/raid1/www/Hosts/bankrupt/TCRLA_Public/150615.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, June 15, 2015, Vol. 16, No. 116
Headlines
A R G E N T I N A
PROVINCE OF FORMOSA: Moody's Lifts Sr. Sec. Debt Rating to Caa2
B E R M U D A
FIDELIS INSURANCE: A.M. Best Rates $292MM Cum. Pref. Shares 'bb'
B R A Z I L
CIMENTO TUPI: S&P Lowers Ratings to 'D' on Missed Interest Payment
GOL LINHAS: S&P Affirms 'B' Rating; Revises Outlook to Negative
OI BRASIL: S&P Assigns 'BB+' Rating to Proposed Sr. Unsec. Notes
OI BRASIL: Fitch Assigns BB+ Rating on EUR750MM Sr. Unsec. Notes
C A Y M A N I S L A N D S
CAKEWALK V LTD: Shareholders' Final Meeting Set for June 16
DHS OFFSHORE: Shareholders' Final Meeting Set for June 18
GUGGENHEIM ADVISORS: Shareholder to Hear Wind-Up Report on June 25
GUGGENHEIM PARTNERS: Member to Hear Wind-Up Report on June 25
GUGGENHEIM PARTNERS II: Member to Hear Wind-Up Report on June 25
MAAE: Shareholders' Final Meeting Set for June 29
SEMELE MARITIME: Shareholders' Final Meeting Set for June 29
SPECIAL VALUE: Shareholder to Hear Wind-Up Report on July 3
TRADEWORX MASTER: Shareholders' Final Meeting Set for June 18
TRADEWORX ULTRA: Shareholders' Final Meeting Set for June 18
C U B A
CUBA: Moody's Says Removal from Terrorism List is Credit Positive
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Prices in May Climb 0.29%, Paced by Transport
DOMINICAN REPUBLIC: High Debt, Low Revenue Demands Fiscal Mettle
J A M A I C A
JAMAICA: To Embark on Bond 'Road Show' in Europe
M E X I C O
PETROLEOS MEXICANOS: Finds Oil Fields Holding Barrels of Reserves
ZACATECAS: Moody's Cuts Issuer Ratings to B1/Baa1.mx
T R I N I D A D & T O B A G O
CL FIN'L: Firing of CLICO Execs an 'Absolutely Crazy Decision'
* TRINIDAD & TOBAGO: Major Quake Can Lead to TT$30BB in Losses
X X X X X X X X X
* BOND PRICING: For the Week From June 8 to June 12, 2015
- - - - -
=================
A R G E N T I N A
=================
PROVINCE OF FORMOSA: Moody's Lifts Sr. Sec. Debt Rating to Caa2
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded
the Province of Formosa's senior secured debt ratings to Caa2 from
Caa3 in global scale local currency and to Ba3.ar from Caa1.ar in
Argentina's national scale, respectively and affirmed its current
Caa2/Ba3.ar global local currency and Argentina's national scale
issuer ratings. Formosa's outlook remains negative.
The upgrade of the Province of Formosa senior secured debt ratings
to Caa2 from Caa3 reflects the ongoing normalization of payments
of the rated "FORM3" following their conversion to Argentinean
pesos in November of 2012. Accordingly, the upgrade of the secured
debt ratings aligns them with the credit quality of the province
as reflected in its current Caa2 issuer ratings.
The affirmation of Formosa's issuer ratings reflect a relative
stable performance under Argentina's weak institutional
environment reflected by the government of Argentina's ratings
(Caa1, negative). The Province of Formosa has recorded continuous
operating and financing surpluses and declining debt levels while
keeping a very high dependence on Federal Transfers. Formosa's
gross operating surplus averaged almost 15% during 2012-2014
fiscal years and the provincial debt represented a relatively low
debt level equivalent to an estimated 25% of total revenues, down
from 31.3% at the end of the previous fiscal year. Offsetting
relatively positive financials, the Province shows very weak
transparency and disclosure practices.
The negative outlook assigned reflects the country's weak and
volatile operating environment as well as the strong economic and
financial ties that exist between sub-sovereigns and the
sovereign.
Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Province of Formosa's ratings in
the near to medium term. A downgrade in Argentina's bond ratings
would result in a downgrade of the ratings assigned. A sharp
deterioration in the province's metrics such as a rapid increase
in the debt to revenues ratio could exert downward pressure on the
ratings assigned.
The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.
=============
B E R M U D A
=============
FIDELIS INSURANCE: A.M. Best Rates $292MM Cum. Pref. Shares 'bb'
----------------------------------------------------------------
A.M. Best Co. has assigned a financial strength rating of A-
(Excellent) and an issuer credit rating (ICR) of "a-" to Fidelis
Insurance Bermuda Limited (Fidelis). Concurrently, A.M. Best has
assigned an ICR of "bbb-" to Fidelis' holding company, Fidelis
Insurance Holdings Limited and a debt rating of "bb" to its $292
million 9% cumulative preference shares due 2050. The outlook
assigned to all ratings is stable. The ICR of Fidelis Insurance
Holdings Limited is strictly based on A.M. Best's holding company
methodology. Both companies are domiciled in Hamilton, Bermuda.
The rating of Fidelis is based on its excellent projected risk-
adjusted capital position, prudent business plan and knowledgeable
management team. Partially offsetting these positive factors are
the start-up nature of the company, the investment risk associated
with the company's alternative investment strategy, as well as the
competitive conditions and excess capacity in the reinsurance
marketplace that may challenge the execution of the business plan.
The rating is supported by an amount of capital that has met A.M.
Best's stringent requirements for newly formed companies. Fidelis
will operate as a Bermuda-based insurer and reinsurer writing a
global property insurance and reinsurance portfolio.
A.M. Best believes that Fidelis' underwriting risk, coupled with
its alternative investment strategy, creates an elevated risk
profile that could adversely influence the company's risk-adjusted
capitalization.
Mitigating these concerns is the prudent underwriting leverage
contemplated in Fidelis' business plan and the diversified, multi-
manager investment strategy.
Fidelis' assets will be managed by eight investment advisers who
are registered with the Securities and Exchange Commission, with
assistance from Goldman Sachs Alternative Investments Manager &
Selection (AIMS) Group. AIMS manages USD 150 billion in client
assets and has a staff of over 300 professionals worldwide.
Fidelis' assets will be held in fund-of-one portfolios or
separately managed accounts.
Factors that could result in positive rating actions would be
Fidelis meeting or exceeding its business plan over the long term.
A.M. Best could downgrade the ratings or revise the outlook if the
company's Best's Capital Ratio declines, its operating performance
and risk profile deteriorate or if losses from claims or
investments deteriorate capital.
===========
B R A Z I L
===========
CIMENTO TUPI: S&P Lowers Ratings to 'D' on Missed Interest Payment
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate and issue-level ratings on Brazilian cement producer
Cimento Tupi S.A. to 'D' from 'CC'. At the same time, S&P lowered
its Brazil national scale rating to 'D' from 'brCC' on the
company. S&P removed all ratings from CreditWatch with negative
implications, where it placed them on May 11, 2015.
The downgrade follows Cimento Tupi's June 10, 2015, announcement
that it can't pay the interest of approximately $9 million after
the end of the 30-day cure period established by the notes,
originally due as of May 11, 2015.
GOL LINHAS: S&P Affirms 'B' Rating; Revises Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the 'B'
global scale rating on Gol Linhas Aereas Inteligentes S.A. to
negative from stable. S&P also affirmed this rating. At the same
time, S&P lowered its Brazilian national scale rating on the
company to 'brBB' from 'brBBB-'. The outlook on this rating is
also negative.
The global scale rating outlook revision reflects S&P's
expectations that the real's weakening against the dollar will
take a toll on the company's credit metrics, which would raise its
leverage and weaken profitability. About 70% of the GOL's debt
and 60% of its costs are denominated in dollars. Furthermore, the
company's ongoing efforts to improve operating efficiency will
only mitigate the risks from Brazil's weaker economy, which can
lower demand from the business travelers (GOL's main clients) and
consequently increase competition.
GOL's leverage metrics sharply weakened since the third quarter of
2014, despite its stronger EBITDA generation. GOL has no
significant dollar-denominated debt maturing in the short term,
but a higher interest burden in local currency will pressure its
cash flows. S&P's base-case scenario points to a persistent
deterioration of leverage metrics, which prompted S&P's revision
of GOL's financial risk profile to "highly leveraged" from
"aggressive."
Along with the high leverage and currency mismatch, the ratings on
GOL continue to reflect the concentration of revenues in a single
market and the company's exposure to the intrinsic risks of the
airline industry. S&P views this risk as "high" due to the
industry's cyclicality, intense competition, and exposure to fuel
prices and economic cycles, resulting in volatile demand and
credit metrics. Those factors mainly underpin S&P's assessment of
a "weak" business risk profile. S&P's assessment also includes
the company's improving operating efficiency, low-cost business
model, and significant presence in the Brazilian aviation market.
S&P continues to view GOL's focus on profitable routes and an
efficient use of capacity as rating strengths. However, external
factors may limit the company's ability to fully benefit from such
initiatives in the short term. S&P expects GOL's margins to be
slightly lower than in 2014 thanks to still low fuel prices and
GOL's adequate operating performance, with increasing load factors
and ability to adjust capacity to the market conditions.
OI BRASIL: S&P Assigns 'BB+' Rating to Proposed Sr. Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' issue-level rating to Oi Brasil Holdings Cooperatief U.A.'s
proposed senior unsecured notes. This rating reflects the credit
rating on Oi S.A. (BB+/Negative/--), which unconditionally and
irrevocably guarantees the new debt. The '4' recovery rating
indicates S&P's expectation for average recovery (30%-50%; lower
half of the range) of principal in the event of a payment default.
The company will use the proceeds to repurchase existing debt in
order to extend debt maturities.
RATINGS LIST
Oi S.A.
Corporate credit rating BB+/Negative/--
Rating Assigned
Oi Brasil Holdings Cooperatief U.A.
Sr. unsec. notes BB+
Recovery Rating 4L
OI BRASIL: Fitch Assigns BB+ Rating on EUR750MM Sr. Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+(EXP)' rating to Oi Brasil
Holdings Cooperatief U.A.'s proposed up to EUR750 million senior
unsecured notes due 2021. Oi Netherlands is a wholly-owned
subsidiary of Oi S.A. (Oi, 'BB+'/Outlook Stable) and the notes
will be fully guaranteed by Oi and will rank pari passu with Oi's
other senior unsecured debt obligation.
The proceeds from the notes will be used for Oi's liability
management. Holders of Oi's certain existing notes, as listed
below, will be eligible for an option to switch into the proposed
notes, or sell their position for cash, which will be funded by
the notes proceeds. The remaining portion of the proceeds, if
any, will be used to prepay or refinance Oi's other debt
obligations. This transaction would help bolster Oi's solid
liquidity profile.
Oi's existing notes to be tendered are:
-- EUR600 million 5.625% notes due 2016;
-- EUR500 million 4.375% notes due 2017;
-- EUR250 million 5.242% notes due 2017;
-- EUR 750 million 5.125% notes due 2017.
KEY RATING DRIVERS
Oi's ratings reflect its fully integrated service lineup of fixed
and mobile, which enables convergent service offerings, its
extensive network coverage and its position as the largest fixed-
telephony service provider in Brazil. The company's liquidity is
sound following its recent sale of PT Portugal, SGPS, S.A. (PT
Portugal)
The ratings are tempered by Oi's weak market positon in the mobile
segment and negative free cash flow (FCF) generation, which have
led to high leverage despite the company's intention to delever in
recent years. Operating environment is unfavorable as the
competitive pressures in Brazil are among the highest in the
region.
Sale of PT Portugal:
Oi's recent sale of PT Portugal to Altice Portugal S.A. (Altice)
is positive as it provided ample liquidity and financial
flexibility for the company to pursue any strategic investment
options, if needed. Following the transaction, the company's net
debt was significantly reduced to BRL33 billion from BRL52 billion
at March 31, 2015, including its guarantees for PT Portugal debt.
Leverage has also moderately improved as Fitch estimates that the
financial leverage of PT Portugal assets sold to Altice which
excludes African assets was estimated to be well above 5.0x in
2014. Based on Oi's pro forma EBITDA during the last 12 months
(LTM) ended March 2015, Fitch estimates the company's adjusted net
leverage following the asset sale to be 4.5x.
On June 2, 2015, Oi completed the sale of PT Portugal and received
the net cash proceeds of EUR4.9 billion. As part of the
transaction, Portugal Telecom International Finance B.V. (PTIF)
became Oi's wholly owned subsidiary and PTIF's outstanding debt,
which amounts to about EUR4.9 billion, is now included in Oi's
consolidated debt. Oi plans to use the proceeds only for its debt
repayment unless there is an industry consolidation opportunity in
Brazil.
Tough Operating Environment:
Brazil remains one of the most competitive markets in Latin
America, while its mobile market has increasingly become
saturated. Oi has the lowest mobile market share among the four
major players, with about 18% subscriber shares. Mobile data and
fixed services, including broadband and pay-TV, have become the
key growth drivers for the industry, but Oi's rivals have made
more aggressive investments in those services than the company so
far. Under this environment, Oi's Brazil revenue and EBITDA
contracted by 3% and 8%, respectively, in 2014.
Positively, Oi managed to successfully execute various cost saving
measures which led to EBITDA turnaround during the first quarter
of 2015 (1Q15). Despite high inflationary pressures, the
company's operating expenses from the main Brazil operation
declined by 5% compared to a year ago, resulting in EBITDA
improving by 13% to BRL1.9 billion from BRL1.7 billion during the
same period. Backed by these measures, Fitch believes that Oi's
2015 Brazil EBITDA target of BRL7.0-7.4 billion is achievable.
Weak Cash Flow Generation; High Leverage
Oi's negative FCF generation is unlikely to be curbed in the short
to medium term given unfavourable operating environment. Despite
projected modest EBITDA improvement, the company's high interest
expenses, capex, and judicial deposits will continue to weigh on
its cash flow generation and negatively affect leverage. Oi's
leverage is considered high for the rating category. The company
intends to sell its 75% equity stake in Africatel Holdings BV, of
which the net book value was BRL5.8 billion including the
dividends receivable of BRL1.5 billion as of March 2015, but the
likelihood remains uncertain due to the legal dispute with the
minority shareholder. Excluding this, any material deleveraging
would remain difficult.
Industry consolidation:
Delayed industry consolidation is negative for Oi. Despite Oi's
efforts to pursue an acquisition or merger with TIM Brasil, as
disclosed in August 2014, the details on the structure, or timing
of the deal remains largely uncertain at the moment. Without the
industry restructuring, Fitch does not foresee any meaningful
recovery in Oi's credit profile.
In Fitch's view, the transformation to a three-player market led
by Oi in a crowded Brazil telecom industry should benefit the
company, as it would ease the competitive intensity, mainly price-
based competition, and help protect industrywide profitability.
Cash flow generation could also improve, given more efficient use
of capital investments, as well as network infrastructures and
distribution channels.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Oi include:
-- Muted to low single digits revenue growth over the medium
term;
-- Brazil EBITDA margin to recover to about 26% in 2015 from
24% in 2014 backed by ongoing cost saving measures;
-- Continued negative FCF generation at least for the short
term despite tempered capex budget of around BRL4.5 billion;
-- Net leverage recovering to below 4.5x unlikely without
successful pending asset sales and potential industry
consolidation.
RATING SENSITIVITIES
Oi's ratings are under negative pressure, given its high leverage
and unfavorable operating trends. The company's credit profile
could substantially change depending on how its additional asset
disposal and consolidation plans pan out in the short term. A
negative rating action could be considered if its net leverage
ratio is forecast to remain well above 4.0x over the medium to
long term without any meaningful improvement in its key operating
metrics.
Conversely, any positive rating action is unlikely at this time.
Fitch would consider a positive rating action should the company's
net leverage improve to below 3.5x along with material
improvements in its operational fundamentals on a sustained basis.
LIQUIDITY AND DEBT STRUCTURE
Oi's liquidity profile is sound backed by its large cash position
of about BRL22.3 billion following the completed sale of PT
Portugal, which compares to BRL15.5 billion of debt maturities by
the end of 2016. The company also held BRL10.8 billion of credit
facilities as of March 2015. During the same period, the
company's total debt was BRL38.9 billion, mainly comprised of
senior notes, public debentures, and bank loans. In addition,
PTIF's outstanding debt of EUR4.9 billion, which Oi used to
provide a full guarantee, became Oi's consolidated debt as PTIF
became Oi's wholly owned subsidiary.
==========================
C A Y M A N I S L A N D S
==========================
CAKEWALK V LTD: Shareholders' Final Meeting Set for June 16
-----------------------------------------------------------
The shareholders of Cakewalk V Ltd will hold their final meeting
on June 16, 2015, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Robert J. Reich
1400 Wewatta, Suite 900
Denver, CO 80202
USA
Telephone: +1 (305) 595 7738
Facsimile: +1 (305) 595 7787
DHS OFFSHORE: Shareholders' Final Meeting Set for June 18
---------------------------------------------------------
The shareholders of DHS Offshore SPC will hold their final meeting
on June 18, 2015, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Peter Goulden
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
GUGGENHEIM ADVISORS: Shareholder to Hear Wind-Up Report on June 25
------------------------------------------------------------------
The shareholder of Guggenheim Advisors Select Fund V (Cayman) Ltd.
will hear on June 25, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Jane Fleming
Telephone: (345) 945-2187
Facsimile: (345) 945-2197
P.O. Box 30464 Grand Cayman KY1-1202
Cayman Islands
GUGGENHEIM PARTNERS: Member to Hear Wind-Up Report on June 25
-------------------------------------------------------------
The member of Guggenheim Partners Prism Fund (Cayman) Ltd. will
hear on June 25, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Jane Fleming
Telephone: (345) 945-2187
Facsimile: (345) 945-2197
P.O. Box 30464 Grand Cayman KY1-1202
Cayman Islands
GUGGENHEIM PARTNERS II: Member to Hear Wind-Up Report on June 25
----------------------------------------------------------------
The member of Guggenheim Partners Prism Fund II (Cayman) Ltd. will
hear on June 25, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Jane Fleming
Telephone: (345) 945-2187
Facsimile: (345) 945-2197
P.O. Box 30464 Grand Cayman KY1-1202
Cayman Islands
MAAE: Shareholders' Final Meeting Set for June 29
-------------------------------------------------
The shareholders of MAAE will hold their final meeting on June 29,
2015, at 10:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Raymond E. Whittaker
FCM Ltd.
Telephone: (345) 946-5125
Facsimile: (345) 946-5126
P.O. Box 1982 Grand Cayman KY-1104
Cayman Islands
SEMELE MARITIME: Shareholders' Final Meeting Set for June 29
------------------------------------------------------------
The shareholders of Semele Maritime Company Limited will hold
their final meeting on June 29, 2015, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Raymond E. Whittaker
FCM Ltd.
Telephone: (345) 946-5125
Facsimile: (345) 946-5126
P.O. Box 1982 Grand Cayman KY-1104
Cayman Islands
SPECIAL VALUE: Shareholder to Hear Wind-Up Report on July 3
-----------------------------------------------------------
The shareholder of Special Value Absolute Return Fund (Cayman)
Ltd. will hear on July 3, 2015, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
TRADEWORX MASTER: Shareholders' Final Meeting Set for June 18
-------------------------------------------------------------
The shareholders of Tradeworx Ultra Select Master Fund, SPC will
hold their final meeting on June 18, 2015, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Peter Goulden
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
TRADEWORX ULTRA: Shareholders' Final Meeting Set for June 18
------------------------------------------------------------
The shareholders of Tradeworx Ultra Select Offshore Fund, Ltd.
will hold their final meeting on June 18, 2015, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Peter Goulden
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
=======
C U B A
=======
CUBA: Moody's Says Removal from Terrorism List is Credit Positive
-----------------------------------------------------------------
The recent removal of Cuba from the list of countries that the US
considers to be sponsors of terrorism is credit positive for the
sovereign, says Moody's Investors Service. Moody's rates Cuba Caa2
with a stable outlook.
Although largely symbolic, removal from the list could reduce the
stigma for non for non-US financial organizations of providing
financial flows and international banking services to Cuba if
regulations are eased further. It also increases the likelihood
that Cuba could receive funds from international organizations,
such as Corporacion Andina de Fomento (CAF), among others, says
Moody's in the report "Removal from List of States that Sponsor
Terrorism Is Credit Positive."
Removal from the terrorism list follows the December 2014
announcement of normalization of relations between the two
countries, a process that has spurred a growth in tourism.
Tourism contributes to the country's flow of foreign exchange.
Cuba also has a need for higher-end accommodations, and demand for
them combined with better access to financing could lead to
significant infrastructure building, says Moody's. Increased
financing to enhance the island's tourism infrastructure by
private sources would significantly boost economic activity in
Cuba.
Moody's expects Cuba and the United Sates now to look to reopen
embassies in their two capitals. As the process of normalization
continues, it will likely further boost the already substantial
increase in US visitors to the island, which began with the
softening of travel restrictions in January 2015.
Whatever the growth in tourism, Cuba will continue to face
significant macroeconomic challenges and Moody's expects the pace
of economic reform to be sluggish.
Moody's points to Cuba's duel currency system, with the Cuban
convertible peso (CUC) that is tied to the dollar and also the
Cuban peso (CUP), as a major source of inefficiencies and pricing
distortions.
"The dual currency that distorts relative prices is Cuba's single
most important macroeconomic challenge," says Moody's Vice
President -- Senior Analyst Jaime Reusche.
"An increase in the value of the resulting unified peso relative
to CUP would increase Cubans' spending power, but stoke inflation
and lead to widespread shortages. Conversely, a fall in the value
of the CUC would be resisted by those with savings in the harder
currency," says Moody's Reusche.
In 2013 Cuba announced that it would be eliminating the duel
system, but has yet to release a timetable for phasing it out.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Prices in May Climb 0.29%, Paced by Transport
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said May prices climbed 0.29% compared with April, while inflation
over the first five months was 0.19%.
It said accumulated inflation from May 2014 to May 2015 was 0.23%,
"significantly lower than the 3.70% inflation verified at the end
of May 2014," according to Dominican Today.
The report notes that the results for May are mostly due to the
higher cost of transport (1.18%), housing and education.
DOMINICAN REPUBLIC: High Debt, Low Revenue Demands Fiscal Mettle
----------------------------------------------------------------
Dominican Today reports that governments in countries with high
debt and low revenue such as Dominican Republic must exercise
fiscal prudence throughout their political cycle, said Benjamin
McDonald, who represents the World Bank in the country.
"We always invite any government (. . .) to maintain fiscal
prudence, because after all, debt is a tax to be paid tomorrow.
Your children are going to pay taxes if debts are contracted
today," Benjamin said when asked about the country's deficit and
current political backdrop," the report quoted Mr. McDonald as
saying.
Mr. McDonald said while debt isn't necessarily bad it's important
to put the fund to good, wise use, noting that some countries
enter into debt based on their ability to collect, the report
relates. "There are countries in the region which collect up to
35% of GDP in taxes and can sustain a higher debt that a country
which levies 14%," Mr. McDonald, says the report.
Inequality
Mr. McDonald blamed the country's economic structure for its
persistently high levels of poverty despite Dominican Republic's
also high growth rate, the report notes.
Mr. McDonald said if growing sectors fail to create numerous good
jobs there can be no balance between economic growth and poverty
reduction, because low-income people depend mainly on their
salary, the report relates.
Mr. McDonald said although the country's productivity
significantly increased in recent years it doesn't always mean an
increase in real wages and urged here the stronger integration
between productive sectors with the local economy, the report
discloses.
The Word Bank executive cited a study which found that Central
America free zones use domestic production in a higher proportion
(around 10%) than Dominican Republic, the report relays.
Mr. McDonald spoke on the role, characteristics, changes and other
civil society aspects considered a key player in economic, social
and political development of nations, at the seminar "Civil
Society: Working Together for Dominican Republic's Sustainable
Development," hosted by the NGO Alliance to mark its 20th
anniversary, notes Dominican Today.
=============
J A M A I C A
=============
JAMAICA: To Embark on Bond 'Road Show' in Europe
------------------------------------------------
RJR News reports that Jamaica is preparing to go on a non-deal
road show, starting this week, to prep investors in Europe and the
United States for a bond offer.
The money is being sought to help retire debt owed to Venezuela
through the Petrocaribe Agreement, according to RJR News.
The road show, which is to be managed by United States based bank,
CitiGroup, will involve a team of finance officials meeting
investors in Los Angeles, New York, Boston, London, Germany and
Amsterdam, the report relates. These meetings are to be held from
June 16 to 24, the report notes.
Jamaica owes US$3 billion to Venezuela as delayed payments for oil
bought from the South American country, but may need only a half
of the amount to make the repayment, the report says.
That is if Venezuela gives Jamaica a 50 per cent discount on the
debt, as it did with the Dominican Republic earlier this year, the
report notes.
Two weeks ago, Audley Shaw, Opposition Spokesman on Finance, urged
the government not to go to the capital markets to raise expensive
funds to pay off the Petrocaribe debt, the report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'B' from 'B-'. In addition, S&P affirmed the 'B'
short-term ratings on Jamaica. The outlook on the long-term
ratings is stable. S&P also raised the transfer and
convertibility assessment to 'B+' from 'B'.
===========
M E X I C O
===========
PETROLEOS MEXICANOS: Finds Oil Fields Holding Barrels of Reserves
-----------------------------------------------------------------
EFE News reports that the discovery of oil fields holding reserves
estimated at 350 million barrels gives Mexico "a breath of
oxygen," the head of state-owned oil company Petroleos Mexicanos,
or Pemex, Emilio Lozoya, said.
"For Pemex, it's a breath of oxygen (because) production has been
falling for 10 years. Reversing a trend of this size is not easy
for any oil company in the world, these fields are big news for
us," Mr. Lozoya told Radio Formula, according to EFE News.
The report notes that the new fields are in shallow waters off the
coast of Tabasco and in the Sound of Campeche, a body of water in
the Gulf of Mexico.
Pemex still has "a long road to travel" to produce oil from the
fields, the Pemex CEO said, the report relates.
The new fields will allow Pemex to produce nearly 200,000 barrels
per day (bpd) of petroleum within 16 to 24 months, boosting the
state-owned oil company's production, Mr. Lozoya said, the report
discloses.
Pemex's production has fallen from 3.3 million bpd a decade ago to
2.3 million bpd June 11, the report relays.
As reported in the Troubled Company Reporter-Latin America on
May 8, 2015, EFE News reports that Petroleos Mexicanos, or Pemex,
plans to not replace between 2,000 and 3,000 retiring workers in
an effort to cut costs amid low oil prices, the state-owned energy
company's chief financial officer, Mario Beauregard, said.
The workers have met the requirements to retire -- age 55 and 25
years of service -- and will be leaving the company over the next
few months, the CFO told Radio Formula, according to EFE News.
The elimination of the retiring workers' jobs is part of the
budget cuts of MXN62 billion ($4.04 billion) approved by Pemex's
board of directors in February, Mr. Beauregard said, the report
disclosed.
ZACATECAS: Moody's Cuts Issuer Ratings to B1/Baa1.mx
----------------------------------------------------
Moody's de Mexico downgraded the municipality of Zacatecas' issuer
ratings to Baa1.mx from A3.mx (Mexico National Scale) and to B1
(Global Scale, local currency) from Ba3. The outlook remains
stable.
At the same time, Moody's downgraded Zacatecas' debt ratings on
the MXN 40 million (original face value) enhanced loan from
Banobras and on the MXN 110 million (original face value) enhanced
loan from Banorte to Ba2/A2.mx from Ba1/A1.mx.
The recommendation to downgrade the municipality of Zacatecas'
ratings to B1/Baa1.mx from Ba3/A3.mx reflects a sharp
deterioration of its gross operating balance by year-end 2014.
In 2014, Zacatecas registered a gross operating deficit equivalent
to -20% of operating revenues, a sharp decrease in the
historically increasing trend that averaged 13% of operating
revenues between 2010-2013. The sudden drop primarily reflects a
change in accounting methodology that will weight structurally on
the city's finances for the next few years and more marginally
reflects one-time expenditures. Moody's expects that Zacatecas
will continue posting negative operating results in 2015 at around
-9% of operating revenues.
As a result, cash financing requirements also declined to -17.5%
of total revenues in 2014 compared to -0.9% in 2013. The deficit
was financed with long term debt. After registering a debt free
position, Zacatecas' debt was equivalent to 31.7% of operating
revenues by yearend 2014. This level is expected to remain at
similar levels during 2015 as the municipality does not have plans
to contract additional debt.
Liquidity remains one of Zacatecas' most challenging financial
aspects. Measured as net working capital (current assets less
current liabilities), it averaged -13% of total expenditures
between 2010-2014. During 2014, Zacatecas' net working capital was
equivalent to -10% of total expenditures in 2014 compared to a -
19% registered in 2013. The improvement reflects that the
municipality partially refinanced its short term obligations with
the long term debt acquired during 2014.
The ratings downgrade of the MXN 40 million and MXN 110 million
enhanced loans reflect the downgrade of Zacatecas' issuer rating.
The loan ratings are directly linked to the credit quality of the
issuer, which ensures that underlying contract enforcement risks,
economic risk and credit culture risks (for which the issuer
rating acts as a proxy) are embedded in the ratings of the
enhanced loans.
A sustained improvement in its gross operating balance and
liquidity position could lead to an upgrade of the ratings.
Conversely, if the municipality shows further deterioration of its
weak liquidity position and / or registers higher debt levels,
could exert downward pressure on the ratings.
Given the links between the loans and the credit quality of the
obligor, an upgrade of the municipality of Zacatecas' issuer
rating would likely result in an upgrade of its enhanced loans
ratings. The ratings could also face upward pressure if observed
and projected debt service coverage ratios increase above current
thresholds. Conversely, a downgrade of the municipality of
Zacatecas' issuer ratings could also exert downward pressure on
the ratings of the loans. In addition, the ratings could face
downward pressure if debt service coverage levels fall materially
below the expectations.
The principal methodologies used in these ratings were Regional
and Local Governments published in January 2013, and Rating
Methodology for Enhanced Municipal and State Loans in Mexico
published in June 2014.
The period of time covered in the financial information used to
determine Municipality of Zacatecas' rating is between Jan. 1,
2010 and Dec. 31, 2014.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Firing of CLICO Execs an 'Absolutely Crazy Decision'
--------------------------------------------------------------
Sunday Express reports that Central Bank Governor Jwala Rambarran
fired Gerald Yetming and Carolyn John as chairman and managing
director of CLICO, respectively, for not following instructions
with regard to multimillion-dollar payouts to former directors.
Mr. Yetming and Mr. John were fired, following the disclosure that
more than TT$36 million was paid to former executives of the
troubled company, according to Sunday Express. Wendy Ho Sing was
appointed executive chairman, with immediate effect.
The report notes that Mr. Henry said he expects Yetming and John
to sue over their mistreatment.
Mr. Henry made the statements as he delivered his contribution to
the Finance (Variation of Appropriation) (Financial Year 2015)
Bill 2015 in the Upper House, Tower D, International Waterfront
Centre, Port of Spain, the report notes.
"I must comment on the absolutely crazy decision that was taken in
the past few days to dismiss the chairman of CLICO and the
managing director. I wonder if people understand that these are
the same people who would have been given credit for anything
positive that was happening inside of CLICO. Where people were
saying, certain individuals were saying, CLICO was now made whole
. . . . I think that was a reference that someone used to describe
CLICO a few weeks before that," the report quoted Mr. Henry as
saying.
"How did that happen? These were the same individuals who stood
with the company, appointed by your Government, did what they were
supposed to do and they were embarrassed, thrown out, treated like
common criminals and no one in the Government says anything," Mr.
Henry said, the report relays.
The report discloses that Mr. Henry called on Finance Minister
Larry Howai to say whether he supports the "overnight" move to
fire Yetming and John.
"So these people had stood there with the company and handled the
operation, from all reports quite well, to the point that even
members of the Government could have boasted about it. I think
even the honorable Minister of Finance himself was quite pleased,"
Mr. Henry said, the report relays.
"So what happened overnight? We await the explanation, but this, I
am certain, is going to expose somebody to a massive lawsuit filed
by either one of the two people who have been mistreated, and they
have been mistreated very badly, so we await the outcome of that,
but I must say, Madam President, that was actually quite a
shocking development . . . ," Mr. Henry said, the report says.
Apart from the CLICO issue, Mr. Henry slammed Mr. Howai's figures
about the economy, labelling them as "wishy-washy, flim-flam," the
report relays.
"When (former finance minister) Mr. Dookeran presented numbers, we
actually could have some faith in it; we have absolutely no faith
in any of the numbers presented by this current minister," Mr.
Henry said, the report adds.
About CLICO International
Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group. CL Financial Limited is a privately held
conglomerate in Trinidad and Tobago. Founded as an insurance
company by Cyril Duprey, Colonial Life Insurance Company was
expanded into a diversified company by his nephew, Lawrence
Duprey. CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.
* * *
As reported in the Troubled Company Reporter-Latin America on July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.
In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO. The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.
On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state. The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.
At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related. Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.
* TRINIDAD & TOBAGO: Major Quake Can Lead to TT$30BB in Losses
--------------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago's
infrastructure has been estimated at TT$188 billion in 2014 and
should there be a 7.5 magnitude earthquake, damage could be in the
sum of TT$30 billion or 15 percent of investments in
infrastructure says instrumentation engineer Lloyd Lynch.
In a presentation on the Port-of-Spain Microzonation Project,
Lynch who works in the University of the West Indies Seismic
Research Centre (UWI-SRC) said that among the vulnerable areas in
TT that are likely to be affected are industrial estates in areas
where the soil is likely to liquify or settle, the gas
distribution system and buildings that use hollow clay bricks on
exterior walls, according to Trinidad and Tobago Newsday.
The report notes that Mr. Lynch spoke at the Radisson Hotel in
Port-of-Spain. Speaking with the media at the same venue,
Minister of Planning and Sustainable Development Dr. Bhoe Tewarie
said that the findings of the seismic microzonation project in
Port-of-Spain has revealed the need for retrofitting on a number
of buildings, the need for adherence to stricter building codes,
and adequate preparations for a major earthquake to minimize
risks, the report relates.
The Port-of-Spain microzonation project is the first of a series
that will be done countrywide by the UWI-SRC in collaboration with
the Ministry of Planning and Sustainable Development over a ten-
year period. With the completion of the Port-of-Spain project,
work has now begun on the microzonation of San Fernando, the
report notes.
The findings of the study, Mr. Tewarie said, mean the application
and adherence to stricter building codes for all new construction
in the city, the report relays. The new building code, which will
incorporate international codes for earthquqke zones, he said,
will go before Cabinet for approval for proclamation, the report
discloses.
The new codes will have implications, Mr. Tewarie said, for the
development and redevelopment of the capital city, shore
development in areas like Invaders Bay -- a land reclamation
development, and Chaguaramas for which plans are in place for
connection by road and ocean, as well as plans for the
rehabilitation of East Port-of-Spain, notes the report.
One of the findings of the study, Mr. Tewarie said, was that the
Central Bank Tower and the Eric Williams Financial complex were
sturdy and required no retrofitting, the report relays. "A number
of buildings in Port-of-Spain have been built according to the
highest standards according to international building codes," the
report quoted Mr. Tewarie as saying. The San Fernando study, Mr.
Tewarie said, will also have implications for the waterfront
project, as well as for the roads from Mayaro and Point Fortin
which will converge in San Fernando, says the report.
With more information becoming available, Mr. Tewaire said, "There
is no reason for panic in the event of an earthquake," the report
discloses.
Mr. Tewarie said Government was putting preventative measures in
place to take care of any eventuality, the report notes. The
recommendations coming out of the microzonation projects, Mr.
Tewarie said will go straight into implementation at the level of
Town and Country Planning Division and the Ministry of Works
decision-making processes, the report says.
In brief remarks, seismologist Dr. Joan Latchman said that the
objective of the studies are to put measures in place at all
levels to mitigate an earthquake when it happens, the report
relays. A massive earthquake was due at anytime, Ms. Latchman
said.
With the necessary measures in place, Ms. Latchman said, that a
massive earthquake will not necessarily mean that a disaster or
disasters will occur, the report notes. Ms. Latchman noted the
need for collaboration in the national community including
insurance companies and valuators, and warned against complacency,
the report adds.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From June 8 to June 12, 2015
---------------------------------------------------------
Issuer Name Cpn Bid Price Maturity Date Country Curr
----------- --- --------- ------------- ------- ----
PDVSA 8.5 56.25 11/2/2017 VE USD
PDVSA 8.5 66.7 11/2/2017 VE USD
PDVSA 5.25 42.09 4/12/2017 VE USD
Venezuela
Int'l Bond 12.75 44.7 8/23/2022 VE USD
Transocean Inc 6.8 73.8 3/15/2038 KY USD
PDVSA 12.75 47.52 2/17/2022 VE USD
Venezuela
Int'l Bond 11.95 41.95 8/5/2031 VE USD
CSN Islands
XII Corp 7 70.25 BR USD
Banco Mercantil
do Brasil SA 9.62 45.5 7/16/2020 BR USD
Banco do
Brasil SA/Cayman 6.25 68.5 KY USD
Transocean Inc 3.8 73.8 10/15/2022 KY USD
MIE Holdings
Corp 7.5 60.12 4/25/2019 HK USD
PDVSA 9 39.5 11/17/2021 VE USD
Anton Oilfield 7.5 68.85 11/6/2018 CN USD
PDVSA 5.37 31.84 4/12/2027 VE USD
PDVSA 6 33.15 5/16/2024 VE USD
PDVSA 6 32.24 11/15/2026 VE USD
PDVSA 9.75 38.25 5/17/2035 VE USD
Schahin II
Finance Co
SPV Ltd 5.87 60.5 9/25/2022 KY USD
Odebrecht Oil
& Gas
Finance Ltd 7 54.5 KY USD
Kaisa Group
Holdings Ltd 10.25 57 1/8/2020 CN USD
Venezuela
Int'l Bond 11.75 41.75 10/21/2026 VE USD
Offshore Group
Investment Ltd 7.5 57.27 11/1/2019 KY USD
PDVSA 5.5 31.5 4/12/2037 VE USD
PDVSA 5.12 60.25 10/28/2016 VE USD
Kaisa Group
Holdings Ltd 9 51.5 6/6/2019 CN USD
Cimento Tupi SA 9.75 40 5/11/2018 BR USD
Kaisa Group
Holdings Ltd 6.87 52.12 4/22/2016 CN CNY
Honghua
Group Ltd 7.45 53.75 9/25/2019 CN USD
Venezuela
Int'l Bond 7.75 36.75 10/13/2019 VE USD
Venezuela
Int'l Bond 9.37 37.9 1/13/2034 VE USD
Venezuela
Int'l Bond 6 34.75 12/9/2020 VE USD
Automotores
Gildemeister SA 8.25 40.25 5/24/2021 CL USD
Tonon
Bioenergia SA 9.25 29.75 1/24/2020 BR USD
Gol Finance 8.75 68.4 BR USD
MIE Holdings
Corp 6.87 68 2/6/2018 HK USD
Venezuela
Int'l Bond 9 37.1 5/7/2023 VE USD
Venezuela
Int'l Bond 7 40.95 12/1/2018 VE USD
Mongolian
Mining Corp 8.87 70 3/29/2017 MN USD
USJ Acucar
e Alcool SA 9.875 45 11/9/2019 BR USD
Venezuela
Int'l Bond 9.25 37.4 5/7/2028 VE USD
Automotores
Gildemeister SA 6.75 34 1/15/2023 CL USD
Offshore Group
Investment Ltd 7.12 53.95 4/1/2023 KY USD
CA La
Electricidad
de Caracas 8.5 37 4/10/2018 VE USD
Kaisa Group
Holdings Ltd 8 66.2 12/20/2015 CN CNY
Venezuela
Int'l Bond 13.62 68 8/15/2018 VE USD
Inversiones
Alsacia SA 8 67.03 12/31/2018 CL USD
Polarcus Ltd 2.87 51.40 4/27/2016 AE USD
China Precious
Metal Resources
Holdings 7.25 49.83 2/4/2018 HK HKD
SMU SA 7.75 71.8 2/8/2020 CL USD
NQ Mobile Inc 4 65 10/15/2018 CN USD
Glorious
Property
Holdings Ltd 13.25 63.37 3/4/2018 HK USD
Schahin II
Finance Co
SPV Ltd 5.87 60.715 9/25/2022 KY USD
BA-CA Finance
Cayman Ltd 1.21 61.625 KY EUR
Odebrecht
Finance Ltd 8.25 74.35 4/25/2018 KY BRL
BCP Finance Co 2.10 56.375 KY EUR
Polarcus Ltd 8 25.5 6/7/2018 AE USD
Newland
International
Properties Corp 9.5 38.5 7/3/2017 PA USD
PSOS Finance
Ltd 11.75 73.25 4/23/2018 KY USD
BA-CA Finance
Cayman 2 Ltd 0.69 60.5 KY EUR
Polarcus Ltd 8.73 25 7/8/2019 AE NOK
Inversora de
Electrica
de Buenos
Aires SA IEBA 6.5 44.5 9/26/2017 AR USD
Tonon
Bioenergia SA 9.25 30.35 1/24/2020 BR USD
PDVSA 8.5 66.6 11/2/2017 VE USD
MIE Holdings
Corp 7.5 69.5 4/25/2019 HK USD
Banco do Brasil
SA/Cayman 6.25 67.25 KY USD
General
Exploration
Partners Inc 11.5 73.5 11/13/2018 CA USD
PDVSA 6 32 5/16/2024 VE USD
ESFG
International Ltd 5.75 0.326 KY EUR
USJ Acucar
e Alcool SA 9.87 46 11/9/2019 BR USD
Odebrecht Oil
& Gas Finance
Ltd 7 54 KY USD
PDVSA 12.75 53.25 2/17/2022 VE USD
Automotores
Gildemeister SA 6.75 34.5 1/15/2023 CL USD
Mongolian
Mining Corp 8.87 70.25 3/29/2017 MN USD
Automotores
Gildemeister SA 8.25 36.31 5/24/2021 CL USD
PDVSA 9 37.12 11/17/2021 VE USD
Venezuela
Government
Int'l Bond 13.62 61.88 8/15/2018 VE USD
Anton Oilfield
Services
Group/Hong Kong 7.5 70 11/6/2018 CN USD
EDNAR 10.5 84.5 10/9/2017 AR USD
Cimento Tupi SA 9.75 48 5/11/2018 BR USD
Honghua Group Ltd 7.45 54.75 9/25/2019 CN USD
Banco Mercantil
do Brasil SA 9.625 42.625 7/16/2020 BR USD
PDVSA 9.75 38.7 5/17/2035 VE USD
EDNAR 9.75 74 10/25/2022 AR USD
Greenfields
Petroleum Corp 9 25.05 5/31/2017 US CAD
CSN Islands
XII Corp 7 70.47 BR USD
Gol Finance 8.75 65.875 BR USD
Argentina Bocon 21.875 73.73 1/4/2016 AR ARS
Newland
International
Properties Corp 9.5 37.75 7/3/2017 PA USD
Venezuela
Government
TICC Bond 5.25 55.36 3/21/2019 VE USD
SMU SA 7.75 72.44 2/8/2020 CL USD
Provincia
de Tucuman
Argentina 0.40 42.7 9/5/2015 AR USD
Ruta del Bosque
Sociedad
Concesionaria
SA 6.3 65.67 3/15/2021 CL CLP
Cia Cervecerias
Unidas SA 4 53.32 12/1/2024 CL CLP
Cia Sud
Americana
de Vapores SA 6.4 54.31 10/1/2022 CL CLP
Provincia
del Chaco 4 68.01 12/4/2026 AR USD
Talca Chillan
Sociedad
Concesionaria SA 2.75 48.77 12/15/2019 CL CLP
Venezuela
Government
Int'l Bond 7.65 34.5 4/21/2025 VE USD
Venezuela
Government
Int'l Bond 7 35 3/31/2038 VE USD
Decimo Primer
Fideicomiso
de Bonos de
Pres 4.54 66.5 10/25/2041 PA USD
Venezuela
Government
Int'l Bond 13.62 66.12 8/15/2018 VE USD
Venezuela
Government
Int'l Bond 8.25 35.4 10/13/2024 VE USD
Venezuela
Government
Int'l Bond 9.25 40.25 9/15/2027 VE USD
Empresa de
los Ferrocarriles
del Estado 6.5 71.4 1/1/2026 CL CLP
***********
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.
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, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2015. 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
202-362-8552.
* * * End of Transmission * * *