/raid1/www/Hosts/bankrupt/TCRLA_Public/150831.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, August 31, 2015, Vol. 16, No. 171
Headlines
A R G E N T I N A
BANCO ITAU: Moody's Affirms B1 Long-Term Global LC Deposit Rating
B R A Z I L
COMPANHIA DE SANEAMENTO: Moody's Assigns Ba1 Corp Family Rating
C A Y M A N I S L A N D S
CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22
COLORADO SECURITIES: Shareholders' Final Meeting Set for Sept. 7
FIFTH AVENUE: Shareholder to Hear Wind-Up Report on Sept. 30
FIFTH AVENUE VALUE: Shareholder to Hear Wind-Up Report on Sept. 30
ISLAND PROPERTY: Shareholder to Hear Wind-Up Report on Sept. 7
LUXURY HOLDINGS: Shareholders' Final Meeting Set for Oct. 22
NAMBU COMPANY: Member to Hear Wind-Up Report on Sept. 14
SAMPRASS LIMITED: Shareholder to Hear Wind-Up Report on Sept. 8
TIMEPIECE HOLDINGS: Shareholders' Final Meeting Set for Oct. 22
VIRGIL HOLDINGS: Shareholder to Hear Wind-Up Report on Sept. 7
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Truckers End Strike at Border With Haiti
G R E N A D A
GRENADA: Making Progress Implementing Economic Program, IMF Says
J A M A I C A
JAMAICA: More Devaluation Expectations
JAMAICA: Business Leaders Expect Low Inflation
P E R U
PETROPERU: Not Prepared to Operate Country's Largest Oil Block
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: Cash Inflows to Provide Cushion, Howai Says
X X X X X X X X X
* BOND PRICING: For the Week From Aug. 24 to Aug. 28, 2015
- - - - -
=================
A R G E N T I N A
=================
BANCO ITAU: Moody's Affirms B1 Long-Term Global LC Deposit Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (Moody's)
affirmed Banco Itau Argentina S.A.'s (BIA) B1 global scale and
Aaa.ar national scale local currency deposit and senior unsecured
ratings as well as the Caa2 global scale and Ba2.ar national scale
foreign currency deposit ratings. The outlook for all ratings is
negative. At the same time, Moody's affirmed BIA's baseline credit
assessment (BCA) at caa1 and downgraded the bank's adjusted BCA to
ba2 from ba1.
The following ratings and assessments were affirmed:
Long-Term Global Local-Currency Deposit Rating: B1
Argentinean National Scale Local-Currency Deposit Rating: Aaa.ar
Long-Term Global Foreign-Currency Deposit Rating: Caa2
Argentinean National Scale Foreign-Currency Deposit Rating: Ba2.ar
Short-Term Global Local and Foreign-Currency Deposit Rating: Not
Prime
Long-Term Global Local-Currency Senior Unsecured MTN Rating: (P)B1
Argentinean National Scale Local-Currency Senior Unsecured MTN
Rating and Senior Unsecured: Aaa.ar
Long-Term Global Foreign-Currency Senior Unsecured MTN Rating:
(P)Caa1
Argentinean National Scale Foreign-Currency Senior Unsecured MTN
Rating: Baa1.ar
Long-Term Global Local-Currency Senior Unsecured Rating: B1
Long-Term Global Local-Currency Senior Unsecured Rating: Aaa.ar
Baseline credit assessment: caa1
Long-Term Counterparty risk assessment: B1(cr)
Short-Term Counterparty risk assessment: Not Prime(cr)
The following assessment was downgraded:
Adjusted baseline credit assessment: to ba2 from ba1
RATINGS RATIONALE
Banco Itau Argentina's ratings derive from its caa1 standalone
credit assessment and incorporates affiliate support to be
provided to the bank by its main shareholder, Itau Unibanco S.A.
(BIU). Following Brazil's government bond rating downgrade to Baa3
from Baa2, BIU was downgraded to Baa3 from Baa2, which indicates
relatively lower capacity to provide support to its Argentine
subsidiary and as a result, we downgraded BIA's adjusted BCA to
ba2 from ba1. Nevertheless, thanks to affiliate support, Itau
Argentina remains one of the strongest credits in Argentina, as
reflected in its Aaa.ar national scale local currency debt and
deposit ratings. As BIA's ratings continue to be constrained by
Argentina's local and foreign currency deposit and bond ceilings,
they were affirmed.
In affirming BIA's standalone assessment, Moody's considered the
challenging operating environment in Argentina, characterized by
high inflation and weak economic growth, which will continue to
jeopardize borrowers debt service capacity and impact the bank's
non-perfoming loan ratio, which more than doubles Argentina's
banking system average as of June 2015, as a result of both higher
delinquencies and loan book contraction in real terms.
BIA's ratings also incorporate the risks related to increasing
government regulation through mechanisms unfavorable to the
earnings generation, such as lending mandates, lending rate caps
and deposit rate floors. Profitability has also suffered because
of the high level of competition from other local and
international banks, which have been more aggressive than BIA in
recent years. While reported profitability metrics appear to
remain strong despite these challenges, they are considerably
weaker when adjusted for the country's very high rate of
inflation. Even if net income has been reinvested as a result of
regulatory restrictions to distribute dividends in place in
Argentina, BIA's capitalization remains modest when compared to
the banking system. Other key risks include the bank's relatively
high depositor concentrations.
These risks and challenges are partly offset by the bank's well-
established retail and corporate franchise, its experienced
management team, its healthy earnings diversification as a result
of relatively high non-interest income, and its healthy liquidity
metrics.
The negative outlook reflects the negative outlook on the
sovereign coupled with the deteriorating operating environment
prompted by Argentina's default. The ratings could face downward
pressure if the operating environment deteriorates further,
affecting the entities' business prospects, asset quality,
profitability or capitalization or if the sovereign bond rating
and/or the country ceiling are downgraded.
Banco Itau Argentina S.A. is headquartered in Buenos Aires, with
assets of ARS 17.2 billion and equity of ARS 2.12 billion as of
June 2015.
===========
B R A Z I L
===========
COMPANHIA DE SANEAMENTO: Moody's Assigns Ba1 Corp Family Rating
---------------------------------------------------------------
Moody's America Latina Ltda withdrew Companhia de Saneamento
Basico do Estado de Sao Paulo's (Sabesp) former Issuer ratings of
Baa3/Aa1.br and assigned a Corporate Family rating of Ba1 on the
global scale and Aa2.br on the Brazilian national scale. At the
same time, Moody's lowered Sabesp's bca (baseline credit
assessment) to ba2 from ba1. The outlook remains negative.
In accordance with Moody's methodology for government related
issuers, or GRIs, the Ba1 corporate family rating of SABESP
reflects the combination of the following inputs:
-- Baseline credit assessment (BCA) ba2
-- High-level dependence
-- Strong level of government support
-- The Baa3 rating of the State Government of Sao Paulo, which
has a stable outlook
Using the above inputs the application of the GRI methodology
results in a Ba1 rating
RATINGS RATIONALE
The downgrade on Sabesp's ratings reflects Moody's opinion that
the company's recent weaker credit metrics will continue over the
medium-term horizon and that its liquidity position is likely to
continue to deteriorate.
Sabesp's weaker credit metrics will mostly come from lower volume
sales and the added financial costs associated with the company's
water savings program, increased debt levels to support its
sizeable capital expenditure program and the devaluation of the
Brazilian currency since over 40% of the company's debt is pegged
to the American dollar or Japanese Yen.
Sabesp has historically been able to steadily access the banking
and capital markets and has consistently secured long-term debt at
very low interest rates to finance its capital expenditures
program as attested by the company's long dated debt maturity
profile with around 74% of its debt maturing beyond 2017.
While Moody's expects this pattern to continue over the medium-
term horizon the agency believes that Sabesp's liquidity position
will remain under pressure in the near term, particularly given
the potential breach of some financial covenants embedded in most
of the company's outstanding debt which would entitle creditors to
accelerate their debt payments if the breach were to occur in two
consecutive quarters or in two separate quarters within the period
of one year.
The total debt to EBITDA ratio of 3.65x stands out as the most
relevant financial covenant that could be breached within the next
two or three quarters, which will ultimately depend on
management's ability to improve its operational performance and
contain the growth of its debt to a more manageable level. Under
this potential scenario, Moody's believes that the company is
slated to renegotiate the terms and conditions or obtain waivers
from most of its creditors to avoid the acceleration of its debt
but there is no assurance that this strategy will fully succeed.
The negative outlook reflects the uncertainties about the
company's ability to circumvent the expected deterioration in its
liquidity position as well as a further weakening of its credit
metrics, which would occur should the company impose a compulsory
reduction in water consumption because of the very critical low
water levels of the company's two most important water reservoirs.
In light of this rating action an upgrade is very unlikely in the
medium term.
Moody's would consider a further downgrade if it perceives a
pronounced deterioration of the company's liquidity or a further
weakening of its credit metrics such that funds from operations
(FFO) over debt falls below 10% or interest coverage stays below
3.0x on a sustainable basis.
A perception of a lower level of support from the regulatory
framework or the downgrade of the rating of the state of Sao Paulo
could also trigger a downgrade rating action.
SABESP is the largest Brazilian sanitation company as it provides
water and sewage services to 364 municipalities in the state of
Sao Paulo. The state government of Sao Paulo is SABESP's major
shareholder, holding 50.3% of its total and voting capital. The
company's shares are listed in the Brazilian stock exchange
(BM&FBovespa) and New York stock exchange. As per Moody's standard
adjustments, in the last twelve months ended June 30, 2015, SABESP
posted consolidated net sales of BRL 7,757 million, which does not
include construction revenues, and net profit of BRL 778 million.
==========================
C A Y M A N I S L A N D S
==========================
CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22
----------------------------------------------------------------
The shareholders of Chaumet Investments Limited will hold their
final meeting on Oct. 22, 2015, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
COLORADO SECURITIES: Shareholders' Final Meeting Set for Sept. 7
----------------------------------------------------------------
The shareholders of Colorado Securities Limited will hold their
final meeting on Sept. 7, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
FIFTH AVENUE: Shareholder to Hear Wind-Up Report on Sept. 30
------------------------------------------------------------
The shareholder of Fifth Avenue Global Equity Offshore Fund Ltd.
will hear on Sept. 30, 2015, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Jacqueline Stirling
Bessemer Trust Company (Cayman) Limited
P.O. Box 2254 Grand Cayman KY1-1107
Cayman Islands
Telephone: (345) 949-6674
Facsimile: (345) 945-2722
FIFTH AVENUE VALUE: Shareholder to Hear Wind-Up Report on Sept. 30
------------------------------------------------------------------
The shareholder of Fifth Avenue Value Creation Offshore Fund Ltd.
will hear on Sept. 30, 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:
Jacqueline Stirling
Bessemer Trust Company (Cayman) Limited
P.O. Box 2254 Grand Cayman KY1-1107
Cayman Islands
Telephone: (345) 949-6674
Facsimile: (345) 945-2722
ISLAND PROPERTY: Shareholder to Hear Wind-Up Report on Sept. 7
--------------------------------------------------------------
The shareholder of Island Property Inc will hear on Sept. 7, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
LUXURY HOLDINGS: Shareholders' Final Meeting Set for Oct. 22
------------------------------------------------------------
The shareholders of Luxury Holdings Limited will hold their final
meeting on Oct. 22, 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:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
NAMBU COMPANY: Member to Hear Wind-Up Report on Sept. 14
--------------------------------------------------------
The member of Nambu Company Limited will hear on Sept. 14, 2015,
at 12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Lion International Management Limited
P.O. Box 71 Craigmuir Chambers
Road Town, Tortola
British Virgin Islands
SAMPRASS LIMITED: Shareholder to Hear Wind-Up Report on Sept. 8
---------------------------------------------------------------
The shareholder of Samprass Limited will hear on Sept. 8, 2015, at
10:00 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Probitas Limited
Equitas Limited
Clifton House
75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
TIMEPIECE HOLDINGS: Shareholders' Final Meeting Set for Oct. 22
---------------------------------------------------------------
The shareholders of Timepiece Holdings Limited will hold their
final meeting on Oct. 22, 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:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
VIRGIL HOLDINGS: Shareholder to Hear Wind-Up Report on Sept. 7
--------------------------------------------------------------
The shareholder of Virgil Holdings Ltd will hear on Sept. 7, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Truckers End Strike at Border With Haiti
------------------------------------------------------------
Dominican Today reports that following the conclusion of an
agreement, the strike of Dominican truckers and carriers was
lifted Aug. 28, according to a statement by the Technical
Commission of Management and Border Development (CTF) of the
Haitian Government, quoted by Haitilibre.com.
The digital outlet reported that negotiations between members of
the Executive Secretariat of CTF, the Management Board of the
Union of Haitians Border Transporters (FENATRATH) and those of the
Dominican truckers' union (FENATRADO) allowed to reach an
agreement that puts an end to the strike, which began on August 3,
according to Dominican Today.
"The agreement is the result of a shared understanding of the
various protagonists to reactivate the trans-border traffic and
ensure the regular flow of traffic of people and goods," the
statement said, the report notes.
FENATRADO President Blas Peralta announced that Dominican truckers
had begun to cross the border again loaded with goods, the report
adds.
=============
G R E N A D A
=============
GRENADA: Making Progress Implementing Economic Program, IMF Says
----------------------------------------------------------------
An International Monetary Fund (IMF) team led by Nicole
Laframboise visited Grenada from August 20-27, 2015 to conduct
discussions on the third review of Grenada's IMF-supported program
under the Extended Credit Facility (ECF). The ECF arrangement was
approved on June 26, 2014 for an amount of SDR 14.04 million (then
US$21.7 million, or 120 percent of Grenada's quota at the IMF).
The first and second reviews were completed on December 12, 2014
and June 29, 2015 respectively. Total resources of SDR 6.04
million (about US$8.5 million) have been made available to Grenada
under the arrangement.
At the conclusion of the visit, Ms. Laframboise made the following
statement:
"Grenada is making solid progress implementing its home grown
economic program, restoring fiscal sustainability, and laying the
groundwork for stronger growth. All quantitative performance
criteria for end-June were met, with the exception of the floor on
social spending -- an indicative target -- due to technical
problems related to information systems for the flagship social
assistance program SEED. Real GDP (at market prices) expanded by
5.7 percent in 2014, driven by a rebound in key agriculture crops
and strong demand for tourism services. For similar reasons we
project growth of 3.1 percent in 2015 compared to 1.7 percent at
the time of the second review in mid-2015. The external position
has strengthened, boosted likewise by lower oil prices and
stronger tourism receipts.
"The fiscal performance is also positive, with the Government on
track this year to deliver its first primary surplus in over a
decade. Tax revenues have recovered to pre-crisis levels and
expenditures are being kept under strict control. The Government
has continued to repay its budget expenditure arrears and is
expected to clear them fully by the end of this year.
The debt restructuring agreement with private creditors is
expected to be concluded in the coming weeks. It will be important
to finalize this agreement promptly so as to clear uncertainty
regarding financing and unleash confidence and investment.
"The Government pushed through a substantive agenda of legislative
reforms in 2014/15 to strengthen the fiscal policy framework, tax
incentive regime, and public finance management. These reforms,
particularly the Fiscal Responsibility Legislation, have built a
solid institutional foundation for fiscal prudence and discipline
that will help secure and maintain a sustainable fiscal position
over the long term.
"Despite these positive developments, the reform job is not
finished. Unemployment remains high, particularly among the youth.
Credit growth is still contracting and access to credit remains
difficult. While activity has picked up, staff agree with the
authorities that reform efforts in the next phase of the program
should focus on measures to boost employment and foster broad-
based growth that raises real incomes for low and middle income
groups.
"In this respect, the team made progress toward agreement on
structural reform measures directed at improving the supply
response, including strengthening incentives for employment
creation. The Government is also following through on their
strategy to reform state owned enterprises so as to boost the
quality and efficiency of public goods and services. The team also
agreed with the authorities on overall fiscal targets for 2016 and
related budget measures.
"Discussions will continue in the coming days via videoconference
from Washington, D.C. to refine details and secure a timely
completion of the third review.
"Staying the course will lead to improved economic opportunities
for the people of Grenada, so we encourage Grenada to press ahead
on its reform path. The IMF remains committed to supporting the
Government of Grenada in its pursuit of fiscal sustainability and
stronger growth. The team would like to thank the authorities and
representatives from the private sector for their cooperation and
hospitality."
The team met with the Prime Minister and Minister of Finance and
Energy, Dr. The Rt. Hon. Keith C. Mitchell; the Minister of
Communication, Works, Physical Development, Public Utilities and
ICT, Hon. Gregory Bowen; the Minister of Economic Development,
Trade, Planning, Cooperatives and International Business, Hon.
Oliver Joseph; the Permanent Secretary of the Ministry of Finance,
Timothy Antoine; the Executive Director of the Grenada Authority
for the Regulation of Financial Institutions, Angus Smith; Deputy
Permanent Secretary of the Ministry of Finance, Mike Sylvester,
and other senior officials, representatives of the private sector,
labour, and civil society, and the Monitoring Committee for the
Home-Grown Program. A representative from the Eastern Caribbean
Central Bank accompanied the team during the visit.
=============
J A M A I C A
=============
JAMAICA: More Devaluation Expectations
--------------------------------------
RJR News reports that Jamaica's business leaders are expecting the
pace at which the Jamaican dollar loses value to increase in the
next three-to-six months.
The projections were outlined in the Bank of Jamaica's July survey
of inflation expectations, according to RJR News.
The report notes that the survey shows business leaders are
expecting the dollar to lose 1.4% of its value in the next three
months, and 2.6% in six months. That is compared to the survey in
May, which showed the expectation was for a one per cent
depreciation of the currency in three months and 1.5 per cent in
six months, the report relays.
Those same business leaders however said they expect the dollar's
depreciation to slow in the next 12 months to 3.8 per cent, versus
previous predictions that it will slide by 4.3 per cent, the
report adds.
* * *
As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches. The first tranche is for up to US$1,350 million due in
2028. The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.
JAMAICA: Business Leaders Expect Low Inflation
----------------------------------------------
RJR News reports that Jamaica's business leaders are expecting
price increase in the next 12 months to be moderate.
The expectations were outlined in the latest Bank of Jamaica
survey on inflation expectations which was conducted in July,
according to RJR News.
The survey, which serves as a guide to the central bank in
charting its policy decisions, shows business leaders expect
inflation in the next 12 months to be four per cent, the report
notes.
That is well below the target the central bank has set for
inflation during that period. The forecast is that inflation will
fall in the range of 5.5% to 7.5% in the current fiscal year, the
report relays.
The medium term target is to reduce price increases in line with
that of the country's major trading partners, which should help to
reduce the pace at which the Jamaican dollar loses value, the
report adds.
* * *
As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches. The first tranche is for up to US$1,350 million due in
2028. The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.
=======
P E R U
=======
PETROPERU: Not Prepared to Operate Country's Largest Oil Block
--------------------------------------------------------------
EFE News reports that Peru's prime minister told lawmakers that
state-owned PetroPeru lacks the technical expertise, specialized
equipment and financial resources to operate Lot 192, the
country's largest oil block.
"It would be irresponsible for technical reasons to assign this
task to PetroPeru. It lacks the technical personnel, it doesn't
have the necessary equipment and the government lacks the funds to
allocate the 700 million soles (some $212 million)" needed for
crude production, Pedro Cateriano said, according to EFE News.
The report notes that the rights to develop Lot 192 were awarded
for two years to Pacific Stratus Energy, a unit of Toronto-based
Pacific Rubiales Energy, to maintain production after a failed
international bidding process, he added.
But authorities and indigenous and grassroots groups in the
northern region of Loreto, where the block is located, have
criticized that process and are demanding that the government take
over operation of Lot 192 to guarantee the correction of
environmental liabilities, the report relates.
"At present, PetroPeru is immersed in the process of upgrading the
Talara refinery, a megaproject that is the government's exclusive
responsibility," Energy and Mines Minister Rosa Maria Ortiz, who
accompanied Cateriano during his appearance before Congress, told
the legislators, the report discloses.
Lot 192, located near Peru's border with Ecuador, yields around
11,000 barrels of crude per day from 16 wells and accounts for 17
percent of the country's total oil production, the report notes.
The block had been developed since 2001 by Argentine oil company
Pluspetrol.
With that firm's contract expiring and a recent international
bidding process failing to attract interest, the Peruvian
government directly awarded the block to Pacific Stratus Energy,
the report relays.
Indigenous communities accuse Pluspetrol of polluting the area and
not paying compensation for use of their ancestral lands, the
report adds.
================================
T R I N I D A D & T O B A G O
================================
TRINIDAD & TOBAGO: Cash Inflows to Provide Cushion, Howai Says
--------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago government will
be receiving one-off cash inflows which will provide a significant
cushion and enable it to make any fiscal adjustments in the
context of anticipated lower oil prices over the next year and
perhaps over the medium term.
This is the assurance given by Finance Minister Larry Howai at the
post-Cabinet news conference at the Office of the Prime Minister,
St. Clair, according to Trinidad Express.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From Aug. 24 to Aug. 28, 2015
----------------------------------------------------------
Issuer Name Cpn Bid Price Maturity Date Country Curr
----------- --- --------- ------------- ------- ----
Anton Oilfield
Services
Group/Hong Kong 7.5 74.65 11/6/2018 CN USD
Argentina Bocon 2 307 1/3/2016 AR ARS
Argentina Bocon 20.5 50.3 1/4/2016 AR ARS
Argentina Bonar
Bonds 23.6 9/10/2015 AR ARS
Automotores
Gildemeister SA 8.25 49.25 5/24/2021 CL USD
Automotores
Gildemeister SA 6.75 49 1/15/2023 CL USD
Automotores
Gildemeister SA 8.25 48.87 5/24/2021 CL USD
Automotores
Gildemeister SA 6.75 46.12 1/15/2023 CL USD
BA-CA Finance
Cayman 2 Ltd 0.69 60.5 KY EUR
BA-CA Finance
Cayman Ltd 0.60 60 KY EUR
Banco do Brasil
SA/Cayman 6.25 65.08 KY USD
Banco do Brasil
SA/Cayman 6.25 65.26 KY USD
Banco Mercantil
do Brasil SA 9.62 75.25 7/16/2020 BR USD
BCP Finance Co 2.05 57.53 KY EUR
CA La
Electricidad
de Caracas 8.5 41.2 4/10/2018 VE USD
China Precious
Metal Resources
Holdings Co Ltd 7.25 44.98 2/4/2018 HK HKD
Cia Cervecerias
Unidas SA 450.45 12/1/2024 CL CLP
Cia Sud
Americana
de Vapores SA 6.4 56.36 10/1/2022 CL CLP
CSN Islands
XI Corp 6.87 72.5 9/21/2019 KY USD
CSN Islands
XI Corp 6.87 88.75 9/21/2019 KY USD
CSN Islands
XII Corp 7 59.5 BR USD
CSN Islands
XII Corp 7 58.75 BR USD
Decimo Primer
Fideicomiso
de Bonos de
Prestamos
Hipoteca 4.54 60 10/25/2041 PA USD
Empresa de
los Ferrocarriles
del Estado 6.56 1/1/2026 CL CLP
Empresa
Distribuidora Y
Comercializadora
Norte 10.5 84.75 10/9/2017 AR USD
ESFG
International
Ltd 5.75 0.41 KY EUR
General
Exploration
Partners Inc 11.5 63.62 11/13/2018 CA USD
General
Shopping
Finance Ltd 10 51 KY USD
Glorious
Property
Holdings Ltd 13.25 58.03 3/4/2018 HK USD
Gol Finance 8.75 65 BR USD
Gol Finance 8.75 64.75 BR USD
Greenfields
Petroleum Corp 9 1.08 5/31/2017 US CAD
Hidili Industry
Int'l Development
Ltd 8.625 74 11/4/2015 CN USD
Hidili Industry
Int'l Development
Ltd 8.62 67.375 11/4/2015 CN USD
Honghua
Group Ltd 7.45 67.2 9/25/2019 CN USD
Honghua Group
Ltd 7.45 55.87 9/25/2019 CN USD
Inversora de
Electrica de
Buenos Aires SA 6.5 51 9/26/2017 AR USD
Kaisa Group
Holdings Ltd 10.25 52 1/8/2020 CN USD
Kaisa Group
Holdings Ltd 6.87 55.18 4/22/2016 CN CNY
Kaisa Group
Holdings Ltd 9 55 6/6/2019 CN USD
Kaisa Group
Holdings Ltd 8 68 12/20/2015 CN CNY
MIE Holdings
Corp 7.5 69 4/25/2019 HK USD
MIE Holdings Corp 7.5 71 4/25/2019 HK USD
Mongolian Mining
Corp 8.87 60.69 3/29/2017 MN USD
Mongolian Mining
Corp 8.87 58.5 3/29/2017 MN USD
Newland Int'l
Properties Corp 9.5 38.12 7/3/2017 PA USD
Newland Int'l
Properties Corp 9.5 38.12 7/3/2017 PA USD
Noble Holding
Int'l Ltd 5.25 70.84 3/15/2042 KY USD
NQ Mobile Inc 4 65.12 10/15/2018 CN USD
Odebrecht
Drilling Norbe
VIII/IX Ltd 6.35 71 6/30/2021 KY USD
Odebrecht Drilling
Norbe VIII/IX Ltd 6.35 72.87 6/30/2021 KY USD
Odebrecht
Finance Ltd 7.5 70 KY USD
Odebrecht
Finance Ltd 4.37 65.75 4/25/2025 KY USD
Odebrecht
Finance Ltd 7.12 64.5 6/26/2042 KY USD
Odebrecht
Finance Ltd 5.25 64.52 6/27/2029 KY USD
Odebrecht
Finance Ltd 8.25 64.93 4/25/2018 KY BRL
Odebrecht
Finance Ltd 4.37 65 4/25/2025 KY USD
Odebrecht
Finance Ltd 7.12 68.25 6/26/2042 KY USD
Odebrecht
Finance Ltd 5.25 63.5 6/27/2029 KY USD
Odebrecht
Finance Ltd 7.5 74.25 KY USD
Odebrecht
Offshore Drilling
Finance Ltd 6.75 60.5 10/1/2022 KY USD
Odebrecht
Offshore Drilling
Finance Ltd 6.62 60.73 10/1/2022 KY USD
Odebrecht
Offshore Drilling
Finance Ltd 6.75 64.75 10/1/2022 KY USD
Odebrecht
Offshore Drilling
Finance Ltd 6.62 62.25 10/1/2022 KY USD
Odebrecht
Oil & Gas
Finance Ltd 7 46.6 KY USD
Odebrecht
Oil & Gas
Finance Ltd 7 54.24 KY USD
Offshore Group
Investment Ltd 7.5 48.87 11/1/2019 KY USD
Offshore Group
Investment Ltd 7.12 48.25 4/1/2023 KY USD
Oi SA 5.75 74.35 2/10/2022 BR USD
Oi SA 5.75 74.12 2/10/2022 BR USD
PDVSA 8.5 65.32 11/2/2017 VE USD
PDVSA 44.62 2/17/2022 VE USD
PDVSA 44.87 4/12/2017 VE USD
PDVSA 30 4/12/2027 VE USD
PDVSA 37.25 11/17/2021 VE USD
PDVSA 62.15 10/28/2016 VE USD
PDVSA 37.75 5/17/2035 VE USD
PDVSA 32 5/16/2024 VE USD
PDVSA 30 4/12/2037 VE USD
PDVSA 31.75 11/15/2026 VE USD
PDVSA 66.37 11/2/2017 VE USD
PDVSA 33.6 5/16/2024 VE USD
PDVSA 31.65 11/15/2026 VE USD
PDVSA 43.2 2/17/2022 VE USD
PDVSA 36.75 11/17/2021 VE USD
PDVSA 36 5/17/2035 VE USD
Polarcus Ltd 5.6 53.331 4/27/2018 AE USD
Polarcus Ltd 27 6/7/2018 AE USD
Polarcus Ltd 27.04 7/8/2019 AE NOK
Provincia de
Tucuman
Argentina 0.51 42.6 9/5/2015 AR USD
Provincia del
Chaco 4 64.40 12/4/2026 AR USD
Ruta del Bosque
Sociedad
Concesionaria SA 6.36 3/15/2021 CL CLP
Schahin II
Finance Co
SPV Ltd 5.87 34.9 9/25/2022 BR USD
Schahin II
Finance Co
SPV Ltd 5.87 34.5 9/25/2022 BR USD
Talca Chillan
Sociedad
Concesionaria SA 2.75 12/15/2019 CL CLP
Tonon
Bioenergia SA 9.25 34.08 1/24/2020 BR USD
Tonon
Bioenergia SA 9.25 33.12 1/24/2020 BR USD
Transocean Inc 6.8 69 3/15/2038 KY USD
Transocean Inc 4.3 70.71 10/15/2022 KY USD
Transocean Inc 7.5 73.63 4/15/2031 KY USD
Transocean Inc 7.85 72.46 12/15/2041 KY USD
USJ Acucar e
Alcool SA 9.87 48.51 11/9/2019 BR USD
USJ Acucar e
Alcool SA 9.87 48 11/9/2019 BR USD
Vantage
Drilling Co 5.5 58.75 7/15/2043 US USD
Venezuela Int'l
Bond 12.75 44 8/23/2022 VE USD
Venezuela
Int'l Bond 11.95 38.25 8/5/2031 VE USD
Venezuela
Int'l Bond 11.75 41 10/21/2026 VE USD
Venezuela
Int'l Bond 7.75 34.25 10/13/2019 VE USD
Venezuela
Int'l Bond 13.62 66.75 8/15/2018 VE USD
Venezuela
Int'l Bond 9.37 34.25 1/13/2034 VE USD
Venezuela
Int'l Bond 13.625 59.00 8/15/2018 VE USD
Venezuela
Int'l Bond 9 36.5 5/7/2023 VE USD
Venezuela
Int'l Bond 8.25 35.75 10/13/2024 VE USD
Venezuela
Int'l Bond 6 32.5 12/9/2020 VE USD
Venezuela
Int'l Bond 7.65 32.25 4/21/2025 VE USD
Venezuela
Int'l Bond 7 34 3/31/2038 VE USD
Venezuela
Int'l Bond 9.25 36.5 5/7/2028 VE USD
Venezuela
Int'l Bond 13.62 59.00 8/15/2018 VE USD
Venezuela
Int'l Bond 9.25 38 9/15/2027 VE USD
Venezuela
Int'l Bond 7 41.5 12/1/2018 VE USD
Venezuela
Int'l Bond 5.25 49.274 3/21/2019 VE USD
***********
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 * * *