/raid1/www/Hosts/bankrupt/TCRLA_Public/250310.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 10, 2025, Vol. 26, No. 49
Headlines
A R G E N T I N A
ARGENTINA: All The Currency, Capital Controls Milei Needs to End
ARGENTINA: Trump Says He’s Open to Trade Deal with Country
B E R M U D A
ASPEN INSURANCE: S&P Affirms 'BB+' Rating on Preference Shares
B R A Z I L
GOL LINHAS: Creditors, U.S. Trustee Slam Ch11 Plan Disclosure
C H I L E
WOM SA: Gets Ch. 11 Reorganization Plan OK'd
P E R U
PERU TELECOM: $372M Tax Bill Helped Firm Dial Into Bankruptcy
TELEFONICA SA: Hires Rothschild to Help Sell Peru Unit
P U E R T O R I C O
ERC MANUFACTURING: Taps Juan C. Bigas Law Office as Legal Counsel
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Government Bond Delisted
- - - - -
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A R G E N T I N A
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ARGENTINA: All The Currency, Capital Controls Milei Needs to End
----------------------------------------------------------------
Buenos Aires Times reports that more than a year after Javier Milei
became president, strict exchange controls remain the biggest
hurdle for foreign investors looking to allocate funds toward
Argentine assets.
Milei has taken several steps to ease restrictions during his first
year in office, but he entered 2025 with few indications that there
will be a quick unwinding of the rules, which have been in place
for six years, according to Buenos Aires Times. In fact, some
restrictions have been tightened in recent weeks, the report
notes.
How and when Argentina lifts its controls will be key for the
ongoing negotiations with the International Monetary Fund for a new
program to succeed the current US$44-billion deal, which is
expiring in December, the report relays.
Futures pricing in the local Rofex market indicates investors
expect the peso’s depreciation to continue near the one percent
monthly level set by the government peg, lower than current
inflation readings, the report notes. Investors fear that the
restrictions could remain in place until the country’s midterm
elections, in which Milei wants to gain more support from voters,
the report says.
"The market is not pricing in the lifting of currency and capital
controls before the elections," said Pilar Tavella, a strategist at
Balanz Capital Valores in Buenos Aires, the report discloses.
Milei succeeded in getting Congress to suspend primaries in August
before the official midterm vote in October, the report says.
Not surprisingly, there’s been a dearth of foreign direct
investment, with inflows slowing to US$89 million in 2024 - the
lowest since 2003, according to the Central Bank - and
private-sector current account deficits rising to US$952 million, a
record for Milei’s term and triple the September shortfall of
US$342 million, the report relays.
There were only six major foreign investments in 2024 as part of a
programme called RIGI, which provides tax, customs and
exchange-rate incentives for 30 years, the report notes. All of
those had project volumes of less than US$10 billion each, the
report says. For 2025, bankers expect US$1.4 billion in foreign
investment, according to Grupo Mariva, a medium-sized financial
institution in Buenos Aires, the report discloses.
It’s unlikely the government will lift the controls before the
midterm elections because "it doesn’t want to play with fire:
They don’t want inflation to become volatile or spiral out of
control," said Juan Carlos Barboza, Grupo Mariva’s head of
research team, the report relays.
Milei said in early February there will be no more controls as of
January 1, 2026, indicating that he could speed up the removal if
the IMF provides the country with fresh funds — a classic case of
who goes first?
Laundry List
The report discloses that the main restrictions investors face
include:
123456789012345678901234567890123456789012345678901234567890123456
-- Cross-restriction rule: Investors are prohibited from buying
dollars on the spot foreign exchange market 90 days before
or after conducting legal foreign exchange transactions on
the parallel market, known as MEP or CCL
-- Mandatory bank accounts: Investors are obliged to deposit
dollars obtained via the purchase or sale of securities
in bank accounts
-- Transaction limits: Foreign investors are limited to 200
million pesos — less than US$190,000 — per day for
purchases and sales of securities and must give prior
notification to the country’s Central Bank
-- One-day parking: Investors are obliged to keep assets in
their portfolio for an entire day before selling them in ‘
exchange for dollars
-- Savings and expenses: The government imposes taxes and
a maximum of US$200 on foreign currency purchases for
savings purposes and on credit card payments abroad
-- Dividends: The government prevents multinational
companies from transferring dividends abroad
-- Imports: The government has reduced time limits around
accessing dollars, with importers now waiting an average
of 30 days for payment, compared with 180 days before.
Still, there is no immediate access to dollars.
Easing or Tightening?
New regulations issued last month by the Central Bank of Argentina
prohibit banks from selling abroad corporate bonds purchased with
dollars obtained in the capital market, the report relays. Another
more recent measure shortened the period during which agricultural
exporters can sell their foreign currency if they want to benefit
from an export tax cut of as much as seven percent, the report
notes.
The Central Bank also reduced the rate of peso depreciation to one
percent from two percent per month, hurting exporters, who are
forced to sell their dollars in the official market at a price that
lags behind the rate of inflation, which is around 2.2 percent per
month, the report discloses. To mitigate this, the government made
significant tax cuts on some exports in January, the report says.
Since June, the Central Bank has increased sales of foreign
reserves in an effort to prevent the parallel exchange rate from
weakening further and widening the gap to the official rate, the
report relays. Sales amounted to US$619 million in the first half
of January alone, totalling US$1.6 billion in the past six months,
the report notes.
Milei and investors fear that lifting controls could trigger a
sharp depreciation in the peso, the report discloses. That in turn
could drive up local prices and disrupt the ongoing disinflation
process, the report relays. Annual inflation fell to 118 percent
from 211 percent during Milei’s first year in office, marking his
primary achievement and a key factor for the upcoming midterm
elections, the report says.
Argentina’s net international reserves remain low, hovering
around US$28.7 billion, similar to when Milei took office, the
report relays. Net reserves, which discount the institution’s
short-term liabilities, stand at minus US$4.5 billion, according to
Grupo Cohen estimates, 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.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
ARGENTINA: Trump Says He’s Open to Trade Deal with Country
------------------------------------------------------------
Buenos Aires Times reports that President Donald Trump has praised
Argentina's President Javier Milei and says he is open to
negotiating a free-trade agreement with the South American nation.
Trump, 78, offered praise for Milei, describing him as a great
leader in remarks issued from the Oval Office of the White House,
according to Buenos Aires Times.
Asked by a reporter if he would like to sign a free-trade agreement
with Milei – who has regularly voiced such an ambition – the US
president said he would "consider anything," the report notes.
"I think he's great, by the way. I think he's a great leader. He's
doing a great job . . . . a fantastic job. He rescued [the country]
from oblivion," he added.
"Yes, we will look at" the options, the Republican mogul responded,
the report relays.
In a speech to Congress, Milei even said he is willing to pull
Argentina out of Mercosur South American trade bloc if necessary to
conclude a free-trade deal with the United States, the report
discloses.
"The only thing it [Mercosur] has achieved since its creation is to
enrich the big Brazilian industrialists at the expense of
impoverishing Argentines," he told lawmakers, the report says.
The five countries that make up Mercosur, whose rotating six-month
pro-tempore presidency is currently held by Argentina, must
negotiate agreements with other nations or blocs together, the
report relays.
Milei has another agreement in mind: a new one with the
International Monetary Fund (IMF) that he hopes to sign soon, the
report notes. To pave the way, he needs the backing of Trump and
the United States, which is its largest stakeholder, the report
says.
The report relays that Trump met Milei at a conservative conference
near Washington and invited him to the White House "in the coming
months."
"He's a MAGA guy to make Argentina great again," Trump declared at
the CPAC rally, using the acronym for his slogan "Make America
Great Again," he added.
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.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
=============
B E R M U D A
=============
ASPEN INSURANCE: S&P Affirms 'BB+' Rating on Preference Shares
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BBB' issuer credit rating on Aspen
Insurance Holdings Ltd. S&P affirmed its 'A-' issuer credit and
financial strength ratings on its operating subsidiaries. The
outlook is stable. S&P also affirmed its 'BB+' issue ratings on the
preference shares issued by Aspen Insurance Holdings Ltd.
In recent years, Aspen has taken steps to reduce its earnings
volatility. These have included reducing its natural catastrophe
exposure, controlling lower line size, and entering into a loss
portfolio transfer reinsurance agreement with Enstar. S&P said, "We
now view Aspen's catastrophe exposure as more in line with that of
less volatile reinsurer peers. We also recognize the strategic
importance of Aspen Capital Markets for the group in managing and
retroceding its exposure to natural catastrophes and long-tail
liabilities."
These measures have led to more stable results in recent years,
with a relatively lower impact from major events. For example, in
2024, Aspen's combined ratio was only affected by six percentage
points, despite significant natural catastrophe losses in the
industry.
As of Jan. 1, 2025, Aspen's net aggregate one-in-250 year probable
maximum loss (PML) was $330 million, which is 9.8% of shareholders'
funds. Previous equivalent figures were $335 million and 11.5% in
2024, and $294 million and 12.5% in 2023. Over a longer time span,
PMLs have fallen notably since 2018.
S&P said, "As a result, we revised our assessment of Aspen's risk
exposure to moderately high from high and improved our view on
Aspen's financial risk profile to strong from satisfactory.
"We think Aspen's exposure to the January 2025 Californian
wildfires--which we view as a major event for the re/insurance
industry worth up to $40 billion--is manageable. Aspen's losses are
estimated to be between $50 million-$75 million, which is well
within its annual catastrophe budget and below our $200 million
expectation."
Aspen produced strong results over 2024, with net income of $486
million, giving a 19.4% return on equity. The combined ratio was
86.8%, with both primary and reinsurance lines under 90%.
S&P said, "In our view, Aspen's moderately negative funding
structure is weaker than that of its peers, which remains a
constraint on the ratings despite the improved overall risk
profile.
"The stable outlook reflects our expectation that the group will
continue to benefit from its competitive position within the global
specialty and reinsurance market. As a result, underwriting
performance will continue to be below a 95% combined ratio in the
next two years. We anticipate Aspen's capital adequacy will exceed
our 99.99% confidence level over the next two years and that
earnings and capital volatility will remain contained."
S&P could consider lowering the ratings over the next 24 months
if:
-- Aspen's underwriting performance deteriorates, signaling
greater competitive pressure than S&P anticipates.
-- Aspen's capital adequacy falls sustainably below S&P's 99.99%
confidence level for a prolonged period, and it thinks a rapid
recovery is unlikely. This could stem, for example, from excessive
investment risk-taking, or a change in its capital management
policy.
-- Aspen fails to reduce its financial leverage below 50%, its
fixed-charge coverage drops below 3x, or S&P observes a material
decline in its liquidity level.
There is unexpected turnover in senior management that weakens
expertise levels, Aspen's owner Apollo Global Management LLC
changes its involvement unexpectedly, Aspen's strategic decisions
are influenced by private loan covenants, or Aspen experiences
further control deficiencies. Any of these could weaken our view of
governance.
S&P could raise the rating over the next two years if:
-- The group reduces its financial leverage sustainably to below
40% and improves its fixed-charge coverage to at least 4.0x a level
in line with 'A' rated peers. This could, for instance, follow a
change in its debt and shareholder structures.
-- Aspen maintains its level of technical profitability at or
above that of similarly rated peers and maintains its capital
adequacy above S&P’s 99.99% threshold.
===========
B R A Z I L
===========
GOL LINHAS: Creditors, U.S. Trustee Slam Ch11 Plan Disclosure
-------------------------------------------------------------
Rick Archer of Law360 reports that the noteholders of GOL Linhas
and the U.S. Trustee's Office have urged a New York bankruptcy
judge to deny approval of the Brazilian airline's Chapter 11 plan
disclosures, arguing that they lack sufficient details on claims
releases and the company's equity value after bankruptcy.
About Gol Linhas
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring Administration
LLC is the claims agent.
=========
C H I L E
=========
WOM SA: Gets Ch. 11 Reorganization Plan OK'd
--------------------------------------------
americaeconomia.com reports that telecommunications company WOM
Chile has approved two key steps to enable the company to exit the
process involving Chapter 11 of the United States (US) Bankruptcy
Law.
On the one hand, it was reported that the Delaware Bankruptcy Court
confirmed the Reorganization Plan, agreed upon with the Ad Hoc
group of bondholders and previously submitted to the aforementioned
court, according to americaeconomia.com.
In addition, the National Economic Prosecutor's Office (FNE) in
Chile also approved the takeover of WOM Mobile SA by the companies
Amundi, BlackRock, Man GLG and Moneda, the report notes.
WOM Announces Key Milestones in its Restructuring
At the beginning of December, it was reported that the Ad Hoc group
of bondholders - advised by Chris Bannister - managed to reach an
agreement for the financial restructuring process of WOM, the
report says.
The deal values the company at $1.6 billion and includes a capital
injection of up to $500 million, along with a debt reduction of
approximately $650 million, the report discloses.
The acquisition of WOM by the aforementioned group of creditors
will mean that its ownership will pass from Novator Partners -
current owner - to BlackRock, Amundi, Man GLG and Moneda, who
formed the company WOM Cayman Holdings in October, according to
Pulso, the report notes.
Now, regarding the approval of the Delaware Court as the FNE in
Chile, the current CEO, Martín Vaca Narvaja, highlighted that the
company has advanced in a "rapid and sustained" manner in Chapter
11, "ensuring the operational continuity of the company," the
report relays.
"These milestones reaffirm the support of our creditors, the
solidity of the Plan we presented and the ongoing support" of the
Ad Hoc bondholders, it said in a statement obtained by the news
agency.
He also expressed his gratitude to the entire team, adding that "we
have successfully navigated our restructuring process, recovered
our commercial performance and achieved solid financial results,"
the report notes.
The report adds that the CEO now aims to "get out of Chapter 11 in
the next few weeks."
About WOM S.A.
WOM is a Chilean telecommunications provider, focused on offering
mobile voice, data, and broadband services, along with a rapidly
expanding "Fiber to the Home" broadband offering, to consumers and
businesses in Chile. Since the acquisition of Nextel Chile in 2015
through Novator Partners LLP's investment vehicle NC Telecom AS,
WOM has expanded from having virtually no market share to
establishing itself as the second-largest mobile network operator
in Chile.
WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition
filed by Timothy O'Connoer, as independent director, the Debtor
estimated assets and liabilities between $1 billion and $10 billion
each.
The Honorable Bankruptcy Judge Karen B. Owens oversees the case.
The Debtors tapped White & Case, LLP as general bankruptcy counsel;
Richards, Layton & Finger, P.A. as local bankruptcy counsel;
Riveron Consulting, LLC, as financial advisor; and Rothschild & Co
US Inc. as investment banker. Kroll Restructuring Administration,
LLC, is the claims agent.
=======
P E R U
=======
PERU TELECOM: $372M Tax Bill Helped Firm Dial Into Bankruptcy
-------------------------------------------------------------
Rick Archer at law360.com reports that Peru's national phone
company is now seeking U.S. recognition of its bankruptcy as it
tries to fend off legal action while dealing with $2.4 billion in
liabilities, a shrinking market share and a court judgment that
left it with a $372 million tax bill.
TELEFONICA SA: Hires Rothschild to Help Sell Peru Unit
------------------------------------------------------
Emma Pinedo, citing the El Confidencial, at Reuters reports that
Spanish telecommunications company Telefonica (TEF.MC) has hired
Rothschild to help it sell its unit in Peru that filed for
bankruptcy protection last month.
Last month, Telefonica sold its unit in Argentina for $1.245
billion as part of a strategy under new management led by Marc
Murtra to gradually reduce exposure to Latin America, according to
Reuters.
Murtra, who took over as CEO in January, replacing Jose Maria
Alvarez-Pallete, has said the company would complete a strategic
review before the end of this year, the report notes.
Telefonica declined to comment.
About Telefonica SA
Headquartered in Madrid, Spain, Telefonica SA operates as a
telecommunications company.
As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company on January 7, 2025, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Telefonica SA. EJR also withdrew the rating on
commercial paper issued by the Company.
=====================
P U E R T O R I C O
=====================
ERC MANUFACTURING: Taps Juan C. Bigas Law Office as Legal Counsel
-----------------------------------------------------------------
ERC Manufacturing Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Juan C. Bigas Law
Office to handle its Chapter 11 case.
The firm received a retainer in the amount of $9,000, against which
the firm will bill on the basis of $300 per hour. The firm will
also 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
515 Ferrocarril
Urb. Santa Maria
Ponce, PR 00717
Phone: (787) 259-1000
Email: cortequiebra@yahoo.com
citas@preguntalegalpr.com
About ERC Manufacturing Inc.
ERC Manufacturing Inc. owns the property located at Carr 814 Km 0.8
Cedro Abajo, Naranjito, Puerto Rico, spanning 6,977.84 square
meters. It includes a two-story commercial office building, two
metal concrete industrial buildings, 28 parking spaces, two
offices, two terraces, two workshops, two mezzanines, and two
bathrooms. The appraised value is $213,000, as of July 27, 2016.
ERC Manufacturing Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 25-00475) on February 4,
2025. In its petition, the Debtor reports total assets of $785,322
and total liabilities of $1,599,734.
The Debtor is represented by Juan C. Bigas, Esq., in Ponce, Puerto
Rico.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Government Bond Delisted
-------------------------------------------
Trinidad and Tobago Newsday reports that the HO62 government bond
has been delisted from the TT Stock Exchange (TTSE), effective
February 24.
In a market notice on February 21, the TTSE said the bond has a
face value of $559.2 million. It was issued in 2013 and matured in
2023, according to Trinidad and Tobago Newsday.
Delisting occurs when a stock is removed from the stock exchange,
the report notes. The removal can either be mandatory or voluntary,
the report relays.
Government bonds are usually instruments used by governments to
borrow money, the report notes.
According to the Central Bank, government bonds are one of the more
secure types of investments available as "there is a very low
likelihood that the government would not pay," the report says.
During the bond's life, the government pays interest to bondholders
and the principal amount borrowed is returned when the facility
matures, the report adds.
*********
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 2025. All rights reserved. ISSN 1529-2746.
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contact Peter A. Chapman at 215-945-7000.
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