/raid1/www/Hosts/bankrupt/TCRLA_Public/130812.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, August 12, 2013, Vol. 14, No. 158
Headlines
A N T I G U A & B A R B U D A
LIAT: Signs US$65MM Loan Agreement With Caribbean Development Bank
C A Y M A N I S L A N D S
AGSSF HOLDINGS: Shareholders' Final Meeting Set for Aug. 30
ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Aug. 20
ASIAN BOND: Members' Final Meeting Set for Aug. 27
LEVEL GLOBAL: Shareholders' Final Meeting Set for Aug. 26
LEVEL GLOBAL MASTER: Shareholders' Final Meeting Set for Aug. 26
LEVEL RADAR: Shareholders' Final Meeting Set for Aug. 26
MAINSTREAM ACTIVE: Sole Member to Hear Wind-Up Report on Aug. 22
MARBLETON SHIELD: Shareholder to Hear Wind-Up Report on Sept. 6
OH OBBIE: Shareholders' Final Meeting Set for Aug. 30
REGAL INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 19
SEITEL INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 19
TVG (CAYMAN): Shareholders' Final Meeting Set for Aug. 30
TVG CAPITAL: Shareholders' Final Meeting Set for Aug. 30
VINCI HEDGE: Shareholder to Hear Wind-Up Report on Aug. 19
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Freed Bank Reserve Paces 2Q Rebound to 2.8%
J A M A I C A
DIGICEL GROUP: To Abolish Roaming Charges in the Caribbean
UC RUSAL: May Halt Production at Some Plants in Russia
M E X I C O
BIO-PAPPEL SAB: Fitch Affirms Issuer Default Ratings at 'B'
* MEXICO: IDB to Provide up to MXN$84MM for Housing Program
X X X X X X X X
* BOND PRICING: For the Week From Aug. 5 to Aug. 9, 2013
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
LIAT: Signs US$65MM Loan Agreement With Caribbean Development Bank
------------------------------------------------------------------
The Gleaner reports that the shareholder governments of Leeward
Islands Air Transport, known as LIAT, signed a US$65-million loan
agreement with the Caribbean Development Bank (CDB) as the cash-
strapped airline seeks to upgrade its ageing fleet.
The loan represents 61 per cent of a US$100-million refleeting
plan to replace its Canadian Dash 8 aircraft with French-made
ATRs, according to The Gleaner.
The Gleaner relates that Barbados, LIAT's largest shareholder,
takes up the bulk of the loan -- US$33.2 million; Antigua and
Barbuda assumes US$21.9 million of the liability, St Vincent and
Grenadines US$7 million, and Dominica US$2.4 million.
Each shareholder will provide the funds to LIAT on the same terms
it received from the CDB, with the airline responsible for
repaying the loan over a 13-year period, with a two-year
moratorium built in, CMC reported, The Gleaner discloses.
The Gleaner says that the signing ceremony comes against increased
criticism of the airline by the travelling public in recent
months, with long delays, numerous cancellations and lost baggage
being the order of the day.
The Gleaner notes that LIAT Chairman Jean Holder apologized for
the hiccups, saying that positive change is coming with the
airline's refleeting exercise.
Barbados' Prime Minister Freundel Stuart said his government had
no problem coming to the table to assist LIAT, since it is not
possible to contemplate a region without the airline, despite the
frustration expressed by travellers, the report relates.
"Barbados has a vested interest in the easy movement of people in
this region -- because CARICOM is our third-largest source market
for tourism. So, we cannot contemplate a region without the
services of an airline like LIAT. . .. I don't know of any other
airlines prepared to do in this region what LIAT has done since
1956, in one form or another," The Gleaner quoted Prime Minister
Freundel as saying.
CDB President Dr. Warren Smith stressed that reliable and
efficient regional air transport is an indisposable undertaking of
Caribbean development, Prime Minister Freundel relates.
The report notes Prime Minister Freundel said LIAT's direct impact
on the region is estimated at more than US$320 million.
St Vincent and the Grenadines Prime Minister, Dr. Ralph Gonsalves,
who is also chairman of the LIAT Shareholder Group, anticipates
the modernization of aircraft together with improvements to the
airline's operations will lead to an overall improvement in the
financial operations and the efficiency of the airline, the report
relates.
Dr. Gonsalves said that LIAT has already set its sights on
spreading its wings, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive. Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.
About LIAT
Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean. The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.
==========================
C A Y M A N I S L A N D S
==========================
AGSSF HOLDINGS: Shareholders' Final Meeting Set for Aug. 30
-----------------------------------------------------------
The shareholders of AGSSF Holdings Limited will hold their final
meeting on Aug. 30, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Michael Penner
c/o Marcin Czarnocki
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town, KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2228
ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Aug. 20
----------------------------------------------------------------
The shareholders of Anthracite Balanced Company (LIBGDF3) Limited
will hold their final meeting on Aug. 20, 2013, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Simon Conway
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
ASIAN BOND: Members' Final Meeting Set for Aug. 27
--------------------------------------------------
The members of Asian Bond Fund II (Cayman) Limited will hold their
final meeting on Aug. 27, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Gavin Lowe
Turners Management Ltd.
PO Box 2636
Strathvale House, 90 North Church Street
Grand Cayman KY1-1102
Cayman Islands
Telephone: +1 (345) 943 5555
LEVEL GLOBAL: Shareholders' Final Meeting Set for Aug. 26
---------------------------------------------------------
The shareholders of Level Global Overseas, Ltd. will hold their
final meeting on Aug. 26, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Robert Aspinall
c/o Grant Hiley
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
LEVEL GLOBAL MASTER: Shareholders' Final Meeting Set for Aug. 26
----------------------------------------------------------------
The shareholders of Level Global Overseas Master Fund, Ltd. will
hold their final meeting on Aug. 26, 2013, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Robert Aspinall
Grant Hiley
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
LEVEL RADAR: Shareholders' Final Meeting Set for Aug. 26
--------------------------------------------------------
The shareholders of Level Radar Master Fund, Ltd. will hold their
final meeting on Aug. 26, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Robert Aspinall
c/o Grant Hiley
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
MAINSTREAM ACTIVE: Sole Member to Hear Wind-Up Report on Aug. 22
----------------------------------------------------------------
The sole member of Mainstream Active Value Offshore Fund, Ltd.
will receive on Aug. 22, 2013, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Diane J. Hulls
c/o Mainstream Investment Advisers, LLC
101 West Spring Street, 4th Floor
New Albany, IN 47150
U.S.A.
Telephone: (812) 981 7053
Facsimile: (812) 981 7069
MARBLETON SHIELD: Shareholder to Hear Wind-Up Report on Sept. 6
---------------------------------------------------------------
The shareholder of Marbleton Shield (Cayman) Limited will receive
on Sept. 6, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Pavel Nazariyan
3, Boulevard du Prince Henri
L-1724 Luxemburg
Telephone: (011) 352 2647 0623
OH OBBIE: Shareholders' Final Meeting Set for Aug. 30
-----------------------------------------------------
The shareholders of Oh Obbie Insurance Ltd. will hold their final
meeting on Aug. 30, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Stuart Jessop is the company's liquidator.
REGAL INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 19
----------------------------------------------------------------
The shareholders of Regal International Ltd will hold their final
meeting on Aug. 19, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: +1 (345) 914 1344
Facsimile: +1 (345) 945 4799
Coutts & Co (Cayman) Limited
Coutts House, 1446 West Bay Road
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
SEITEL INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 19
-----------------------------------------------------------------
The shareholders of Seitel International, Inc. will hold their
final meeting on Aug. 19, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: +1 (345) 914 1344
Facsimile: +1 (345) 945 4799
Coutts & Co (Cayman) Limited
Coutts House, 1446 West Bay Road
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
TVG (CAYMAN): Shareholders' Final Meeting Set for Aug. 30
---------------------------------------------------------
The shareholders of TVG (Cayman) Limited will hold their final
meeting on Aug. 30, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Varun Kumar Bery
House I(9)
Kellett View Town Houses,
65-69 Mount Kellett Road Peak
Hong Kong
Telephone: +852 2147 2080
TVG CAPITAL: Shareholders' Final Meeting Set for Aug. 30
--------------------------------------------------------
The shareholders of TVG Capital Partners GP 2, LLC will hold their
final meeting on Aug. 30, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Varun Kumar Bery
House I(9)
Kellett View Town Houses,
65-69 Mount Kellett Road Peak
Hong Kong
Telephone: +852 2147 2080
VINCI HEDGE: Shareholder to Hear Wind-Up Report on Aug. 19
----------------------------------------------------------
The shareholder of Vinci Hedge Fund will receive on Aug. 19, 2013,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Michael Lubin
Telephone: (345) 815 1793
Facsimile: (345) 949 9877
==================================
D O M I N I C A N R E P U B L I C
==================================
* DOMINICAN REPUBLIC: Freed Bank Reserve Paces 2Q Rebound to 2.8%
------------------------------------------------------------------
Dominican Today reports that after nearly zero growth (0.3%) in
the first quarter, the second quarter (April-June) posted a slight
rebound, when the economy grew 2.8%, paced mostly by the
government's recent release of the bank reserve to expand revenue.
Central banker Hector Valdez Albizu said first half economic
activity as measured by the GDP grew 1.6%, "which means that the
economy begins to recover "and . . . the recovery it's expected to
take hold over the second half of the year," according to
Dominican Today.
"The trend is for the economy to grow at around 3% for all of
2013," Dominican Today quoted an official as saying.
The report notes that the official said the banks, financial
intermediaries, insurance and related activities jumped 8.8%.in
the first six months.
=============
J A M A I C A
=============
DIGICEL GROUP: To Abolish Roaming Charges in the Caribbean
----------------------------------------------------------
RJR News reports that Digicel Group has reportedly agreed to
abolish roaming charges in the Caribbean.
The announcement was made in Trinidad & Tobago by Phillip
Paulwell, Jamaica's Minister of Science, Technology, Energy and
Mining, who is also President of the Caribbean Telecommunications
Union, according to RJR News.
As of October 1, RJR News relates, voice roaming on Digicel's
network in Caricom countries will be abolished. RJR News notes
that Mr. Paulwell said negotiations will continue with Digicel on
the removal of roaming on data charges by year-end and the
elimination of taxes on international calls in Jamaica and Haiti.
Discussions with LIME, the region's other major telecoms provider,
to eliminate roaming charges, are ongoing, RJR News discloses.
Mr. Paulwell, who was addressing a Caribbean Ministerial Forum on
ICT, said the aim is to abolish roaming for both voice and data by
year end, the report discloses.
According to Mr. Paulwell, the charges hinder affordable
communication among Caribbean people, RJR News adds.
Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.
* * *
As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020. Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.
UC RUSAL: May Halt Production at Some Plants in Russia
------------------------------------------------------
RJR News reports that aluminium producer UC Rusal which has a
major stake in Jamaica's mining sector might temporarily stop
production at five of its plants in Russia by year end.
Rusal employs about 72,000 workers and operates in 19 countries,
and the factory freeze could put thousands out of a job, according
to RJR News. The report relates that the talk is of closure of
Rusal's plants in Russia's Urals, Karelia region, as well as
Volgograd and the Leningrad regions.
The report notes that falling aluminum prices is one of the key
reasons for the decision, with RUSAL's Chairman saying the plants
will not restart operations until aluminum prices go back to
US$2,400 per ton. RJR News relates that the price of aluminum is
now in the region of US$1,755 per ton.
Among other reasons were Rusal's poor financial performance in
recent months, as well as growing electricity and transportation
costs, RJR News relates.
The report discloses that the aluminum company had a US$55 million
loss for the 2012 fiscal year. RJR News says that UC Rusal has a
stake in the Alpart and Kirkvine alumina refineriesin Jamaica.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News reported that UC Rusal said its financial
losses for 2012 were bigger than initially reported. The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.
TCRLA reported on Sept. 28, 2012, that RJR News said UC Rusal
expects to reach a deal with its lenders within six months to
refinance part of an US$11 billion debt burden. It said it will
agree to new loan conditions by the end of 2012 before its
covenant holiday expires, according to RJR News.
===========
M E X I C O
===========
BIO-PAPPEL SAB: Fitch Affirms Issuer Default Ratings at 'B'
-----------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Bio-PAPPEL, S.A.B. de C.V. (Bio-Pappel)
at 'B'. Fitch has also affirmed the company's USD250 million
senior notes due 2016 at 'B/RR4'. Securities rated 'RR4' reflect
average recovery prospects given default and have characteristics
consistent with securities historically recovering 31% - 50% of
current principal and related interest in event of a default.
The Rating Outlook is Stable.
The affirmation reflects Bio-Pappel's improved operating
performance (driven primarily by its paper division) that has
resulted in increased cash flow generation and lower leverage. In
Fitch's opinion, operational efficiencies have increased
profitability and somewhat diminished the company's sensitivity to
raw material and energy cost increases, but it is still exposed to
cyclicality.
Bio-Pappel's ratings remain limited by Fitch's concerns about the
company's ability to refinance its senior note maturity in 2016.
Using cash balances to pay debt in advance of the maturity or a
successful refinancing could be positive factors for Bio-Pappel's
credit quality and ratings.
KEY RATING DRIVERS
Bio-Pappel's ratings incorporate its leading market position in
the pulp and paper sector in Mexico, improved cost structure
related to its strategy of using only recycled fibers,
geographical diversification of revenues, low level of
environmental/political risks, the improved EBITDA generation due
to operational efficiencies and a favorable operating environment.
The latter has translated into a stable performance of its
packaging division and a recovery in the performance of its paper
division. The ratings are constrained by Bio-Pappel's leverage
relative to the stress upon its cash flow when raw material and
energy costs increase, small scale when compared to international
players, tough competitive environment and a weak debt repayment
record.
Cost Structure Improving:
Cost initiatives coming from efficiencies in the mix of using
recycle fibers, debottlenecking of processes and energy savings
due to cogeneration projects have improved the cost structure and
better positioned the company to withstand cycle downturns. The
company's performance over the last year is explained by an
expanded spread between its average sales price and the cost of
its main inputs, namely recycled paper products such as old
corrugated containers (OCC), old newspaper (ONP), and energy. In
addition, prices have remained relatively stable, and volumes have
lightly declined as a result of a lower economic activity in
Mexico, particularly in the first half of 2013. The spread has
averaged USD143 per ton for the Last 12 Months (LTM) ended in
2Q'13, generating about USD141 million of EBITDA, also in LTM
terms. These results are higher than those registered during the
same period in 2012 when the spread averaged USD73 per ton and
EBITDA was about USD69 million.
Volatility in Bio-Pappel's operational performance over the past
10 years has reflected the company's limited ability to pass
through cost increases. Prices for OCC and ONP have increased in
Mexico and the U.S. due to purchases by Chinese manufacturers.
Energy is Bio-Pappel's second most important input cost after
recycled fiber, and management has undertaken several initiatives
seeking to mitigate its exposure to it, including investments in
cogeneration and derivatives contracts. The ratings factor in this
continued vulnerability to rising raw material and energy costs.
The company has and will continue to make efforts to contain these
costs by increasing its self-sourcing of recycled fibers, continue
gaining operational efficiencies, and by entering into financial
hedges.
Leverage Low, Refinancing a Concern:
Going forward, Fitch expects that leverage ratios should fluctuate
as EBITDA generation is still sensible to the industry's
cyclicality and the price-cost spread. Total debt to EBITDA for
the LTM ended June 30, 2013 was 1.8 times (x), net debt to EBITDA
stood at 1.0x, and EBITDA to interest expense was 7.9x compared to
full year 2012 with values of 2.2x and 6.2x, respectively.
Currently, debt to EBITDA benefits from the adoption of IFRS,
which allows for fair value accounting of debt. On nominal terms,
the ratio was 2.0x for 2Q13 LTM (1.1x, on a net debt basis).
Near-term liquidity risk is low however refinancing risk in 2016
is a concern. The company pays only 7% of interest on the 2016
notes (approximately USD17.5 million per year) until the end of
2013, when the rate steps up to 10%. Currently, Bio-Pappel has
close to USD117 million in cash and marketable securities, which
supports short-term liquidity.
RATING SENSITIVITIES
Factors that could lead to positive rating actions include the
Bio-Pappel's successful refinancing of its 2016 maturity, given
the company's history of debt restructurings, and/or using free
cash flow to pre-pay debt. Other positive factors to credit
quality include improving and sustaining EBITDA margins due to
operational efficiencies, successfully stabilizing the spread
between price and cost per ton, which in turn could result in more
constant EBITDA generation, resulting in reduced leverage
volatility.
Factors that would negatively affect creditworthiness include
inability to refinance its senior notes, a consistent weakening of
the spread between price and cost per ton, resulting in lower cash
generation, as well as sustained gross leverage (Total
Debt/EBITDA) above 4x.
* MEXICO: IDB to Provide up to MXN$84MM for Housing Program
-----------------------------------------------------------
The Inter-American Development Bank (IDB), through its
Opportunities for the Majority Sector, approved a loan of up to
MXN$84 million (approximately US$6.7 million) to FOMEPADE, a
Mexican non-banking financial institution, to provide financing
through payroll deductions to enable an estimated 80,000 public
employees to obtain access to financing for housing improvements
and new construction on land already owned by the client. FOMEPADE
will work with private homebuilders, certified by CONAVI (Mexico's
Federal Housing Institute), to identify appropriate high-quality,
low-cost solutions.
Opportunities for the Majority promotes and finances market-based,
sustainable business models that bring together companies, local
governments, and communities in developing and supplying quality
products and services to people at the base of the socio-economic
pyramid in Latin America and the Caribbean.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week From Aug. 5 to Aug. 9, 2013
--------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Argentine Republic Government 7.82 12/31/2033 EUR 56
International Bond
Argentine Republic Government
International Bond 7.82 12/31/2033 EUR 55.5
Argentine Republic Government
International Bond 8.28 12/31/2033 USD 55
Provincia de Buenos
Aires/Argentina 10.9 1/26/2021 USD 69.8
Argentine Republic Government
International Bond 8.28 12/31/2033 USD 57.5
Provincia de Buenos
Aires/Argentina 9.38 9/14/2018 USD 68.4
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 51
Banco Macro SA 9.75 12/18/2036 USD 67.8
Provincia de Buenos
Aires/Argentina 9.63 4/18/2028 USD 63
Capex SA 10 3/10/2018 USD 71
Cia Latinoamericana de
Infraestructura & Servicios SA 9.5 12/15/2016 USD 63
Cia de Transporte de
Energia Electrica en Alta 8.88 12/15/2016 USD 47.6
Tension Transe
Provincia de Mendoza
Argentina 5.5 9/4/2018 USD 74
Argentine Republic Government
International Bond 1.18 12/31/2038 ARS 43.7
Argentine Republic
Government International Bond 8.28 12/31/2033 USD 55
Argentine Republic
Government International Bond 7.82 12/31/2033 EUR 45
Cia de Transporte de
Energia Electrica en 9.75 8/15/2021 USD 50
Alta Tension Transe
Argentina Bocon 2 3/15/2014 ARS 32.5
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 50
Argentine Republic
Government International Bond 4.33 12/31/2033 JPY 36.5
Argentine Republic
Government International Bond 8.28 12/31/2033 USD 59.9
Cia de Transporte de
Energia Electrica en 9.75 8/15/2021 USD 45.4
Alta Tension Transe
MetroGas SA 8.88 12/31/2018 USD 65.5
Provincia de Buenos
Aires/Argentina 10.9 1/26/2021 USD 70
Empresa Distribuidora Y
Comercializadora Norte 10.5 10/9/2017 USD 51.3
Argentine Republic
Government International Bond 4.33 12/31/2033 JPY 36
Banco Macro SA 9.75 12/18/2036 USD 67.8
City of Buenos
Aires Argentina 3.98 3/15/2018 USD 68.6
Capex SA 10 3/10/2018 USD 67.6
Provincia de Buenos
Aires/Argentina 9.38 9/14/2018 USD 68.8
Provincia de Buenos
Aires/Argentina 9.63 4/18/2028 USD 63
MetroGas SA 8.88 12/31/2018 USD 63.4
Argentine Republic
Government International Bond 0.45 12/31/2038 JPY 8
Banco Macro SA 9.75 12/18/2036 USD 67.8
Provincia de Mendoza Argentina 5.5 9/4/2018 USD 73.5
Provincia del Chaco 4 11/4/2023 USD 53.8
Provincia del Chaco 4 12/4/2026 USD 25.5
Formosa Province of Argentina 5 2/27/2022 USD 61.9
Argentine Republic
Government International Bond 8.28 12/31/2033 USD 61.8
Cia Energetica de Sao Paulo 9.75 1/15/2015 BRL 64.6
Gol Finance 8.75 USD 60
Banco Bonsucesso SA 9.25 11/3/2020 USD 73.5
Sifco SA 11.5 6/6/2016 USD 50.3
Gol Finance 8.75 USD 58.3
Banco Bonsucesso SA 9.25 11/3/2020 USD 72.5
Cia Sud Americana de
Vapores SA 6.4 10/1/2022 CLP 69.8
Almendral
Telecomunicaciones SA 3.5 12/15/2014 CLP 33
Cia Cervecerias Unidas SA 4 12/1/2024 CLP 58.2
Aguas Andinas SA 4.15 12/1/2026 CLP 72.5
Quinenco SA 3.5 7/21/2013 CLP 12.9
Talca Chillan Sociedad
Concesionaria SA 2.75 12/15/2019 CLP 60.8
Empresa de Transporte de
Pasajeros Metro SA 5.5 7/15/2027 CLP 4.58
Hidili Industry International
Development Ltd 8.63 11/4/2015 USD 71.5
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 62.8
Renhe Commercial
Holdings Co Ltd 11.8 5/18/2015 USD 63.1
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
JinkoSolar Holding Co Ltd 4 5/15/2016 USD 66.3
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 56
Hidili Industry International
Development Ltd 8.63 11/4/2015 USD 71.8
Renhe Commercial
Holdings Co Ltd 11.8 5/18/2015 USD 63.8
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
BES Finance Ltd 5.58 EUR 65.5
Bank Austria Creditanstalt
Finance Cayman Ltd 1.61 EUR 49.7
ERB Hellas Cayman
Islands Ltd 1.8 6/8/2017 EUR 55.2
Bank Austria Creditanstalt
Finance Cayman Ltd 2 1.84 EUR 49.9
BCP Finance Co Ltd 5.54 EUR 41.7
ESFG International Ltd 5.75 EUR 50.8
BCP Finance Co Ltd 4.24 EUR 42.8
BES Finance Ltd 3.03 EUR 74.3
Banco Finantia
International Ltd 2.46 7/26/2017 EUR 44.1
BES Finance Ltd 4.5 EUR 56.4
Caixa Geral De
Depositos Finance 1.02 EUR 34.7
BCP Finance Bank Ltd 5.31 12/10/2023 EUR 66.3
ERB Hellas Cayman
Islands Ltd 9 3/8/2019 EUR 31.9
Banif Finance Ltd 1.58 EUR 44
BCP Finance Bank Ltd 5.01 3/31/2024 EUR 63.5
Banco BPI SA/Cayman Islands 4.15 11/14/2035 EUR 41.6
Petroleos de Venezuela SA 5.38 4/12/2027 USD 60.2
Venezuela Government
International Bond 7 3/31/2038 USD 67.3
Petroleos de Venezuela SA 5.5 4/12/2037 USD 58.8
Venezuela Government
International Bond 7.65 4/21/2025 USD 74.6
Venezuela Government
International Bond 6 12/9/2020 USD 74.2
Bolivarian Republic of
Venezuela 7 3/31/2038 USD 66.8
***********
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.
* * * End of Transmission * * *