/raid1/www/Hosts/bankrupt/TCRLA_Public/130603.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 3, 2013, Vol. 14, No. 108
Headlines
A R G E N T I N A
BANCO REGIONAL: Moody's Assigns Ba2 Deposit Ratings
B R A Z I L
CELESC DISTRIBUICAO: Moody's Assigns Ba2 Issuer Ratings
C A Y M A N I S L A N D S
ALVAL INC: Creditors' Proofs of Debt Due June 11
BASSO GLOBAL: Creditors' Proofs of Debt Due June 21
BASSO GLOBAL HOLDING: Creditors' Proofs of Debt Due June 21
BLACKSTONE ZM: Commences Liquidation Proceedings
CELLINI HOLDINGS: Creditors' Proofs of Debt Due June 19
FRM PREMIUM: Creditors' Proofs of Debt Due June 20
GLOBAL COMMODITY: Creditors' Proofs of Debt Due June 21
GLOBAL COMMODITY MASTER: Creditors' Proofs of Debt Due June 21
HELIOS FUND: Creditors' Proofs of Debt Due June 28
LB FUND: Placed Under Voluntary Wind-Up
MARATHON OIL: Placed Under Voluntary Wind-Up
NEXT GENERATION: Placed Under Voluntary Wind-Up
OPHEDGE FUND: Creditors' Proofs of Debt Due June 3
QI ST EDMUND'S: Creditors' Proofs of Debt Due June 19
SOMERSET CAPITAL: Creditors' Proofs of Debt Due June 19
TELECOM VENTURE: Creditors' Proofs of Debt Due June 18
UNION AVENUE: Creditors' Proofs of Debt Due June 11
UNION AVENUE PORTFOLIO: Creditors' Proofs of Debt Due June 11
YIHAI CAPITAL: Creditors' Proofs of Debt Due June 18
YIHAI REAL: Creditors' Proofs of Debt Due June 18
J A M A I C A
NATIONAL COMMERCIAL: Strike Hits ForEx Market
* JAMAICA: Currency Out Performs Regional Counterparts in May
M E X I C O
BANCA MIFEL: Fitch Affirms 'B' Short-Term Issuer Default Ratings
DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to Caa2.mx
DESARROLLADORA HOMEX: Moody's Downgrades Senior Debt to Caa2
ELEMENTIA SA: Fitch Affirms 'BB+' Long-term Issuer Default Rating
INVERSIONES ALSACIA: Moody's Cuts Rating to Ba3; Outlook Negative
INDUSTRIAS UNIDAS: Q1 Net Revenue Drops 11.9% to Ps.2,681 Million
X X X X X X X X
* BOND PRICING: For the Week From May 27 to 31, 2013
- - - - -
=================
A R G E N T I N A
=================
BANCO REGIONAL: Moody's Assigns Ba2 Deposit Ratings
---------------------------------------------------
Moody's Investors Service assigned a standalone bank financial
strength rating (BFSR) of D-, which maps to a baseline credit
assessment (BCA) of ba3 to Banco Regional S.A.E.C.A. (Regional).
Moody's has also assigned Regional long- and short-term global
local-currency deposit ratings of Ba2 and Not Prime, as well as
long- and short-term foreign-currency deposit ratings of B1 and
Not Prime.
The outlook on all the ratings is stable.
The following ratings were assigned to Banco Regional S.A.E.C.A.:
Bank Financial Strength Rating: D-
Long- and short-term global local-currency deposit rating: Ba2 and
Not Prime
Long- and short-term foreign currency deposit rating: B1 and Not
Prime
Ratings Rationale:
Moody's said that the D- standalone BFSR and ba3 BCA, capture
Regional's market positioning as the largest bank in the
Paraguayan banking system, with a 16.7% market share in terms of
deposits and 18.2% in terms of loans as of March 2013, and its
well-defined footprint in the corporate and small and medium size
enterprises (SMEs) lending segments, with focus on providing
financial services to the local agribusiness sector.
Regional's nationwide network of 38 branches ensures broad access
to core customer deposits, which accounted for 80% of its total
funding and are stable and relatively inexpensive, thus supporting
the bank's financial margins. A sizable portion of the bank's
earnings derives from a growing commercial loan portfolio that
generates sustainable margins and fees, an evidence of the bank's
pricing power and market presence. Regional's loan book reported
year-over-year growth of 13% in 2012, after a 24% growth in 2011,
and despite the weaker performance of the agribusiness segment,
the bank's profitability remained relatively stable. Nevertheless,
the significant loan concentration in the agribusiness sector
could add volatility to the bank's earnings and exposes its
balance sheet to potential asset quality deterioration were market
conditions to worsen.
Moody's noted that Regional's lending growth is the result of
financial deepening after credit penetration reached 38% of total
GDP in Paraguay in 2012. In addition, Moody's expects Paraguay's
favorable operating environment to persist during 2013 that could
lead to a real GDP growth of 8.5%, thus supporting asset quality
and profitability, and sustaining Regional's capital generation
capacity.
Regional's ratings also incorporate the contribution to business
expertise, technical assistance, management and governance
provided by the Netherland's Rabobank (rated Aa2 with negative
outlook), which has held a 40% ownership stake in the Paraguayan
bank since 2008. The remaining 60% shareholding is publicly traded
in the local stock exchange, with no other ownership
concentration.
A constraint to the bank's ratings is the highly competitive
environment among Paraguayan banks, and chiefly among the four
largest banks in the system, which together accounted for 60% of
the total assets and deposits as of March 2013. In addition, the
rating also incorporates Regional's operating efficiency, which
though improving over the past three years, continues to lag that
of peers in the system.
Moody's Ba2 global local-currency deposit rating incorporates
Regional's BCA of ba3, which is aligned to the Ba3 Paraguayan
government bond rating, and Moody's assessment of very high
probability of systemic support in an event of stress, given the
importance of the bank within the Paraguayan financial system. The
Ba2 deposit rating, therefore, incorporates one notch of uplift
from Regional's ba3 BCA.
Banco Regional S.A.E.C.A. is headquartered in Encarnacion,
Paraguay, and it had assets of $2,6 billion and equity for $217,8
million as of March 2013.
The principal methodology used in this rating was Moody's Global
Banks Rating Methodology published in May 2013.
===========
B R A Z I L
===========
CELESC DISTRIBUICAO: Moody's Assigns Ba2 Issuer Ratings
-------------------------------------------------------
Moody's America Latina Ltda assigned local issuer ratings of Ba1
on the global scale and Aa2.br on the national scale to Celesc
Distribuicao S.A. (CELESC D).
Moody's also assigned issuer ratings of Ba2 on the global scale
and Aa3.br on the national scale to CELES D's parent holding
company, Centrais Eletricas de Santa Catarina S.A. (CELESC). At
the same time, Moody's assigned Ba1 and Aa2.br ratings to the 6-
year BRL 300 million amortizing unsecured debentures to be issued
by CELESC D and guaranteed by CELESC in the local market. This is
the first time Moody's has assigned ratings to CELESC D and
CELESC.
Ratings Rationale:
CELESC D's relatively stable and predictable cash flow and
adequate credit metrics for the rating category support the
Ba1/Aa2.br issuer ratings along with the concession from the
federal government to distribute electricity in the state of Santa
Catarina . The company has a good track record at achieving
qualitative factors above the regulator's technical parameters;
however, CELESC D's operating costs that are higher than those of
its peer group constrain the ratings, as do the high pension fund
liabilities, the tight liquidity position arising from the
incurrence of higher energy costs and the short life of its
concession, which expires in July 2015.
CELESC's Ba2/Aa3.br issuer ratings are one notch lower than the
Ba1/Aa2.br issuer ratings of its subsidiary CELESC D to reflect
the potential structural subordination of its debt to the existing
debt at the level of its primary operating subsidiary. Lenders to
operating subsidiaries generally have superior claims on the cash
flow generated at the operating level than do debt holders at the
holding company level.
The stable outlook reflects Moody's expectation that CELESC D, in
spite of some deterioration in credit metrics from its historical
performance, will be able to achieve a gradual reduction in its
operating costs as well as sufficient long-term debt to fund its
capital expenditures program so that its credit metrics and
liquidity position remain adequate for the Ba1/Aa2.br rating
category.
The ratings could be upgraded if CELESC D posts stronger credit
metrics than anticipated so that Retained Cash Flow (CFO-Pre
Working Capital -- dividends) over debt remains above 20% and
interest coverage remains at the current strong levels on a
sustainable basis.
There would be pressure to downgrade ratings if CELESC D posts
weaker credit metrics or there is a perceived deterioration in the
company's liquidity position. Quantitatively, a downgrade could
occur if Retained Cash Flow over debt were to become lower than
12% and interest coverage lower than 4.0x.
Celesc Distribuicao S.A. (CELESC D) is a wholly-owned subsidiary
of Centrais Eletricas de Santa Catarina (CELESC), which is a
holding company with also interests in some hydro power plants.
CELESC is controlled by the state government of Santa Catarina,
which holds 50.2% of CELESC's voting capital and 20.2% of its
total capital. In 1999, the regulator ANEEL granted CELESC D a
concession to distribute electricity to 262 municipalities in the
state of Santa Catarina, which represents around 92% of the
state's area. This concession will expire in July 2015.
CELESC D in its present form was created in 2006 as a result of
the split of the generation and distribution business from CELESC
to comply with the local regulation that required the separation
of different operating activities. CELESC D is the 7th largest
distribution company in Brazil in terms of energy distributed and
the 6th largest in terms of number of consumers. The company is
CELESC's main subsidiary accounting for approximately 95% of the
group's net revenues. In 2012, CELESC D posted net sales of BRL
4,011 million, net of construction revenues of BRL 338 million,
and a net loss of BRL 136 million.
The principal methodology used in this rating was Regulated
Electric and Gas Utilities Rating Methodology (August, 2009).
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.
==========================
C A Y M A N I S L A N D S
==========================
ALVAL INC: Creditors' Proofs of Debt Due June 11
------------------------------------------------
The creditors of Alval, Inc. are required to file their proofs of
debt by June 11, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on April 30, 2013.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
BASSO GLOBAL: Creditors' Proofs of Debt Due June 21
---------------------------------------------------
The creditors of Basso Global ARB Fund Ltd. are required to file
their proofs of debt by June 21, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 30, 2013.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
BASSO GLOBAL HOLDING: Creditors' Proofs of Debt Due June 21
-----------------------------------------------------------
The creditors of Basso Global ARB Holding Fund Ltd. are required
to file their proofs of debt by June 21, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on April 30, 2013.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
BLACKSTONE ZM: Commences Liquidation Proceedings
------------------------------------------------
On May 1, 2013, the sole shareholder of Blackstone ZM Offshore
Fund, Ltd resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
Sean Flynn
c/o John O'Driscoll
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 914 4229
CELLINI HOLDINGS: Creditors' Proofs of Debt Due June 19
-------------------------------------------------------
The creditors of Cellini Holdings Limited are required to file
their proofs of debt by June 19, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 29, 2013.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949 0355
Facsimile: (345) 949 0360
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands KY1-1102
FRM PREMIUM: Creditors' Proofs of Debt Due June 20
--------------------------------------------------
The creditors of FRM Premium Portfolio are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on April 24, 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
GLOBAL COMMODITY: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------
The creditors of Global Commodity Systematic Ltd are required to
file their proofs of debt by June 21, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 30, 2013.
The company's liquidator is:
Mark Longbottom
c/o Camele Burke
Kinetic Partners (Cayman) Limited
The Harbour Centre
42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9904
Facsimile: (345) 943 9900
GLOBAL COMMODITY MASTER: Creditors' Proofs of Debt Due June 21
--------------------------------------------------------------
The creditors of Global Commodity Systematic Master Ltd are
required to file their proofs of debt by June 21, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 30, 2013.
The company's liquidator is:
Mark Longbottom
c/o Camele Burke
Kinetic Partners (Cayman) Limited
The Harbour Centre
42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9904
Facsimile: (345) 943 9900
HELIOS FUND: Creditors' Proofs of Debt Due June 28
--------------------------------------------------
The creditors of Helios Fund are required to file their proofs of
debt by June 28, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 15, 2013.
The company's liquidator is:
Fides Limited
P.O. Box 10338 Grand Cayman KY1-1003
Telephone: (345) 949 7232
LB FUND: Placed Under Voluntary Wind-Up
---------------------------------------
The LB Fund Ltd was placed under voluntary wind-up.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd
c/o Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
MARATHON OIL: Placed Under Voluntary Wind-Up
--------------------------------------------
Marathon Oil Gabon LDC was placed under voluntary wind-up.
Only creditors who were able to file their proofs of debt by
May 7, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Y.R. Kunetka
5555 San Felipe St.
Houston, Texas 77056 U.S.A.
NEXT GENERATION: Placed Under Voluntary Wind-Up
-----------------------------------------------
On March 19, 2013, the shareholders of Next Generation Investments
SPC resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
May 28, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
Clifton House, 75 Fort Street
PO Box 1350 Grand Cayman KY1-1108
Cayman Islands
OPHEDGE FUND: Creditors' Proofs of Debt Due June 3
--------------------------------------------------
The creditors of Ophedge Fund Services (Cayman) Ltd. are required
to file their proofs of debt by June 3, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on April 5, 2013.
The company's liquidator is:
Robert Harris
7 Deerfield Lane, Scarsdale
New York 10583
QI ST EDMUND'S: Creditors' Proofs of Debt Due June 19
-----------------------------------------------------
The creditors of QI St Edmund's Terrace Limited are required to
file their proofs of debt by June 19, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 7, 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
SOMERSET CAPITAL: Creditors' Proofs of Debt Due June 19
-------------------------------------------------------
The creditors of Somerset Capital Offshore Fund, Ltd. are required
to file their proofs of debt by June 19, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on May 6, 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) 914 3115
TELECOM VENTURE: Creditors' Proofs of Debt Due June 18
------------------------------------------------------
The creditors of Telecom Venture Group FF L.D.C. are required to
file their proofs of debt by June 18, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 3, 2013.
The company's liquidator is:
Varun Kumar Bery
c/o TVG Capital Partners Limited
World Trust Tower, Unit A, 8th Floor, 50
Stanley Street, Central
Hong Kong
Telephone: (852) 2147 2080
Facsimile: (852) 2147 3320
UNION AVENUE: Creditors' Proofs of Debt Due June 11
---------------------------------------------------
The creditors of Union Avenue Fund Ltd. are required to file their
proofs of debt by June 11, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 3, 2013.
The company's liquidator is:
Ogier
c/o Michael Lockwood
Telephone: (345) 815 1803
Facsimile: (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
UNION AVENUE PORTFOLIO: Creditors' Proofs of Debt Due June 11
-------------------------------------------------------------
The creditors of Union Avenue Portfolio Fund Ltd. are required to
file their proofs of debt by June 11, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 3, 2013.
The company's liquidator is:
Ogier
c/o Michael Lockwood
Telephone: (345) 815 1803
Facsimile: (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
YIHAI CAPITAL: Creditors' Proofs of Debt Due June 18
----------------------------------------------------
The creditors of Yihai Capital Partners (International) Limited
are required to file their proofs of debt by June 18, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 24, 2013.
The company's liquidator is:
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
PO Box 31237 Grand Cayman KY1-1205
c/o Declan Magennis
Telephone (345) 947 4700
YIHAI REAL: Creditors' Proofs of Debt Due June 18
-------------------------------------------------
The creditors of Yihai Real Estate Capital Partners I, Limited are
required to file their proofs of debt by June 18, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 24, 2013.
The company's liquidator is:
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
PO Box 31237 Grand Cayman KY1-1205
c/o Declan Magennis
Telephone (345) 947 4700
=============
J A M A I C A
=============
NATIONAL COMMERCIAL: Strike Hits ForEx Market
---------------------------------------------
Marcella Scarlett at Jamaica Gleaner reports that the lockdown of
operations at National Commercial Bank Jamaica on May 27 coincided
with the foreign exchange market's worst trading in the month of
May.
The Bank of Jamaica website indicates that ForEx volume purchases
of US dollars amounted to US$13.5 million on May 27, while sales
totaled US$18 million, according to Jamaica Gleaner. The report
relates that the performance was equivalent to around half the
monthly daily buy: sell averages of US$30 million and US$31
million, respectively.
May 29 Business analysis indicates that NCB accounted for US$4.5
million of purchases and US$5.7 million of sales on average in
May, the report notes. However, banking experts say the strike at
the bank was not the only factor in May 27's lacklustre trading on
the forex market, the report discloses.
The report notes that NCB's 1,900 unionized staff went on strike
to press for higher pay raises, but returned to work on May 28
after talks were brokered with the Industrial Disputes Tribunal.
Branches were shuttered for the day, but NCB arranged with rivals
Bank of Nova Scotia and RBC Royal Bank to encash cheques with
values less than J$50,000, and its telebanking and Internet
banking channels were available for some transactions, the report
discloses.
The report relates that Gregory Samuels, head of treasury and
trading at Scotia Investments Jamaica, said that while the
presence of NCB in the market could have resulted in larger end of
balances, their absence was not a major factor in May 27's
trading.
"While NCB might have bearing on what happened ... it is not
significant. . . . This is the general trend at month end with
salaries and now we have end-of-quarter tax payment coming up
added to the tightening caused by the presence of the Central
Treasury Management System," the report quoted Mr. Samuels as
saying.
Still, on May 28, currency volumes were back to normal levels, the
report says.
The report notes that trading on the foreign exchange market May
28 resulted in a further depreciation of the JMD to J$99.21 on USD
purchase volumes of US$39 million and sales of US$34 million. NCB
accounted for just under J$5m of purchases and US$3.6 million of
sales, the report relates.
NCB's half-year profits to March 2013 amounted to J$4.5 billion, a
decline of five per cent year on year, the report adds.
As reported in the Troubled Company Reporter-Latin America on
March 12, 2013, Standard & Poor's Ratings Services lowered its
issuer credit ratings on National Commercial Bank Jamaica Ltd.
(NCBJ) to 'CCC+/C' 'B-/B'. The downgrade follows the completion
of the sovereign domestic debt exchange program and the resulting
upgrade of Jamaica to 'CCC+/C' from 'SD'. The ratings on the bank
remain on CreditWatch with negative implications, where S&P put
them on Feb. 15, 2013. S&P is also lowering NCBJ's stand-alone
credit profile (SACP) to 'b' from 'b+' following the change in
Banking Industry Country Risk Assessment (BICRA) on Jamaica to
group '10' from group '9'.
* JAMAICA: Currency Out Performs Regional Counterparts in May
-------------------------------------------------------------
RJR News reports that the recent International Monetary Fund (IMF)
deal has helped the Jamaican dollar outperform all other
currencies in the Western Hemisphere this month.
A report published May 31 by Bloomberg said, after tumbling 6.5
per cent in the first four months of the year; the Jamaican dollar
climbed 0.1 per cent this month, according to RJR News.
The report notes that it was the only one of 16 Latin American and
Caribbean currencies tracked by Bloomberg to gain against the US
dollar. The Brazilian real and Mexican peso both lost about 5 per
cent versus the dollar over the same period while the Canadian
dollar fell 2.2 per cent, the report discloses.
The report adds that the IMF has, however, said that the Jamaican
dollar remains over valued.
===========
M E X I C O
===========
BANCA MIFEL: Fitch Affirms 'B' Short-Term Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Banca Mifel's (Mifel) viability rating
(VR) at 'bb-' and its long- and short-term Issuer Default Ratings
(IDRs) at 'BB-' and 'B', respectively. The national scale ratings
were affirmed at 'A-(mex)' and 'F2(mex)'. The Rating Outlook on
the long-term international and/or national scale issuer ratings
of Mifel remains Stable.
KEY RATING DRIVERS
Mifel's VR was affirmed at 'bb-' as well as its long- and short-
term IDRs at 'BB-' and 'B', respectively, driven by its reasonable
asset quality metrics, a sound funding profile as the banks has
access to sizable retail deposits from a customer base that has
proven stable and recurring, and recently improved capitalization
levels. Also, its ratings are tempered by its still weak financial
performance derived from its tight interest margins, high
provisions and low operating efficiency; the latter associated to
expenses related to the recent implementation of the bank's new
banking platform. The ratings also consider the business, creditor
and geographic concentrations of its loan portfolio and the bank's
liquidity constraints which Fitch considers it still limits its
ratings.
Mifel's national scale long- and short-term ratings were also
affirmed at 'A-(mex)' and 'F2(mex)', respectively; and are driven
by the bank's VR. Mifel's support rating and support rating floor
were affirmed at '5' and 'NF', reflecting that, although possible,
external support cannot be relied upon; given the low systemic
importance of the bank.
The bank's hybrid security has been affirmed at 'B', two notches
below Mifel's VR; driven by Fitch's approach to rate these
subordinated securities, which incorporate its subordination and
non-performance risk. Given its coupon omission features, coupons
and even principal could be deferred well before the bank reaches
a non-viability condition.
RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND SENIOR DEBT
Mifel's VR and IDRs could benefit over the medium term from
sustained and material improvements on its core profitability
drivers, especially if the bank is able to improve cost efficiency
metrics to levels around 55% together with a higher and stable
operating ROA (consistently above 1%) and a significant reduction
of its asset-liability mismatches. Otherwise, if Mifel is not able
to avoid further deterioration of its asset quality metrics, such
as a NPL standing above 5% and loan reserves around 50% of
impaired loans, and its liquidity profile deteriorates materially;
together with a weakening financial performance, Mifel's VR and
IDRs could be pressured downwards.
A potential upgrade of Mifel's support rating and support rating
floor is limited, since external support cannot be relied upon,
although it's possible.
Mifel's subordinated debt rating and national scale long- and
short-term ratings will likely mirror any change in its VR, as
this is expected to maintain the same relativity to its credit
rating.
Fitch has taken the following rating actions:
Mifel:
-- Long-term foreign and local currency IDRs affirmed at 'BB-';
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability rating affirmed at 'bb-';
-- Support rating affirmed at '5';
-- Support rating floor affirmed at 'NF';
-- USD150 million cumulative subordinated preferred notes affirmed
at 'B';
-- National-scale long-term rating affirmed at 'A-(mex)';
-- National-scale short-term rating affirmed at 'F2(mex)'.
DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to Caa2.mx
-------------------------------------------------------------
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale issuer rating to Caa2.mx, from Ba1.mx
(global scale local currency rating to Caa2 from B2). The ratings
remain under review for downgrade.
Ratings Rationale:
This rating action reflects Homex's disclosure in its Annual
Report filed May 22nd that some of the company's derivatives
contracts were terminated early and need to be paid currently. The
derivative contracts were swaps to mitigate exchange rate risk of
$ denominated bonds. Two derivative contracts were terminated, one
with Barclays and one with Credit Suisse. Barclays' termination
payment will be approximately $43 million. Credit Suisse's
termination payment will be approximately $26.7 million. Both
banks have initiated complaints in a New York state court.
Homex is exercising all available defenses in the court
proceedings. If the resolution goes against Homex it would trigger
a default event that allows creditors to accelerate all of the
company's $ denominated debt, for which Homex does not have the
liquidity capacity to handle. These events would exacerbate
Homex's already highly constrained liquidity and funding as a
result of market dynamics, leaving the company with a diminished
capacity to pay and refinance debt maturities and the ability to
grow its business, despite its monetization of the penitentiaries.
In addition, Homex announced on May 30th that it hired J.P. Morgan
Securities LLC as financial advisor to evaluate the company's
current situation as well as the different alternatives that could
help Homex to strengthen its actual financial position. The
announcement creates much uncertainty as to the company's future
ability to meet its debt obligations on a timely basis.
Furthermore, Homex's operating results for 2013 will remain under
significant pressure, resulting in continued negative free cash
flow and rising leverage. Homex's delays in collecting accounts
receivables have impacted working capital cycles and liquidity,
stressing its credit metrics.
In its review Moody's will focus on the outcome of the legal
proceedings related to the early termination of the derivative
contracts, completion of the sale of Homex's interest in the
penitentiaries, its future cash flow generation and its ability to
make timely interest and principal payments on its upcoming debt.
Although the sale of the penitentiaries provides the company with
some liquidity, Homex's limited cash flows will continue to be
stressed, which likely implies difficulty in being able to quickly
develop and sell homes in the near-term. Moody's will also closely
monitor Homex's actions as it relates to its operation, liquidity
and debt management in view of the hiring of a financial advisor.
Furthermore, Moody's expects that the deterioration in the
company's operating profits and credit metrics will persist.
Moody's Investors Service downgraded Homex's global scale foreign
currency senior unsecured debt rating to Caa2, from B2 and the
rating remains under review for downgrade.
The following ratings were downgraded and remain under review for
downgrade:
Moody's Investors Service
Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA to Caa2, from
B2.
Moody's De Mexico
Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating to Caa2.mx, from Ba1.mx and global scale local currency
issuer rating to Caa2, from B2.
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $52,193 million Mexican Pesos and equity of
approximately $14,771 million Mexican Pesos as of March 31, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.
DESARROLLADORA HOMEX: Moody's Downgrades Senior Debt to Caa2
------------------------------------------------------------
Moody's Investors Service downgraded Homex's global scale foreign
currency senior unsecured debt rating to Caa2, from B2 and the
rating remains under review for downgrade.
Ratings Rationale:
This rating action reflects Homex's disclosure in its Annual
Report filed May 22 that some of the company's derivatives
contracts were terminated early and need to be paid currently. The
derivative contracts were swaps to mitigate exchange rate risk of
$ denominated bonds. Two derivative contracts were terminated, one
with Barclays and one with Credit Suisse. Barclays' termination
payment will be approximately $43 million. Credit Suisse's
termination payment will be approximately $26.7 million. Both
banks have initiated complaints in a New York state court. Homex
is exercising all available defenses in the court proceedings. If
the resolution goes against Homex it would trigger a default event
that allows creditors to accelerate all of the company's $
denominated debt, for which Homex does not have the liquidity
capacity to handle. These events would exacerbate Homex's already
highly constrained liquidity and funding as a result of market
dynamics, leaving the company with a diminished capacity to pay
and refinance debt maturities and the ability to grow its
business, despite its monetization of the penitentiaries.
In addition, Homex announced on May 30 that it hired J.P. Morgan
Securities LLC as financial advisor to evaluate the company's
current situation as well as the different alternatives that could
help Homex to strengthen its actual financial position. The
announcement creates much uncertainty as to the company's future
ability to meet its debt obligations on a timely basis.
Furthermore, Homex's operating results for 2013 will remain under
significant pressure, resulting in continued negative free cash
flow and rising leverage. Homex's delays in collecting accounts
receivables have impacted working capital cycles and liquidity,
stressing its credit metrics.
In its review Moody's will focus on the outcome of the legal
proceedings related to the early termination of the derivative
contracts, completion of the sale of Homex's interest in the
penitentiaries, its future cash flow generation and its ability to
make timely interest and principal payments on its upcoming debt.
Although the sale of the penitentiaries provides the company with
some liquidity, Homex's limited cash flows will continue to be
stressed, which likely implies difficulty in being able to quickly
develop and sell homes in the near-term. Moody's will also closely
monitor Homex's actions as it relates to its operation, liquidity
and debt management in view of the hiring of a financial advisor.
Furthermore, Moody's expects that the deterioration in the
company's operating profits and credit metrics will persist.
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s ("Homex") national scale issuer rating to Caa2.mx, from
Ba1.mx (global scale local currency rating to Caa2 from B2). The
rating remains under review for downgrade.
The following ratings were downgraded and remain under review for
downgrade:
Moody's Investors Service
Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA to Caa2, from
B2.
Moody's De Mexico
Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating to Caa2.mx, from Ba1.mx and global scale local currency
issuer rating to Caa2, from B2.
The last rating action with respect to Homex was on April 25,
2013, when Moody's Investors Service downgraded Homex's global
scale foreign currency senior unsecured debt rating to B2, from
Ba3 and placed the rating under review for downgrade. Moody's de
Mexico downgraded Homex's national scale unsecured debt rating and
issuer rating to Ba1.mx, from A3.mx (global scale local currency
rating to B2 from Ba3), its Certificados Bursatiles program rating
to Ba1.mx, from A3.mx (global scale local currency rating to (P)B2
from (P)Ba3). Concurrently, Moody's withdrew the Certificados
Bursatiles program rating and the issuances from this program as
Homex has not been able to place these issuances in the market.
The ratings were placed under review for downgrade.
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $52,193 million Mexican Pesos and equity of
approximately $14,771 million Mexican Pesos as of March 31, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
ELEMENTIA SA: Fitch Affirms 'BB+' Long-term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Elementia, S.A. de C.V.'s ratings as
follows:
--Long-term Issuer Default Rating (IDR) at 'BB+';
--Long-term Local Currency IDR at 'BB+';
--Long-term National Scale Rating at 'A+(mex)'.
The Rating Outlook is Stable
In addition, Fitch has affirmed Elementia's Local Certificados
Bursatiles due in 2015 at 'A+(mex)'.
KEY RATING DRIVERS
Elementia's ratings continue to reflect its strong business
profile characterized by geographic and product line
diversification, leading market shares in the regions where it has
presence, supported by highly recognized brands and a well
developed distribution network, stable operating results and its
shareholders' strength. Factors that limit Elementia's ratings are
the company's still high leverage, industry cyclicality, input
costs volatility and environmental regulation.
High Leverage Main Credit Limitation:
At Dec. 31, 2012, Elementia's leverage as measured by total debt
to EBITDA was high at 3.4x (4.4x at latest 12 months [LTM]
March 31, 2013), above the company's management long term target
of total debt to EBITDA at or below 2.0x. The company's net debt
to EBITDA at year-end 2012 was 2.5x, also above Fitch's previous
expectations of net leverage in the range of 1.5x-2.0x. Net debt
to EBITDA for the LTM ended March 2013 was 3.4x. The company
completed the construction of a new cement plant that started
operations in May 2013, and a portion of Elementia's consolidated
debt (approximately USD60 million) is associated with this
project; leverage is expected to improve during 2013 and have the
full benefit of 12 months of cement operations in 2014; Fitch
estimates net debt to EBITDA for 2013 to be around 2.5x and 2.0x
in 2014. Fitch anticipates that Elementia will continue funding
its future growth through a combination of internally generated
cash and external financing, and that Elementia has flexibility to
continue financing its growth strategy; however, further
deterioration in leverage ratios and/or debt financed acquisitions
could put pressure on the company's credit profile.
During 2012 and LTM March 2013, the company's free cash flow (FCF)
was negative as result of the investments related to construction
of the cement plant and adjustments to working capital during IT
systems implementation; Fitch expects Elementias's FCF to turn
neutral in 2013 and positive in 2014 once these projects have been
completed and begin contributing to the company's profitability.
Continued Business Diversification:
The company's business position is supported by its diversified
revenue base. In 2012, the company generated consolidated revenues
and EBITDA of USD1 billion and USD143 million, respectively, which
remained relatively stable compared to 2011. The metal division
(mainly copper products) represented approximately 58% of
consolidated sales and 39% of EBITDA, building systems contributed
with 36% of sales and approximately 54% of EBITDA and plastics
represented 6% and 7% respectively. Elementia's cash flow and
profitability are supported by its pricing strategy, especially in
the metal segment, where the company applies a cost-plus margin
formula, allowing it to pass-through metal price variations to end
customers. The company's strategy will continue to be focused in
growth current operations and through acquisitions.
In January 2013, Elementia and Lafarge announced a contribution
agreement (joint venture-JV) between the company's subsidiary
Cementos Fortaleza and Lafarge's Mexican operations. The combined
entity will reach 2 million tons/year of cement capacity and an
estimated national market share of 5% in capacity terms. Elementia
will control the operations with its 53% share. The combined
operations are expected to benefit from geographic reach,
distribution channels, research and development capabilities,
product portfolio and business lines. The transaction is expected
to be completed during the second quarter of 2013 (2Q'13).
Strong Liquidity and Low Refinancing Risk:
At March 31, 2013, the company had a cash balance of USD131
million, minimal short-term debt of USD4 million and total debt of
USD611 million. During 1Q'13, Elementia refinanced bank debt
through a club deal with Mexican banks for approximately MXN3.7
billion. Elementia does not face large debt maturities until 2015
when MXN3 billion in Certificados Bursatiles come due. During
2012, the company received approximately MXN1 billion in equity
injections from its shareholders to support its growth strategy.
Fitch expects that Elementia's internal generated cash flows and
financial flexibility will allow it to manage its debt profile.
Environmental Regulations Could Limit Operations:
The company uses chrysotile fibers (the sole form of asbestos
still in use) for part of its production of fiber-cement products,
which are sold locally where permitted in the North and South
American regions. Elementia has been investing in capacity
production to use different fibers, such as cellulose fiber and
polyvinyl alcohol (PVA), with the majority of its manufacturing
facilities already aligned to produce with different technologies.
The use of this fiber is in line with international standards and
local environmental regulations. Even though Elementia has not
been subject to legal claims regarding the use of chrysotile in
its products, future claims cannot be ruled out, resulting in
uncertain litigation risk.
RATING SENSITIVITIES
Negative factors that could affect the company's credit profile
include, among others, declining market shares along business
lines, reduced operating cash flows and profitability; increased
leverage and reduced liquidity; reaching or exceeding financial
covenants could also put additional pressure on the company's
credit quality.
Positive rating actions could be driven by consistent positive FCF
generation and stable operating results through the industry and
economic cycles; improve leverage to constant levels of total debt
to EBITDA at or below 2.0x; additional support from shareholders
to strengthen the company's debt and capital structure.
INVERSIONES ALSACIA: Moody's Cuts Rating to Ba3; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded the rating on Inversiones
Alsacia to Ba3 from Ba2, following the resolution of the Review
for Downgrade that was assigned on December 28, 2012. The rating
carries a negative outlook.
The one notch downgrade results from Moody's assessment of a
combination of factors that are geared to providing more stable
revenues going forward, but others which indicate that financial
stability and viability remain volatile in ways that are not
mitigated by the compensation regimes of the concession agreement.
These expose the project to very possible scenarios that could
produce debt service coverage ratios that are more in line with
lower rated credits. The rating takes into account the supportive
governmental and legal framework which helps to maintain the
rating in the Ba rating category.
Ratings Rationale
As background, on December 28, 2012 Moody's placed the ratings of
Inversiones Alsacia on review for downgrade. The action was
triggered by the convergence of events in the second half of 2012
that resulted in lower than projected revenues, higher than
budgeted expenses and low liquidity available to pay debt service.
The budgetary imbalance led to cash generation that covered debt
service at a level just below 1.1 times in August of 2012
More recently, on February 18, 2013, the issuer made the debt
service payment of $46.6 million USD, requiring draws from the
Debt Service Reserve Account (DSRA) in the amount of approximately
$14 million USD. The debt service coverage ratio as calculated by
Moody's using cash available for debt service in the corresponding
six month period to the debt service that was paid, was 0.71x. The
DSRA will be replenished to its required level through the cash
waterfall. The requirement is the greater of the next two semi-
annual payments, an amount equal to approximately $55 million over
the next two years. Under Moody's projections, and assuming no
other use of the DSRA, there should be sufficient cash through the
waterfall to fill the DSRA to its required level by August 2014.
The cash through the waterfall is larger than that generated by
operations given that revenues include payments to be received by
Express from 2014 to 2018, which indemnify the company for changes
from the original concession agreement. Alsacia received its
indemnification payment in the second quarter of 2012. The
payments for Express are scheduled to be paid in January of each
year from 2014 to 2018, in an amount totaling approximately US $64
million, adjusted for inflation in order to maintain the value of
the payment through time. These payments are dependent on the
company maintaining operating deductions below a certain
threshold, and Moody's expects that they will be made given that
the deduction levels in recent years are lower than those
required. If the company does not meet the requirement and hence
does not receive the indemnification payment, the MTT will pay the
full amount at the end of the concession period in 2018.
Passenger validations in 2013 have demonstrated some recovery
through the first four months, posting a 2.2% increase compared to
the same time last year. However, this increase takes into account
the service on Feeder D which started in May 2012. Without Feeder
D, passenger validations on the trunk lines of Alsacia and Express
are down, but this decline also incorporates the fact that
transfer passengers within the same line (Alsacia or Express) are
no longer counted as validations. Stripping away these variations
results in a ridership that has essentially stabilized from last
year and will have the added benefit of Feeder D. Revenues from
the trunk lines are about the same as those of the first quarter
2012, and around 15% including revenue from Feeder D. Projections
going forward appear to be sound, with a total increase in
validations of 1.3% from now to 2018, with some increases and
decreases throughout the period due to other factors such as
macroeconomic conditions or changes in the metro and bus transit
routes.
Rising fares continue to be an issue however, especially given
that these increased approximately 50% from 2010 to 2012 in order
to maintain the system viable. However, fare stabilization is now
more assured by increase in the governmental subsidy to the
Transantiago transit system, which now assures a subsidy almost
$700 million USD a year through 2022.
Support from the Government of Chile (Aa3/Stable), specifically
through the Ministry of Transportation and Telecommunications
(MTT), is key to the current rating. In addition to the subsidy of
the system, the changes to the concession agreement implemented in
May 2012 are geared towards ensuring economic equilibrium for all
of the concessionaires by compensating the operators for stressors
that are outside their control, such as passenger validations, as
long as the service fulfillment levels under the concession
agreement are being met. As an example, the MTT will compensate
the concessionaire for a portion of the revenues lost if passenger
validations are more than 3% below a base agreed upon at the time
of the concession, a feature which helps to minimize losses.
Additionally, the agreement allows for revisiting important
factors such as the per passenger payment (PPT) on a biannual
basis, to ensure this equilibrium. On the other hand, the
passenger transfers are no longer counted as validations and the
fixed portion of the payment (based on Km traveled) is a slightly
smaller portion of the revenue formula than previously.
The compensation related to levels of ridership below a base level
for the period covering May 2012 to April 2013 was 5.6 billion CLP
or approximately $11.6 m USD. The majority of the funds were paid
to Alsacia and Express at the end of April of this year, with a
small amount to be received before the end of this month. The
funds are deposited in the Revenue Account and flow through the
waterfall, hence these will be available in August to make the
next debt service payment.
Moody's projects that the DSCR for the August payment will be in
the range of 1.3 times given the compensation funds as well as
more stable passenger demand. Going forward, projections also
incorporate the indemnification payments that Express will receive
each January, which flow through the cash waterfall. Projected
debt service coverage for the concession term is expected to
average around 1.2 times. Going forward, if passenger validations
do fall more than 3% , the compensation regime is expected to help
maintain debt service coverage ratios at close to expected levels.
A very important factor in the credit quality of Inversiones
Alsacia going forward is cost management. In 2012, significantly
larger than projected maintenance and overhaul costs played a
notable part in negatively affecting operating results. The
acceleration of the overhaul for a portion of the fleet should,
reportedly, help lower maintenance costs. The majority of bus
fleet is approximately seven years old however, and hence
maintenance and overhaul costs will have to be managed carefully
to avoid the same type of cost overruns. Labor costs are also an
important part of expenses. In 2012, the company entered into a
three year collective bargaining agreement which will hold costs
steady for until the end of 2015, when the company will have to
again manage the potential for labor cost increases. Operating
expenditures in the first quarter are down from last year, though
this remains the main area of vulnerability going forward.
Increases of more than 10% in either maintenance or labor or some
combination of the two, could cause the debt service coverage
ratio under Moody's scenario to drop below 1.2 times.
The bond ordinance DSCR calculation which is reported quarterly in
February, May, August, and November calculates DSCR as the
revenues for the six months prior to the reporting period divided
by the debt service payment for the most recent payment that was
made. In essence, it does not provide useful information about the
project's ability to pay for upcoming debt service. It does
however have a trigger for accelerating amortization if the ratio
was below 1.1 times. The bond ordinance DSCR for the May 2013
reporting period was 1.11x and hence did not trigger the early
amortization. Through August of 2014, there are some periods which
are projected to come close to hitting this trigger. The financing
documents allow for a cure to be made either with equity or deeply
subordinated debt. If not cured, investors could choose to trigger
the use of all net project revenues to pay debt. The trigger can
be reversed by investors if the bond ordinance DSCR meets the
threshold for two consecutive periods. The trigger does not cause
the debt to become due and payable immediately.
The negative outlook on the rating, which looks out 12-18 months,
reflects the lack of a fully funded debt service reserve fund
which will be funded in the next year if the cash flows are as
expected, but could be underfunded for a longer period of time if
the financial results are lower than projected.
The rating could come under upward pressure if over a number of
years the system demonstrated lower volatility in passenger
validations and consistent DSCR at or above 1.2 times. The rating
could face downward rating pressure if the financial operations of
the companies deteriorated in a manner by which the DSCR was to be
below 1.10 times and the debt service reserve fund remains
unfunded to required levels.
The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.
INDUSTRIAS UNIDAS: Q1 Net Revenue Drops 11.9% to Ps.2,681 Million
-----------------------------------------------------------------
Industrias Unidas, S.A. de C.V. disclosed its audited results for
the first three months ended March 31 of 2013.
Net revenues for the first three months ended March 31, 2013
decreased 11.9% to Ps.2,681.9 million from Ps.3,045.2 million in
the same period of 2012. This decrease was due to lower volume of
sales driven for market conditions.
Costs and revenues closely follow copper prices since the market
practice is to pass on to the buyer any changes in the price of
raw materials.
Sales are primarily to customers engaged in the commercial,
industrial and residential construction, and their related
maintenance and renovation activities. The company also sell to
customers engaged in electrical power generation, transmission and
distribution and to the sector of gas, water and air conduction in
the Heating, Ventilation, Air conditioning and Refrigeration
(HVACR).
A full text copy of the company's financial results is available
free at:
http://is.gd/C7eV1g
===============
X X X X X X X X
===============
* BOND PRICING: For the Week From May 27 to 31, 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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