/raid1/www/Hosts/bankrupt/TCRLA_Public/131028.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, October 28, 2013, Vol. 14, No. 213
Headlines
A R G E N T I N A
BANCO SANTANDER: Moody's Affirms 'E+' Bank Fin'l. Strength Rating
FIDEICOMISO FINANCIERO: Moody's Rates ARS192MM Debt Sec. at Ba3
B R A Z I L
BANCO DO ESTADO: S&P Assigns 'BB+/B' Rating; Outlook Stable
BANCO PAULISTA: Moody's Cuts Currency Deposit Ratings to 'B2'
DRIVER BRASIL: Moody's Rates Mezzanine Shares at 'Ba2'
C A Y M A N I S L A N D S
ARAB ISLAMIC: Shareholders' Final Meeting Set for Oct. 31
BTR ARBITRAGE: Shareholder to Hear Wind-Up Report on Nov. 12
BTR GLOBAL: Shareholder to Hear Wind-Up Report on Nov. 12
BTR GROWTH: Shareholder to Hear Wind-Up Report on Nov. 12
BTR OPPORTUNITY: Shareholder to Hear Wind-Up Report on Nov. 12
EXPEDITION FUND: Shareholders' Final Meeting Set for Nov. 22
EXPEDITION MASTER: Shareholders' Final Meeting Set for Nov. 22
FLATIRON STRATEGIC: Shareholder to Hear Wind-Up Report on Nov. 15
GLOBAL ADVISORS: Shareholders' Final Meeting Set for Oct. 28
GLOBAL COMMODITY: Shareholders' Final Meeting Set for Oct. 28
GLOBAL MANAGEMENT: Shareholders' Final Meeting Set for Nov. 12
GLOBAL MASTER: Shareholders' Final Meeting Set for Oct. 28
LEADERS FUND: Shareholders' Final Meeting Set for Nov. 8
SC INDIA: Shareholders' Final Meeting Set for Oct. 29
SG S&P: Shareholders' Final Meeting Set for Oct. 31
J A M A I C A
STOCKS AND SECURITIES: Says Remaining Clients' Assets Are Safe
M E X I C O
GRUPO FINANCIERO: May Book More Losses on Home-Builder Loans
MUNICIPALITY OF MEXICALI: Moody's Cuts Issuer Ratings to Ba2.mx
S U R I N A M E
* SURINAME: IMF Exec. Board Concludes 2013 Article IV Consultation
T R I N I D A D & T O B A G O
CARIBBEAN AIR: Flight to JFK is OK if it Starts and Ends in PoS
CARIBBEAN CEMENT: New Court Dates for TCL, Minority Shareholders
X X X X X X X X X
BOND PRICING: For the Week From Oct. 21 to Oct. 25, 2013
- - - - -
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A R G E N T I N A
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BANCO SANTANDER: Moody's Affirms 'E+' Bank Fin'l. Strength Rating
-----------------------------------------------------------------
Moody's Latin America affirmed the E+ (plus) bank financial
strength rating (BFSR) of Banco Santander Rio S.A. (Santander
Rio), which maps to a b3 standalone baseline credit assessment, as
well as its Ba3/Not Prime and Caa1/Not Prime global local-and
foreign currency deposit ratings, and Aaa.ar and Ba1.ar national
scale local and foreign currency deposit ratings. Additionally,
Moody's affirmed the bank's (p)Ba3 and (p)B3 global local and
foreign currency debt ratings, and the Aaa.ar and A2.ar local and
foreign currency national scale ratings assigned to the $500
million MTN multicurrency debt program, as well as the Ba3 and
Aaa.ar local currency debt ratings assigned to the issuances under
the program.
The outlook on the bank's BFSR and local currency deposit and debt
ratings remains negative, in line with the negative outlook on
Argentina's sovereign ratings. The outlook on the foreign currency
deposit and debt ratings remains stable.
The following ratings of Banco Santander Rio were affirmed:
Bank Financial Strength Rating: E+, negative outlook
Long- and short-term global local-currency deposits: Ba3/Not
Prime, negative outlook
Long- and short-term foreign-currency deposits: Caa1/Not Prime,
stable outlook
Long- term global local currency MTN debt rating: (p)Ba3, negative
outlook
Long- term global foreign currency MTN debt rating: (p)B3, stable
outlook
Long- term global local currency debt rating: Ba3, negative
outlook
Long-term National Scale local-currency deposit rating: Aaa.ar,
negative outlook
Long-term National Scale foreign-currency deposit rating: Ba1.ar,
stable outlook
Long-term National Scale local currency MTN debt rating: Aaa.ar,
negative outlook
Long-term National Scale foreign currency MTN debt rating: A2.ar,
stable outlook
Long term National Scale local currency debt rating: Aaa.ar,
negative outlook
Ratings Rationale:
In affirming Santander Rio's standalone ratings, Moody's
highlighted the bank's leading position in the Argentine banking
sector, with broad geographic and customer coverage that ensures
its 8.7% market share of private sector loans and 9.1% of private
sector deposits, the highest among private sector banks in the
system. Santander's established market position supports recurrent
and diversified earnings generation, as reflected in interest
margins at levels of 9% over the past four quarters and growing
non-interest income, which continue to strengthen the bank's
capitalization. However, the elevated inflation in Argentina
remains a key challenge for the bank, as it is for the whole
banking system, as reflected in rising operating costs and
deteriorating operating efficiency, at the same time that
regulatory restrictions on dividend distributions supports capital
accumulation.
Moody's noted that Santander's access to stable and low-cost core
funding is an important competitive advantage over its local
peers, and it has allowed it to expand its loan book considerably
to both consumer and corporations, while preserving its margins.
Nevertheless, Moody's notes that the bank's loan to deposit ratio
has continued to rise over the past three years, reflecting
increasing competition for deposits, which may add pressure to
margins. Santander's large share of payroll accounts in part
mitigates this deterioration, while creating opportunities for
cross selling and origination of low-risk loans, which aides the
bank's asset quality. In that regard, the bank's prudent risk
management practices are shown in its 1% non-performing loan ratio
over the last quarters, below the system's average of roughly 2%,
indicating adequate portfolio management, which incorporates the
parent company's policies and risk appetite and adequate reserves
coverage.
Moody's, however, notes that the unfavorable operating environment
and the uncertainties introduced by a series of measures to the
banking system may constrain Santander's operations to the extent
the bank has to comply with mandated lending and caps on lending
rates and fees, among other regulations, which affect asset
quality and profitability. The elevate inflation adds to the
challenges in the system.
The bank's b3 BCA reflects Moody's assessment that the
creditworthiness of Santander Rio is highly correlated with that
of the government as for the whole banking system, considering
their dependence on the domestic macroeconomic and financial
environment, as well as their direct and indirect exposures to the
sovereign.
Santander's deposit ratings benefit from three notches of support
from its b3 standalone BCA, to reflect Moody's assessment of
parental support from Banco Santander, S.A. (Santander Spain),
rated Baa2 with negative outlook, as well as a high probability of
systemic support derived from its importance to the banking
system. The rating also benefits from the influence and management
support of Santander Spain, which contributes in particular to the
bank's risk and liquidity management policies and also brand
strength.
The negative outlook on Santander's BFSR and the local currency
deposits and debt ratings is aligned to the negative outlook on
Argentina's government bond ratings, and reflects the high
correlation between the entity's credit profiles and that of the
Argentine sovereign.
FIDEICOMISO FINANCIERO: Moody's Rates ARS192MM Debt Sec. at Ba3
---------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo rates the new
structure of Fideicomiso Financiero Supervielle Creditos 73, a
transaction that will be issued by Equity Trust (Argentina) S.A. -
acting solely in its capacity as Issuer and Trustee.
As of Oct. 18, 2013, the securities for this transaction have not
yet been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.
Moody's has withdrawn the ratings of the Certificates because the
liability structure of the transaction has changed before issuance
and as a result the rating of the Certificates will change.
Moody's has assigned new ratings to this tranche as follows.
- ARS 192,000,000 in Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 73", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS 8,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 73", rated Caa2.ar (sf) (Argentine
National Scale) and Caa3 (sf) (Global Scale, Local Currency)
Ratings Rationale:
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 28,255 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 200,001,648.58
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
Overall credit enhancement is comprised of 4% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points and a month of collections
will be lost, given that the trust account is in Banco
Supervielle.
The model results showed 1.74% expected loss for the Floating Rate
Debt Securities and 35.03% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 4% from
the base case scenario for the pool (i.e., mean of 6.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities and the Certificates would likely be downgraded to
B1 (sf) and C (sf) respectively.
Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.
Moody's National Scale Credit 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 credit 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. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".
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B R A Z I L
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BANCO DO ESTADO: S&P Assigns 'BB+/B' Rating; Outlook Stable
-----------------------------------------------------------
Standard and Poor's Ratings Services assigned its 'BB+/B' global
scale and 'brAA+/brA-1' national scale ratings to Banco do Estado
do Para S.A. (Banpara). The bank's stand-alone credit profile is
'bbb-' and the outlook is stable.
The ratings on Banpara reflect its "weak" business position,
"strong" capital and earnings, "moderate" risk position, "above
average" funding and "strong" liquidity.
"Under our bank criteria, we use our Banking Industry Country Risk
Assessment's economic risk and industry risk scores to determine a
bank's anchor, the starting point in assigning an issuer credit
rating. Our anchor is based on the country's economic risk score
of '5' and an industry risk score of '4'. Brazil's economic risk
reflects low GDP per capita, which limits its ability to withstand
economic downturns, and household credit capacity. It also
considers our view that economic imbalances have increased as a
result of rapid credit expansion. As this trend in lending
continues amid a slowly growing economy, we are concerned about
increasing household debt burden. Conversely, Brazil's
improvement in payment culture and rule of law, in addition to
moderate leverage in the corporate sector, and the absence of
high-risk loans in banks, somewhat mitigate the higher risk
factors of our economic risk assessment. We assess the current
trend of economic risk as negative. Despite the slowdown in credit
expansion during 2012, we believe that the current
administration's policies could lead to a new period of rapid
credit expansion. Further lending would increase an already hefty
debt burden on households, subjecting the system to incremental
credit risk," S&P said.
"We revised our industry risk score to '4' from '3' as we believe
the industry risks in Brazil's banking sector have increased. In
our view, there are growing market distortions due to the
increased market share of loans from publicly owned banks during
2012 and a growing spread differential between public and private
banks. Our industry risk assessment still reflects extensive
coverage and effective supervision of the financial system and our
assessment of system wide funding, sustained by an adequate and
stable deposit base," S&P added.
S&P classifies Banpara as a government-related entity (GRE) with a
"moderate" likelihood of government support, given its "strong"
link and "limited importance" to the state. "This assessment is
based on the state government's majority control and influence in
the bank's strategy, but also on the fact that the services it
provides could eventually be replaced by another entity," said
Standard & Poor's credit analyst Vitor Garcia.
BANCO PAULISTA: Moody's Cuts Currency Deposit Ratings to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local- and
foreign-currency deposit ratings for Banco Paulista S.A.
(Paulista) to B2, from B1. At the same time, Moody's affirmed the
E+ bank financial strength and lowered the baseline credit
assessment (BCA) to b2, from b1. The long-term Brazilian National
Scale rating to Paulista was also downgraded to Baa3.br, from
Baa2.br. The outlook on all ratings remains stable.
The following ratings for Banco Paulista S.A. were downgraded,
with stable outlook:
Long term global local-currency deposit rating: to B2, from B1
Long term foreign currency deposit rating: to B2, from B1
Long term Brazilian national scale deposit rating: to Baa3.br,
from Baa2.br
The following ratings for Banco Paulista S.A. were affirmed:
Bank Financial Strength at E+, stable outlook
Short term global local currency deposit rating at Not Prime
Short term foreign currency deposit rating at Not Prime
Short term Brazilian national scale deposit rating at BR-3
Ratings Rationale:
In downgrading Banco Paulista's ratings, Moody's noted the shift
in business profile towards foreign exchange services, and away
from the commercial lending activity, which has resulted in
growing earnings dependence on a single business line. Paulista's
decision to gradually reduce its loan portfolio over the past two
years has led to loans accounting for only about 12% of total
assets, generating an even lower percentage of revenues. Over the
same period, foreign exchange earnings have grown to account for
around two thirds of total revenues, as per Moody's estimates. In
addition, Moody's understands that Paulista's niche foreign
exchange activity that is centered in the import of Brazilian
Reais involves significant operational and compliance risks that
are difficult to anticipate, therefore limiting the visibility on
future earnings performance. These risks become particularly
relevant in light of the bank's higher dependence on this
segment's earnings. Finally, revenue growth potential in this
segment may be somewhat limited by Paulista's apparent sizeable
market share.
Moody's acknowledges Paulista's adequate recent profitability
which, however, has benefited from volatile fee-based earnings
from advisory and funds management services. Moreover, the loan
de-leverage promoted in the last two years has improved the bank's
capitalization, enhanced by a capital injection and Tier 2
issuance that raised its capital ratio to very high 26.9% in
2Q2013. In that regard, Moody's notes that capital allocation for
the foreign exchange service activity follows the regulatory
standardized approach to calculate operational risk, which is
based on a percentage of historical revenues generated by that
particular product.
The B2 global local-currency deposit rating derives from Banco
Paulista's baseline credit assessment of b2, and as such, it does
not incorporate any systemic support uplift.
The last rating action on Banco Paulista S.A. occurred on 10 July
2008, when Moody's assigned a bank financial strength of E+; and
the long- and short-term global local-currency (GLC) deposit
rating of B1 and Not Prime, respectively. The rating outlook was
stable.
DRIVER BRASIL: Moody's Rates Mezzanine Shares at 'Ba2'
------------------------------------------------------
Moody's America Latina (Moody's) has assigned provisional ratings
to the shares to be issued by Driver Brasil Two Banco Volkswagen
Fundo de Investimento em Direitos Creditorios Financiamento de
Veiculos (Driver Brasil Two FIDC or the Issuer), a securitization
backed by a pool of auto loans originated by Banco Volkswagen S.A.
Issuer: Driver Brasil Two FIDC
Senior Shares - (P) Aaa.br (sf) (National Scale) & (P)Baa2 (sf)
(Global Scale, Local Currency)
Mezzanine Shares - (P) A1.br (sf) (National Scale) & (P)Ba2 (sf)
(Global Scale, Local Currency)
The provisional ratings address the structure and characteristics
of the transaction based on the information provided to Moody's as
of October 23, 2013. Certain issues relating to this transaction,
including the interest rate swap agreement, have yet to be
finalized. Upon conclusive review of all documents and legal
information as well as any subsequent changes in information,
Moody's will endeavor to assign definitive ratings to this
transaction. If any assumptions or factors considered by Moody's
in assigning the ratings change, Moody's could change the ratings
assigned to the shares.
RATINGS RATIONALE
The ratings are based on the following factors, among others:
- The initial 10.0% credit enhancement for the Senior Shares and
6% for the Mezzanine Shares in the form of overcollateralization
(OC). After closing, the OC must reach the 12.5% Target Senior OC
Ratio and 7.0% Target Mezzanine OC Ratio to allow dividend
payments to equity.
- Asset performance triggers that further increase the Senior and
Mezzanine Target OC Ratio.
- Static nature of transaction with no revolving period and no
additional on-going purchases of assets after the transaction's
closing. Principal and Interest on the Senior and Mezzanine Shares
will be paid on a monthly basis.
- The discount rate used to calculate the NPV of the pool is
derived from the weighted average financing cost of the Fund
(weighted average rate of the swap agreements and servicing and
administrative fees), plus 198 bps of excess spread to cover net
losses.
- Good credit quality of the static target pool earmarked for sale
to the FIDC. The assets backing Driver Brasil Two FIDC are vehicle
loans originated by Banco Volkswagen. The securitized pool will
only include loans to finance light vehicles; loans for trucks and
heavy vehicles are not allowed. The preliminary pool as of July
31, 2012 is highly diversified consisting of 57,156 borrowers.
Approximately 91% of the loans are to finance the acquisition of
new vehicles, and 9% of the loans finance used vehicles . Loans
are extended to a diversified retail customer base of private
individuals, representing 89.81% of pool balance. The original
weighted average term is 47 months. The pool has an average
seasoning of 14 months, resulting in a weighted average remaining
term of only 33 months.
- The role of a highly rated third party, Banco Bradesco (rated
Baa1/Aaa.br) and its subsidiary, BEM DTVM, as master servicer,
payment bank and trustee of the transaction. The transaction
benefits from Bradesco's operational quality;
- The overall transaction structure and the legal framework,
including the bankruptcy remoteness of the issuer and well
established Brazilian laws and regulations for the securitization
of vehicle loans;
The senior and mezzanine shares will accrue a floating-rate
interest of the CDI Rate (Brazilian Interbank Rate) plus a fixed
spread to be determined at closing, with daily accrual, and their
final maturity will take place 60 months after closing. The
maturity could be extended by the trustee, on a discretionary
basis, for a maximum period of 12 additional payment dates counted
from the maturity date of the credit right with the latest
maturity date. Payments to subordinated shares are permitted on a
monthly basis as long as (a) Target Senior OC Ratio, the Senior OC
Floor, the Target Mezzanine OC Ratio and the Mezzanine OC Floor
are maintained and (b) no evaluation or early liquidation event is
triggered.
Interest Rate Swaps
The transaction documents contemplate that the fund will enter
into interest rate swaps with a Brazilian financial institution
(Banco Bradesco S.A., Ita£ Unibanco S.A., Banco Santander (Brasil)
S.A., or HSBC Bank S.A. -- Banco M£ltiplo) to mitigate the
interest rate risk arising from the fixed rate assets and floating
rate liabilities. According to the model provided by the banker
the interest rate swaps will adequately hedge the interest rate
risk on the senior share and mezzanine shares.
Moody's notes that the interest rate swap will only be entered
between the fund and the hedge counterparty after closing of the
fund. Moody's notes that it has not modeled any interest rate risk
in the transaction, and that the assigned provisional ratings
assume that the interest rate swaps i.) will be in place in a
short period of time after closing of the fund and ii.) that their
notional volume closely tracks the outstanding notional volumes of
the senior and mezzanine shares as they decrease thereby
satisfactorily eliminating actual interest rate mismatches
incurred.
Early Swap Termination
Risk may arise from the early termination of the swaps given i.) a
positive market value of the swap to the fund upon swap
counterparty default or ii.) open interest rate risk position to
the fund should the swap be early terminated.
Moody's reviewed a preliminary interest rate swap master
agreement, which included a number of events of default and events
of early termination upon which the swap may be terminated,
exposing the fund to interest rate risk.
Whilst in Moody's opinion the inclusion of the events of early
termination/ event of default language is commensurate with the
assigned provisional rating on the senior and mezzanine shares
given the remoteness of any such event occurring, the overall
effect of these triggers is viewed as a credit negative.
Please refer to the Pre-Sale Report to be published in
moodys.com.br for further discussion of the mitigants to these
events.
Banco Bradesco S.A. will act as Master Servicer (custodiante) of
the transaction as well as payment bank. Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet certain eligibility criteria,
monitoring the early amortization triggers, in addition to
managing all of the Issuer's daily financial and operating
activities.
BEM DTVM S.A. (Banco Bradesco Group) will be the trustee. BRAM
DTVM (Banco Bradesco Group) will be the fund manager.
Banco Volkswagen (not rated by Moody's) will be the servicer. It
is an integral part of Volkswagen Financial Services AG (rated A3
and P-2), in turn owned by Volkswagen Group AG (rated A3 and P-2).
In assigning the ratings to this transaction, Moody's evaluated
historical performance data from January 1, 2005 and ending July
31, 2013. Moody's key ratings-model assumptions for this
transaction include various performance statistics, including log
normal estimate of the annual loss rate with mean loss 5% and a
coefficient of variation of 50%. Other model input assumptions
include a conditional prepayment rate of 15% per annum. The
discount rate used for modeling was 15% per annum.
Moody's has considered how the cash flows generated by the
collateral are allocated to the parties within the transaction,
and the extent to which various structural features of the
transaction might themselves provide additional protection to
investors, or act as a source of risk. In addition, Moody's has
analyzed the strength of triggers to reduce the exposure of the
portfolio to the originator/servicer bankruptcy.
To determine the rating assigned to the Shares, Moody's has used
an expected loss methodology that reflects the probability of
default for each series of Shares times the severity of the loss
expected for the Shares. In order to allocate losses to the Shares
in accordance with their priority of payment and relative size,
Moody's has used a cash-flow model (ABSCORE) that reproduces many
deal-specific characteristics: the main input parameters of the
model are described above. Weighting each loss scenario's severity
result on the Shares with its probability of occurrence, the model
has calculated the expected loss level for each series of Shares
as well as the expected average life. Moody's model then compares
the quantitative values to the Moody's Idealized Expected Loss
table for each tranche.
Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.
Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested nine scenarios derived
from the combination of mean loss: 5% (base case), 7.5% (base case
+ 2.5%), 10% (base case + 5%). and coefficient of variation rate:
50% (base case), 55% (base case + 5%), 60% (base case + 10%). The
5% / 50% scenario would represent the base case assumptions used
in the initial rating process.
At the time the rating was assigned, the model output indicated
that Senior Shares would have achieved a Ba1 (sf) global rating
model output if mean loss was as high as 10% with a coefficient of
variation of 60%. Under the same assumptions, the Mezzanine Shares
would have achieved Caa2 (sf) global rating model output.
Key uncertainties relate to future asset performance under a
severe stress scenario involving diminished economic growth and a
sharp rise in unemployment.
==========================
C A Y M A N I S L A N D S
==========================
ARAB ISLAMIC: Shareholders' Final Meeting Set for Oct. 31
---------------------------------------------------------
The shareholders of Arab Islamic Gateway Fund Ltd will hold their
final meeting on Oct. 31, 2013, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ghassan Hitti
c/o Alan de Saram
CARD Corporate Services Ltd.
Telephone: 949 4544
Facsimile: 949 8460
Zephyr House 122 Mary Street
P.O. Box 709 Grand Cayman KY1-1107
Cayman Islands
BTR ARBITRAGE: Shareholder to Hear Wind-Up Report on Nov. 12
------------------------------------------------------------
The shareholder of BTR Global Arbitrage Trading Limited will
receive on Nov. 12, 2013, at 2:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815 1839
Facsimile: (345) 949 9877
BTR GLOBAL: Shareholder to Hear Wind-Up Report on Nov. 12
---------------------------------------------------------
The shareholder of BTR Global Prospector Trading Limited will
receive on Nov. 12, 2013, at 2:10 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815 1839
Facsimile: (345) 949 9877
BTR GROWTH: Shareholder to Hear Wind-Up Report on Nov. 12
---------------------------------------------------------
The shareholder of BTR Global Growth Trading Limited will receive
on Nov. 12, 2013, at 2:40 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815 1839
Facsimile: (345) 949 9877
BTR OPPORTUNITY: Shareholder to Hear Wind-Up Report on Nov. 12
--------------------------------------------------------------
The shareholder of BTR Global Opportunity Trading Limited will
receive on Nov. 12, 2013, at 2:20 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: (345) 815 1839
Facsimile: (345) 949 9877
EXPEDITION FUND: Shareholders' Final Meeting Set for Nov. 22
------------------------------------------------------------
The shareholders of Expedition Fund Limited will hold their final
meeting on Nov. 22, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
EXPEDITION MASTER: Shareholders' Final Meeting Set for Nov. 22
--------------------------------------------------------------
The shareholders of Expedition Master Fund Limited will hold their
final meeting on Nov. 22, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
FLATIRON STRATEGIC: Shareholder to Hear Wind-Up Report on Nov. 15
-----------------------------------------------------------------
The shareholder of Flatiron Strategic Yield Ltd. will receive on
Nov. 15, 2013, at 3:45 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
GLOBAL ADVISORS: Shareholders' Final Meeting Set for Oct. 28
------------------------------------------------------------
The shareholders of Global Advisors International Limited will
hold their final meeting on Oct. 28, 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:
Jess Shakespeare
c/o Kinetic Partners (Cayman) Limited
The Harbour Centre, 42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9903
Facsimile: (345) 943 9900
GLOBAL COMMODITY: Shareholders' Final Meeting Set for Oct. 28
-------------------------------------------------------------
The shareholders of Global Commodity Systematic Ltd will hold
their final meeting on Oct. 28, 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:
Jess Shakespeare
c/o Kinetic Partners (Cayman) Limited
The Harbour Centre, 42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9903
Facsimile: (345) 943 9900
GLOBAL MANAGEMENT: Shareholders' Final Meeting Set for Nov. 12
--------------------------------------------------------------
The shareholders of Global Management Group Inc. will hold their
final meeting on Nov. 12, 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:
Marcelo Aubone
Gurruchaga 830, 5th Floor
Buenos Aires
Argentina
Telephone: +5411 4129 8801
GLOBAL MASTER: Shareholders' Final Meeting Set for Oct. 28
----------------------------------------------------------
The shareholders of Global Commodity Systematic Master Ltd will
hold their final meeting on Oct. 28, 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:
Jess Shakespeare
c/o Kinetic Partners (Cayman) Limited
The Harbour Centre, 42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9903
Facsimile: (345) 943 9900
LEADERS FUND: Shareholders' Final Meeting Set for Nov. 8
--------------------------------------------------------
The shareholders of Leaders Fund will hold their final meeting on
Nov. 8, 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:
Alric Lindsay
Artillery Court, Shedden Road
P.O. Box 11371, George Town
Grand Cayman KY1-1008
Cayman Islands
Telephone: (345) 926 1688
SC INDIA: Shareholders' Final Meeting Set for Oct. 29
-----------------------------------------------------
The shareholders of SC India Holdings Limited will hold their
final meeting on Oct. 29, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Gene Dacosta
Telephone: (345) 945 3901
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SG S&P: Shareholders' Final Meeting Set for Oct. 31
---------------------------------------------------
The shareholders of SG S&P IFCI UAE Price Return Fund Ltd will
hold their final meeting on Oct. 31, 2013, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ghassan Hitti
c/o Alan de Saram
CARD Corporate Services Ltd.
Telephone: 949 4544
Facsimile: 949 8460
Zephyr House 122 Mary Street
P.O. Box 709 Grand Cayman KY1-1107
Cayman Islands
=============
J A M A I C A
=============
STOCKS AND SECURITIES: Says Remaining Clients' Assets Are Safe
--------------------------------------------------------------
RJR News reports that the management of Stocks and Securities
Limited (SSL) has issued a response following action taken by the
Financial Services Commission (FSC) concerning aspects of its
operations.
The FSC issued directives to the securities dealer limiting its
activities, according to RJR News. The report relates that it
followed the transfer of its clients to JN Fund Management.
In a statement, the report notes that SSL admitted that an audit
is being conducted.
However, it said this is normal given the sale of its repo
business to JN last month, the report relays. The firm also gave
the assurance that its remaining clients' assets are safe and
managed in keeping with FSC regulations, the report discloses.
As reported in the Troubled Company Reporter-Latin America on
Oct. 25, 2013, RJR News said that Jamaica's Financial Services
Commission (FSC) dispatched a team of auditors to the offices of
Stocks and Securities Limited (SSL) -- a move that normally
indicates trouble in an institution. The report noted that FSC
said its move to go into the offices of SSL is to "effectively
assess the state of affairs" of the company. The FSC sought to
assure former clients of SSL, who were transferred to JN Fund
Managers in July, that "the action taken in respect of SSL, will
in no way affect them," RJR News related.
Stocks and Securities Ltd. (SSL) is a privately-owned stock
brokerage house located in Kingston, Jamaica.
===========
M E X I C O
===========
GRUPO FINANCIERO: May Book More Losses on Home-Builder Loans
------------------------------------------------------------
Amy Guthrie at Daily Bankruptcy Review reports that Grupo
Financiero Banorte SAB could book an additional MXN1.8 billion
($139 million) in potential losses over the next 15 months from
loans to troubled home builders, bank executives said.
As reported in the Troubled Company Reporter - Latin America on
Oct. 3, 2012, Kris Hudson and Amy Guthrie at The Wall Street
Journal said that Mexico's new-home industry, still suffering from
the global economic downturn and from shifting consumer
preferences, is bracing for yet another blow from a package of
steep tax increases proposed by President Enrique Pena Nieto.
President Pena Nieto, who took office in 2012, announced a range
of proposed tax increases in September as part of his long-awaited
proposal to revamp the economy, according to The WSJ. President
Pena Nieto said strategy for long-term growth is to raise new
revenue to fund new social programs and reduce Mexico's dependence
on oil revenue, The WSJ related. However, The WSJ noted that home
builders are worried sales would be hurt by the measures,
particularly President Pena Nieto's proposed new 16% "value added"
tax that would apply to many home sales, mortgage interest and
rents, among other consumer spending.
Grupo Financiero Banorte SAB (GFNORTE) had reiterated to the
investment public that it expects to continue adopting the best
international corporate practices regarding Corporate Governance
and information disclosure. The Financial Group had said it
expects to maintain its strategic and expansion plans to
consolidate a leading institution in Mexico; in this sense, to
timely inform the investment community regarding the strategy
execution and evolution of its operations.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 26, 201, Fitch Ratings has affirmed Grupo Financiero
Banorte's and Banco Mercantil del Norte S.A.'s Viability ratings
(VR) at 'bbb' and their long- and short-term Issuer Default
Ratings (IDRs) at 'BBB'/'F2', respectively. Ixe Banco, S.A.'s
(Ixe) VR was upgraded to 'bb+' from 'bb'. The National scale
ratings for these two banks, as well as those of certain non-bank
subsidiaries that are driven by support from GFNorte, were
affirmed at 'AA+(mex)' and 'F1+(mex)'. The Rating Outlook on the
long-term ratings of all these entities remains Stable.
MUNICIPALITY OF MEXICALI: Moody's Cuts Issuer Ratings to Ba2.mx
---------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Mexicali's issuer
ratings to Ba2.mx (Mexico National Scale) and B3 (Global Scale,
local currency) from Baa2.mx and B1, respectively. The outlook
remains negative.
At the same time, Moody's downgraded the debt ratings of the
municipality's MXN 814 million (original face value) enhanced
loan, contracted with Banobras to Baa3.mx (Mexican National Scale)
and B1 (Global Scale, local currency) from A2.mx and Ba2,
respectively.
Ratings Rationale:
The rating action to downgrade Mexicali's issuer ratings was
prompted by the rapid deterioration in the municipality's
operating and liquidity metrics and the increase in its debt
levels.
The gross operating margin declined to --18.3% of operating
revenues in 2012, from 8.8% in 2008. Operating expenditure growth
sharply outpacing revenue growth has been the main cause of the
continuing deterioration. Operating expenditures grew by a
compound annual growth rate (CAGR) of 9.3% between 2008 and 2012,
while operating revenues showed a CAGR of only 2.4% in the same
period. Personnel and general services have driven operating
expenditures. Given the operating margin deterioration, the
municipality has posted recurrent cash financing requirements.
These reached a maximum of -14.8% of total revenues in 2012.
Moody's anticipates this trend continuing into 2013. Moody's
expects a further decrease in the municipality's operating margin
and for the debt-to-revenue ratio to reach 58% for the year
(against 40% in 2012), among the highest for Mexican
municipalities rated by Moody's.
Liquidity levels have deteriorated and net working capital to
total expenditures was equivalent to -26.8% by year-end 2012.
Mexicali has recurrently relied on short-term debt to meet these
liquidity gaps. Moody's views these trends as a signal of higher
credit risk compatible with the Ba2.mx/B3 ratings.
The negative outlook reflects the challenges to put in place
structural measures that will improve gross operating balances and
liquidity without incurring further increases in debt levels.
The rating downgrade of the MXN 814 million enhanced loan reflects
the downgrade of Mexicali's issuer ratings. While the loan
enhancements continue to provide a two-notch uplift from the
global scale issuer ratings, per Moody's methodology on rating
enhanced loans, the loan ratings are directly linked to the credit
quality of the issuer, which ensures that underlying contract
enforcement risks, economic risks and credit culture risks (for
which the issuer rating acts as a proxy) are embedded in the
ratings of the enhanced loans.
What Could Change the Rating Up/Down:
Given the significant deterioration in the municipality's
financials and liquidity, Moody's does not anticipate upward
pressure in the short-to-medium term. However, the rating outlook
could go back to stable if gross operating balances substantially
increase, liquidity is significantly improved and if cash
financing requirements are reduced.
Lack of any strengthening of gross operating balances and
liquidity will exert downward pressure on the ratings. Also, if
debt levels, in particular short-term debt levels, continue to
increase, the ratings could also face downward pressure.
Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Mexicali's issuer
ratings would likely result in an upgrade of the ratings on the
loan. Conversely, a downgrade of Mexicali's issuer ratings could
also exert downward pressure on the debt ratings of the loan. In
addition, the ratings could face downward pressure if debt service
coverage levels fall materially below Moody's expectations.
===============
S U R I N A M E
===============
* SURINAME: IMF Exec. Board Concludes 2013 Article IV Consultation
------------------------------------------------------------------
On Sept. 30, 2013, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Suriname.
Suriname's macroeconomic performance has strengthened markedly
over the past decade. Since 2000, stronger policies and buoyant
commodity prices, supported by political stability, have helped
improve macroeconomic performance, enabling Suriname to enjoy
several recent upgrades from major ratings agencies. At this
juncture, however, with gold prices declining after a long
upswing, the main challenges are to strengthen institutions and
adjust policies to avoid the onset of a boom-bust cycle.
Growth remains robust while inflation has declined considerably.
In 2012 Gross Domestic Product (GDP) grew an estimated 4.75
percent; similar to 2011 and among the highest in the region,
supported by buoyant commodity prices particularly gold. However,
while export volumes for gold grew strongly, they were anemic for
the other two main commodities - oil and aluminum. Inflation has
dropped sharply, and stood at 2.5 percent in May 2013.
Bank credit growth to the private sector has risen to a robust
17.25 percent (year on year) in May 2013, led by trade and housing
construction, with stable lending rates in both domestic and
foreign currency. Financial intermediation remains low, however,
with private sector credit at 26 percent of GDP in 2012.
Commercial banks remain profitable and liquid. Non-performing loan
(NPL) ratios are somewhat high, but declined from about 8 percent
in 2011 to 7.1 percent currently.
However, the fiscal position has weakened substantially. The
overall fiscal balance fell by 5 percentage points to a deficit of
4 percent of GDP in 2012. Much of the deterioration was due to a
jump in current spending, including on subsidies. Fiscal
pressures intensified further in the first quarter of 2013 as a
result of wage hikes and a pickup in capital spending. While
measures have been taken since March to contain spending, the
overall deficit for 2013 is likely to be around 3 percent of GDP.
Public debt remains low at 22 percent of the GDP.
The external balance has also declined considerably. The current
account surplus declined by about 1.5 percentage points to an
estimated 4.25 percent of GDP in 2012. In the first quarter of
2013, the weakening intensified and a current account deficit was
recorded, as the usual seasonal decline in receipts was
accompanied by increased imports and declining commodity export
prices. International reserves dipped moderately but remain
adequate at 4.25 months of imports.
Executive Board Assessment
Executive Directors welcomed Suriname's strong growth supported by
sound policies and buoyant commodity prices. They noted, however,
that the country's heavy reliance on commodity exports has exposed
fiscal and external vulnerabilities. Directors stressed the need
to build up buffers, promote fiscal sustainability, strengthen the
financial sector, and enhance competitiveness.
Directors welcomed the authorities' commitment to fiscal
consolidation. They recommended targeting a moderate fiscal
surplus over the medium term. Adjustment efforts should aim to
streamline expenditure on goods and services, moderate public
wages, improve the targeting of subsidies, and prioritize capital
projects. It will also be important to ensure that the planned
social security scheme is fiscally sustainable.
Directors commended the authorities' plans to strengthen the
fiscal framework. The public financial management law when
completed would provide a sound basis for a fiscal anchor and
medium-term expenditure ceilings. Directors also lauded efforts
to establish a sovereign wealth fund and strengthen customs and
tax administration, and recommended intensifying efforts to
implement a properly-designed value-added tax. Directors urged
caution regarding the authorities' plans to purchase minority
stakes in two gold mining ventures financed by a sovereign bond
issue.
Directors supported monetary tightening in case fiscal measures
prove inadequate to contain demand pressures. They urged the
authorities to press ahead with plans to establish open market
operations. Directors underscored the importance of prudent
macroeconomic policies to support the fixed exchange rate. They
encouraged the authorities to remove the remaining multiple
currency practices when the opportunity arises.
Directors noted that the financial sector appears relatively
sound, but urged vigilance over the rapid growth of credit. They
welcomed the progress in overhauling the banking sector regulatory
framework and strengthening the Anti Money Laundering /Combating
the Financing of Terrorism regime. They looked forward to the
authorities' plans to upgrade the insurance sector regulatory
framework, establish a credit bureau and a deposit insurance
scheme, and reduce state ownership in the banking sector. They
recommended continued efforts to reduce dollarization.
Directors underscored the need to boost competitiveness through
reinvigorated steps to strengthen the business environment. They
also recommended action to improve labor market flexibility.
Directors looked forward to plans to upgrade the statistics law
and strengthen reporting requirements to help address data gaps.
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN AIR: Flight to JFK is OK if it Starts and Ends in PoS
---------------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that the
United States Department of Transportation (DOT) may have turned
down a request by Caribbean Airlines Limited (CAL) to operate a
non-stop route between Georgetown, Guyana (GEO) and John F Kennedy
(JFK) International Airport, New York, but the State-owned airline
has told staff it's business as usual.
According to a September 30, order, signed by Paul Gretch,
Director of DOT's Office of International Aviation, CAL and fellow
applicant, Fly Jamaica, had not provided "compelling evidence"
that adding this route would be in the public interest, according
to Trinidad and Tobago Newsday.
In an internal memo issued, October 21, CAL told staff: "We can
fly any number of POS-GEO-JFK-GEO-POS services under the Trinidad
and Tobago, and United States Air Service Agreement. However, we
cannot operate stand-alone GEO-JFK-GEO; this means that our
flights must originate and terminate in POS," the report relates.
The memo, a copy of which was obtained by Trinidad and Tobago
Newsday, stated "there has been a lot of media coverage recently"
highlighting DOT's denial of CAL's application to operate non-stop
services originating in GEO and destined to JFK.
The report notes that the airline said this had unfortunately
evoked confusion "in the minds of our customers and internally as
relates to our operations going forward." Hence the decision of
government and the Industry Affairs department to clarify things
via the memo, the report discloses.
The report says that CAL explained that getting approval of what
Newsday was informed is known as a "7th Freedom authority" is
"considered extraordinary." Staff were told DOT had said CAL's
"arguments presented did not meet their criteria for the grant of
such an approval and as such our application was denied," the
report relates.
The report says that a question was posed within the memo about
how this would affect the airline's current non-stop services.
"It does not," was the response. CAL then pointed out that it can
still operate "any number of" services between POS, GEO and JFK
under the TT and United States Air Service Agreement (USA ASA),
once they "originate and terminate" in POS, the report notes.
CAL began operating the POS-GEO-JFK and return flights in February
2012.
Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America. The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods. In addition, it operates a duty
free store in Trinidad. Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.
* * *
As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said that Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012. In 2011, CAL had
recorded losses of US43.7 million.
CARIBBEAN CEMENT: New Court Dates for TCL, Minority Shareholders
----------------------------------------------------------------
RJR News reports that new dates have been set for the next round
in the legal battle involving Caribbean Cement Company Limited's
parent company, Trinidad Cement Limited (TCL) and a group of
minority shareholders.
In a statement to shareholders and employees, TCL said the Court
of Appeal hearing will take place on November 13 while the High
Court matter is scheduled for December 2. TCL wants the Appeal
Court to overturn the injunction which was granted to the
shareholders, hours before the company's annual meeting was
scheduled to start on July 12.
The injunction forms part of a lawsuit in which the shareholders
are challenging a decision by TCL's directors to refuse to attach
their proposal and statement to the proxy circular which
accompanied the notice of the meeting. The group wants to nominate
five directors to TCL's board.
As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited
suffered a consolidated loss of J137 million for the first six
months of 2013 down from J$1.2 billion during the corresponding
period last year, according to RJR News. The report related that
this year's loss resulted from J$701 million of non-cash foreign
exchange losses compared to J$136 million in 2012.
Caribbean Cement Company Limited manufactures and sells cement.
=================
X X X X X X X X X
=================
BOND PRICING: For the Week From Oct. 21 to Oct. 25, 2013
--------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 65
Argentine Government
Int'l Bond 7.82 12/31/2033 EUR 63
Argentine Government
Int'l Bond 7.82 12/31/2033 EUR 62.5
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 63.5
Provincia de Buenos
Aires/Argentina 9.625 4/18/2028 USD 67.691
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 52
Capex SA 10 3/10/2018 USD 71.25
Banco Macro SA 9.75 12/18/2036 USD 76.9
Transener SA 9.75 8/15/2021 USD 52.78
Argentina Boden Bonds 2 9/30/2014 ARS 8.49
Argentina Bonar Bonds 20.6633 1/30/2014 ARS 11.27
Argentine Government
Int'l Bond 1.18 12/31/2038 ARS 4.96
Cia Latinoamericana
de Infraestructura & Servic 9.5 12/15/2016 USD 65
Inversora de Electrica
de Buenos Aires SA 6.5 9/26/2017 USD 33.875
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 64
Empresa Distribuidora
Y Comercializadora Norte 10.5 10/9/2017 USD 53
Argentine Government
Int'l Bond 8.28 12/31/2033 USD 64.125
Argentina Bocon 2 3/15/2014 ARS 3.53
Banco Macro SA 9.75 12/18/2036 USD 76.25
Capex SA 10 3/10/2018 USD 73.375
Argentina Bocon 2 1/3/2016 ARS 7.92
Argentina Bocon 2 3/15/2024 ARS 15.56
Argentine Government
Int'l Bond 7.82 12/31/2033 ARS 45
MetroGas SA 8.875 12/31/2018 EUR 68.75
Empresa Distribuidora
Y Comercializadora Norte 9.75 10/25/2022 USD 51.25
Argentine Government
Int'l Bond 4.33 12/31/2033 USD 35
Provincia de Buenos
Aires/Argentina 9.625 4/18/2028 JPY 68
Transener SA 9.75 8/15/2021 USD 50
Banco Macro SA 9.75 12/18/2036 USD 75
Argentine Government
Int'l Bond 0.45 12/31/2038 USD 8
Argentine Government
Int'l Bond 4.33 12/31/2033 JPY 35
MetroGas SA 8.875 12/31/2018 JPY 65.375
Banco Hipotecario SA 3.95 8/14/2017 USD 69.75
Provincia del Chaco 4 12/4/2026 USD 31.375
Formosa Province of Argentina 5 2/27/2022 USD 68.25
Provincia del Chaco 4 11/4/2023 USD 59.875
Argentine Republic
Government International Bon 5.83 12/31/2033 USD 21.65
BR Cia Energetica
de Sao Paulo 9.75 1/15/2015 ARS 67.234
Gol Finance 8.75 USD 63.5
Sifco SA 11.5 6/6/2016 USD 47.125
Gol Finance 8.75 USD 62
SMU SA 7.75 2/8/2020 USD 66
SMU SA 7.75 2/8/2020 63.2
Cia Sud Americana
de Vapores SA 6.4 10/1/2022 USD 64.7677
Talca Chillan Sociedad
Concesionaria SA 2.75 12/15/2019 CLP 61.2163
Almendral
Telecomunicaciones SA 3.5 12/15/2014 CLP 33.1948
Cia Cervecerias Unidas SA 4 12/1/2024 CLP 59.3633
Empresa de Transporte
de Pasajeros Metro SA 5.5 7/15/2027 CLP 3.69218
Aguas Andinas SA 4.15 12/1/2026 CLP 72.9238
Hidili Industry
International 8.625 11/4/2015 USD 74.75
Development Ltd
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 62.55
Renhe Commercial
Holdings Co Ltd 11.75 5/18/2015 USD 67.507
China Forestry
Holdings Co Ltd 10.25 11/17/2015 USD 36.375
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 61.75
Hidili Industry
International Development 8.625 11/4/2015 USD 72.75
Ltd
China Forestry
Holdings Co Ltd 10.25 11/17/2015 USD 36.375
Renhe Commercial
Holdings Co Ltd 11.75 5/18/2015 USD 67.625
Global A&T
Electronics Ltd 10 2/1/2019 USD 68.125
Global A&T Electronics
Ltd 10 2/1/2019 USD 68.375
Bank Austria
Creditanstalt
Finance Cayman Ltd 1.614 EUR 56.95
BCP Finance Co Ltd 5.543 EUR 28.875
BES Finance Ltd 5.58 EUR 61.7
Bank Austria Creditanstalt
Finance Cayman Ltd2 1.838 EUR 56.827
ESFG International Ltd 5.753 EUR 50.75
BCP Finance Co Ltd 4.239 EUR 28.767
BES Finance Ltd 4.5 EUR 56.438
Caixa Geral De
Depositos Finance 1.021 EUR 30.55
Banif Finance Ltd 1.591 EUR 44
Banco Finantia
International Ltd 2.475 7/26/2017 EUR 44.05
BES Finance Ltd 3.058 EUR 73.875
ERB Hellas Cayman
Islands Ltd 9 3/8/2019 EUR 42.125
BCP Finance Bank Ltd 5.31 12/10/2023 EUR 67.5
BCP Finance Bank Ltd 5.01 3/31/2024 EUR 64.625
Banco BPI SA/
Cayman Islands 4.15 11/14/2035 EUR 45.625
Mongolian Mining Corp 8.875 3/29/2017 USD 74.75
Puerto Rico Conservation 6.5 4/1/2016 PR 53
Petroleos de
Venezuela SA 9.75 5/17/2035 USD 73.25
Petroleos de
Venezuela SA 5.375 4/12/2027 USD 55
Venezuela Government
International Bond 8.25 10/13/2024 USD 70.5
Venezuela Government
International Bond 9.25 5/7/2028 USD 74.5
Petroleos de
Venezuela SA 5.5 4/12/2037 USD 54.25
Venezuela Government
International Bond 6 12/9/2020 USD 69.75
Venezuela Government
International Bond 7 3/31/2038 USD 62.25
Venezuela Government
International Bond 7.65 4/21/2025 USD 67.5
Petroleos de
Venezuela SA 9.75 5/17/2035 USD 72.5
Bolivarian Republic
of Venezuela 7 3/31/2038 USD 62.157
***********
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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