/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130211.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, February 11, 2013, Vol. 14, No. 29 Headlines B R A Z I L BANCO INDUSVAL: Moody's Affirms 'Ba3' Currency Deposit Ratings J&F INVESTIMENTOS: S&P Assigns 'B+' Global Scale Rating C A Y M A N I S L A N D S AOI INVESTMENTS 1: Shareholder Receives Wind-Up Report APOLLO ORANGE: Shareholder Receives Wind-Up Report AZURRA LTD: Members Receive Wind-Up Report BAKERSFIELD INVESTMENT: Shareholder Receives Wind-Up Report BLACK'S LINK: Members Receive Wind-Up Report BLACK'S LINK CAPITAL: Members Receive Wind-Up Report BRENNUS SPECIAL: Shareholders Receive Wind-Up Report CAPITAL ALLIANCE: Members Receive Wind-Up Report DGC PENDULUM: Shareholder Receives Wind-Up Report FRONT STREET: Shareholder Receives Wind-Up Report HOPU MANAGEMENT: Shareholders Receive Wind-Up Report JSK MULTI-STRATEGY: Shareholder Receives Wind-Up Report JSK 1 (NON-US INVESTOR): Shareholder Receives Wind-Up Report JSK 1 (US INVESTOR): Shareholder Receives Wind-Up Report K2 CURRENCY: Shareholder Receives Wind-Up Report LIMITLESS INC: Shareholders Receive Wind-Up Report LISTON FUNDING: Shareholder Receives Wind-Up Report MARCO INVESTMENT: Shareholder Receives Wind-Up Report NEW CASTLE: Shareholder Receives Wind-Up Report PARKTON RE LTD: Shareholder Receives Wind-Up Report C O S T A R I C A * COSTA RICA: Fitch Affirms 'BB+' IDR; 'B' For. Currency Rating G U A T E M A L A * GUATEMALA: Moody's Rates USD700MM Bonds 'Ba1'; Outlook Stable J A M A I C A DICIGEL GROUP: Looking to Far East for New Business Opportunities * JAMAICA: NIR Dips by US$116 Million in January M E X I C O * MEXICO: Recent Equipment Lease ABS Raise Credit Concerns: Fitch T R I N I D A D & T O B A G O * TRINIDAD & TOBAGO: Economy Threatened by Rise of US Shale X X X X X X X X * BOND PRICING: For the Week Feb. 4 to Feb. 8, 2013 - - - - - =========== B R A Z I L =========== BANCO INDUSVAL: Moody's Affirms 'Ba3' Currency Deposit Ratings ------------------------------------------------------------ Moody's Investors Service affirmed Banco Indusval S.A. 'D-' bank financial strength rating, as well as the global local and foreign currency deposit ratings of Ba3 and Not Prime, long and short term respectively. At the same time, Moody's affirmed BI&P's long and short-term deposit ratings of A2.br and BR-2 in the Brazilian national scale. The outlook remains stable for all ratings. The following ratings assigned to Banco Indusval were affirmed: - Bank financial strength rating of D-, stable outlook - Long term global local currency deposit rating of Ba3, stable outlook - Short term global local currency deposit rating of Not Prime - Long term global foreign currency deposit rating of Ba3, stable outlook - Short term global foreign currency deposit rating of Not Prime - Long term national scale local currency deposit rating of A2.br, stable outlook - Short term national scale local currency deposit rating of BR-2 Ratings Rationale In affirming the ratings, Moody's acknowledged BI&P's strategic business repositioning into the segment of upper middle and small- medium size companies over the past two years, as well as its efforts to improve credit quality and standards. Private equity firm Warburg Pincus as a new shareholder in early 2011 also strengthened the bank's capitalization. Moody's noted, however, that the new business model has yet to prove sustainable under the challenging funding and profitability environment for midsize banks in Brazil. Following the completion of the 2012 restructuring, management is now challenged to strengthen the bank's small franchise by integrating new business activities that include investment banking and agribusiness, while maintaining disciplined risk guidelines and enhancing earnings recurrence and thus, capitalization. Over the past 18 months, BI&P's performance has slightly improved, but its limited balance sheet and high credit and operating costs still result in modest earnings, an indication of the business transition. Moreover, large credit and funding concentrations relative to Tier 1 capital and core earnings remain a source of volatility. Moody's noted that upward pressure on the standalone ratings would depend on the sustainability of earnings and asset quality, adequate capital levels to support further loan growth, and funding diversification away from expensive short-term wholesale deposits that accounted for roughly 74% of the bank's total funding as of Q3 2012. In that regard, Moody's will monitor BI&P's efforts to develop alternative lines of business and cross-selling activities, which will allow it to build a more robust balance sheet. BI&P's Ba3 local currency deposit rating does not incorporate any lift from systemic support because of the bank's modest deposit position that has a very limited share of the national banking system's total deposits. The last rating action on Banco Indusval was on November 25, 2010, when Moody's first assigned ratings to the bank with a stable outlook. The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Banco Indusval S.A. is headquartered in Sao Paulo, Brazil and had total consolidated assets of BRL4.3 billion (US$2.1 billion) and equity of BRL572.4 million (US$283 million) as of September 30, 2012. J&F INVESTIMENTOS: S&P Assigns 'B+' Global Scale Rating ------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' global scale and 'brBBB' national scale corporate credit ratings to J&F Investimentos S.A. (J&F). In addition, S&P assigned its 'B+' global scale issue rating to J&F Finance Inc.'s (J&F Finance) forthcoming $300 million bond due 2020, which is guaranteed by J&F. S&P also assigned its 'brBBB' national scale issue rating to J&F's R$500 million debenture due 2017. The outlook is stable. The 'B+' ratings on J&F and its $300 million bond to be issued by J&F's subsidiary, J&F Finance, and guaranteed by its parent, reflect S&P's view of the company's "weak" business risk profile and "aggressive" financial risk profile, as S&P's criteria define those terms. In S&P's view, J&F's moderate portfolio concentration, namely its stake in protein company JBS S.A. (BB/Stable/--), and limited cash flows from its assets, except from JBS, are negative credit factors. Also, its investments carry a large credit risk, either because they are start-ups that have yet to ramp-up cash flows or because their financial risk positions are weak. J&F continues to develop its asset portfolio, as its pulp project (Eldorado) is completed and begins production and its personal care business (Flora) remains unprofitable. The ratings also reflect projected limited dividend flows from its main investments in the next few years, although JBS is expected to provide dividend streams from 2013 on. "J&F has been exposed to refinancing risks on its high-cost debt, but it has secured long- term bank facilities," said Standard & Poor's credit analyst Reginaldo Takara. The partly offsetting factors are the company's sizable assets that are well-positioned in their respective industries. These assets provide additional flexibility for J&F to address its debt. The 'B+' issue rating mirrors the corporate credit rating, as S&P believes there are sufficient unencumbered assets at the parent company level, including JBS shares, which help enhance recovery prospects and mitigate structural subordination. ========================== C A Y M A N I S L A N D S ========================== AOI INVESTMENTS 1: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of AOI Investments 1 received on Dec. 27, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815-1793 Facsimile: (345) 949-9877 APOLLO ORANGE: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Apollo Orange Investments received on Dec. 27, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815-1793 Facsimile: (345) 949-9877 AZURRA LTD: Members Receive Wind-Up Report ------------------------------------------ The members of Azurra Ltd. received on Dec. 24, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands BAKERSFIELD INVESTMENT: Shareholder Receives Wind-Up Report ----------------------------------------------------------- The shareholder of Bakersfield Investment Fund received on Dec. 27, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815-1793 Facsimile: (345) 949-9877 BLACK'S LINK: Members Receive Wind-Up Report -------------------------------------------- The members of Black's Link Asia Event Driven GP Limited received on Dec. 24, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands BLACK'S LINK CAPITAL: Members Receive Wind-Up Report ---------------------------------------------------- The members of Black's Link Capital Management Limited received on Dec. 24, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands BRENNUS SPECIAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Brennus Special Situations Fund Limited received on Dec. 24, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 CAPITAL ALLIANCE: Members Receive Wind-Up Report ------------------------------------------------ The members of Capital Alliance Private Equity, Ltd. received on Jan. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Sam Oniovosa Plot 1684, Sansui Fafunwa Street Victoria Island Lagos, Nigeria DGC PENDULUM: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of DGC Pendulum Limited received on Dec. 27, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Gene DaCosta Telephone: (345) 814 7765 Facsimile: (345) 945 3902 PO Box 2681 Grand Cayman KY1-1111 Cayman Islands FRONT STREET: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of Front Street Agri Fund Ltd. received on Jan. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HOPU MANAGEMENT: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Hopu Management Co., Ltd. received on Jan. 29, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands JSK MULTI-STRATEGY: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of JSK Multi-Strategy Fund Limited received on Jan. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 JSK 1 (NON-US INVESTOR): Shareholder Receives Wind-Up Report ------------------------------------------------------------ The shareholder of JSK 1 (Non-Us Investor) received on Jan. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 JSK 1 (US INVESTOR): Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of JSK 1 (US Investor) received on Jan. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 K2 CURRENCY: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of K2 Currency Fund, Ltd. received on Jan. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LIMITLESS INC: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Limitless Inc. received on Jan. 8, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Peter Anderson c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands LISTON FUNDING: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Liston Funding 2009-3 Ltd. received on Jan. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MARCO INVESTMENT: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Marco Investment received on Dec. 28, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Masato Ogawa 4-2, Ohtemachi 1-Chome Chiyoda-ku, Tokyo 100-0004 Japan NEW CASTLE: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of New Castle Investment Fund received on Dec. 27, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815-1793 Facsimile: (345) 949-9877 PARKTON RE LTD: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Parkton Re Ltd. received on Dec. 26, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Yohann Regnard Dena Thompson Telephone: 914-2266 / 914-2267 / 949-5263 Facsimile: 949-6021 P.O. Box 10233 Grand Cayman Cayman Islands ================== C O S T A R I C A ================== * COSTA RICA: Fitch Affirms 'BB+' IDR; 'B' For. Currency Rating --------------------------------------------------------------- Fitch Ratings has affirmed Costa Rica's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed the Short-term foreign currency rating at 'B' and the Country Ceiling of 'BBB-'. The Rating Outlook is Stable. Rating Rationale The affirmation of Costa Rica's ratings is supported by the country's institutional stability and strong social indicators that have facilitated large FDI inflows, thereby contributing to steady growth, high per capita income and better financing of the country's large current account deficits. The ratings are constrained by the lack of political consensus to address high structural fiscal deficits that result in negative debt dynamics, and by limited monetary and exchange rate policy flexibility. Costa Rica's diversified value-added export-based economy should continue to be resilient in the face of sluggish global growth. Costa Rica's economy is estimated to have expanded 5.1% in 2012, outperforming the 4% median of 'BB' peers amid a fragile global economy. Fitch expects the economy to expand an average of 4% over the next two years. Risks stem from renewed weakness in the U.S. economy, the country's main export destination and source of FDI flows. Pressures on domestic interest rates stemming from hefty fiscal needs could exacerbate already large portfolio inflows, thereby increasing challenges for the monetary and exchange rate policy. Costa Rica's five-year inflation rate remains above the 'BB' median. However, after a long history of double-digit inflation, an improved monetary policy framework has raised the central bank's credibility and could ultimately facilitate inflation convergence with the peer median. Inflation stood within the band of 5% plus or minus 1 percentage point for four consecutive years in 2012. Fitch expects inflation to be 5% over the next two years. Risks to inflation arise from higher fiscal deficits, swings in international commodity prices, and monetary expansion related to the defense of the floor of the FX band in the context of large portfolio inflows. In the near term, macroeconomic policy challenges have increased for the authorities due to the large capital inflows to the country in the context of limited exchange rate flexibility and the central bank's persistent losses. A high interest rate differential attracted portfolio inflows of near 3% of GDP in 2012. As a result, the central bank swiftly introduced macro- prudential measures to prevent excessive growth in asset prices and credit which could potentially become a source of risk for the financial system and the broader economy. High-quality FDI will continue to support external accounts over the forecast period. Fitch expects the 2013 current account deficit to reach 5.0% of GDP and to be mostly financed by FDI. However, recent strong portfolio inflows render the capital account somewhat vulnerable to sudden stops. In addition, Costa Rica's international liquidity position remains weaker than rating category peers. High structural fiscal deficits continue to undermine Costa Rica's credit profile. Fitch expects deficits to average 4.8% of GDP in the next two years. The lack of political consensus to address Costa Rica's low revenue base and rigid expenditure structure weighs on its fiscal profile. Authorities' efforts to rein in expenditure growth and improve tax collection efficiency are not sufficient to stabilize debt at current levels. Fiscal consolidation prospects are uncertain, as the electoral cycle is already underway. Presidential and legislative elections will take place in February 2014. Despite the increasing burden, the general government debt remains below the 'BB' median. Moreover, Fitch recognizes that Costa Rica's debt tolerance is well supported by its higher per capita income level (compared with peers in the 'BB' category), well- established social and political stability, as well as material gains in the composition of debt. Costa Rica's borrowing requirements are expected to exceed 10% of GDP in 2013, but domestic liquidity and external market access support its financing flexibility. RATING SENSITIVITIES The main factors that could lead to a positive rating action are: -- Greater political consensus to address structural fiscal imbalances leading to a sustained expansion of the revenue base, improved fiscal management and favorable debt dynamics; -- Increased monetary and exchange rate flexibility that enhances the shock-absorption capacity of the economy The main factors that could lead to a negative rating action are: -- Sustained large fiscal deficits that cause a marked deterioration in debt dynamics and emergence of fiscal financing constraints; -- Weakening of the macroeconomic policy framework that reverses the disinflation and de-dollarization process; -- A material downshift in Costa Rica's growth trajectory. The ratings and Outlooks are sensitive to a number of assumptions: -- Fitch's base-case scenario assumes no recession or deepening of the financial crisis in developed economies, most notably the U.S., and therefore a continuation of steady FDI flows; -- Fitch assumes that no major fiscal reform will be implemented over the next two years and that the authorities continue to restrain expenditure growth and improve tax collection. -- Fitch assumes that the central bank will maintain its foreign exchange rate regime and that no sustained macroeconomic imbalance will result as a consequence of the strong portfolio inflows. ================= G U A T E M A L A ================= * GUATEMALA: Moody's Rates USD700MM Bonds 'Ba1'; Outlook Stable --------------------------------------------------------------- Moody's has assigned a Ba1 rating to the Guatemalan government's $700 million bond maturing on February 13, 2028. The bond's rating matches the government bond rating, which is Ba1 with a stable outlook. Guatemala's Ba1 foreign currency and local currency ratings balance the country's commitment to macroeconomic stability and prudent fiscal and monetary policies with concerns related to government effectiveness and widespread poverty. The country has a long track record of fiscal responsibility with government deficits averaging 2% of GDP from 2000-12. A manageable debt burden and low debt rollover risk, given the prevalence of multilateral funding, are elements that support the rating. Guatemala's ratings are constrained by persistent difficulty raising tax revenues, coupled with substantial social and infrastructure needs, factors that limit fiscal flexibility. Ratings are also constrained by a relatively low level of economic development. Guatemala's GDP per capita - $4,900 on a PPP basis - is lower than the corresponding median for Ba peers. Despite above-trend growth in the years preceding the global financial crisis, Guatemala's economic performance has lagged that of similarly-rated sovereigns, a condition that limits its upside rating potential. Low income levels and limited economic diversification introduce potential vulnerabilities and leave the economy susceptible to adverse shocks. The principal methodology used in this rating was Sovereign Bond Ratings published on Sept. 9, 2008. ============= J A M A I C A ============= DICIGEL GROUP: Looking to Far East for New Business Opportunities ----------------------------------------------------------------- Caribbean360.com reports that Digicel Group disclosed its bid for a telecommunications license in Myanmar, formerly known as Burma. The company said that it submitted its expression of interest in a bidding process, which is expected to yield two new licensed operators within the next five months, according to Caribbean360.com. The report relates that the winners of the two nationwide telecommunications licenses are expected to "meet or exceed specified population and geographic coverage targets". The deadline for submissions is February 8, and Digicel is vying against at least four other telecommunications companies who have officially expressed interest to the tender selection committee, according to news reports, Caribbean360.com notes. Singapore's SingTel, Norway's Telenor, Malaysia's Axiata Bharti, and India's Airtel are also said to be among the bidders, Caribbean360.com relays. Caribbean360.com discloses that Teledensity in Myanmar is less than 10% of the population but the country's government has publicly expressed its aim to have an overall teledensity to 75% to 80% by 2016. There were 5.4 million mobile phone subscribers and the 600,000 fixed-line users at the end of December 2012. Digicel's founder Denis O'Brien has been quoted by The Myanmar Times as saying that his group is prepared to invest up to US$1 billion into developing the telecommunications network, the report adds. Digicel Group, with regional headquarters in Jamaica, entered the Panama market in 2008, RJR News adds. * * * As reported in the Troubled Company Reporter on Sept. 7, 2012, Moody's Investors Service assigned a Caa1 rating to Digicel Group Limited's proposed US$700 million senior unsecured notes due 2020. Net proceeds will be used to repurchase the entire tranche of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415 million outstanding) and a portion of the 8.875% senior notes due 2015 (US$1 billion outstanding) via tender offers. * JAMAICA: NIR Dips by US$116 Million in January ------------------------------------------------ RJR News reports that the Net International Reserves (NIR) dipped by more than US$116 million last month. The dip took the NIR to just above US$1 billion, according to RJR News. The report relates that at that level and based on estimated prices of imports, the NIR is capable of purchasing more than 12 weeks of goods and service imports according to the Bank of Jamaica. In the meantime, the NIR could be hit next month, as the Bank of Jamaica starts repaying monies borrowed from the IMF, RJR News notes. The report says that the government had borrowed in excess of US$800 million from the IMF in three tranches in 2010, under the last program that was agreed with Jamaica. The first repayment of that loan is to be made next Friday and will be quickly followed by quarterly payments to start on February 25, RJR News discloses. RJR News notes that nearly half of the funds to be repaid is due in February. =========== M E X I C O =========== * MEXICO: Recent Equipment Lease ABS Raise Credit Concerns: Fitch ----------------------------------------------------------------- Several recently-issued Mexican equipment lease asset-backed securities (ABS) include credit risks that were not sufficiently mitigated to achieve 'AAA(mex)' ratings, according to a new Fitch Ratings special report. The report titled 'Credit Concerns in Recent Mexican Equipment Lease Securitizations' highlights three key credit concerns: limited sponsor strength; revolving structures susceptible to operational risks and origination policies; and excessive concentrations relative to initial credit enhancement levels. Fitch reviews transactions on a case-by-case basis, and its criteria allows for Mexican equipment lease ABS to be rated up to 'AAA(mex)' with no explicit cap; in these cases, the combination of these risks would have limited Fitch's ratings to 'A(mex)' through 'AA(mex)' or lower. In Fitch's view, it is difficult to completely de-link sponsor strength from the transaction rating for small, low credit quality sponsors that utilize ABS as a primary funding source to fuel aggressive growth strategies, especially when a large majority of the balance sheet is transferred to a securitization. Secondly, transactions structured with pre-funding or revolving periods present additional risks particularly for sponsors with a limited track record. Down cycles can present unexpected pressure which can negatively influence origination policies and corporate priorities, and potentially contaminate the revolving loan portfolio. Lastly, obligor concentration risks have not been adequately addressed in several recently-closed deals, evidenced in transactions that have a relatively high cumulative concentration in unknown obligors with limited initial credit enhancement. =============================== T R I N I D A D & T O B A G O =============================== * TRINIDAD & TOBAGO: Economy Threatened by Rise of US Shale ----------------------------------------------------------- Caribbean360.com reports that Trinidad and Tobago's oil and natural gas resources has made it one of the economic powerhouses of the Caribbean, but a recent analysis in Petroleum Export suggests that the twin island republic's economic security could be under threat from one of its major export markets. According to writer Justin Jacobs, the Caribbean producer could suffer more than most other energy producers with the rise of shale output by the United States, according to Caribbean360.com. Caribbean360.com notes that Mr. Jacob writes that the surge in US shale-gas production, a wave of new liquefied natural gas (LNG) export projects around the world and major gas discoveries offshore east Africa and elsewhere have ushered in a new era for the gas sector, which he suggests threatens to undermine the security of Trinidad and Tobago's markets. "While it has adapted in the short term, to secure its place in the new-look global gas market, Trinidad and Tobago must develop a new, long-term strategy. . . . Trinidad and Tobago's economy is powered by natural gas. The industry accounts for about half the country's GDP, generates nearly two-thirds of the government's revenues, attracts most of its foreign investment and lines the sovereign wealth fund. The country's decision to export its gas has served it well, making it one of the wealthiest nations in the Caribbean. . . . But, the assumptions upon which Trinidad and Tobago's industry were based no longer apply, forcing the country to rethink its energy strategy to ensure its future," writes Mr. Jacobs, the report notes. Caribbean360.com relays that along with the United States, Trinidad and Tobago supplies markets in the Caribbean, South America, Asia and Europe with LNG and accounts for approximately 8% of the world's LNG production. =============== X X X X X X X X =============== * BOND PRICING: For the Week Feb. 4 to Feb. 8, 2013 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-USDDIS 8.28 12/31/2033 USD 59.65 ARGENT-USDDIS 8.28 12/31/2033 USD 60.75 ARGENT-USDDIS 8.28 12/31/2033 USD 61.63 ARGENT-USDDIS 8.28 12/31/2033 USD 61.63 ARGENT-USDDIS 8.28 12/31/2033 USD 63.25 ARGENT-PAR 1.18 12/31/2038 ARS 42.04 ARGENT-EURDIS 7.82 12/31/2033 EUR 45 ARGENT-EURDIS 7.82 12/31/2033 EUR 60 ARGENT-EURDIS 7.82 12/31/2033 EUR 60.5 ARGENT-JPYDIS 4.33 12/31/2033 JPY 35.5 ARGENT-JPYDIS 4.33 12/31/2033 JPY 36 ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PRE9 2 3/15/2014 ARS 50 BANCO MACRO SA 9.75 12/18/2036 USD 72.5 BANCO MACRO SA 9.75 12/18/2036 USD 71.88 BANCO MACRO SA 9.75 12/18/2036 USD 71.88 CAPEX SA 10 3/10/2018 USD 75 CAPEX SA 10 3/10/2018 USD 73.25 CIA LATINO AMER 9.5 12/15/2016 USD 70 EMP DISTRIB NORT 9.75 10/25/2022 USD 46.05 EMP DISTRIB NORT 10.5 10/9/2017 USD 36.85 EMP DISTRIB NORT 9.75 10/25/2022 USD 44.5 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 67 METROGAS SA 8.875 12/31/2018 USD 69.13 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.87 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.88 PROV BUENOS AIRE 9.375 9/14/2018 USD 70.91 PROV BUENOS AIRE 9.375 9/14/2018 USD 70.7 PROV BUENOS AIRE 10.875 1/26/2021 USD 72.7 PROV BUENOS AIRE 10.875 1/26/2021 USD 72.31 PROV DE FORMOSA 5 2/27/2022 USD 62.63 PROV DE MENDOZA 5.5 9/4/2018 USD 73.78 PROV DEL CHACO 4 12/4/2026 USD 27.75 PROV DEL CHACO 4 11/4/2023 USD 55.13 TRANSENER 9.75 8/15/2021 USD 39 TRANSENER 9.75 8/15/2021 USD 38.75 TRANSENER 8.875 12/15/2016 USD 41.01 BRAZIL ------ CESP 9.75 1/15/2015 BRL 74.7 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 59.5 BANCO BPI (CI) 4.15 11/14/2035 EUR 65.13 BCP FINANCE CO 4.239 EUR 42 BCP FINANCE CO 5.543 EUR 43 BES FINANCE LTD 4.5 EUR 64.83 BES FINANCE LTD 5.58 EUR 67.5 CAM GLOBAL FIN 6.08 12/22/2030 EUR 61 CHINA FORESTRY 10.25 11/17/2015 USD 53 CHINA FORESTRY 10.25 11/17/2015 USD 53.13 CHINA SUNERGY 4.75 6/15/2013 USD 57.87 ERB HELLAS CAYMA 9 3/8/2019 EUR 50.75 ESFG INTERNATION 5.753 EUR 53.19 GOL FINANCE 8.75 USD 77.25 GOL FINANCE 8.75 USD 74.88 JINKOSOLAR HOLD 4 5/15/2016 USD 60 LUPATECH FINANCE 9.875 USD 45 LUPATECH FINANCE 9.875 USD 43.5 PUBMASTER FIN 6.962 6/30/2028 GBP 62.76 PUBMASTER FIN 8.44 6/30/2025 GBP 64 SUNTECH POWER 3 3/15/2013 USD 49.5 SUNTECH POWER 3 3/15/2013 USD 50.4 BRAZIL ------ CESP 9.75 1/15/2015 BRL 74.7 CHILE ----- ALMENDRAL TEL 3.5 12/15/2014 CLP 42.34 CHILE 3 1/1/2042 CLP 65.9 CHILE 3 1/1/2042 CLP 65.9 CHILE 3 1/1/2040 CLP 67.41 CHILE 3 1/1/2040 CLP 67.41 COLBUN SA 3.2 5/1/2013 CLP 24.86 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 58.5 PUERTO RICO CONS 6.5 4/1/2016 USD 69.48 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 69 PETROLEOS DE VEN 5.375 4/12/2027 USD 72.25 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** 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, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *