/raid1/www/Hosts/bankrupt/TCRLA_Public/180416.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, April 16, 2018, Vol. 19, No. 74
Headlines
A R G E N T I N A
EMPRESA DISTRIBUIDORA: S&P Raises CCR to 'B', Outlook Positive
B R A Z I L
BANCO DE DESENVOLVIMENTO: Moody's Lowers LT Issuer Rating to B2
BANCO DO BRASIL: S&P Assigns New Sr. Unsec. Notes 'BB-' Rating
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Associations Clash Over Region's Erosion
J A M A I C A
NOBLE GROUP: More Than 75% of Credit Holders OK Restructuring
M E X I C O
GRUPO BIMBO: S&P Rates New Subordinated Perpetual Notes 'BB+'
P E R U
PERU: Former President Warns of Economic Threat to Country
T R I N I D A D & T O B A G O
RADIO VISION: Pleads Guilty to Two Offences
V E N E Z U E L A
VENEZUELA: Pence Says U.S. to Provide $16MM in Aid to Refugees
X X X X X X X X X
* BOND PRICING: For the Week From April 9 to April 13, 2018
- - - - -
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A R G E N T I N A
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EMPRESA DISTRIBUIDORA: S&P Raises CCR to 'B', Outlook Positive
--------------------------------------------------------------
S&P Global Ratings raised its corporate credit and issue-level
ratings on Empresa Distribuidora y Comercializadora Norte S.A.
(Edenor) to 'B' from 'B-'. The outlook is positive.
S&P said, "The rating upgrade on Edenor follows its smooth
execution of the Integral Tariff Review (ITR) approved on Jan.
31,2017. Edenor's general business conditions have improved, in
turn augmenting cash flow generation, which wasbetter than we
initially expected in 2017. In addition, the positive outlook
incorporates our view that, in the next 12 months, there is a one-
in-three likelihood of a further rating upgrade if Edenor solves
its regulatory contingencies. Even if the company had to pay the
full amount of $560 million in a lump sum, we believe it make a
one-time low probability payment that would not materially affect
its creditworthiness in the medium term, considering that Edenor
has a relatively low debt to EBITDA ratio and already less than
adequate liquidity.
"The positive outlook on Edenor incorporates our expectation that
the company will be able to resolve, in the next 12 months, the
regulatory contingencies with Cammesa and the ENRE without any
meaningful impact on its credit quality."
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B R A Z I L
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BANCO DE DESENVOLVIMENTO: Moody's Lowers LT Issuer Rating to B2
---------------------------------------------------------------
Moody's America Latina Ltda has downgraded the long-term global
local currency issuer rating assigned to the state-owned
development bank, Banco de Desenvolvimento de Minas Gerais S.A.
(BDMG), to B2, from B1. Moody's also downgraded the bank's long
and short-term Brazilian national scale issuer ratings to Ba1.br
and BR-4 from Baa3.br and BR-3 respectively, as well as its
baseline credit assessment (BCA) to b2 from b1. At the same time
Moody's affirmed the long-term global local currency and Brazilian
national scale issuer ratings and BCA assigned to the state owned
development agency, Desenvolve SP - Agencia de Fomento do Estado
de Sao Paulo (Desenvolve SP). The outlook for both issuers was
changed to stable from negative.
This action follows Moody's announcements published on April 9,
2018 and April 10, 2018 that it has downgraded the issuer rating
of the State of Minas Gerais and affirmed the ratings of the State
of Sao Paulo and the Government of Brazil and changed their
outlooks to stable from negative.
The following ratings and assessments of Banco de Desenvolvimento
de Minas Gerais S.A. were downgraded:
- Long-term global local currency issuer rating to B2, stable,
from B1, negative
- Long-term local currency Brazilian national scale issuer rating
to Ba1.br, from Baa3.br
- Short-term local currency Brazilian national scale issuer
rating to BR-4, from BR-3
- Baseline credit assessment to b2, from b1
The outlook for Banco de Desenvolvimento de Minas Gerais S.A. was
changed to stable from negative.
The following ratings and assessments of Desenvolve SP - Agencia
de Fomento do Estado de Sao Paulo were affirmed:
Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo:
- Long-term global local currency issuer rating of Ba2, outlook
changed to stable from negative
- Short-term global local currency issuer rating of Not Prime
- Long-term local currency Brazilian national scale issuer rating
of Aa2.br
- Short-term local currency Brazilian national scale issuer
rating of BR-1
- Baseline credit assessment of ba3
The outlook for Desenvolve SP - Agencia de Fomento do Estado de
Sao Paulo was changed to stable from negative.
RATINGS RATIONALE
The rating action was prompted by the downgrade and change in
outlook to stable, from negative, of the State of Minas Gerais
(B2, stable) as well as the affirmation of the ratings and change
in outlook to stable, from negative, of the State of Sao Paulo
(Ba2, stable), which in turn followed the change in the outlook of
Brazil's sovereign bond rating to stable from negative. The rating
action of the State of Sao Paulo's ratings considers the close
macroeconomic and institutional linkages between the state and the
federal government. However, the downgrade of the State of Minas
Gerais's ratings reflects the further deterioration of the state's
fiscal position in 2017 and the challenges it faces in reducing
its fiscal deficits.
In turn, the rating actions on BDMG and Desenvolve SP, reflect the
strong macroeconomic and institutional linkages with their state
government-shareholders. In addition to determining the agencies'
strategies, budgets and objectives, the respective state
governments are the sole providers of their equity. Established to
act as financial development agents of their state governments,
the entities have limited ability to diversify and operate beyond
the boundaries of their states. Consequently, they are highly
dependent upon and exposed to their local economies and exhibit
concentrations in terms of segments, products and borrower types.
As the financial situation of State of Minas Gerais has worsened
in recent years, BDMG has also reported much weaker fundamentals,
particularly asset quality. In 2017, BDMG's 15 day problem loan
ratio rose sharply to 7.9% from just 0.1% a year previously. In
addition, the bank registered a significant net loss equal to 2.6%
of tangible assets, a direct result of a 224% increase in its
provisioning expenses. Along with the bank's continued reliance on
wholesale funding from Banco Nacional de Desenvolvimento Econìmico
e Social (BNDES, local currency bank deposit rating of Ba2,
stable) which exposes BDMG to changes in BNDES' lending policies,
including reduced rate subsidies, these factors were key in the
downgrade of BDMG's ratings. In contrast, the affirmation of
Desenvolve SP's BCA reflects its strong capitalization, low
delinquency ratios, and sound profitability.
Notwithstanding the downgrades of the government of Minas Gerais
and BDMG, Moody's continues to assess as high the willingness of
the state governments of both Minas Gerais and Sao Paulo to
provide financial support to BDMG and Desenvolve SP if necessary.
Desenvolve SP's issuer rating continues to benefit from one notch
of uplift for affiliate support from its ba3 BCA. The outlooks on
both BDMG and Desenvolve SP are stable, in line with the outlooks
on their government-shareholders and the government of Brazil. The
stable outlook on BDMG also reflects Moody's expectation that
there will be no further deterioration of the bank's asset
quality, while Desenvolve SP's outlook considers that its capital
and asset quality will remain strong as it expands its loan book
amid Brazil's economic recovery.
BDMG - WHAT COULD CHANGE THE RATING DOWN
The recent downgrade and the stable outlook on the bank's rating
means upward pressure is limited, at this time. If the rating of
its government-shareholder is downgraded further, however, BDMG's
ratings would face downward pressure as well. Further
deterioration in its asset quality, profitability and/or a capital
base could also pressure its ratings.
Desenvolve SP - WHAT COULD CHANGE THE RATING UP/DOWN
If the rating for its government-shareholder is upgraded,
Desenvolve SP's ratings could face upward pressure as well. A
significant improvement in profitability as a result of loan
growth with limited effect on asset risk and without significantly
diminishing its capital base, would put positive pressure on its
BCA. However, this would not affect its issuer ratings. The
ratings would face downward pressure if either the state
government's rating were to be downgraded or the issuer's
fundamentals deteriorate significantly.
The methodologies used in these ratings were Banks published in
September 2017, and Government-Related Issuers published in August
2017.
BANCO DO BRASIL: S&P Assigns New Sr. Unsec. Notes 'BB-' Rating
--------------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB-' issue rating to
Banco do Brasil S.A's (BdB; BB-/Stable/B) proposed third series of
its euro medium-term senior unsecured notes. The offering will be
denominated in U.S. dollar and benchmark-sized with a five-year
tenor.
The rating on the notes reflects their pari passu ranking with the
bank's other senior unsecured debt obligations, and as a result,
S&P rates them at the same level as its long-term issuer credit
rating on the bank. The notes should represent less than 1% of
BdB's total funding base, even though the amount is not yet
defined. Therefore, S&P doesn't expect this issuance to change its
view of the bank's above-average funding. BdB plans to use the
proceeds for general corporate purposes.
S&P said, "Our long-term issuer credit rating on BdB is three
notches lower than its stand-alone credit profile, and is at the
same level as the long-term foreign currency rating on Brazil.
Under our criteria, it's unlikely that we'd assign an issuer
credit rating on a bank that's above that on the sovereign,
because the bank would have to demonstrate a capacity to maintain
sufficient capital and liquidity to cover the significant stress
that accompanies a sovereign default." Additionally, BdB has
significant asset exposure to the sovereign, given that the bank's
liquid assets are largely invested in sovereign bonds.
RATINGS LIST
New Rating
Banco do Brasil S.A.
Senior Unsecured BB-
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D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Associations Clash Over Region's Erosion
-------------------------------------------------------------
Dominican Today reports that the Dominican government, through the
Tourism Ministry and the National Hotels and Restaurants
Association (Asonahores), promote projects to deal with beach
erosion in the Bavaro and Punta Cana region, affected by climate
change.
The announcement comes one day after the El Cortecito Owners and
Merchants Association blamed the Government for the beach
degradation in Punta Cana and of failing to prevent the
construction of buildings within 60 meters of public domain, which
they affirm contributes to coastal erosion, according to Dominican
Today.
Deputy Tourism Minister Fausto Fernandez made the statement
accompanied by Asonahores president Joel Santos in a press
conference held at the Gran Barcelo Resort Convention Center, the
report notes.
Mr. Santos said he works for the beaches, which in his view are
the industry's main assets, not only in the area of Bavaro and
Punta Cana, the report relays.
The report discloses that Mr. Fernandez, speaking at the Dominican
Annual Tourism Exchange (DATE) noted that private initiatives,
coordinated with the Government, protect the coasts and ecotourism
sites nationwide. "The beaches are an important tourism asset, for
which president Danilo Medina has instructed to be paid
attention."
As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.
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J A M A I C A
=============
NOBLE GROUP: More Than 75% of Credit Holders OK Restructuring
-------------------------------------------------------------
Reuters reports that part owner of the Jamalco alumina
refinery -- commodity trader Noble Group Ltd -- said that more
than 75 percent of creditors holding the majority of its senior
debt have accepted its $3.4 billion restructuring plan.
"The company continues to engage in discussions with shareholders
and the SGX on the restructuring," said the Hong Kong-based firm,
according to Reuters.
Noble, which received more than 70 percent approval for its plan
earlier this week, had said earlier that it would have to begin
insolvency proceedings if the debt restructuring was not approved,
the report notes.
Singapore Exchange's regulatory arm had asked Noble's senior
creditors to assess the beleaguered commodity trader's
restructuring plans to "ensure parity in the treatment of all
shareholders," the report relays.
Once Asia's biggest commodity merchant, Noble was plunged into
crisis in February 2015 when Iceberg Research questioned its
books, the report adds. Noble has defended its accounting.
About Noble Group
Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.
As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.
S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018. In addition, the company said it would not make
The payments despite being given 30-day grace periods to meet both
obligations. The failure to make these payments will trigger
cross-defaults on the company's other obligations. We do not
expect Noble to meet any outstanding obligations as the company
preserves its assets during the restructuring process."
Noble is undergoing a debt restructuring, which management
expects to be completed by the end of July. S&P will conduct
another review the company's credit profile after the
restructuring is complete.
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M E X I C O
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GRUPO BIMBO: S&P Rates New Subordinated Perpetual Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
Grupo Bimbo S.A.B de C.V.'s (Bimbo; BBB/Negative/--) proposed
perpetual, optionally deferrable, and subordinated hybrid capital
instrument.
The company intends to use the proceeds for general corporate
purposes, including the repayment of existing indebtedness, to
strengthen its liquidity, and to fund both its recent acquisitions
and a portion of its planned capital expenditures (capex).
S&P arrives at its 'BB+' issue rating on the proposed instrument
by notching down from its 'BBB' issuer credit rating (ICR) on
Bimbo. The two-notch difference reflects S&P's notching
methodology, which calls for the following deductions:
-- One notch for subordination because our long-term ICR on Bimbo
is investment grade (that is, higher than 'BB+'); and
-- An additional notch for payment flexibility, to reflect that
the deferral of interest is optional.
S&P said, "The notching on the proposed instrument reflects our
view that there is a relatively low likelihood that the issuer
will defer interest. Should our view change in the future, we may
increase the gap between the ICR and the issue-level rating.
"We consider the proposed instrument to have intermediate equity
content until its first reset date because it meets our criteria
in terms of subordination, permanence, and deferability at the
company's discretion during that period. Consequently, we allocate
50% of the related payments on the proposed instrument as a fixed
charge and 50% as equivalent to a common dividend. The 50%
treatment of principal and accrued interest also applies to our
adjustments of debt.
"We also understand that, after this issuance, the company intends
to maintain the total amount of its outstanding hybrids at the
current level, corresponding to a ratio of outstanding hybrids to
adjusted capitalization close to 7% in our updated estimates. This
is well below the 15% limit for us to view hybrid leverage as
having intermediate equity content."
KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION
The proposed instrument and coupons are intended to constitute the
issuer's direct, unconditional, unsecured, and subordinated
obligations, ranking junior to all senior obligations, and pari
passu among themselves and any similar instrument. They are senior
only to all existing and future common shares and other equity
securities.
KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S PERMANENCE
FEATURE
Although the proposed notes are perpetual, Bimbo can redeem them
at any time due to a rating methodology, tax, repurchase,
accounting, or change-of-control event.
Also, Bimbo can redeem the instrument commencing on the first call
date, which falls five years after the issuance, and ends on the
First Reset Date and on any interest payment date thereafter. If
any of these events occur, the company intends to replace the
proposed instruments, although it is not obliged to do so. In
S&P's view, this statement of intent largely mitigates the
issuer's ability to repurchase the notes.
S&P said, "We understand that the interest to be paid on the
proposed securities will increase by 25 basis points (bps) on the
first step-up date, which should take place not earlier than 10
years after the issue date, and by a further 75bps 20 years after
the first reset date. We view the cumulative 100bps as a moderate
step-up, which provides Bimbo with an incentive to redeem the
instruments after about 25.25 years from the issuance.
"Consequently, we will no longer recognize the instrument as
having intermediate equity content after its first reset date,
because the remaining period until its economic maturity would, by
then, be less than 20 years.
"However, we classify the instrument's equity content as
intermediate until its first reset date, as long as we think that
the loss of the beneficial intermediate equity content treatment
will not cause the issuer to call the instrument at that point."
KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY
S&P said, "In our view, Bimbo's option to defer payment on the
proposed instrument is discretionary. This means that Bimbo may
elect not to pay accrued interest on an interest payment date
because it has no obligation to do so. However, any outstanding
deferred interest payment, plus interest accrued thereafter, will
have to be settled in cash if the company declares or pays an
equity dividend or interest on equally ranking securities, and if
it redeems or repurchases shares of equally ranking securities or
under insolvency or liquidation. That said, this condition remains
acceptable under our methodology because, once Bimbo has settled
the deferred amount, it can still choose to defer the next
interest payment date."
RATINGS LIST
Grupo Bimbo S.A.B. de C.V.
Corporate Credit Rating BBB/Negative/--
New Rating
Grupo Bimbo S.A.B. de C.V.
Subordinated Notes BB+
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P E R U
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PERU: Former President Warns of Economic Threat to Country
----------------------------------------------------------
Ryan Dube at The Wall Street Journal reports that the political
turmoil that led Peru's Pedro Pablo Kuczynski to resign is hurting
investor confidence and threatening to slow growth in one of Latin
America's strongest economies, the former president said.
Mr. Kuczynski, a former World Bank economist, stepped down as he
was facing a second impeachment vote over allegations of
corruption, which he denied, according to The Wall Street Journal.
In his first interview since leaving office last month, Mr.
Kuczynski warned the attempts to oust him from office set a bad
precedent for the Andean nation as his successor, Martin Vizcarra,
looks to stimulate the economy with investments in infrastructure,
the report notes.
"By pushing for an unconstitutional impeachment of the president,
you put this whole situation at risk," said Mr. Kuczynski, 79
years old, the report relays. "What will happen next?"
Private-sector economists have been cutting their forecast for
growth this year as a result of the uncertainty, the report
discloses. Brokerage Inteligo SAB said last month that political
tensions risked undermining investments and that growth could fall
to 2.8% in 2018 from a projected 4.8%, the report notes. BBVA
Research said the first quarter likely expanded 3% from the year-
earlier period, rather than the projected 4%, the report relays.
"What is concerning is the constant political noise and its impact
on [investor] confidence," said Hugo Perea, BBVA's chief economist
in Peru, the report adds.
Mr. Kuczynski's downfall came in the wake of a scandal involving
Brazil's Odebrecht SA, which admitted in a plea deal with the U.S.
Justice Department to paying nearly $800 million in bribes to
secure government contracts in Latin America and Africa, the
report discloses. That included $29 million in Peru, where
politicians from several parties have been ensnared in accusations
of wrongdoing, the report says.
In December, a congressional committee led by Popular Force, the
country's biggest opposition party headed by Keiko Fujimori,
released documents showing that more than a decade ago Odebrecht
had paid $780,000 to a Florida-based financial-consulting firm
owned by Mr. Kuczynski, the report relays. He was prime minister
and finance minister when some of those payments were made, the
report notes.
Mr. Kuczynski said he had no contact with the firm while in
government and that the contracts were managed by a Chilean
business partner, the report relays. Odebrecht confirmed the
contracts were managed by Mr. Kuczynski's partner and weren't part
of its corruption plea deal, the report notes.
"There was nothing illegal, these weren't payments under the
table," Mr. Kuczynski said, the report relays. "Obviously, what
the opposition tried to do is link me to that [scandal]," Mr.
Kuczynski added.
Mr. Kuczynski narrowly survived an impeachment vote in December
after 10 lawmakers from Popular Force, including Ms. Fujimori's
younger brother Kenji Fujimori, abstained, the report notes. But
the president quickly came under fire again after pardoning Ms.
Fujimori's father, former strongman Alberto Fujimori, who was
serving a 25-year prison sentence for human-rights crimes and
corruption, the report says.
Rights activists and leftist politicians accused Mr. Kuczynski of
cutting a deal with the younger Mr. Fujimori: pardoning the former
quasi-dictator in exchange for support in the impeachment vote,
the report relays.
"That is complete rubbish," said Mr. Kuczynski. He said he began
the steps to issue the pardon in August but should have waited to
release him from prison to avoid accusations of a quid pro quo, he
added.
In March, Mr. Kuczynski was facing a second impeachment vote when
Popular Force released secretly recorded videos it said showed
government allies offering to reward opponents with public
contracts in exchange for shielding the president, the report
notes. Mr. Kuczynski denied the accusations but stepped down,
determining he had lost political support, the report discloses.
"Nobody offered one cent to anybody," he said. "This was all a
manufactured thing," he added, note the report.
Mr. Kuczynski said he has mixed feelings about having run for
president, the report relays. "You obviously regret putting so
much effort into this," he said.
But he hopes his short stint helped put health care and access to
clean drinking water on the agenda, the report notes.
"If I have a little bit of a legacy," he said, "it is that," he
added, the report relates.
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T R I N I D A D & T O B A G O
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RADIO VISION: Pleads Guilty to Two Offences
-------------------------------------------
Trinidad Express reports that the Telecommunications Authority of
Trinidad and Tobago described as "yet another victory in the
courts" the fact that Radio Vision Ltd pleaded guilty to two
offences related to breaches of the Telecommunications Act.
In a statement, TATT said the breaches occurred in March and April
2006, 12 years ago, when the radio company, which operates 102.1
FM and 94.1 FM stations, was found by TATT to be operating a radio
communication service without a license, on 102.6 and 102.5 FM,
according to Trinidad Express.
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V E N E Z U E L A
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VENEZUELA: Pence Says U.S. to Provide $16MM in Aid to Refugees
--------------------------------------------------------------
Louise Radnofsky at The Wall Street Journal reports that the U.S.
will provide $16 million in aid to Venezuelans who have fled their
homeland amid a growing humanitarian and economic crisis, Vice
President Mike Pence said as he arrived in Peru for a day of talks
with Latin American leaders.
"We are with the people of Venezuela and will continue to do
everything in our power to provide sustenance and support to those
who have fled," Mr. Pence said, according to The Wall Street
Journal. The U.S. funds will go to the United Nations High
Commissioner for Refugees and on to communities in Colombia and
Brazil flooded by Venezuelans who left their country searching for
food, medicines and work, the report notes.
Mr. Pence is attending the Summit of the Americas in Lima in place
of President Donald Trump, who cited the ongoing decision-making
over chemical weapon attacks in Syria for keeping him in
Washington, the report relays.
The U.S. and a slew of governments across the Americas have said
they won't stand by as Venezuela slides into what they call a
dictatorship, the report relays. But for now, there have been few
tangible results from mostly economic sanctions leveled against
President Nicolas Maduro's regime, the report says.
The report notes that Mr. Pence said the Trump administration
wants to provide aid directly to people inside of Venezuela but is
blocked from doing so. The vice president raised the prospect of
"additional sanctions and additional isolation" for Venezuelan
officials, the report relays.
"Nicolas Maduro stands in the way," he said, "refusing
humanitarian aid to be delivered to Venezuela, and the world
deserves to know that," he added, notes the report.
Mr. Maduro and his lieutenants deny Venezuela is in a humanitarian
crisis and consider international aid part of a ploy by the U.S.
to destabilize the government, the report relays.
Mr. Pence made the announcement as he met with Venezuelan
opposition activists, including the president of the congress,
Julio Borges, the former mayor of Caracas, Antonio Ledezma, the
report notes.
On his Twitter account, Mr. Ledezma said he asked Mr. Pence for
humanitarian aid and "intensification of sanctions on Maduro, his
clique, his frontmen, (and) the seizure of assets and capital
robbed from Venezuela," the report adds.
As reported in the Troubled Company Reporter-Latin America on
March 13, 2018, Moody's Investors Service has downgraded the
Government of Venezuela's foreign currency and local currency
issuer ratings, foreign and local currency senior unsecured
ratings, and foreign currency senior secured rating to C from
Caa3. Concurrently, the foreign currency senior unsecured medium
term note program has also been downgraded to (P)C from (P)Caa3.
The outlook has been changed to stable from negative.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From April 9 to April 13, 2018
-----------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
BA-CA Finance Cayman Lt 0.518 62.07 KY EUR
AES Tiete Energia SA 6.7842 1.109 4/15/2024 BR BRL
Argentina Bogar Bonds 2 39.36 2/4/2018 AR ARS
Automotores Gildemeister 8.25 73.25 5/24/2021 CL USD
Automotores Gildemeister 6.75 67 1/15/2023 CL USD
Automotores Gildemeister 8.25 73.25 5/24/2021 CL USD
Automotores Gildemeister 6.75 65.5 1/15/2023 CL USD
CA La Electricidad 8.5 63.664 4/10/2018 VE USD
Caixa Geral De Depositos 1.439 63.167 KY EUR
Caixa Geral De Depositos 1.469 KY EUR
CSN Islands XII Corp 7 68 BR USD
CSN Islands XII Corp 7 66.266 BR USD
Decimo Primer Fideicomiso 6 53.225 10/25/2041 PA USD
Decimo Primer 4.54 43.127 10/25/2041 PA USD
Dolomite Capital 13.217 73.108 12/20/2019 CN ZAR
Enel Americas SA 5.75 56.172 6/15/2022 CL CLP
Gol Linhas Aereas SA 10.75 35.861 2/12/2023 BR USD
Gol Linhas Aereas SA 10.75 35.601 2/12/2023 BR USD
Inversora Electrica 6.5 67.625 9/26/2017 AR USD
Inversora Electrica 6.5 67.625 9/26/2017 AR USD
MIE Holdings Corp 7.5 64.78 4/25/2019 HK USD
MIE Holdings Corp 7.5 64.982 4/25/2019 HK USD
NB Finance Ltd 3.88 61.816 2/7/2035 KY EUR
Noble Holding 7.7 74.433 4/1/2025 KY USD
Noble Holding 5.25 56.279 3/15/2042 KY USD
Noble Holding 8.7 71.881 4/1/2045 KY USD
Noble Holding 6.2 60.129 8/1/2040 KY USD
Noble Holding 6.05 58.38 3/1/2041 KY USD
Odebrecht Finance Ltd 7.5 42.5 KY USD
Odebrecht Finance Ltd 5.125 56.938 6/26/2022 KY USD
Odebrecht Finance Ltd 7 68.053 4/21/2020 KY USD
Odebrecht Finance Ltd 7.125 41.366 6/26/2042 KY USD
Odebrecht Finance Ltd 4.375 40.002 4/25/2025 KY USD
Odebrecht Finance Ltd 5.25 39.211 6/27/2029 KY USD
Odebrecht Finance Ltd 6 44.75 4/5/2023 KY USD
Odebrecht Finance Ltd 5.25 39.018 6/27/2029 KY USD
Odebrecht Finance Ltd 7.5 42.95 KY USD
Odebrecht Finance Ltd 4.375 40.363 4/25/2025 KY USD
Odebrecht Finance Ltd 7.125 41.635 6/26/2042 KY USD
Odebrecht Finance Ltd 6 52.625 4/5/2023 KY USD
Odebrecht Finance Ltd 5.125 55.873 6/26/2022 KY USD
Odebrecht Finance Ltd 7 67.368 4/21/2020 KY USD
Petroleos de Venezuela 8.5 74.5 10/27/2020 VE USD
Petroleos de Venezuela 6 30.458 5/16/2024 VE USD
Petroleos de Venezuela 6 30.517 11/15/2026 VE USD
Petroleos de Venezuela 9.75 35.677 5/17/2035 VE USD
Petroleos de Venezuela 9 39.279 11/17/2021 VE USD
Petroleos de Venezuela 5.375 30.267 4/12/2027 VE USD
Petroleos de Venezuela 8.5 72.5 10/27/2020 VE USD
Petroleos de Venezuela 12.75 45.278 2/17/2022 VE USD
Petroleos de Venezuela 6 30.367 5/16/2024 VE USD
Petroleos de Venezuela 6 30.387 11/15/2026 VE USD
Petroleos de Venezuela 9 39.316 11/17/2021 VE USD
Petroleos de Venezuela 9.75 35.893 5/17/2035 VE USD
Petroleos de Venezuela 6 28.346 10/28/2022 VE USD
Petroleos de Venezuela 5.5 30.123 4/12/2037 VE USD
Petroleos de Venezuela 12.75 45.23 2/17/2022 VE USD
Polarcus Ltd 5.6 75 3/30/2022 AE USD
Provincia del Chubut 4 10/21/2019 AR USD
Siem Offshore Inc 4.04527 69.5 10/30/2020 NO NOK
Siem Offshore 3.75176 65.75 12/28/2021 NO NOK
STB Finance 2.05771 56.243 KY JPY
Sylph Ltd 2.367 64.438 9/25/2036 KY USD
US Capital 1.63611 54.774 12/1/2039 KY USD
US Capital 1.63611 54.774 12/1/2039 KY USD
USJ Acucar 9.875 67 11/9/2019 BR USD
USJ Acucar 9.875 67 11/9/2019 BR USD
Venezuela 13.625 68.25 8/15/2018 VE USD
Venezuela 7.75 44.065 10/13/2019 VE USD
Venezuela 11.95 40.785 8/5/2031 VE USD
Venezuela 12.75 45.19 8/23/2022 VE USD
Venezuela 9.25 39.645 9/15/2027 VE USD
Venezuela 11.75 40.005 10/21/2026 VE USD
Venezuela 9 36.285 5/7/2023 VE USD
Venezuela 9.375 37.69 1/13/2034 VE USD
Venezuela 13.625 72.25 8/15/2018 VE USD
Venezuela 7 34.23 3/31/2038 VE USD
Venezuela 7 59.19 12/1/2018 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, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2018. 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.
.
* * * End of Transmission * * *