomberg News says. Grupo
Castilhos, which grows crops on roughly 222,000 acres in Bahia and
Parana states, has also skipped payments on CRAs, Bloomberg News
relays.
Elisa Agro said it's working with creditors and advisers to find a
"feasible" restructuring plan,. Grupo Castilhos didn't reply to a
request for comment.
The number of growers going bust - 127 last year - is relatively
small, but the pace at which Chapter 11 filings is accelerating is
"concerning," said Marcelo Pimenta, head of agribusiness at Serasa
Experian, Bloomberg News discloses. The figures is also just the
tip of the iceberg, as farmers usually delay payments, renegotiate
debts and default before seeking bankruptcy protection, he added.
Profit Squeeze
Bloomberg News discloses that the profitability squeeze has also
hurt other sectors: sales of tractors and other farming machinery
plunged 20% last year, the biggest drop in nearly a decade, and a
blow for the likes of Deere & Co. and CNH Industrial NV. Pesticide
maker FMC Corp. and seed producer Corteva Inc. were also hard hit,
Bloomberg News relays.
AgroGalaxy Participacoes SA, a crop-input distributor, lost almost
80% of its value over the past year following a decline in sales
and higher delinquency rates, Bloomberg News notes. The Aqua
Capital-backed company said in February it was seeking a covenant
waiver after its leverage rose above the level agreed with debt
holders, Bloomberg News says.
The Fiagro industry "grew too quickly and there has been a
governance issue with excessive exposure to rural producers," said
Leandro Albuquerque, an analyst at S&P Global Ratings, Bloomberg
News relays. Most issuers of receivables backing those investments
have no rating and don't provide any public information to
investors,Bloomberg News says.
Agropecuaria Tres Irmaos Bergamasco Ltda., which filed for
bankruptcy protection in December, agreed to pay a staggering 12.3%
a year plus inflation to investors buying its 36 million reais in
CRAs maturing in 2027, Bloomberg News recalls. That compares with
an average coupon of 7.26% for a basket of 256 dollar-denominated
bonds from Brazilian companies with at least $300 million in
outstanding debt,Bloomberg News relays. The company didn't respond
a request for comment.
"Fiagros went for issuers with high debt loads that are less able
to withstand a downturn," said Vitor Duarte, chief investment
officer at asset manager Suno Asset, Bloomberg News notes. Any
drop in earnings would make it hard for them to pay back debt, he
said.
Skittish Capital
Galapagos, whose Fiagro is already contending with bankruptcy
filings and defaults, said lenders are becoming more cautious,
Bloomberg News relays.
"It's highly likely that lending will become constrained,
maturities will be shorter and capital will be more expensive,"
said Carlos Fonseca, a partner at the Sao Paulo-based fund
management company, Bloomberg News notes. "But the agriculture
industry is solid. We have a lot of great producers and
entrepreneurs. I believe this issue will be solved soon," he
added.
For Cargill's Sousa, the risk is that much-needed credit will
disappear.
"Capital is skittish, and any threat could lead it to seek calmer
waters," he said. "Working capital in agribusiness is like oxygen,"
he added.
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 Tops Estimates in February
--------------------------------------------
Reuters reports that Brazil's consumer prices rose slightly more
than expected in February, reaching the highest monthly figure in
one year driven by increased education prices, government
statistics agency IBGE said.
Inflation, measured by the IPCA index, was at 0.83% last month
compared with January, according to the report.
Education prices rose 4.98% in the month, responsible for 0.29
percentage points of the data as schools and universities hike
tuition fees at the start of the year, the report notes.
Food and beverage prices also contributed to the results, IBGE
said, the report relays. The monthly figure was the highest since
February last year, when it had registered inflation of 0.84%, the
report discloses. The 12-month headline inflation came in at
4.50%, slowing down from the 4.51% registered in January, but above
the 4.44% expected by economists, the report says.
"The inflation picture remains benign in Brazil, and we still
believe the headline rate will continue to fall during the second
quarter," said Andres Abadia, Chief Latam Economist at Pantheon
Macroeconomics, 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).
===========================
C A Y M A N I S L A N D S
===========================
SPI INVESTMENT: Creditors’ Meeting Set March 19
-------------------------------------------------
The Joint Official Liquidators of SPI Investment Funds SPC, which
is in liquidation, will hold a creditors' meeting on March 19,
2024, at 10:00 AM via teleconference.
The purpose of the meeting is to:
-- provide an update on the status of the liquidation,
-- elect a liquidation committee, and
-- deal with such matters or resolutions as the Joint Official
Liquidators think fit or which the Grand Court directs.
The liquidator can be reached at:
David Griffin
Andrew Morrison
Ian Gow
FTI Consulting (Cayman) Ltd.
Suite 3206, 53 Market Street, Cayman Bay
PO Box 30613
Grand Cayman KY1-1203, Cayman Islands
Email: david.griffin@fticonsulting.com
andrew.morrison@fticonsulting.com
ian.gow@fticonsulting.com
=======
P E R U
=======
PERU: Central Bank Sees Return to Economic Growth in Q1
-------------------------------------------------------
Reuters reports that Peru's economy should return to growth in the
first three months of 2024, the central bank's chief economist
Adrian Armas said in a presentation, predicting a reversal of four
quarters of economic decline as inflation nears the bank's target
range.
The monetary authority for the world's No. 2 copper producer had
held its benchmark interest rate at 6.25%, defying expectations of
a 25-basis-point cut after inflation ticked up in February,
according to the report.
Mr. Armas added that inflation could enter the bank's target range
of between 1% to 3% in March or April as prices resume a downward
trajectory, the report notes.
This follows an annual rate of 3.29% in February, up from 3.02% in
the previous month, the report relays. He said last year the
economy had been hit by lingering effects from social protests as
well as extreme climate impacts, but that the economy was now
recovering, the report says. Regarding the pause, Armas reiterated
that rate cuts did not imply the following decision would continue
the easing cycle, and that the bank remains "cautious" on
inflation, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 11 to March 15, 2024
---------------------------------------------------------
Issuer Name Cpn Price Maturity
Cntry Curr
---------- --- ----- --------
----- ----
2W Ecobank SA 10.5 28.4 11/24/2029 BR BRL
ACEN Finance 4.0 64.0 KY USD
Aeropuerto de Tocumen 5.1 69.7 8/11/2061 PA USD
Aeropuerto de Tocumen 4.0 70.9 8/11/2041 PA USD
Aeropuerto de Tocumen 5.1 69.7 8/11/2061 PA USD
Aeropuerto de Tocumen 4.0 70.3 8/11/2041 PA USD
AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL
Agile Group Holdings 5.8 16.3 1/2/2025 KY USD
Agile Group Holdings 6.1 13.4 10/13/2025 KY USD
Agile Group Holdings 5.5 13.0 5/17/2026 KY USD
Agile Group Holdings 7.9 3.3 KY USD
Agile Group Holdings 5.5 15.0 4/21/2025 KY USD
Agile Group Holdings 7.8 3.3 KY USD
Alfa Desarrollo SpA 4.6 74.5 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 74.7 9/27/2051 CL USD
Alibaba Group Holding 3.2 65.4 2/9/2051 KY USD
Alibaba Group Holding 2.7 68.6 2/9/2041 KY USD
Alibaba Group Holding 3.3 62.9 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55.3 KY SGD
Amwaj 6.4 71.6 KY USD
Amwaj 4.5 50.9 KY USD
Argentina Bonar Bonds 1.0 43.7 7/9/2029 AR USD
Argentina Treasury Dual 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Tesoro 15.5 40.3 10/17/2026 AR ARS
Argentine Gov't Int'l Bond 1.0 47.5 7/9/2029 AR USD
Argentine Gov't Int'l Bond 0.5 41.9 7/9/2029 AR EUR
Argentine Gov't Int'l Bond 0.1 42.5 7/9/2030 AR EUR
Ascent Finance 1.2 61.0 7/12/2047 KY EUR
Ascent Finance 3.4 66.6 2/6/2043 KY AUD
Ascent Finance 3.8 67.9 6/28/2047 KY AUD
Astra Cumulative 2019 1.5 62.1 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 70.6 5/12/2028 KY USD
AYC Finance 3.9 63.2 KY USD
Banco Davivienda SA 6.7 65.8 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 2.7 75.1 3/9/2035 CL AUD
Banco del Estado de Chile 3.1 71.2 2/21/2040 CL AUD
Banco del Estado de Chile 2.8 67.7 3/13/2040 CL AUD
Banco Nacional de Panama 2.5 75.4 8/11/2030 PA USD
Banco Nacional de Panama 2.5 75.2 8/11/2030 PA USD
Banco Santander Chile 3.1 71.2 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.9 11/29/2034 CL EUR
Banda de Couro Energetica 8.0 55.1 1/15/2027 BR BRL
Baraunas II Energetica S/A 8.0 12.5 1/15/2027 BR BRL
Bishopsgate Asset Finance 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov'tInt'l Bond 4.5 58.3 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond 7.5 59.4 3/2/2030 BO USD
Bolivian Gov'tInt'l Bond 4.5 58.5 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond 7.5 59.5 3/2/2030 BO USD
Bonos Para La Reconstruccion 5.0 63.6 10/31/2027 AR USD
Bonos Para La Reconstruccion 3.0 60.5 5/31/2026 AR USD
Bonos Para La Reconstruccion 5.0 51.9 10/31/2027 AR USD
Brazilian Gov't Int'l Bond 4.8 74.1 1/14/2050 BR USD
BRF SA 5.8 78.1 9/21/2050 BR USD
BRF SA 5.8 78.1 9/21/2050 BR USD
Caja de Compensacion 2.4 49.6 4/5/2025 CL CLP
Camposol SA 6.0 72.3 2/3/2027 PE USD
Camposol SA 6.0 72.6 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
Chile Gov'tInt'l Bond 3.5 72.7 1/25/2050 CL USD
Chile Gov'tInt'l Bond 3.1 73.6 5/7/2041 CL USD
Chile Gov'tInt'l Bond 3.1 62.8 1/22/2061 CL USD
Chile Gov'tInt'l Bond 3.5 72.3 4/15/2053 CL USD
Chile Gov'tInt'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov'tInt'l Bond 1.3 54.0 1/22/2051 CL EUR
Chile Gov'tInt'l Bond 3.3 62.9 9/21/2071 CL USD
Chile Gov'tInt'l Bond 1.3 74.4 7/26/2036 CL EUR
China Yuhua Education Corp 0.9 65.1 12/27/2024 KY HKD
CK HutchisonInt'l 19 II 3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 19 II 3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 20 3.4 74.1 5/8/2050 KY USD
CK HutchisonInt'l 20 3.4 74.1 5/8/2050 KY USD
Colombia Gov't Int'l Bond 4.1 61.2 5/15/2051 CO USD
Colombia Gov't Int'l Bond 3.9 57.2 2/15/2061 CO USD
Colombia Gov't Int'l Bond 5.2 72.4 5/15/2049 CO USD
Colombia Gov't Int'l Bond 4.1 66.7 2/22/2042 CO USD
Colombia Gov't Int'l Bond 7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Gov't Int'l Bond 7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 5.0 71.6 6/15/2045 CO USD
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombian TES 7.3 70.9 10/26/2050 CO COP
Colombian TES 6.3 73.1 7/9/2036 CO COP
Coopeucha 4.6 38.3 6/1/2029 CL CLP
CODELCO 3.7 67.4 1/30/2050 CL USD
CODELCO 3.2 61.0 1/15/2051 CL USD
CODELCO 3.7 67.3 1/30/2050 CL USD
CODELCO 3.2 61.0 1/15/2051 CL USD
CODELCO 3.6 74.7 7/22/2039 CL AUD
Earls Eight 0.1 64.5 12/20/2031 KY AUD
Earls Eight 1.7 72.4 6/20/2032 KY AUD
Ecopetrol SA 5.9 73.6 5/28/2045 CO USD
Ecopetrol SA 5.9 70.5 11/2/2051 CO USD
El Salvador Gov'tInt'l Bond 7.1 68.3 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.0 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.8 2/1/2041 SV USD
El Salvador Gov'tInt'l Bond 5.9 65.1 1/30/2025 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.6 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.1 68.4 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.9 2/1/2041 SV USD
Embotelladora Andina SA 6.5 23.2 6/1/2026 CL CLP
EFE 3.8 65.7 9/14/2061 CL USD
EFE 3.1 59.8 8/18/2050 CL USD
EFE 3.1 59.8 8/18/2050 CL USD
EFE 3.8 65.8 9/14/2061 CL USD
EFE 6.5 11.1 1/1/2026 CL CLP
ETESA 5.1 71.5 5/2/2049 PA USD
ETESA 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 3.7 65.0 9/13/2061 CL USD
Metro SA 5.5 50.1 7/15/2027 CL CLP
Metro SA 5.0 63.8 5/11/2025 AR USD
ENAP 4.5 73.2 9/14/2047 CL USD
ENAP 4.5 73.2 9/14/2047 CL USD
ENA Master Trust 4.0 70.5 5/19/2048 PA USD
ENA Master Trust 4.0 70.9 5/19/2048 PA USD
Enel Generacion Chile SA 6.2 29.2 10/15/2028 CL CLP
Equatorial Energia 10.9 1.1 10/15/2029 BR BRL
Equatorial Energia 10.8 1.0 5/15/2028 BR BRL
Esval SA 3.5 13.1 2/15/2026 CL CLP
Farfetch 3.8 4.3 5/1/2027 KY USD
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
GDM Argentina SA 2.5 0.0 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterranea SA 4.6 0.0 11/12/2024 AR ARS
General Shopping Finance 10.0 66.2 KY USD
General Shopping Finance 10.0 65.0 KY USD
Genneia SA 2.0 56.9 7/14/2028 AR USD
Greenland Hong Kong 10.2 13.4 KY USD
Guacolda Energia SA 4.6 70.5 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.1 12/30/2030 CL USD
Guacolda Energia SA 4.6 71.8 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.1 12/30/2030 CL USD
Hector A Bertone SA 1.9 0.0 4/7/2024 AR USD
Hilong Holding 9.8 68.7 11/18/2024 KY USD
Hilong Holding 9.8 69.7 11/18/2024 KY USD
Hilong Holding 9.8 69.4 11/18/2024 KY USD
Multiplo SA 3.3 59.5 BR USD
Itau Unibanco SA/Nassau 5.8 20.2 5/20/2027 BR BRL
Jamaica Gov't Bond 6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond 8.5 73.0 12/21/2061 JM JMD
Lani Finance 1.7 63.5 3/14/2049 KY EUR
Lani Finance 1.9 66.9 10/19/2048 KY EUR
Lani Finance 3.1 66.1 10/19/2048 KY AUD
Lani Finance 1.9 65.8 9/20/2048 KY EUR
Link Finance Cayman 2009 2.2 70.0 10/27/2038 KY HKD
LIPSA Srl 1.0 0.0 8/23/2024 AR USD
Logan Group Co 7.0 5.1 KY USD
Longfor Group Holdings 4.0 43.3 9/16/2029 KY USD
Longfor Group Holdings 3.4 56.1 4/13/2027 KY USD
Longfor Group Holdings 3.9 38.4 1/13/2032 KY USD
Longfor Group Holdings 4.5 53.1 1/16/2028 KY USD
Luminis III 2.3 41.8 9/22/2048 KY USD
Luminis III 2.4 55.3 9/22/2048 KY AUD
Luminis IV 3.2 70.4 1/22/2042 KY AUD
Luminis 2.3 54.8 9/22/2048 KY AUD
Lunar Funding I 1.7 8/11/2056 KY GBP
MTR Corp CI 2.8 73.3 9/6/2047 KY HKD
MTR Corp CI 3.0 73.1 3/11/2051 KY HKD
MTR Corp CI 3.0 75.4 4/26/2047 KY HKD
MTR Corp CI 3.2 73.7 2/5/2055 KY HKD
MTR Corp CI 3.0 73.1 3/11/2051 KY HKD
NIO Inc 4.6 73.1 10/15/2030 KY USD
Panama Gov'tInt'l Bond 4.5 63.1 4/1/2056 PA USD
Panama Gov'tInt'l Bond 2.3 70.2 9/29/2032 PA USD
Panama Gov'tInt'l Bond 3.9 55.8 7/23/2060 PA USD
Panama Gov'tInt'l Bond 4.5 64.9 4/16/2050 PA USD
Panama Gov'tInt'l Bond 4.5 62.0 1/19/2063 PA USD
Panama Gov'tInt'l Bond 4.5 66.6 5/15/2047 PA USD
Panama Gov'tInt'l Bond 4.3 62.6 4/29/2053 PA USD
Peruvian Gov'tInt'l Bond 3.6 71.8 3/10/2051 PE USD
Peruvian Gov'tInt'l Bond 2.8 57.3 12/1/2060 PE USD
Peruvian Gov'tInt'l Bond 3.2 57.3 7/28/2121 PE USD
Peruvian Gov'tInt'l Bond 3.6 65.7 1/15/2072 PE USD
Peruvian Gov'tInt'l Bond 3.3 74.3 3/11/2041 PE USD
Petroleos del Peru SA 5.6 68.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 68.3 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.6 10/27/2026 AR USD
Provincia de la Rioja 7.5 45.9 7/20/2032 AR USD
Provincia de la Rioja 4.5 51.8 1/20/2027 AR USD
Chaco Argentina 4.0 0.0 12/4/2026 AR USD
QNB Finance 13.5 63.1 10/6/2025 KY TRY
QNB Finance 11.5 71.7 1/30/2025 KY TRY
QNB Finance 2.9 74.2 9/16/2035 KY AUD
QNB Finance 2.9 72.9 12/4/2035 KY AUD
QNB Finance 3.0 75.4 2/14/2035 KY AUD
QNB Finance 3.4 72.0 10/21/2039 KY AUD
Radiance Holdings Group 7.8 49.6 3/20/2024 KY USD
Rio Alto Energias Renovaveis 7.0 29.1 7/15/2027 BR BRL
Santander Consumer Chile SA 2.9 72.7 11/27/2034 CL AUD
Seazen Group 6.0 75.2 8/12/2024 KY USD
Seazen Group 4.5 34.1 7/13/2025 KY USD
Shui On Development Holding 5.5 61.2 6/29/2026 KY USD
Shui On Development Holding 5.5 73.0 3/3/2025 KY USD
Silk Road Investments 2.9 66.8 1/23/2042 KY AUD
Skylark 1.8 59.0 4/4/2039 KY GBP
Autopista Central 5.3 37.2 12/15/2026 CL CLP
Autopista Central 5.3 50.6 12/15/2028 CL CLP
SQM 3.5 65.5 9/10/2051 CL USD
SQM 3.5 65.5 9/10/2051 CL USD
Southern Water Service 3.0 70.8 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 1 SA 6.9 10.5 1/15/2034 BR BRL
SPE Saneamento Rio 4 SA 7.2 10.2 1/15/2042 BR BRL
SPE Saneamento Rio 4 SA 6.9 10.2 1/15/2034 BR BRL
Spica 2.0 74.9 3/24/2033 KY AUD
Spirit Loyalty Cayman 8.0 72.2 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 73.0 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 70.3 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 72.5 9/20/2025 KY USD
Sylph 2.7 68.5 3/25/2036 KY USD
Sylph 3.1 74.7 9/25/2035 KY USD
Sylph 2.4 64.2 9/25/2036 KY USD
Sylph 2.9 74.5 6/24/2036 KY AUD
Telecom Argentina SA 1.0 74.0 3/9/2027 AR USD
Telecom Argentina SA 1.0 66.1 2/10/2028 AR USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Tencent Holdings 3.2 67.9 6/3/2050 KY USD
Tencent Holdings 3.3 64.0 6/3/2060 KY USD
Tencent Holdings 3.9 73.9 4/22/2061 KY USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.6 6/3/2050 KY USD
Tencent Holdings 3.9 73.9 4/22/2061 KY USD
Tencent Holdings 3.3 64.1 6/3/2060 KY USD
Three Gorges Finance 3.2 71.6 10/16/2049 KY USD
Grupo Travessia 9.0 1.6 1/20/2032 BR BRL
Volcan Cia Minera SAA 4.4 62.2 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 62.0 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 61.6 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.8 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 61.9 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.6 4/15/2029 CL USD
YPF SA 7.0 72.6 12/15/2047 AR USD
YPF SA 1.0 66.8 4/25/2027 AR USD
YPF SA 7.0 72.3 12/15/2047 AR USD
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2024. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *