TCRLA_Public/130708.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, July 8, 2013, Vol. 14, No. 133


                            Headlines



A R G E N T I N A

BANCO DE LA PROVINCIA: S&P Puts 'B-' ICR on CreditWatch Negative


B R A Z I L

BANCO INDUSVAL: Moody's Affirms Deposit Ratings at Ba3


C A Y M A N  I S L A N D S

CATEQUIL OVERSEAS: Creditors' Proofs of Debt Due Aug. 1
CHINA HOLDINGS: Commences Liquidation Proceedings
CHINA MASS: Commences Liquidation Proceedings
EASYJET AIRCRAFT: Creditors' Proofs of Debt Due July 30
LOAN VALUE: Creditors' Proofs of Debt Due July 31

LOAN VALUE OC: Creditors' Proofs of Debt Due July 31
PK JAPAN LONG: Creditors' Proofs of Debt Due July 31
PK JAPAN MASTER: Creditors' Proofs of Debt Due July 31
SCREENTECH HOLDINGS: Commences Liquidation Proceedings
VENTURE CITY: Creditors' Proofs of Debt Due July 24


J A M A I C A

NT? BUTTERFIELD: Cuts 6 Jobs, To Add 10 More Redundancies
* JAMAICA: IMAJ Worries on Impending Increase in Cement Price


M E X I C O

DESARROLLADORA HOMEX: Goldman Sachs Upgrades Firm to "Neutral"


P E R U

BANCO DE CREDITO: S&P Affirms 'BB+' Rating on $250MM Sub. Notes


P U E R T O  R I C O

ATLANTIC SOUTHERN: A.M. Best Places FSR of 'C++' Under Review


X X X X X X X X

* BOND PRICING: For the Week From July 1 to 5, 2013


                            - - - - -


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A R G E N T I N A
=================


BANCO DE LA PROVINCIA: S&P Puts 'B-' ICR on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
issuer credit ratings on Banco de la Provincia de Buenos Aires
S.A. (BPBA) on CreditWatch with negative implications.

"The rating action follows a similar action we took on the
province of Buenos Aires, which owns the bank," said Standard &
Poor's credit analyst Ivana Recalde.  The CreditWatch negative
listing on the province reflects the potential impact of a lower
institutional framework assessment for provinces and
municipalities in Argentina, due to less predictable legal and
regulatory frameworks.  The lower institutional framework
assessment score reflects S&P's perception of a less predictable
and a more volatile intergovernmental system as a result of
ongoing modifications and restrictions in the overall system,
jeopardizing the local and regional governments' (LRG) fiscal
balances.  S&P believes that the system is increasingly vulnerable
to political risk, resulting in revenue and expenditure
uncertainties and fiscal pressure at the LRG level.


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B R A Z I L
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BANCO INDUSVAL: Moody's Affirms Deposit Ratings at Ba3
------------------------------------------------------
Moody's Investors Service has affirmed all its ratings for Banco
Indusval S.A. (BI&P) and changed the outlook to negative from
stable. The following ratings were affirmed: the D- bank financial
strength rating (BFSR); the Ba3 and Not Prime long and short-term
global local and foreign currency deposit ratings, as well as the
A2.br and BR-2 Brazilian national scale deposit ratings, long and
short term, respectively.

The rating action followed the announcement of the acquisition of
Banco Intercap S.A. (unrated), valued at BRL 117 million. This
transaction is subject to regulatory approval.

The following ratings assigned for Banco Indusval S.A. were
affirmed, with the outlook changed to negative from stable:

Bank financial strength rating of D-

Long term global local currency deposit rating of Ba3

Short term global local currency deposit rating of Not Prime

Long term global foreign currency deposit rating of Ba3

Short term global foreign currency deposit rating of Not Prime

Long term national scale local currency deposit rating of A2.br

Short term national scale local currency deposit rating of BR-2

Ratings Rationale:

In affirming BI&P's ratings at Ba3, Moody's noted that its
earnings generation remains under pressure as the bank continues
to work through the cleanup of its loan portfolio, while
repositioning its business franchise towards select commercial
lending segments and agribusiness, in addition to the
incorporation of an investment bank boutique Voga, acquired in May
2013. These activities entail execution and transition risks and
continues to demand management's attention in an environment of
intense competition and challenging macroeconomic conditions.

In this scenario, Moody's views the recent announcement of the
acquisition of Banco Intercap as having negative effect on BI&P's
ratings, because it will delay the execution of its strategic
refocusing on the upper middle market and investment banking
segments. Intercap's small size adds limited value to the bank's
earnings mix, funding structure or franchise scale, as its
operations are primarily to the small and medium size enterprises
segment and FX services, businesses that are not strategically
important or complementary for BI&P. Moody's acknowledges that the
deal, as announced, contains guarantees against potential credit
losses incurred in Intercap's BRL350 million loan book, that
should prevent deterioration in asset quality metrics. BI&P is
paying BRL117 million for Intercap, which in turn, will be
reinvested in the bank, thus limiting the impact on BI&P's cash
position.

Moody's negative outlook, therefore, incorporates the pressures
that such recent acquisitions can have on BI&P's ability to
generate sustainable earnings as the bank prolongs the business
restructuring phase, further limiting earnings generation. In that
regard, Moody's will monitor BI&P's capacity to sustain business
generation under adequate funding alternatives and risk
guidelines.

The last rating action on Banco Indusval was on February 7, 2013,
when Moody's affirmed all ratings and maintained the stable
outlook.

Banco Indusval S.A. is headquartered in S?o Paulo, Brazil and had
total consolidated assets of BRL4.3 billion (US$2.1 billion) and
equity of BRL572.4 million (US$247.4 million) as of March 31,
2013.

The principal methodology used in this rating was Moody's Global
Banks methodology published in May 2013.

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
==========================


CATEQUIL OVERSEAS: Creditors' Proofs of Debt Due Aug. 1
-------------------------------------------------------
The creditors of Catequil Overseas Partners Limited are required
to file their proofs of debt by Aug. 1, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 18, 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


CHINA HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
On June 13, 2013, the members of China Mass Media Holdings Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Wang Shengcheng
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


CHINA MASS: Commences Liquidation Proceedings
---------------------------------------------
On June 13, 2013, the members of China Mass Media Corp. resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Wang Shengcheng
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


EASYJET AIRCRAFT: Creditors' Proofs of Debt Due July 30
-------------------------------------------------------
The creditors of Easyjet Aircraft Company Limited are required to
file their proofs of debt by July 30, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 19, 2013.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Aisling Clarke
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 8986


LOAN VALUE: Creditors' Proofs of Debt Due July 31
-------------------------------------------------
The creditors of Loan Value OC Fund Ltd. are required to file
their proofs of debt by July 31, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 19, 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/Kim Charaman
          Telephone: (345) 943 3100


LOAN VALUE OC: Creditors' Proofs of Debt Due July 31
----------------------------------------------------
The creditors of Loan Value OC Master Fund Ltd. are required to
file their proofs of debt by July 31, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 19, 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/Kim Charaman
          Telephone: (345) 943 3100


PK JAPAN LONG: Creditors' Proofs of Debt Due July 31
----------------------------------------------------
The creditors of PK Japan Long are required to file their proofs
of debt by July 31, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 30, 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/Kim Charaman
          Telephone: (345) 943 3100


PK JAPAN MASTER: Creditors' Proofs of Debt Due July 31
------------------------------------------------------
The creditors of PK Japan Master are required to file their proofs
of debt by July 31, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 30, 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/Kim Charaman
          Telephone: (345) 943 3100


SCREENTECH HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On June 14, 2013, the shareholders of Screentech Holdings Limited
passed a resolution to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Andrew Ngo
          c/o Michael Tzetlin
          Jirsch Sutherland
          Insolvency
          Turnaround & Forensic Specialists
          Level 4, 55 Hunter Street
          Sydney NSW 2000
          GPO Box 4256
          Sydney NSW 2001 Australia
          Telephone: +6 (129) 236 8333
          Facsimile: +6 (129) 236 8334


VENTURE CITY: Creditors' Proofs of Debt Due July 24
---------------------------------------------------
The creditors of Venture City Limited are required to file their
proofs of debt by July 24, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 20, 2013.

The company's liquidator is:

          Zhang, Su
          Zhongdian Development Building
          Room 301-303, 3rd Floor
          No.9, Xiaguang LI, Chaoyang District
          Beijing, PRC
          Telephone: +010 (868) 468 1562
          Facsimile: +010 (868) 468 1662 ext 8034
          Room 301-303, 3rd Floor
          Zhongdian Development Building
          No.9, Xiaguang LI, Chaoyang District
          Beijing, PRC


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


NT? BUTTERFIELD: Cuts 6 Jobs, To Add 10 More Redundancies
-------------------------------------------------------
Rebecca Zuill at RoyalGazette.com reports that the Bank of
NT?Butterfield made six employees in their Operations and Custody
Departments redundant, and a further 10 redundancies are scheduled
to follow in August.

Michael Collins, senior executive vice president, announced the
job cuts at a meeting with media representatives July 3.

The report notes that Mr. Collins explained the reason for the
redundancies is threefold.  The report relates that NT Butterfield
now has a common Core Banking System in place in the Cayman
Islands as well as Bermuda.

"It means there will be much less manual processing,"?he said.

The second reason is changing customer preferences, he said, notes
the report. "A lot of our customers bank online, and high
percentage does all their banking online, so there are less manual
processes.

"The third is the change in Bermuda economy -- it's just smaller.
The gross domestic product?has shrunk.  Business volume -- business
-- has dipped,"?the report quoted Mr. Collins as saying.

The report notes that Mr. Collins pointed to loans, credit cards
and merchant transaction processing as among the areas impacted.

"They are all directly correlated to the economy contracting. It
has slowed down. . . . This has impacted the number of positions
we need in Operations and Custody; we have downsized how
Operations and Custody should function in this new environment,"
Mr. Collins said, the report relates.

The report discloses that the restructuring means the Bank will
put in place one management team for Cayman and Bermuda.  Mr.
Collins said Betsy Drummond, who is based in Cayman, is the new
head of Custody for the two Islands, the report relays.

The report notes that the restructuring project will put in place
the senior roles and those positions will be advertised in order
that the 173 Operations and Custody employees can decide whether
or not they want to apply for them.

The report says Mr. Collins explained a team meeting was held to
explain to the department employees why the decision had been
taken, and to describe how the restructuring project would
proceed.

The report discloses that Mr. Collins said: "There will be the 10
redundancies in August, and two in Cayman.  Then the project will
be over. At the end of August we will have a more structured,
effective approach."

The report notes that in March the bank cut 8 jobs, in corporate
banking and investment services.

And about 28 employees in Bermuda opted to take up the company's
offer last November of early retirement, says the report.

Royal Gazette recalls that Butterfield Bank came close to collapse
four years ago, but was kept afloat by a $200 million preference
share issuance, guaranteed by the Government.

Many were worried whether the money in their accounts was safe and
whether the Island could stand the loss of an institution that had
been at the heart of its financial system for most of its 150
years in business, the report adds.


* JAMAICA: IMAJ Worries on Impending Increase in Cement Price
-------------------------------------------------------------
RJR News reports that the Incorporated Masterbuilders Association
of Jamaica (IMAJ) is concerned about the impending increase in the
price of cement and the impact on the cost of construction.

Effective Saturday, July 6, 2013, there will be a 1 per cent rise
in the price of cement.  Carib Cement Limited, in announcing the
decision, said it was due to movements in the exchange rate which
have been impacting its input costs, according to RJR News.

The report notes that Carvell Stewart, president of the IMAJ, said
the latest increase, though marginal, had come at a bad time.

Mr. Stewart, the report relates, said the price of steel has also
gone up.


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M E X I C O
===========


DESARROLLADORA HOMEX: Goldman Sachs Upgrades Firm to "Neutral"
--------------------------------------------------------------
WatchListNews, citing TheFlyOnTheWall.com, reports that
Desarrolladora Homex was upgraded by Goldman Sachs from a "sell"
rating to a "neutral" rating in a research note issued on July 1.

Desarrolladora Homex traded up 4.83% on July 1, hitting $3.91,
according to WatchListNews.

On July 1, Desarrolladora Homex had a 52-week low of $2.91 and a
52-week high of $16.06, while the stock?s 50-day moving average is
currently $4.13, WatchListNews notes.  The company had a market
cap of $218.1 million and a price-to-earnings ratio of 2.84 on the
same date, WatchListNews relays.

Separately, analysts at Scotiabank cut their price target on
shares of Desarrolladora Homex from $22.00 to $13.00 in a research
note to investors on Friday, April 26, the report recalls.

                           *     *     *

As reported in the Troubled Company Reporter on April 18, 2013,
Fitch Ratings downgraded Desarrolladora Homex, S.A.B. de C.V.'s
ratings as:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.


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P E R U
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BANCO DE CREDITO: S&P Affirms 'BB+' Rating on $250MM Sub. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' long-term
and 'A-2' short-term issuer credit ratings on Banco de Credito del
Peru (BCP).  At the same time S&P affirmed its issue-level 'BB+'
rating on its $250 million junior subordinated notes maturing in
2069.  The outlook is positive.

The issuer credit ratings on BCP continue to reflect S&P's
assessments of its "strong" business position, "adequate" capital
and earnings and risk position, and S&P's view of its "average"
funding and "adequate" liquidity, as S&P's criteria define these
terms.  The bank's stand-alone credit profile (SACP) remains at
'bbb+'.

"We view BCP as having high systemic importance for the Peruvian
financial system.  This opinion stems from the bank's strong
market shares of 31% in terms of deposits and about 35% within the
retail segment, as of March 2013, in addition to its significant
importance in the country's payment system.  As a result, we
believe there is a "moderately high" likelihood of extraordinary
government support--given that we consider the Peruvian government
as being "supportive" towards its financial system.  Nevertheless,
the ratings on BCP are one notch below its SACP as its ratings are
constrained by the foreign currency rating on Peru considering the
bank's exposure to the sovereign," S&P said.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  Our anchor for a commercial bank operating
only in Peru is 'bbb'.  Our economic risk score for Peru is '5',
reflecting our opinion that economic improvements and the
government's commitment to maintaining cautious fiscal policies
and economic stability have strengthened its ability to withstand
significant external shocks.  In addition, the Peruvian economy is
expanding, although this is not creating economic imbalances, in
our opinion.  However, the financial system's still-high, albeit
decreasing, foreign currency exposure poses some risk.  In this
sense, if our view on macroeconomic stability deteriorates, the
credit risk in our economy assessment could deteriorate.  Our
industry risk score for Peru is '4', reflecting sound regulations,
regulators' strong track record, and the banking system's stable
share of core deposits.  We view the banking industry as stable,
and there are few market distortions.  Although the private
pension system has helped deepen the domestic capital market, we
believe the market remains narrow," S&P added.

"Our opinion of BCP's "strong" business position continues to
reflect the bank's strong market shares in practically all the
business lines in which it operates.  "Such sound market
penetration has allowed BCP to have strong business stability,
with no particular revenue concentration, and well diversified
business activities," said Standard & Poor's credit analyst Arturo
Sanchez.  BCP is the leading financial institution in Peru with
30% market share in terms of total loans and 31% in terms of
deposits as of March 2013.  This significant leading position has
allowed the bank, in our view, to enjoy sound business stability.
Business diversity also remains sound.  The bank enjoys a well-
diversified business profile, with active participation in retail
and wholesale banking, asset management, private banking and
treasury activities.  As a result of its corporate strategy, we do
not expect BCP's business diversification to change going forward.
We anticipate the bank will continue to operate in the same
business lines with a relatively similar business mix," S&P noted.


====================
P U E R T O  R I C O
====================


ATLANTIC SOUTHERN: A.M. Best Places FSR of 'C++' Under Review
--------------------------------------------------------------
A.M. Best Co. has placed under review with positive implications
the financial strength rating of C++ (Marginal) and the issuer
credit rating of "b+" of Atlantic Southern Insurance Company
(ASICO) (San Juan, Puerto Rico).

The under review status follows the announcement that Triple-S
Vida, Inc. (Rio Piedras, Puerto Rico), a subsidiary of Triple-S
Management Corp, has entered into an agreement to acquire ASICO.
The positive implications reflect the expected benefits ASICO will
receive from being a part of a larger organization with access to
additional financial and managerial resources.

The acquisition is in the process of approval by regulatory
entities. ASICO's ratings will be removed from under review
following the completion of the transaction and A.M. Best's
further analysis and discussions with management regarding ASICO's
strategic fit within the Triple S organization.


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


* BOND PRICING: For the Week From July 1 to 5, 2013
---------------------------------------------------

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

ARGENTINA
---------

Argentine International Bond   7.82   12/31/2033    EUR      58.15
Argentine International Bond   7.82   12/31/2033    EUR      57.65
Venezuela International Bond   7       3/31/2038    USD      71.25
Cia Energetica de Sao Paulo    9.75    1/15/2015    BRL      72.5
Petroleos de Venezuela SA      5.5     4/12/2037    USD      60.5
Gol Finance                    8.75                 USD      76.5
Argentine International Bond   8.28   12/31/2033    USD      56
Renhe Commercial Holdings
Co Ltd                         11.75   5/18/2015    USD      66
Renhe Commercial Holdings
Co Ltd                         13      3/10/2016    USD      60
Provincia de Buenos
Aires/Argentina                10.87   1/26/2021    USD      69.92
EDENOR                          9.75   10/25/2022   USD      52
Banco Bonsucesso SA             9.25   11/3/2020    USD      73
Emerald Plantation
Holdings Ltd                    6       1/30/2020   USD      67.5
Bank Austria Creditanstalt
Finance Cayman Ltd              1.61                EUR      49.88
Capex SA                       10       3/10/2018   USD      74
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
CLISA                           9.5    12/15/2016   USD      61.5
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.33
Banco Macro SA                  9.75   12/18/2036   USD      72.7
BES Finance Ltd                 5.58                         69.67
Bank Austria Creditanstalt
Finance Cayman Ltd 2            1.83                EUR      48
Provincia de Buenos
Aires/Argentina                 9.62    4/18/2028   USD      63.28
Argentine International Bond    8.28   12/31/2033   USD      62.13
Sifco SA                       11.5     6/6/2016    USD      57.68
Transer S.                      8.87   12/15/2016   USD      52.5
Renhe Commercial
Holdings Co Ltd                13       3/10/2016   USD      61.13

JinkoSolar Holding
Co Ltd                          4       5/15/2016   USD      58.62
ESFG International Ltd          5.753               EUR      57.48
Provincia de Mendoza
Argentina                       5.5     9/4/2018    USD      74.28
BCP Finance Co Ltd              4.2                 EUR      45.17
Transer S.A                     9.75   8/15/2021    USD      48
Argentine International
Bond                            8.28  12/31/2033    USD      58.13
BCP Finance Co Ltd              5.54                EUR      45
Edenor                         10.5    10/9/2017    USD      51.25
Argentine International
Bond                            1.18   12/31/2038   ARS      45.72
BES Finance Ltd                 3.03                EUR      74.25
MetroGas SA                     8.87   12/31/2018   USD      68.63
Argentina Bocon                        23/15/2014   ARS      38.45
Edenor                          9.75   10/25/2022   USD      49.13
Argentine International
Bond                            7.82   12/31/2033   EUR      45
Transer S.A                     9.75    8/15/2021   USD      46
Banco Finantia
International Ltd               2.45    7/26/2017   EUR      44.05
BES Finance Ltd                 4.5                 EUR      61.5
Punch Taverns Finance
B Ltd                           6.9     6/30/2028   GBP      62.13
Argentine International Bond    4.3    12/31/2033   JPY      36
Bolivarian Republic
of Venezuela                    7       3/31/2038   USD      69.19
Provincia de Buenos
Aires/Argentina                10.8     1/26/2021   USD      70.25
Argentine International Bond    4.3    12/31/2033   JPY      36.5
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
Argentine International Bond    8.28   12/31/2033   USD      58.13
Renhe Commercial
Holdings Co Ltd                11.75    5/18/2015   USD      66.38
Puerto Rico Conservation        6.5     4/1/2016    USD      67.61
Capex SA                       10       3/10/2018   USD      71.75
Argentine International
Bond                            9      11/29/2018   USD      74
City of Buenos
Aires Argentina                 3.98    3/15/2018   USD      68.75
Caixa Geral De
Depositos Finance               1.01                EUR      35.45
Banco Macro SA                  9.75   12/18/2036   USD      71
Gol Finance                     8.75                USD      73.13
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.5
ERB Hellas Cayman
Islands Ltd                     9        3/8/2019   EUR      26.38
MetroGas SA                     8.87    12/31/2018  USD      71.25
Argentine International Bond    8.28    12/31/2033  USD      57.75
Banif Finance Ltd               1.58                EUR      44
Argentine International Bond    0.45    12/31/2038  JPY       8
Banco BPI SA/Cayman Islands     4.15    11/14/2035  EUR      53.5
Provincia de Buenos
Aires/Argentina                 9.62     4/18/2028  USD      63.25
Almendral Telecomunicaciones
SA                              3.51     2/15/2014  CLP      44.24
Banco Bonsucesso SA             9.25    11/3/2020   USD      70.75
Banco Macro SA                  9.75    12/18/2036  USD      71
Provincia del Chaco             4       11/4/2023   USD      54
BCP Finance Bank Ltd            5.0     13/31/2024  EUR      72.63
Formosa Province of Argentina   5        2/27/2022  USD      61.63
CAM Global Finance              6.08    12/22/2030  EUR      69.63
Cia Sud Americana
de Vapores SA                   6.4     10/1/2022   CLP      69.99
Aguas Andinas SA                4.15    12/1/2026   CLP      72.27
Provincia del Chaco             4       12/4/2026   USD      25.88
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP      66.57
Cia Cervecerias Unidas SA       4       12/1/2024   CLP      58.32
Provincia de Mendoza Argentina  5.5      9/4/2018   USD      74.13
Petroleos de Venezuela SA       5.37     4/12/2027  USD      64.15
Quinenco SA                     3.5      7/21/2013  CLP      12.87
Metro S.A.                      5.5      7/15/2027  CLP       3.0






                            ***********


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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