TCRLA_Public/130527.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, May 27, 2013, Vol. 14, No. 103


                            Headlines



C A Y M A N  I S L A N D S

ALTIMA ONE: Creditors' Proofs of Debt Due June 3
APHEX CAPITAL: Creditors' Proofs of Debt Due June 6
ARCATA UNIVERSAL: Creditors' Proofs of Debt Due May 27
BROADREACH MEZZANINE: Creditors' Proofs of Debt Due June 6
COHANZICK CREDIT: Commences Liquidation Proceedings

CREDO SERIES 1: Creditors' Proofs of Debt Due May 28
CREDO SERIES 2: Creditors' Proofs of Debt Due May 28
EAST STAR: Commences Liquidation Proceedings
GEOVERA INSURANCE: Creditors' Proofs of Debt Due May 28
HARMONY FUND: Creditors' Proofs of Debt Due May 28

RAPID CAPITAL: Creditors' Proofs of Debt Due May 27
TANGERINE INVESTMENT: Cayman Court Appoints Stokoe as Liquidator
TAPESTRY FLAGSHIP: Creditors' Proofs of Debt Due June 5
TAPESTRY FLAGSHIP MASTER: Creditors' Proofs of Debt Due June 5
YAOLI INTERNATIONAL: Creditors' Proofs of Debt Due May 27

YAOLI INTERNATIONAL: Members to Receive Wind-Up Report on May 28


C O S T A  R I C A

BANCO INTERNACIONAL: Fitch Affirms 'BB+' Issuer Default Rating


H A I T I

* HAITI: Gets US$3MM IDB Loan for Sustainable Energy


J A M A I C A

NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Ratings


P A N A M A

NEWLAND INT'L: Chap. 11 Filing Cues Moody's to Withdraw Ratings


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Methanol Holdings CEO Resigns


X X X X X X X X

* BOND PRICING: For the Week May 20 to May 24, 2013


                            - - - - -


==========================
C A Y M A N  I S L A N D S
==========================


ALTIMA ONE: Creditors' Proofs of Debt Due June 3
------------------------------------------------
The creditors of Altima One World Agriculture Development Fund
Limited are required to file their proofs of debt by June 3, 2013,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 27, 2013.

The company's liquidator is:

          David Sargison
          Telephone: +1 (345) 946 7274
          31, Woodland Drive, Lower Valley
          Grand Cayman KY1-1102
          Cayman Islands


APHEX CAPITAL: Creditors' Proofs of Debt Due June 6
---------------------------------------------------
The creditors of Aphex Capital NSCR 2006-2, Ltd are required to
file their proofs of debt by June 6, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2013.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


ARCATA UNIVERSAL: Creditors' Proofs of Debt Due May 27
------------------------------------------------------
The creditors of Arcata Universal Limited are required to file
their proofs of debt by May 27, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2013.

The company's liquidator is:

          Jianli Hu
          No 7 Building
          Lane 188
          Jinglian Road
          Minghang District
          Shanghai PRC
          Telephone: +86 (574) 5899 9888
          Facsimile: +86 (574) 5899 9800


BROADREACH MEZZANINE: Creditors' Proofs of Debt Due June 6
----------------------------------------------------------
The creditors of Broadreach Mezzanine Funding Limited are required
to file their proofs of debt by June 6, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


COHANZICK CREDIT: Commences Liquidation Proceedings
---------------------------------------------------
On April 23, 2013, the sole shareholder of Cohanzick Credit
Opportunities Master Fund, Ltd passed a resolution that
voluntarily liquidates the company's business.

The company's liquidator is:

          David K Sherman
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229
          E-mail: John.O'Driscoll@walkersglobal.com


CREDO SERIES 1: Creditors' Proofs of Debt Due May 28
----------------------------------------------------
The creditors of Credo Series 1 Limited are required to file their
proofs of debt by May 28, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 25, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


CREDO SERIES 2: Creditors' Proofs of Debt Due May 28
----------------------------------------------------
The creditors of Credo Series 2 Limited are required to file their
proofs of debt by May 28, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 25, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


EAST STAR: Commences Liquidation Proceedings
--------------------------------------------
On April 12, 2013, the sole shareholder of East Star Trading
Company Ltd. passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Mahfouz Ali Mohamed Saeed
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


GEOVERA INSURANCE: Creditors' Proofs of Debt Due May 28
-------------------------------------------------------
The creditors of Geovera Insurance Group Holdings, Ltd. are
required to file their proofs of debt by May 28, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2013.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House
          PO Box 1350, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


HARMONY FUND: Creditors' Proofs of Debt Due May 28
--------------------------------------------------
The creditors of Harmony Fund SPC are required to file their
proofs of debt by May 28, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 22, 2013.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


RAPID CAPITAL: Creditors' Proofs of Debt Due May 27
---------------------------------------------------
The creditors of Rapid Capital Limited are required to file their
proofs of debt by May 27, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2013.

The company's liquidator is:

          Jianli Hu
          No 7 Building
          Lane 188
          Jinglian Road
          Minghang District
          Shanghai PRC
          Telephone: +86 (574) 5899 9888
          Facsimile: +86 (574) 5899 9800


TANGERINE INVESTMENT: Cayman Court Appoints Stokoe as Liquidator
----------------------------------------------------------------
On April 4, 2013, the Grand Court of Cayman Islands entered an
order to wind up the operations of Tangerine Investment Management
Limited.

Ian Stokoe was appointed as the company's liquidator.

The company's liquidator is:

          Ian Stokoe
          c/o Devina Patel
          Telephone: (345) 914 8739
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


TAPESTRY FLAGSHIP: Creditors' Proofs of Debt Due June 5
-------------------------------------------------------
The creditors of Tapestry Flagship Futures Ltd. are required to
file their proofs of debt by June 5, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


TAPESTRY FLAGSHIP MASTER: Creditors' Proofs of Debt Due June 5
--------------------------------------------------------------
The creditors of Tapestry Flagship Futures Master Ltd. are
required to file their proofs of debt by June 5, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


YAOLI INTERNATIONAL: Creditors' Proofs of Debt Due May 27
---------------------------------------------------------
The creditors of Yaoli International Holdings Limited are required
to file their proofs of debt by May 27, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 17, 2013.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


YAOLI INTERNATIONAL: Members to Receive Wind-Up Report on May 28
----------------------------------------------------------------
The members of Yaoli International Holdings Limited will hold
their final meeting on May 28 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


==================
C O S T A  R I C A
==================


BANCO INTERNACIONAL: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has Affirmed Banco Internacional de Costa Rica's
(BICSA) Issuer Default Rating (IDR) at 'BB+'. The Bank's Viability
Rating (VR) and National Ratings in Panama were also affirmed.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS AND SENIOR DEBT

The bank's IDRs, National and senior debt ratings reflect the
support it would receive from its main shareholder, Banco de Costa
Rica (BCR, rated 'BB+' with a Stable Outlook by Fitch), should it
be required. The ratings of the bonds issued correspond to BISCA's
international rating of 'BB+'.

BICSA is considered by Fitch to be a core operation for BCR.
Originally created as a vehicle to extend the operations of the
state-owned banks outside Costa Rica, BICSA has been successful
growing its loan portfolio outside Costa Rica and Panama with
sound asset quality and adequate profitability. Its contribution
to the consolidated business complements its parent's strong
market position in Costa Rica. Fitch believes support would be
forthcoming to control reputational risk for the parent.

The bank's IDR and long-term National rating have a Stable Outlook
in line with those of its main shareholder, BCR.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND SENIOR DEBT
The bank's IDRs, National and senior debt ratings are sensitive to
a change in Fitch's assumptions as to BCR's capacity or
willingness to support BICSA.

KEY RATING DRIVERS - VR
BICSA's VR reflects the bank's consistent asset quality, stable
profitability, improvements in funding diversification and
adequate capital position. BICSA's VR also factors in the higher
concentration risks that arise from its corporate nature. The
bank's individual creditor concentration has been gradually
controlled by further diversification of the loan portfolio by
country and economic sector. The bank's deposit concentration is
offset by its increased use of bank loans and issuances.

The bank's impaired loans/total loans ratio has been less than 1%
over the past 5 years and restructured loans and loans rated under
the highest risk categories according to local regulation remain
under control. The bank's reserve coverage is considered adequate.

The bank's record of higher liquidity levels and adequate asset-
liability management partly offset its higher deposit
concentration. Also, the increased use of longer term bank loans
and local debt issuances improves its asset liability management
and reduces mismatches.

BICSA's return on assets and equity at the end of 2012 were
consistent with its historical averages. During this fiscal
period, important losses were recorded regarding derivative
instruments, and additional reserves were constituted due to the
country's risk profile. Such losses were compensated and did not
have a significant impact on the bank's capital position. At end
2012, internal capital generation of 11.2% was below asset growth
of 25%, but sufficient to maintain Fitch Core Capital ratio in
line with the emerging markets median of 12.5% of its 'bb-' and
'bb' rated peers.

Fitch estimates that earnings for 2013 may be affected by losses
related to derivatives. Nevertheless, the estimated value
disclosed for unrealized gains is conservative and likely to
reduce and result in a lower realized loss. On the other hand,
control issues are being addressed by the board and Fitch will
monitor improvements in this area.

RATING SENSITIVITIES - VR

The bank's VRs are sensitive to a change in Fitch's assumptions
regarding profitability, asset quality deterioration, or a decline
in the bank's capital position. On the other hand, a significant
increase in diversification of loans and funding sources could
also improve the bank's VR in the long run.

Fitch affirmed BICSA's ratings as follows:

International ratings
-- Long-term IDR at 'BB+'; Outlook Stable;
-- Short-term IDR at 'B';
-- Viability Rating at 'bb';
-- Support Rating at '3';

National ratings
-- Long-term national rating at 'AA-(pan)'; Outlook Stable;
-- Short-term national rating at 'F1+(pan)';
-- Long-term senior unsecured bonds at 'AA-(pan)';
-- Commercial Paper at 'F1+(pan)'.


=========
H A I T I
=========


* HAITI: Gets US$3MM IDB Loan for Sustainable Energy
----------------------------------------------------
The Inter-American Development Bank (IDB) will support a
US$3 million technical cooperation project to help the government
of Haiti test different renewable energy solutions with the goal
of expanding rural electrification.

Haiti has the lowest level of electrification in the Americas.  In
the countryside, over 70 percent of the population lacks access to
electricity.

The new project will finance feasibility studies and pilot
projects to test models based on solar energy, sustainable
biomass, and hybrid approaches combining more efficient uses of
fossil fuels with renewable energy sources.

The technical cooperation will also fund studies to determine the
feasibility of introducing natural gas in Haiti, which relies
heavily on imports of more expensive and polluting fossil fuels to
generate electricity.

In addition, the project will assist the Haitian government in
establishing an office for rural electrification and in developing
regulations to promote the use of cleaner energy resources and
energy efficiency for rural electrification.

"These studies will shed light on significant knowledge gaps.  Our
goal is to give the Haitian government a clear picture of what it
will need to carry out a successful rural electrification plan
using renewable energy sources," said the project's team leader,
IDB energy senior specialist Christiaan Gischler.

The resources for this technical cooperation will come from the
Haiti Reconstruction Fund ($2 million), the IDB's Sustainable
Energy and Climate Change Initiative ($500,000) and the IDB-
administered Korea Fund for Technology and Innovation ($500,000).


=============
J A M A I C A
=============


NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has removed from Rating Watch Negative and affirmed
National Commercial Bank Jamaica Limited's (NCBJ) long-term
foreign and local currency Issuer Default Ratings (IDR) at 'B-'.
At the same time, Fitch has assigned a Negative Outlook to NCBJ's
long-term IDRs.

RATING ACTION RATIONALE

The affirmation of NCBJ's IDRs and removal of the Rating Watch
Negative reflects the bank's resilient financial performance
following the National Debt Exchange (NDX) that settled on Feb.
22, 2013. The Outlook is Negative given downside risks for a more
challenging operating environment if the government is not
successful at implementing its IMF programme.

Despite this risk, the bank was well positioned to manage the
fallout from the government's debt restructuring. Around 30% of
the bank's outstanding assets (1.8x equity) as of March 31, 2013,
were subject to restructuring under the NDX, resulting in reduced
interest income and losses on investment activities during the
second quarter of fiscal year 2013.

On March 1, 2013, Fitch upgraded Jamaica's local and foreign
currency IDRs to 'CCC' from 'RD' following the material completion
of the NDX, an event which Fitch deemed a default in line with the
agency's Distressed Debt Exchange Criteria. Fitch also affirmed
the country ceiling at 'B-'.

KEY RATING DRIVERS - VR & IDRs

NCBJ's Viability Rating (VR) drives its long-term IDRs. NCBJ's
IDRs are one notch above Jamaica's sovereign ratings and
constrained by its Country Ceiling. Although it is rare that a
bank is rated above the sovereign, particularly a bank with a very
large exposure to sovereign debt, NCBJ's funding, profitability
and equity base have proven to be resilient to sovereign stress.

Despite these strengths, Fitch believes that given the current
exposure to sovereign assets and more generally, the bank's
intrinsic connection to the national economy as the largest
commercial bank in the country limits future differentiation of
NCBJ's ratings with those of the sovereign.

With around 38% market share of deposits in the commercial banking
system at end-Dec 2012, NCBJ's strong domestic franchise provides
an ample funding base. During the two debt exchanges that occurred
in 2010 and earlier this year, the bank's deposit base continued
to expand while its capital base remained ample. Fitch recognizes
that NCBJ's formidable funding base buttresses the bank's ability
to confront times of sovereign stress without undermining its
liquidity or forcing it to realize such assets to repay decreasing
deposits.

Stable spreads, loan growth and the steady expansion of non-
interest income will offset some of the losses associated with the
NDX in FY13. Fitch expects NCBJ's return on average assets ratio
(ROAA) to fall to a level between 2.2% and 2.5% by FYE13 (averaged
3.3% over last four years) mostly due to the impact of NDX in the
second quarter of the fiscal year. However, profitability will
continue to support internal equity generation and remain in line
with that of similarly rated peers (emerging market commercial
banks with Viability Rating [VR] of 'b-/b/b+').

Despite sustained profitability and single-digit asset growth,
lower net income combined with a higher proportion of dividend
distributions reduced NCBJ's equity/assets ratio to 16.5% at end-
March 2013 from 17.5% at FYE12. Nevertheless, this ratio compared
favorably to similarly rated peers, and supports Fitch' view of
the bank's above average resilience to trends in the operating
environment.

Investments and loans to the Jamaican government, public entities
and entities with a Jamaican government guarantee continued to
represent a high proportion of NCBJ's total assets at 48%, or
about 2.9 times (x) its equity, at end-March 2013. Fitch Ratings
remains concerned about this high asset concentration given the
government of Jamaica's weak credit profile.

NCBJ's lending concentration has declined in recent years. At end-
March 2013, the 20 largest exposures by economic groups
represented 32% of total lending and 58% of total equity. Fitch
expects concentrations to continue declining as exposure to the
retail sector increases. Although the bank's nonperforming loans
(NPLs)/gross loans ratio remains high, it improved to 5.7% at end-
March 2013 from 8.1% at FYE12 due to write-offs related to one
large loan.

RATING SENSITIVITIES - VR & IDRs

Future rating actions will be highly contingent on a change in
Fitch's view of the sovereign given the bank's sizable sovereign
exposure.

Additionally, a downgrade of the bank's ratings could be driven by
an unexpected marked deterioration of asset quality that weakens
profitability or capitalization to a level that is no longer
consistent with its current peers. Although not Fitch's base case
scenario, unexpected deposit instability may also trigger a
negative rating action.

KEY RATING DRIVERS - Support and Support Rating Floor

The bank's Support rating of '5' reflects the sovereign's weak
credit profile and limited capacity to support NCBJ. The Support
floor has been revised to 'CCC' from 'C', in line with the
sovereign's ratings. Fitch continues to believe that NCBJ's
systemic importance makes the government's propensity to support
the bank high despite its weak capacity.

RATING SENSITIVITIES - Support and Support Rating Floor

There is limited upside to the bank's support rating as the
sovereign's weak financial profile is expected to persist over the
medium-term. The Support Floor Rating will move in line with
sovereign's ratings.

Fitch has taken the following actions on NCBJ's ratings:

-- Long-term foreign and local currency Issuer Default Ratings
   (IDR) removed from Rating Watch Negative and affirmed at 'B-';
   Outlook Negative;

-- Short-term foreign and local currency IDR affirmed at 'B';
-- Viability Rating affirmed at 'b-';
-- Support Rating affirmed at '5';
-- Support floor revised to 'CCC' from 'C'.


===========
P A N A M A
===========


NEWLAND INT'L: Chapter 11 Filing Cues Moody's to Withdraw Ratings
-----------------------------------------------------------------
Moody's Investors Service withdrew Newland International
Properties, Corp.'s Ca senior secured rating.

Ratings Rationale:

This rating action follows the company's filing of a voluntary
petition for reorganization under Chapter 11 of the U.S.
Bankruptcy Code on April 30, 2013. Under the proposed plan the
current notes will be cancelled and noteholders will receive new
9.5% notes with a principal balance of $220 million. The unpaid
accrued interest will be added to the par value of the notes.

The following rating was withdrawn:

Newland International Properties, Corp. -- senior secured rating
at Ca

The last rating action on Newland International Properties, Corp.
was on April 2, 2012 when the rating was downgraded to Ca from
Caa3 and the outlook was changed to developing.

Newland International Properties Corp. is a sociedad anonima
organized under the laws of the Republic of Panama. Newland is a
real estate development company established to develop the "Trump
Ocean Club International Hotel & Tower" in Panama City, Panama.
Trump Ocean Club is being developed as a multi-use luxury tower,
overlooking the Pacific Ocean, with luxury condominium residences,
a hotel condominium, a limited number of offices, and premier
leisure amenities. Trump Ocean Club will be located on the Punta
Pacifica Peninsula in Panama City, on approximately 2.8 acres
(11,200 square meters) of land, including approximately 295 lineal
feet (90 lineal meters) of oceanfront.


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FINANCIAL: Methanol Holdings CEO Resigns
-------------------------------------------
Asha Javeed, writing for Trinidad Express, reports that Rampersad
Motilal, the Chief Executive Officer of Methanol Holdings, has
resigned from the energy company.

Colonial Life Insurance Company (Trinidad) Limited (CLICO) and its
parent group, CL Financial Limited, held a majority shareholding
of 56.53% in MHTL with CLICO's stake amounting to 49%.

Mr. Motilal, an engineer who has been CEO since 1995, was also a
director on the MHTL board, according to Trinidad Express.  The
report relates that the majority of MHTL's shares are owned by the
insurance company CLICO.

The report notes that CLICO's wealth has primarily been centered
on two profitable assets-Republic Bank shares and MHTL.

The report discloses that MHTL has been engaged in a three-year-
long arbitration dispute with Proman Holdings, a minority
shareholder, over the rights to the CLICO-owned shares which were
held as collateral by the government after a memorandum of
understanding was signed in January 2009 to rescue CLICO.

Mr. Motilal, the report discloses, has been a key witness to this
arbitration.  The report says that a decision by the arbitration
tribunal was expected by the end of April but the Express
understands that a decision could be handed down by July.

The report notes Mr. Motilal's contract ended in August but he had
stayed on at the company on a month-to-month basis.

A former president of the Energy Chamber (then called the South
Chamber), Mr. Motilal was also a former director of CL Financial
(from 2005 to 2009) and had given evidence before the Sir Anthony
Colman-led commission of enquiry, Trinidad Express notes.  The
report says Mr. Motilal resigned from the CLF board in April 2009.

Mr. Motilal, the report notes, had told the Commission that MHTL
was encumbered by a US$1.3 billion loan from a German financier
unbeknownst to the Trinidad and Tobago Government when they signed
the MOU on January 30, 2009.

Mr. Motilal denied being a party to the sale of CLICO Energy Ltd
to Proman Holdings on February 5, 2009, the report discloses.
This sale, Mr. Motilal told the enquiry, was done without his
consent while he sat on the CLF board, which forced him to resign
from CLF, the report adds.

MHTL is chaired by Jageesh Siewrattan and its board members are
Joseph Cassidy, Rolf Meyer-Ottens, Carolyn John, Gerald Yetming,
Denyse Mehta, Volker Seebeck and Erwin Keutner.

                     About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week From May 20 to 24, 2013
----------------------------------------------------

Issuer              Coupon   Maturity  Currency   Price
------              ------   --------  --------   -----

ARGENTINA
---------

ARGENT-$DIS          8.28   12/31/2033   USD         56.5
ARGENT-$DIS          8.28   12/31/2033   USD         57.9
ARGENT-$DIS          8.28   12/31/2033   USD         57.9
ARGENT-$DIS          8.28   12/31/2033   USD         58.5
ARGENT-$DIS          8.28   12/31/2033   USD         58.1
ARGENT-PAR           1.18   12/31/2038   ARS         50.4
ARGENT-DIS           7.82   12/31/2033   EUR           45
ARGENT-DIS           7.82   12/31/2033   EUR         57.6
ARGENT-DIS           7.82   12/31/2033   EUR         57.3
ARGENT-DIS           4.33   12/31/2033   JPY         35.5
ARGENT-DIS           4.33   12/31/2033   JPY           36
ARGENT-PAR           0.45   12/31/2038   JPY           15
ARGENT-PAR&GDP       0.45   12/31/2038   JPY            8
ARGNT-BOCON PRE9        2   3/15/2014    ARS         41.8
BANCO MACRO SA       9.75   12/18/2036   USD         73.8
BANCO MACRO SA       9.75   12/18/2036   USD           71
BANCO MACRO SA       9.75   12/18/2036   USD         74.1
CAPEX SA               10   3/10/2018    USD         74.4
CAPEX SA               10   3/10/2018    USD         74.5
CIA LATINO AMER       9.5   12/15/2016   USD           64
CITY OF BUENOS       3.98   3/15/2018    USD         68.6
EMP DISTRIB NORT     9.75   10/25/2022   USD         49.5
EMP DISTRIB NORT     10.5   10/9/2017    USD           95
EMP DISTRIB NORT     9.75   10/25/2022   USD         46.1
METROGAS SA         8.875   12/31/2018   USD         66.8
METROGAS SA         8.875   12/31/2018   USD         68.1
PROV BUENOS AIRE    9.625   4/18/2028    USD         65.1
PROV BUENOS AIRE    9.625   4/18/2028    USD         65.3
PROV BUENOS AIRE    9.375   9/14/2018    USD         69.8
PROV BUENOS AIRE    9.375   9/14/2018    USD         69.8
PROV BUENOS AIRE    10.88   1/26/2021    USD         71.4
PROV BUENOS AIRE    10.88   1/26/2021    USD         71.5
PROV DE FORMOSA         5   2/27/2022    USD         63.6
PROV DE MENDOZA       5.5   9/4/2018     USD         74.3
PROV DE MENDOZA       5.5   9/4/2018     USD         74.6
PROV DEL CHACO          4   12/4/2026    USD         27.8
PROV DEL CHACO          4   11/4/2023    USD         55.3
TRANSENER            9.75   8/15/2021    USD           48
TRANSENER            9.75   8/15/2021    USD         45.1
TRANSENER           8.875   12/15/2016   USD         47.5


BRAZIL
------

BANCO BONSUCESSO     9.25   11/3/2020    USD         70.6
BANCO BONSUCESSO     9.25   11/3/2020    USD           70


CAYMAN ISLAND
-------------

BCP FINANCE CO      4.239                EUR         46.7
BCP FINANCE CO      5.543                EUR         44.7
BES FINANCE LTD       4.5                EUR         63.2
BES FINANCE LTD      5.58                EUR         69.2
CHINA FORESTRY      10.25   11/17/2015   USD           53
CHINA FORESTRY      10.25   11/17/2015   USD         47.4
EMER PLANT HLD          6   1/30/2020    USD         67.5
ERB HELLAS CAYMA        9   3/8/2019     EUR           22
ESFG INTERNATION    5.753                EUR         57.3
GOL FINANCE          8.75                USD         70.5
GOL FINANCE          8.75                USD         69.5
HIDILI INDUSTRY     8.625   11/4/2015    USD         75.8
HIDILI INDUSTRY     8.625   11/4/2015    USD         75.6
JINKOSOLAR HOLD         4   5/15/2016    USD         57.5
RENHE COMMERCIAL       13   3/10/2016    USD           60
RENHE COMMERCIAL    11.75   5/18/2015    USD         66.5
RENHE COMMERCIAL    11.75   5/18/2015    USD         66.5
RENHE COMMERCIAL       13   3/10/2016    USD         61.9


CHILE
-----

ALMENDRAL TEL         3.5   12/15/2014   CLP         43.9
EMPRESA METRO         5.5   7/15/2027    CLP         3.39
TALCA CHILLAN        2.75   12/15/2019   CLP           66


PUERTO RICO
-----------

BANCO SANTANDER       6.1   6/1/2032     USD         34.8
BANCO SANTANDER       6.3   6/1/2032     USD           36
PUERTO RICO CONS      6.5   4/1/2016     USD         67.6


VENEZUELA
---------

PETROLEOS DE VEN      5.5   4/12/2037    USD         68.4
PETROLEOS DE VEN    5.375   4/12/2027    USD         70.2


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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