/raid1/www/Hosts/bankrupt/TCRLA_Public/160627.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 27, 2016, Vol. 17, No. 125
Headlines
A R G E N T I N A
ARCOR SAIC: Fitch to Assign B+/RR4 Rating to USD350MM Prop. Bond
C A Y M A N I S L A N D S
BDCC INVESTMENT: Creditors' Proofs of Debt Due July 11
CALEDONIAN GROUP: Creditors to Hold Second Meeting on July 29
DENJOY CAYMAN: Creditors' Proofs of Debt Due July 19
DIANDRA CORPORATION: Creditors' Proofs of Debt Due July 10
DOWGATE EUROPE: Placed Under Voluntary Wind-Up
FORTISSIMO LIQUIDATING: Creditors' Proofs of Debt Due July 20
FR PLASCO: Commences Liquidation Proceedings
GLOBAL FUND: Creditors' Proofs of Debt Due July 20
HIGHLAND CAPITAL: Commences Liquidation Proceedings
MB ASSET: Placed Under Voluntary Wind-Up
MONZA INVESTMENTS: Commences Liquidation Proceedings
PALM BEACH: Creditors' Proofs of Debt Due Aug. 19
URJA HOLDINGS: Commences Liquidation Proceedings
WINDY SAILS: Creditors' Proofs of Debt Due July 20
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Brexit 'Tragic' for Exporters, Envoy Warns
DOMINICAN REP: Roundtable to Analyze Threats to Foreign Investment
M E X I C O
BANCO DEL BAJIO: Fitch Affirms 'BB-' Support Rating Floor
BANCO INTERACCIONES: Fitch Affirms 'BB+' LT Issuer Default Rating
* MEXICO: Peso Falls Amid Brexit Jitters
P U E R T O R I C O
PUERTO RICO: Barred From Enacting Bankruptcy Schemes
PUERTO RICO ELECTRIC: Panel OKs Power Utility Fee to Repay Debt
SPORTS AUTHORITY: Broncos Can Cancel Sponsorship, Court Says
WILLIAM CONTRACTOR: Wants Plan Filing Period Extended to Sept. 30
T R I N I D A D & T O B A G O
CL FIN'L: CLICO Policyholders Protest; Says 'Tired of Waiting'
* TRINIDAD & TOBAGO: Must Give Details About $2 Billion Bond
X X X X X X X X X
* BOND PRICING: For the Week From June 20 to June 24, 2016
- - - - -
=================
A R G E N T I N A
=================
ARCOR SAIC: Fitch to Assign B+/RR4 Rating to USD350MM Prop. Bond
----------------------------------------------------------------
Fitch Ratings expects to assign a rating of 'B+/RR4' to Arcor
S.A.I.C.'s proposed senior unsecured bond issuance of up to
USD350 million. The proposed bond is the first under the
company's USD800 million issuance program. Proceeds will be used
to refinance Arcor's USD200 million senior unsecured bond due in
2017 and local debt in Argentina as well as for working capital
requirements and other corporate purposes.
The notes rank pari passu in priority of payment with all other
Arcor senior unsecured debt. The company's operations abroad as
well as its export operations allow the company's 'B+' Local and
Foreign Currency Issuer Default Ratings (IDRs) and the proposed
issuance to be rated one notch higher than Argentina's 'B' country
ceiling. Arcor's Local Currency IDR is supported by the company's
strong capital structure and solid business position.
KEY RATING DRIVERS
Arcor's ratings reflect the company's strong business position as
a leading producer of confectionary and cookie products in Latin
America supported by its strong market share and brand recognition
and its solid financial profile underpinned by a conservative
capital structure. The company's ratings are tempered by
Argentina's challenging macro-economic environment, including high
inflation and steep currency devaluation.
STRONG BUSINESS POSITION
Arcor is a leading producer of confectionary and cookie products
in Latin America, and is vertically integrated to ensure quality
of supplies as well as availability of main inputs. Arcor's brand
names and distribution platform have supported leading market
shares in chocolates, candies and cookies in its main market of
Argentina. Arcor also has operations in Brazil, the Andean region
and Mexico, among others. Arcor's brands reach consumers in 120
countries. Fitch expects the company to continue to solidify its
market leadership in Argentina and in the countries in which it
operates by replicating its strategy in Argentina.
ROBUST FINANCIAL PROFILE
Arcor's gross and net leverage ratios are strong for the 'B'
rating category; as of the LTM ending March 31 2016, these ratios
were 2.3x and 1.6x, respectively. Arcor has historically
maintained a cash balance above USD100 million for investments and
to cope with any operational/regulatory risks; as of March 31,
2016, the company had cash of ARS2 billion (USD154 million).
Arcor's financial profile is among the strongest of the Fitch-
rated Argentine portfolio and other FB&T companies in the regional
portfolio.
At the end of 2015, Arcor & Bagley Argentina (its JV with Danone)
paid USD50 million in cash for a 20% share (capital increase) in
Mastellone Hermanos S.A. and also paid USD10 million for an
additional 5% share. The purchase included options to buy an
additional 10% for USD35 million in 2017 and up to 100% by 2025.
Mastellone will use the USD50 million to complete projects that
previously placed on hold mainly due to its liquidity position: a
milk drying plant at its Trenque facility and expansion into the
San Luis province to produce and distribute fluid milk in the
center of the country. Fitch views Mastellone's acquisition as
strategic. The company has well-known brands and quality
products, and its incorporation would convert Arcor into a leading
consumer foods company.
SOLID OPERATING PERFORMANCE
Arcor has a solid operational track record, with consistent
revenue and EBITDA growth, supported by its geographical
diversification, strong brand recognition and vertically
integrated production model. Arcor reported ARS9 billion in sales
during the first quarter of 2016, an increase of 33% mainly due to
increased prices and a more favorable product mix. Arcor had
ARS28 billion in sales during 2015. Consolidated volumes have
remained relatively flat, as increases in Argentina have offset
declines in Brazil and Chile.
The company has demonstrated its ability to consistently raise
prices to mitigate pressures from high inflation and local
currency devaluation. Arcor is vertically integrated in the
production process in Argentina, providing the company with a
significant competitive advantage. Arcor produces corn syrup,
sugar, milk, and corrugated cardboard and prints flexible films;
this production supplies a substantial portion of raw material
needs. This integration allows the company to lower production
costs and mitigate its exposure to variations in commodity prices,
while offering competitive prices. EBITDA was ARS4 billion as of
LTM ended March 31, 2016.
OPERATIONS CONCENTRATED IN ARGENTINA
Arcor's operations are concentrated in higher risk Argentina and
the company's cash flow is exposed to variations in the Argentine
economy. As of March 31, 2016, 70% of sales were generated from
the company's Argentine operations, with the remainder coming from
Arcor's international operations, principally Brazil and Chile.
Argentina (including exports to third parties) contributed 70% and
99% to Arcor's revenues and EBITDA generation as of March 31, 2016
followed by the Andean region (11% and 4%) and Brazil (11% and
negative 4%).
KEY ASSUMPTIONS
Fitch's key assumptions within the agency's ratings case for the
issuer include:
-- Revenue growth in line with inflation;
-- EBITDA margin remains between 8% - 9%;
-- Net leverage below 1.5x.
RATING SENSITIVITIES
Arcor's ratings could be negatively affected by a combination of
the following: a downgrade of Argentina's sovereign ratings;
introduction of adverse regulatory or government measures that
would materially affect the company's market share and cash flow
generation.
Arcor's ratings could be positively affected by a continued
conservative capital structure and an upgrade of Argentina's
country ceiling; increased geographical cash flow diversification
in higher rated countries would also be viewed as a positive.
LIQUIDITY
Arcor had cash of ARS2 billion (USD154 million) as of March 31,
2016. The company has committed revolving short-term credit lines
for over ARS1 billion as of March 31, 2016. The company's debt is
currently concentrated in the short-term, which is common for
Argentine corporates, reflective of the financing available in the
market. Arcor plans on using the proceeds of the proposed bond to
extend its debt maturity profile by refinancing its USD200 million
senior unsecured bond and existing short term debt as well as for
working capital requirements, and other corporate purposes.
==========================
C A Y M A N I S L A N D S
==========================
BDCC INVESTMENT: Creditors' Proofs of Debt Due July 11
------------------------------------------------------
The creditors of BDCC Investment Company are required to file
their proofs of debt by July 11, 2016, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 30, 2016.
The company's liquidator is:
Richard Fear
c/o Ryan Charles
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 814 7364
Facsimile: (345) 945 3902
CALEDONIAN GROUP: Creditors to Hold Second Meeting on July 29
-------------------------------------------------------------
The creditors of Caledonian Group Services Limited will hold their
second meeting on July 29, 2016, at 10:00 a.m.
The company's liquidator is:
Ms. Claire Loebell
Caledonian Group Services Limited
c/o Ernst & Young Ltd.
62 Forum Lane, Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
e-mail: joe.gaastra@ky.ey.com
DENJOY CAYMAN: Creditors' Proofs of Debt Due July 19
----------------------------------------------------
The creditors of Denjoy Cayman Limited are required to file their
proofs of debt by July 19, 2016, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 2, 2016.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman
Telephone: (345) 943-3100
DIANDRA CORPORATION: Creditors' Proofs of Debt Due July 10
----------------------------------------------------------
The creditors of Diandra Corporation N.V. are required to file
their proofs of debt by July 10, 2016, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 31, 2016.
The company's liquidator is:
Casey McDonald
KRYS Global VL Services Limited
Governors Square Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Cayman Islands
Telephone: (345) 947 4700
DOWGATE EUROPE: Placed Under Voluntary Wind-Up
----------------------------------------------
On May 27, 2016, the shareholder of The Dowgate Europe Fund
Limited resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Avalon Ltd.
Reference: GL
Landmark Square, 1st Floor
64 Earth Close
P.O. Box 715 Grand Cayman KY1-1107
Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
FORTISSIMO LIQUIDATING: Creditors' Proofs of Debt Due July 20
-------------------------------------------------------------
The creditors of Fortissimo Liquidating Fund are required to file
their proofs of debt by July 20, 2016, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 8, 2016.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
FR PLASCO: Commences Liquidation Proceedings
--------------------------------------------
On June 3, 2016, the shareholders of FR Plasco Coinvest Ltd.
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Alan Schwartz
c/o Matt Bernardo
First Reserve Corporation
One Lafeyette Place, Third Floor
Greenwich, Connecticut 06830
USA
Telephone: +1 (345) 914 4268
GLOBAL FUND: Creditors' Proofs of Debt Due July 20
--------------------------------------------------
The creditors of Global Fund SPC are required to file their proofs
of debt by July 20, 2016, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on June 2, 2016.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
HIGHLAND CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
On June 7, 2016, the sole shareholder of Highland Capital
Healthcare Partners, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Highland Capital Healthcare Advisors, L.P.
300 Crescent Court Suite
700 Dallas Texas 75201
United States of America
Telephone: +1 (972) 628 4100
MB ASSET: Placed Under Voluntary Wind-Up
----------------------------------------
On June 2, 2016, the sole shareholder of MB Asset Management Ltd.
resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Ken Stewart
c/o Apex Fund Services (Cayman) Limited
P.O. Box 10085 161a Artillery Court
Grand Cayman KY1 1001
Cayman Islands
MONZA INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On June 2, 2016, the sole shareholder of Monza Investments Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Summit Management Limited
c/o John Cullinane
Suite # 4-210, Governors Square
P.O. Box 32311 Grand Cayman KY1-1209
Cayman Islands
Telephone: (345) 945 7676
PALM BEACH: Creditors' Proofs of Debt Due Aug. 19
-------------------------------------------------
The creditors of Palm Beach Offshore, Ltd. are required to file
their proofs of debt by Aug. 19, 2016, to be included in the
company's dividend distribution.
The company's liquidator is:
Mark Longbottom
Palm Beach Offshore, Ltd.
c/o Duff & Phelps (Cayman) Limited
The Harbour Centre 42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: +1 (345) 623 9900
Facsimile: +1 (345) 943 9900
URJA HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On June 3, 2016, the sole shareholder of URJA Holdings Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Summit Management Limited
c/o John Cullinane
Suite # 4-210, Governors Square
P.O. Box 32311 Grand Cayman KY1-1209
Cayman Islands
Telephone: (345) 945 7676
WINDY SAILS: Creditors' Proofs of Debt Due July 20
--------------------------------------------------
The creditors of Windy Sails Limited are required to file their
proofs of debt by July 20, 2016, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 27, 2016.
The company's liquidator is:
Zedra Holdings (Cayman) Limited
c/o Zedra Trust Company (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
Telephone: (345) 949-7128
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Brexit 'Tragic' for Exporters, Envoy Warns
--------------------------------------------------------------
Dominican Today reports that Dominican ambassador to Great Britain
said bilateral trade between his country and the European nation
will be negatively impacted after the United Kingdom voted to
leave the European Union.
Federico Cuello Camilo said trade with the UK is largely carried
out by the rules set out in the Economic Partnership Agreement
(EPA), which within the entire European Union had achieved
momentum as evidenced by 90 percent growth in 2015 compared to
2014, according to Dominican Today.
The report notes that Mr. Camilo said the UK became Dominican
Republic's main destination for its exports to the EU in 2015,
even above Spain, Germany, France and Italy.
"Brexit's (Britain's exit) impact would be tragic for our
exporters. After investing so much time and resources to meet the
strict British quality standards and fair trade, tens of thousands
of small cocoa or banana producers in cooperatives would be left
without access to their most important European market," Mr.
Cuello said, quoted by El Nacional, the report notes.
The diplomat also noted that charters and regular flights "that
bring many tourists and returning daily to the UK loaded with
avocados, vegetables oranges and mangos, ready for sale in the
markets of that nation, would see their air cargo business
evaporate from the overnight departure for the United Kingdom of
the European Union," the report relays.
Trade
Trade with the UK was more US$1.6 billion from 2010 to 2014 and
more than US$255 million in 2015, of which Dominican exports
accounted for US$131 million, according to the Export and
Investment Center (CEI-RD), the report notes.
As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'. The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.
DOMINICAN REP: Roundtable to Analyze Threats to Foreign Investment
------------------------------------------------------------------
Dominican Today reports that the president of the Roundtable of
Commonwealth Countries in the Dominican Republic announced a
seminar on legal security's impact on investment in general, but
especially foreign.
Fernando Gonzalez Nicolas said the seminar is organized jointly
with the binational chambers of commerce of Great Britain, Canada,
Trinidad, and India, as well as with the Federation of Chambers of
Commerce, FEDOCAMARAS, and the Mining and Petroleum Chamber,
CAMIPE, according to Dominican Today.
Mr. Gonzalez said the seminar aims to highlight legal security's
influence on the process to attract foreign investment into the
country, noting that foreign investment is key to achieve
prosperity in the Dominican Republic, the report notes.
"Singapore set the example of a Commonwealth country which left
poverty behind in only 50 years and today is among the world's
richest and most developed countries," the business leader said in
a statement, adding that the Asian nation and other countries
achieved prosperity by attracting and protecting foreign
investment, the report notes.
The seminar is set for July 12 from 8am to 12:00 noon, at the
Sheraton Hotel.
Among the speakers figure Export and Investment Center, CEI-RD,
director Jean Alain Rodriguez; Dominican Foreign Investment
Association, ASIEX, president Ramon Ortega; UNIBE university
Master of Constitutional Law coordinator Christopher Rodriguez;
Institutional and Justice Foundation, FINJUS, vice president
Servio Tulio Castanos, among other panelists, says Dominican
Today.
As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'. The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.
===========
M E X I C O
===========
BANCO DEL BAJIO: Fitch Affirms 'BB-' Support Rating Floor
---------------------------------------------------------
Following its peer review of three Mexican Midsized banks, Fitch
Ratings has taken these rating actions:
Banco Regional de Monterrey, S.A.:
-- National scale Long-Term rating upgraded to 'AA+(mex)'from
'AA(mex)'; Outlook Stable;
-- National scale Short-Term rating affirmed at 'F1+(mex)'.
In addition, Fitch has affirmed these ratings for these banks:
Banco del Bajio, S.A.:
-- Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BBB-'; Outlook Stable;
-- Short-Term foreign and local currency IDRs at 'F3';
-- Viability rating at 'bbb-';
-- Support Rating at '4';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA-(mex)'; Outlook
Stable;
-- National scale short-term rating at 'F1+(mex)'.
Banco Interacciones, S.A.:
-- Long-Term Foreign and Local Currency IDRs at 'BB+'; Outlook
Stable;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Viability rating at 'bb+';
-- National scale long-term rating at 'A+(mex)'; Outlook
Stable;
-- Support rating at '5';
-- Support Rating Floor at 'NF';
-- National scale short-term rating at 'F1(mex)'.
-- National scale long-term rating for local senior unsecured
debt issues at 'A+(mex)';
-- National scale long-term rating for local subordinated debt
issues at 'BBB+(mex)'.
The banks included in this peer review are considered by Fitch
among the most consolidated medium-sized banks in Mexico. They
all rank immediately below the seven large universal banks in
terms of loans and deposits, and together represented 7% and 6.7%,
respectively, of the Mexican banking system at March 2016. These
banks are specialized in specific sectors, products or
geographical areas where they have demonstrated good expertise and
performance.
The three banks maintain good and consistent financial
performance, where asset quality is well-controlled and non-
performing loans (NPLs) are low, as a result of their corporate
clientele, predominantly SME and government lending. Their
profitability remains sound and consistent due to their stable and
sound margins, moderate credit costs, and well-controlled
operating expenses. Their lower funding costs than other local
mid-sized banks is also factored in as a positive.
In all cases, loss absorption capacity is sound due to solid and
stable capitalization ratios, all with comfortable buffers above
regulatory minimums. Ample loan loss reserves for all three
further support their loss absorption capacity.
In Fitch's view, the main challenge for these banks is to continue
enhancing their liquidity profiles even with the relatively ample
maturity mismatches between assets and liabilities, coupled with
relatively concentrated funding structures. However, Fitch
considers as positive the banks' efforts to improve access to
long-term funding via the larger credit facilities of local
development banks and long-term debt issuances, together with
gradually growing their liquid assets base. To further reduce the
high concentration risk (by borrower and geographic zone) also
remains among the main challenges.
BANCO INTERACCIONES: Fitch Affirms 'BB+' LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-Term Foreign- and
Local-Currency Issuer Default Ratings of Banco Interacciones, S.A.
Institucion de Banca Multiple at 'BB+' and 'B', respectively.
Fitch also has affirmed Interacciones' Viability Rating (VR) at
'bb+' and Long- and Short-Term National Ratings at 'A+(mex)' and
'F1(mex)'.
Fitch has also affirmed the Long- and Short-Term National ratings
of Interacciones Casa de Bolsa, S.A. de C.V. Grupo Financiero
Interacciones (ICB) at 'A+(mex)' and 'F1(mex)', respectively.
The Rating Outlook on the Long-Term ratings is Stable.
KEY RATING DRIVERS
Interacciones
VR, IDRs AND NATIONAL SCALE RATINGS
Interacciones' IDRs and National ratings are driven by its VR of
'bb+', which reflects the bank's concentrated business model but
with a strong recognition and performance in its core market, the
public sector lending sector, standing as the second largest
provider of financing to states and municipalities.
Interacciones' VR also factor in its adequate asset quality, which
impairment ratios are lower compared to the banking system given
its government lending nature, where the source of payment of the
loan is secured by federal transfers. The bank's asset quality is
adequate, adjusted NPL ratio (loan at 90 days overdue plus charge-
offs during the last twelve months) averaged 0.4% for the last
three years; while the banking system's was 2.9%.
However, asset quality also factors in Interacciones' high
concentration by product and client, albeit gradually declining.
The largest 20 loan exposures accounted for 5.5x the bank's Tier I
equity capital as of March 2016 (1T15: 6.0x). The bank has a
sizeable exposure to the oil-industry (54% bank's equity). In
Fitch's view Interacciones' sound loss abortion capacity could
help to partially reduce the negative effects of this exposure, in
case of a material credit event.
The VR and IDRs also consider the challenges that the bank faces
improving its liquidity profile, considering its significant
asset-liabilities mismatches, mainly driven by the long-term
nature of its loan portfolio. The loan-to-deposit ratio is also
high and stood around 120% by March 2016. Fitch considers as
positive the bank's efforts to diversify its funding sources by
increasing its customer deposit base and accessing longer tenor
financing sources.
The bank's good financial performance benefitted by its steady and
recurrent income, low funding costs, and controlled operational
expenses, in turn supports its sound capitalization metrics.
Fitch Core Capital (FCC) to risk weighted assets stood at a
comfortable range of 13% - 14% in the last five years. The bank's
loss absorption capacity is underpinned by an ample loan loss
reserves but these are moderate when considering the high borrower
concentration among Interacciones' creditors, since those reserve
only cover 1.6% of the gross credit portfolio in the last three
years.
Operating Profits to RWA is stable and remains around 3% since
2013. Interacciones' profitability is supported by reasonable
interest margins benefited by an important component of stable
fees derived from loan origination. Fees generally covered about
1x the bank's non-interest expenses. Fitch believes that given
the new sub-sovereign legal framework, the bank would face
challenges and more competition, but the ample expertise that the
bank has in its core business will likely allow it to maintain its
competitive position and sound financial performance.
The bank has local senior unsecured certificates, which were also
affirmed to the same level as its national scale rating given
Fitch's assessment that the likelihood of default of any given
senior unsecured obligation is the same as the likelihood of
default of the bank.
SR and SRF
Interacciones' Support Rating and Support Rating Floor are
affirmed at '5' and 'NF', respectively, in view of the bank's low
systemic importance. In Fitch's view, external support cannot be
relied upon.
Subordinated Notes
The local subordinated hybrids of Interacciones were affirmed at
'BBB+(mex)', three notches below the applicable anchor rating, the
bank's Long-Term National Rating of 'A+(mex)', in order to
maintain the relativity. The issue's rating is notched down
reflecting the loss severity and non-performance risk. The
notching for non-performance risk (-2) is typical for hybrids
issued by Mexican banks, since Fitch considers that the triggers
for coupon deferrals or cancellations are relatively high,
according to applicable local regulations. In turn, the notching
for loss severity (-1) reflects that these securities are plain-
vanilla subordinated debt (subordinated preferred, under the local
terminology).
ICB
The National Ratings of ICB are driven by the support it would
receive, if needed, from its ultimate parent, Grupo Financiero
Interacciones (GFI) whose credit quality profile is reflected in
its main subsidiary, Interacciones. The support is based on the
local regulatory framework regarding the legal obligation of
financial groups with its subsidiaries, if needed.
RATING SENSITIVITIES
Interacciones
VR, IDRs, and National Ratings
An upgrade of Interacciones' ratings is hardly conceivable at
present; Fitch believes it could occur if the bank materially
reduces its risk concentrations in the loan portfolio and customer
deposit base, coupled with sustained improvements in its assets
and liabilities maturity mismatches.
In turn, a downgrade of Interacciones' ratings would arise by any
deterioration of its loss absorption capacity and profitability-
Specifically, a FCC-to-RWAs ratio consistently below 12.5%.
Material deteriorations of the bank's asset quality metrics and
additional pressures on its liquidity profile could also
negatively impact the bank's ratings.
The bank's senior debt ratings would mirror any change in the
bank's national scale ratings.
SR and SRF
A potential upgrade of Interacciones' Support Rating and Support
Rating Floor is unlikely in the foreseeable future, since this
would arise from a material gain in systemic importance.
Subordinated Notes
The bank's subordinated debt ratings will likely mirror any change
in the bank national scale ratings, as these are expected to
maintain the same relevance to Interacciones' credit rating.
SUBSIDIARY
Any potential changes in ICB's ratings will be driven by any
changes in Interacciones' ratings or in the legal framework that
could alter the propensity of the group to support it, an unlikely
scenario at present.
Fitch has affirmed these ratings:
Banco Interacciones, S.A.:
-- Long-Term Foreign- and Local-Currency IDRs at 'BB+'; Outlook
Stable;
-- Short-Term Foreign and Local-Currency IDRs at 'B';
-- Viability Rating at 'bb+';
-- Support Rating at '5';
-- Support Rating Floor at 'NF';
-- National Long-Term Rating at 'A+(mex)'; Outlook Stable;
-- National Short-Term Rating at 'F1(mex)';
-- National Long-Term Rating for local senior unsecured debt
issues at 'A+(mex)';
-- National Long-Term Rating for local subordinated debt issues
at 'BBB+(mex).
Interacciones Casa de Bolsa, S.A. de C.V.:
-- National Long-Term Rating at 'A+(mex)', Outlook Stable;
-- National Short-Term Rating at 'F1(mex)'.
* MEXICO: Peso Falls Amid Brexit Jitters
----------------------------------------
EFE News reports that the Mexican peso fell 6.2 percent against
the dollar Friday, June 24 amid gyrations in global financial
markets following Britain's vote to leave the European Union.
"In the early hours of the morning the Mexican peso reached a
wholesale level of 19.51 (to the dollar). It has recovered some
of its value in the following hours," Finance Secretary Luis
Videgaray told a press conference, according to EFE News.
By midday, the rate had eased to roughly MXN18.90 pesos to the
greenback, the report notes.
"We will have enormous volatility in the financial markets," Mr.
Videgaray said on a morning when the Mexican stock market's
benchmark IPC index lost 2.32 percent in the opening minutes of
trading, the report notes.
The government will intervene in currency markets only if
officials detect speculative activity that threatens to spur
expectations of higher inflation, the secretary said, the report
relays.
The report discloses that Mr. Videgaray, who announced an
additional cut in public spending of MXN31.72 billion ($1.73
billion) for 2016, said the government will respond to the current
instability by "strengthening the macroeconomic pillars."
======================
P U E R T O R I C O
======================
PUERTO RICO: Barred From Enacting Bankruptcy Schemes
----------------------------------------------------
In the case captioned COMMONWEALTH OF PUERTO RICO, ET AL.,
Petitioners, v. FRANKLIN CALIFORNIA TAX-FREE TRUST, ET AL. MELBA
ACOSTA-FEBO, ET AL., Petitioners, v. FRANKLIN CALIFORNIA TAX-FREE
TRUST, ET AL, No. 15-233 (U.S.), the Supreme Court of the United
States held that Puerto Rico is a "State" for purposes of the
pre-emption provision under the Federal Bankruptcy Code.
The provision pre-empts state bankruptcy laws that enable
insolvent municipalities to restructure their debts over the
objections of creditors and instead requires municipalities to
restructure such debts under Chapter 9 of the Code.
The Court stated that the provision bars Puerto Rico from enacting
its own municipal bankruptcy scheme to restructure the debt of its
insolvent public utilities companies.
A full-text copy of the Court's June 13, 2016 opinion is available
at https://is.gd/8CZBXL from Leagle.com.
As reported in the Troubled Company Reporter-Latin America on Dec.
28, 2015, Moody's Investors Service has downgraded $1.09 billion
of Puerto Rico appropriation bonds issued by the Public Finance
Corporation (PFC) to C from Ca, while maintaining other ratings
assigned to the US territory's debt.
PUERTO RICO ELECTRIC: Panel OKs Power Utility Fee to Repay Debt
---------------------------------------------------------------
Michelle Kaske, writing for Bloomberg News, reported that Puerto
Rico's energy commission approved a new customer surcharge that
would repay bonds used to restructure its main electricity
provider's $9 billion of debt.
Bloomberg News said the three-member panel authorized on June
21 a 3.10-cent per kilowatt hour transition charge the Puerto Rico
Electric Power Authority, known as Prepa, would bill residents,
commercial customers and government entities, according to a
statement from the commission. The revenue from the new fee will
be dedicated to repaying the restructuring bonds and will flow
directly to the debt. The new charge is a key part of an
agreement the utility reached in December with its creditors to
reduce its obligations and modernize a system that relies on
petroleum to produce electricity, the report said
Prepa bondholders agreed to a 15 percent loss on their securities
in exchange for new bonds with a stronger repayment pledge, the
report further related. The restructuring plan would reduce
Prepa's debt by $600 million and offer debt-service relief for
five years of more than $700 million, the report added.
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Standard & Poor's Ratings Services maintained its
'CC' long-term and underlying ratings (SPURs) on Puerto Rico
Electric Power Authority's (PREPA) electric revenue bonds.
However, the ratings remain on CreditWatch, where they were
originally placed with negative implications on June 18, 2014.
As of June 30, 2015, PREPA had about $8.44 billion of long-term
debt outstanding, and an additional $730 million due to
noteholders.
SPORTS AUTHORITY: Broncos Can Cancel Sponsorship, Court Says
-------------------------------------------------------------
The Denver Channel reported that the Denver Broncos have the U.S.
Bankruptcy Court's permission to ax their sponsorship contract
with the bankrupt Sports Authority.
According to the report, Judge Mary F. Walrath on June 17, 2016
granted the Super Bowl champion's May 27 motion to terminate their
Aug. 1, 2011, sponsorship agreement with Englewood-based Sports
Authority. Sports Authority also sought to exit the contract, the
report related.
Under the agreement, the exclusive "retail sporting goods" sponsor
of the Broncos was granted a non-exclusive license to use the
team's trademarked logo in places such as websites, advertising
and in-store signs; advertisements and signs, the report said.
The deal also gave the retailer hospitality benefits such as box
seats and Super Bowl tickets, the report added.
About Sports Authority
Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928. The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico. The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands. The Debtors employ 13,000 people.
Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016. The petitions were signed by Michael
E. Foss as chairman & chief executive officer.
The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.
Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors. Lawyers at Pachulski
Stang Ziehl & Jones LLP represent the Official Committee of
Unsecured Creditors.
WILLIAM CONTRACTOR: Wants Plan Filing Period Extended to Sept. 30
-----------------------------------------------------------------
William Contractor Inc. asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend the exclusivity period until
Sept. 30, 2016, to submit a disclosure statement, and asks an
extension of the period to secure the votes to confirm a Plan of
Reorganization to be 60 days from the date when the Court approves
the Debtor's Disclosure Statement.
The Debtor was given until June 30, 2016, to submit a Disclosure
Statement and a Chapter 11 Plan.
An adversary proceeding was filed on Nov. 4, 2015, but the ISC is
being rescheduled by the Court and parties and there are still
pending resolutions regarding some defendants Motions to dismiss.
The ISC in the case is scheduled for Aug. 10, 2016.
The case scheduling, development and its result will give the
Debtor the possibility of completing the Plan and Disclosure
Statement. Due to the prior scheduling of the ISC, the nature of
Debtor's operations combined with the debt of the defendants in
the adversary proceeding requires the Debtor to request an
extension exclusivity period. The Debtor believes that it can
provide a more complete Disclosure Statement in a period 180 days
considering that an adversary proceeding that is essential to the
payments of debts.
The Debtor's counsel can be reached at:
Damaris Quinones Vargas, Esq.
BUFETE QUINONES VARGAS & ASOC
11 Brau Street
P.O. Box 429
Cabo Rojo, PR 00623
Tel: (787) 851-7866
Fax: (787) 851-1717
E-mail: damarisqv@bufetequinones.com
Headquartered in Aguada, Puerto Rico, William Contractor Inc.
filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case
No. 15-06311) on Aug. 18, 2015, listing $6.38 million in total
assets and $2.56 million in total liabilities. The petition was
signed by Lymari Benique Moralez, vice president - secretary.
Damaris Quinones Vargas, Esq., at Bufete Quinones Vargas & Asoc
serves as the Debtor's bankruptcy counsel.
================================
T R I N I D A D & T O B A G O
================================
CL FIN'L: CLICO Policyholders Protest; Says 'Tired of Waiting'
-------------------------------------------------------------
Trinidad Express reports that while health workers and members of
the Public Services Association (PSA) staged a noisy protest
outside the Parliament yesterday calling for payment of arrears
owed to them, another group braved the rainy weather hoping to
have their voices heard as well.
A handful of members of the United Policyholders Group (UPG),
representing disenchanted CLICO and British American
policyholders, gathered in protest of what they described as
inaction by the Central Bank and Finance Minister Colm Imbert in
settling their matters, according to Trinidad Express.
* * *
As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited. The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.
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.
TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.
* TRINIDAD & TOBAGO: Must Give Details About $2 Billion Bond
------------------------------------------------------------
Aleem Khan at Trinidad and Tobago Newsday reports that the
government must disclose details about a Cabinet-picked bond
bidder through which citizens will be indebted $2 billion plus
interest, global anti-corruption coalition Transparency
International has said.
"Information about debt negotiations and the resulting agreements
should be in the public domain. Citizens have the right to know
what kind of obligations the Government has committed the country
to and with whom, especially financial obligations like future
debt payments," said Transparency International (TI) advocacy
coordinator Max Heywood in an e-mail to the Express from TI's
Berlin headquarters, according to Trinidad and Tobago Newsday.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From June 20 to June 24, 2016
----------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ----
Alpha Star Holding II Lt 8.45 66.477 3/19/2034 EC USD
Andino Investment Holdin 5.36 74.336 11/25/2020 EC USD
Andino Investment Holdin 8.5 37.1 4/10/2018 VE USD
Anton Oilfield Services 11.75 41 10/21/2026 VE USD
Anton Oilfield Services 8.875 19.5 3/29/2017 MN USD
BA-CA Finance Cayman 2 L 8 6.625 12/31/2018 CL USD
BA-CA Finance Cayman Ltd 5.75 69.812 12/1/2034 KY USD
Banco Bilbao Vizcaya Arg 4.375 46.75 4/25/2025 KY USD
Banco BPI SA/Cayman Isla 7.5 61.25 4/3/2017 BR USD
Banco do Brasil SA/Cayma 7.5 45.88 KY USD
Banco do Brasil SA/Cayma 7.5 44.2 KY USD
Banco do Brasil SA/Cayma 10 128.271 12/31/2020 KY USD
Banco do Brasil SA/Cayma 4.625 69.075 3/1/2021 KY USD
Banco Santander Puerto R 7.5 45 4/25/2019 HK USD
BCP Singapore VI Cayman 8.625 68.5 11/1/2018 AE USD
BCP Singapore VI Cayman 0.9551 42.75 12/1/2039 KY USD
CA La Electricidad de Ca 5.93 73.652 11/1/2021 EC USD
Caixa Geral De Depositos 9.5 29.75 4/23/2019 BR USD
China Shanshui Cement Gr 7.375 69.875 1/31/2020 PE USD
China Shanshui Cement Gr 6.5 69.989 12/1/2023 EC USD
China Shanshui Cement Gr 7 47.25 4/21/2020 KY USD
CSN Islands XI Corp 5.93 73.051 1/1/2022 EC USD
CSN Islands XI Corp 10.75 34.639 2/12/2023 BR USD
CSN Islands XII Corp 7 73.33 1/17/2023 CO COP
CSN Islands XII Corp 3.95 61.977 3/15/2022 KY USD
Decimo Primer Fideicomis 6.375 73.875 5/15/2043 CR USD
Decimo Primer Fideicomis 7.7 68.067 7/1/2029 EC USD
Delta Investment Horizon 5.36 75.108 12/30/2020 EC USD
Ecuador Government Domes 7.75 71.389 4/25/2028 EC USD
Ecuador Government Domes 7.75 71.389 4/25/2028 EC USD
Ecuador Government Domes 7.5 65.375 4/3/2017 BR USD
Ecuador Government Domes 6 43.875 4/5/2023 KY USD
Ecuador Government Domes 6.25 73.089 4/6/2017 VE USD
Ecuador Government Domes 6.375 73.835 5/15/2043 CR USD
Ecuador Government Domes 6 31 5/16/2024 VE USD
Ecuador Government Domes 9.75 36.95 5/17/2035 VE USD
Ecuador Government Domes 4.625 69.5 5/21/2023 CN USD
Ecuador Government Domes 8.5 75.01 5/25/2016 CN USD
Ecuador Government Domes 3 74.109 5/26/2020 ID USD
Ecuador Government Domes 8.45 65.784 5/30/2034 EC USD
Ecuador Government Domes 9.25 35 5/7/2028 VE USD
Ecuador Government Domes 4.875 75.819 6/1/2027 KY USD
Ecuador Government Domes 5.75 74.625 6/11/2025 DO USD
Ecuador Government Domes 5.75 74.625 6/11/2025 DO USD
Ecuador Government Domes 7.7 68.164 6/11/2029 EC USD
Ecuador Government Domes 7.7 68.201 6/11/2029 EC USD
Ecuador Government Domes 7.7 68.201 6/11/2029 EC USD
Ecuador Government Domes 8.45 65.975 6/11/2034 EC USD
Ecuador Government Domes 8.45 67.415 6/11/2034 EC USD
Ecuador Government Domes 8.45 67.415 6/11/2034 EC USD
Ecuador Government Domes 7.7 68.158 6/12/2029 EC USD
Ecuador Government Domes 7.7 68.195 6/12/2029 EC USD
Ecuador Government Domes 8.45 67.408 6/12/2034 EC USD
Ecuador Government Domes 8.45 67.408 6/12/2034 EC USD
Ecuador Government Domes 7.75 70.121 6/25/2028 EC USD
Ecuador Government Domes 7.75 71.073 6/25/2028 EC USD
Ecuador Government Domes 7.75 71.073 6/25/2028 EC USD
Ecuador Government Domes 5.125 43.35 6/26/2022 KY USD
Ecuador Government Domes 5.125 44.625 6/26/2022 KY USD
Ecuador Government Domes 7.125 43.5 6/26/2042 KY USD
Ecuador Government Domes 7.125 42 6/26/2042 KY USD
Ecuador Government Domes 5.25 43 6/27/2029 KY USD
Ecuador Government Domes 6.35 31.25 6/30/2021 KY USD
Ecuador Government Domes 6.35 31.5 6/30/2021 KY USD
Ecuador Government Domes 7.7 68.032 7/1/2029 EC USD
Ecuador Government Domes 7.7 68.067 7/1/2029 EC USD
Ecuador Government Domes 8.45 67.291 7/1/2034 EC USD
Ecuador Government Domes 8.45 65.863 7/1/2034 EC USD
Ecuador Government Domes 8.45 67.291 7/1/2034 EC USD
Ecuador Government Domes 13.625 62 8/15/2018 VE USD
Ecuador Government Domes 13.625 45 8/15/2018 VE USD
Ecuador Government Domes 13.625 49.881 8/15/2018 VE USD
Empresa de Telecomunicac 5.64 71.931 12/30/2021 EC USD
Empresa de Telecomunicac 5.42 50 3/28/2019 NO NOK
Empresa Generadora de El 8.25 45.75 4/25/2018 KY BRL
Empresa Generadora de El 4.625 72.512 5/21/2023 CN USD
ESFG International Ltd 5.25 52 4/12/2017 VE USD
General Exploration Part 5.125 34.75 12/15/2017 BR EUR
General Shopping Finance 6.21 71.552 11/25/2023 EC USD
General Shopping Finance 11.75 70.75 4/23/2018 KY USD
Global A&T Electronics L 7.75 69.333 11/7/2028 EC USD
Global A&T Electronics L 5.93 73.359 12/1/2021 EC USD
Global A&T Electronics L 10 62.75 2/1/2019 SG USD
Global A&T Electronics L 8.45 66.646 2/6/2034 EC USD
Gol Finance Inc 6.75 23.75 10/1/2022 KY USD
Gol Finance Inc 8.625 67.75 11/1/2018 AE USD
Gol Finance Inc 4.15 71.5 11/14/2035 KY EUR
Gol Finance Inc 5.25 47.25 3/15/2042 KY USD
Gol Finance Inc 5.375 31.45 4/12/2027 VE USD
Gol Finance Inc 5.5 32.64 4/12/2037 VE USD
Gol Finance Inc 8.25 45.75 4/25/2018 KY BRL
Golden Eagle Retail Grou 6 70.25 10/25/2041 PA USD
Golden Eagle Retail Grou 6.95 65 4/1/2025 KY USD
Greenfields Petroleum Co 12.75 42.4 2/17/2022 VE USD
Honghua Group Ltd 6.5 67.24 11/15/2020 KY USD
Honghua Group Ltd 8.45 66.414 4/2/2034 EC USD
Instituto Costarricense 7.75 69.149 11/8/2028 EC USD
Instituto Costarricense 7.5 51.602 4/15/2031 KY USD
Inversiones Alsacia SA 7.5 46.274 11/6/2018 CN USD
Inversiones Alsacia SA 10 62.75 2/1/2019 SG USD
Inversora Electrica de B 7.5 34 4/25/2019 HK USD
Kaisa Group Holdings Ltd 5.64 70.192 11/25/2021 EC USD
Kaisa Group Holdings Ltd 5.61 68.567 12/1/2022 EC USD
MIE Holdings Corp 7.75 70.495 10/23/2028 EC USD
MIE Holdings Corp 6.21 71.691 11/1/2022 EC USD
MIE Holdings Corp 8 57.65 4/15/2021 KY USD
Mongolian Mining Corp 5.5 36.5 10/23/2020 BR USD
Mongolian Mining Corp 8.875 16 3/29/2017 MN USD
NB Finance Ltd/Cayman Is 7.75 69.111 11/8/2028 EC USD
Newland International Pr 12.75 44.25 2/17/2022 VE USD
Newland International Pr 7 46.125 4/21/2020 KY USD
Noble Holding Internatio 6.625 22 10/1/2022 KY USD
Noble Holding Internatio 5.75 61.11 10/24/2023 BR USD
Noble Holding Internatio 4.125 61.46 11/1/2022 BR USD
Noble Holding Internatio 6 30.75 11/15/2026 VE USD
Noble Holding Internatio 5.93 71.815 11/25/2022 EC USD
Noble Holding Internatio 7.5 46.5 11/6/2018 CN USD
Noble Holding Internatio 7.75 69.371 11/7/2028 EC USD
Noble Holding Internatio 9.875 31.05 11/9/2019 BR USD
Odebrecht Drilling Norbe 7.25 53.375 1/18/2018 KY USD
Odebrecht Drilling Norbe 7.75 69.102 12/19/2028 EC USD
Odebrecht Finance Ltd 7 38.55 BR USD
Odebrecht Finance Ltd 7 39.5 BR USD
Odebrecht Finance Ltd 5.753 1 KY EUR
Odebrecht Finance Ltd 7.75 37.25 10/13/2019 VE USD
Odebrecht Finance Ltd 8.25 35.75 10/13/2024 VE USD
Odebrecht Finance Ltd 9 35.75 11/17/2021 VE USD
Odebrecht Finance Ltd 4 70.666 11/4/2023 AR USD
Odebrecht Finance Ltd 0.9551 42.75 12/1/2039 KY USD
Odebrecht Finance Ltd 7.75 69.102 12/19/2028 EC USD
Odebrecht Finance Ltd 8 74.5 12/20/2049 CN CNY
Odebrecht Finance Ltd 6 33.25 12/9/2020 VE USD
Odebrecht Finance Ltd 3.38 63.175 2/7/2035 KY EUR
Odebrecht Finance Ltd 3.8734 98 3/21/2017 KY USD
Odebrecht Finance Ltd 7 36 3/31/2038 VE USD
Odebrecht Finance Ltd 7.45 53.07 4/15/2027 KY USD
Odebrecht Finance Ltd 6.875 73.411 4/22/2016 CN CNY
Odebrecht Offshore Drill 9.375 37.75 1/13/2034 VE USD
Odebrecht Offshore Drill 6 29.125 10/28/2022 VE USD
Odebrecht Offshore Drill 7.125 65.73 12/15/2021 KY USD
Odebrecht Offshore Drill 7.75 69.066 12/19/2028 EC USD
Oi SA 7 73.33 1/17/2023 CO COP
Oi SA 8 6 12/31/2018 CL USD
Pesquera Exalmar SAA 2.8791 73.715 11/30/2032 CL USD
Pesquera Exalmar SAA 7.65 35.5 4/21/2025 VE USD
Petroleos de Venezuela S 6.25 54.25 KY USD
Petroleos de Venezuela S 8.75 28.25 BR USD
Petroleos de Venezuela S 0.99 43.333 KY EUR
Petroleos de Venezuela S 5.95 50.25 1/30/2018 NO NOK
Petroleos de Venezuela S 7.375 73.5 1/31/2020 PE USD
Petroleos de Venezuela S 5.93 73.967 10/1/2021 EC USD
Petroleos de Venezuela S 6.625 22.375 10/1/2022 KY USD
Petroleos de Venezuela S 5.5 35.59 10/23/2020 BR USD
Petroleos de Venezuela S 4.125 62 11/1/2022 BR USD
Petroleos de Venezuela S 11 70.125 11/13/2020 PE USD
Petroleos de Venezuela S 10 63.75 2/1/2019 SG USD
Petroleos de Venezuela S 10.75 34.125 2/12/2023 BR USD
Petroleos de Venezuela S 6.05 49 3/1/2041 KY USD
Petroleos de Venezuela S 6.8 50 3/15/2038 KY USD
Petroleos de Venezuela S 7.95 55.25 4/1/2045 KY USD
Petroleos de Venezuela S 8 66.25 4/15/2021 KY USD
Polarcus Ltd 7.75 69.371 11/7/2028 EC USD
Provincia del Chaco 6 45 4/5/2023 KY USD
PSOS Finance Ltd 7 41.5 12/1/2018 VE USD
Rabobank Chile 5.25 41.55 6/27/2029 KY USD
Republic of Ecuador Mini 8.45 65.752 5/30/2034 EC USD
Republic of Ecuador Mini 9 37.25 5/7/2023 VE USD
Republic of Ecuador Mini 6.4 72.465 6/12/2024 EC USD
Republic of Ecuador Mini 6.4 72.563 6/12/2024 EC USD
Republic of Ecuador Mini 6.4 72.563 6/12/2024 EC USD
Republic of Ecuador Mini 8.45 65.97 6/12/2034 EC USD
Republic of Ecuador Mini 8.45 67.196 7/17/2034 EC USD
Republic of Ecuador Mini 8.45 65.789 7/17/2034 EC USD
Republic of Ecuador Mini 8.45 67.196 7/17/2034 EC USD
Republic of Ecuador Mini 9.25 36.1 7/20/2020 BR USD
Republic of Ecuador Mini 9.25 38 7/20/2020 BR USD
Republic of Ecuador Mini 7.75 69.949 7/24/2028 EC USD
Republic of Ecuador Mini 7.75 70.932 7/24/2028 EC USD
Republic of Ecuador Mini 7.75 70.932 7/24/2028 EC USD
Republic of Ecuador Mini 9.5 23.375 7/3/2017 PA USD
Republic of Ecuador Mini 9.5 23.375 7/3/2017 PA USD
Republic of Ecuador Mini 4.9 73.401 8/1/2020 KY USD
Republic of Ecuador Mini 7.75 69.885 8/1/2028 EC USD
Republic of Ecuador Mini 7.75 70.899 8/1/2028 EC USD
Republic of Ecuador Mini 7.75 70.899 8/1/2028 EC USD
Republic of Ecuador Mini 6.2 50.923 8/1/2040 KY USD
Republic of Ecuador Mini 12.75 43 8/23/2022 VE USD
Republic of Ecuador Mini 11.95 40.5 8/5/2031 VE USD
Republic of Ecuador Mini 7.7 67.63 9/10/2029 EC USD
Republic of Ecuador Mini 7.7 67.663 9/10/2029 EC USD
Republic of Ecuador Mini 7.7 67.663 9/10/2029 EC USD
Republic of Ecuador Mini 8.45 65.552 9/10/2034 EC USD
Republic of Ecuador Mini 8.45 66.897 9/10/2034 EC USD
Republic of Ecuador Mini 8.45 66.897 9/10/2034 EC USD
Republic of Ecuador Mini 7.75 69.687 9/11/2028 EC USD
Republic of Ecuador Mini 7.75 70.719 9/11/2028 EC USD
Republic of Ecuador Mini 7.75 70.719 9/11/2028 EC USD
Republic of Ecuador Mini 5.625 72.25 9/11/2042 BR USD
Republic of Ecuador Mini 9.75 33.382 9/15/2016 BR BRL
Republic of Ecuador Mini 9.75 33.625 9/15/2016 BR BRL
Republic of Ecuador Mini 9.125 67.887 9/15/2017 VE USD
Republic of Ecuador Mini 9.25 40 9/15/2027 VE USD
Republic of Ecuador Mini 6.875 55.25 9/21/2019 KY USD
Republic of Ecuador Mini 6.875 57 9/21/2019 KY USD
Republic of Ecuador Mini 7.45 45.015 9/25/2019 CN USD
Republic of Ecuador Mini 7.45 45.125 9/25/2019 CN USD
Republic of Ecuador Mini 6.5 58.5 9/26/2017 AR USD
Republic of Ecuador Mini 5.375 61.25 9/26/2024 BR USD
Republic of Ecuador Mini 5.375 53.75 9/26/2024 BR USD
Republic of Ecuador Mini 7.7 67.506 9/30/2029 EC USD
Republic of Ecuador Mini 7.7 68.779 9/30/2029 EC USD
Republic of Ecuador Mini 7.7 68.779 9/30/2029 EC USD
Republic of Ecuador Mini 8.45 65.454 9/30/2034 EC USD
Republic of Ecuador Mini 8.45 66.784 9/30/2034 EC USD
Republic of Ecuador Mini 8.45 66.784 9/30/2034 EC USD
Samarco Mineracao SA 0.719 43 KY EUR
Samarco Mineracao SA 7.75 69.436 10/23/2028 EC USD
Samarco Mineracao SA 11.5 35.375 11/13/2018 CA USD
Samarco Mineracao SA 1.353 73.375 12/17/2017 KY EUR
Samarco Mineracao SA 6.21 68.503 12/30/2023 EC USD
Samarco Mineracao SA 8.45 66.646 2/6/2034 EC USD
Seagate HDD Cayman 7.75 70.495 10/23/2028 EC USD
Seagate HDD Cayman 6.5 69.477 11/25/2024 EC USD
Shelf Drilling Holdings 5.125 34.584 12/15/2017 BR EUR
Shelf Drilling Holdings 8 52.15 4/15/2027 KY USD
Siem Offshore Inc 10 67.99 2/1/2019 SG USD
Siem Offshore Inc 7.5 79.5 3/10/2020 CN USD
Telemar Norte Leste SA 9 68 KY USD
Telemar Norte Leste SA 6.25 50.25 KY USD
Telemar Norte Leste SA 5.75 61.25 10/24/2023 BR USD
Telemar Norte Leste SA 7.75 69.149 11/8/2028 EC USD
Telemar Norte Leste SA 6.875 49 2/6/2018 HK USD
Telemar Norte Leste SA 5.25 43.273 3/21/2019 VE USD
Telemar Norte Leste SA 5.6 45 3/30/2022 AE USD
Transocean Inc 10 55 KY USD
Transocean Inc 9 69.75 KY USD
Transocean Inc 7.25 54 1/18/2018 KY USD
Transocean Inc 4.54 58.625 10/25/2041 PA USD
Transocean Inc 11 70 11/13/2020 PE USD
Transocean Inc 6.75 104.4036 11/5/2021 PY USD
Transocean Inc 7.5 75.375 12/10/2028 PR USD
Transocean Inc 8.45 66.618 2/6/2034 EC USD
US Capital Funding IV Lt 7.75 70.502 4/25/2028 EC USD
US Capital Funding IV Lt 9.75 37.65 5/17/2035 VE USD
Usiminas Commercial Ltd 10 55 KY USD
Usiminas Commercial Ltd 8.45 66.451 3/19/2034 EC USD
USJ Acucar e Alcool SA 6.5 69.901 1/1/2024 EC USD
USJ Acucar e Alcool SA 5.93 73.323 12/30/2022 EC USD
Vale SA 6.21 71.086 1/1/2023 EC USD
Vantage Drilling Interna 9.875 33.25 11/9/2019 BR USD
Venezuela Government Int 6.5 69.654 IE USD
Venezuela Government Int 8.75 30.125 BR USD
Venezuela Government Int 6.75 24.01 10/1/2022 KY USD
Venezuela Government Int 4.3 54.766 10/15/2022 KY USD
Venezuela Government Int 5.5 35.5 10/23/2020 BR USD
Venezuela Government Int 6.5 70.288 11/1/2023 EC USD
Venezuela Government Int 6 31.21 11/15/2026 VE USD
Venezuela Government Int 9 33.9 11/17/2021 VE USD
Venezuela Government Int 8.5 53.55 11/2/2017 VE USD
Venezuela Government Int 8.45 66.477 3/19/2034 EC USD
Venezuela Government Int 7.5 68.052 4/3/2017 BR USD
Venezuela Government Int 6 30.25 5/16/2024 VE USD
Venezuela Government Int 8.5 75.01 5/25/2016 CN USD
Venezuela Government Int 8.45 65.784 5/30/2034 EC USD
Venezuela Government Int 9 12.5 5/31/2017 US CAD
Venezuela Government Int 7.7 68.195 6/12/2029 EC USD
Venezuela Government TIC 8.45 66.414 4/2/2034 EC USD
Venezuela Government TIC 9.5 30.05 4/23/2019 BR USD
Venezuela Government TIC 4.375 41 4/25/2025 KY USD
VRG Linhas Aereas SA 8.1 53.131 12/15/2041 KY USD
VRG Linhas Aereas SA 8.45 66.386 4/2/2034 EC USD
XLIT Ltd 8.5 53 11/2/2017 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 2016. 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 * * *