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/raid1/www/Hosts/bankrupt/TCRLA_Public/140303.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, March 3, 2014, Vol. 15, No. 43 Headlines A R G E N T I N A ARGENTINA: Repsol to Take US$5-Bil. of Country's Debt ARGENTINA: DBRS Cuts Foreign Currency Issuer Rating to CCC(high) B R A Z I L OSX BRASIL: Court Suspends Deadline for Restructuring Plan C A Y M A N I S L A N D S BRIM ASIAN: Creditors' Proofs of Debt Due Today CHEYNE RENEWABLE: Creditors' Proofs of Debt Due March 13 DEALER MANAGEMENT: Placed Under Voluntary Wind-Up EACM SELECT: Creditors' Proofs of Debt Due March 11 HIGHISLAND MACRO: Creditors' Proofs of Debt Due March 12 HIGHISLAND MACRO MASTER: Creditors' Proofs of Debt Due March 12 HUAAN GENESIS: Commences Liquidation Proceedings NAUT WUKIN: Creditors' Proofs of Debt Due Today NWQ ENERGY: Commences Liquidation Proceedings NWQ ENERGY MASTER: Commences Liquidation Proceedings PHOEBUS LEASING: Commences Liquidation Proceedings PRAETORIAN OFFSHORE: Creditors' Proofs of Debt Due March 12 PRAETORIAN OFFSHORE LTD: Creditors' Proofs of Debt Due March 12 STELLA BLU: Creditors' Proofs of Debt Due March 12 SUPERFUND RED: Placed Under Voluntary Wind-Up SUPERFUND RED MASTER: Placed Under Voluntary Wind-Up TRACKSTAR ENTERPRISES: Placed Under Voluntary Wind-Up VIMO INTERNATIONAL: Placed Under Voluntary Wind-Up WRA MASTER: Creditors' Proofs of Debt Due March 4 ZUCCHINA INVESTMENT: Placed Under Voluntary Wind-Up H O N D U R A S HONDURAS: Moody's Downgrades Government Bond Rating to B3 T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Bank Confirms Foreign Exchange Shortage U R U G U A Y * URUGUAY: IMF Managing Director Concludes Visit to Country X X X X X X X X X BOND PRICING: For the Week From Feb. 24 to Feb. 28, 2014 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Repsol to Take US$5-Bil. of Country's Debt ----------------------------------------------------- Stephen J. Lubben, writing for The New York Times' DealBook, reported that Repsol has agreed to take about $5 billion in Argentine debt to make up for the government's decision to snatch Repsol's local subsidiary, ending a bitter two-year dispute. According to the report, for Repsol, the government has promised that it will realize at least $5 billion on the debt, which will actually have a face value somewhat higher. Stanley Reed and Raphael Minder, writing for The New York Times, said Repsol would receive $5 billion worth of guaranteed Argentine government bonds for the 51% of the energy company YPF that Argentina expropriated. In return, it would drop its legal claims over the matter. The Times said a settlement would ease serious tensions between Spain and Argentina, as well as concerns about Argentina's ability to develop what is thought to be some of the world's richest holdings of shale gas and oil. Repsol's board approved the deal on Feb. 25, the report noted, but it still must be approved by Repsol shareholders and the Argentine Congress. ARGENTINA: DBRS Cuts Foreign Currency Issuer Rating to CCC(high) ---------------------------------------------------------------- DBRS Inc. has downgraded Argentina's long-term foreign and local currency issuer ratings to CCC (high) and B (low), respectively. The short-term local currency rating has been downgraded to R-5, while the short-term foreign currency rating has been confirmed at R-5. The Under Review with Negative Implications on the long-term ratings and short-term local currency rating has been removed. The trend on the long-term ratings is Negative, while the trend on short-term ratings is Stable. The downgrade and Negative trend on Argentina's long-term ratings reflect the ongoing deterioration in macroeconomic, fiscal and external performance. The 18.6% decline in the peso during the month of January 2014 could help reduce existing imbalances but is only part of a broader set of policy adjustments that are likely needed to stem reserve losses. Real interest rates appear likely to remain negative despite recent hikes, and the fiscal position of the central government has continued to deteriorate. A failure to adjust fiscal, monetary, wage and other policies to stem Argentina's reserve losses and curb inflationary pressures could result in further ratings downgrades. Furthermore, although DBRS no longer has the ratings under review, developments in U.S. courts that result in a lifting of the stay on the district court ruling and raise questions regarding upcoming payments on Argentina's exchange bonds could also trigger a downgrade. Conversely, a strong effort by the government to reduce the fiscal deficit, alleviate inflationary and exchange rate pressures, and improve its relations with external creditors could stabilize the ratings. Argentina continues to benefit from a diverse economy, an educated population, a highly productive agricultural sector, economic ties with other fast-growing emerging markets, and abundant natural resources. A prolonged period of negative real interest rates has significantly reduced indebtedness, both for the public and the private sector. In the earlier part of the past decade, the central government's primary fiscal surpluses and high levels of participation in the two debt exchanges also contributed to the rapid decline in indebtedness. The central government's deficit has widened in recent years, but financing has come from other public entities, such as the social security administration, or ANSES, and the central bank, or BCRA, and net debt remains low. Although limited financial intermediation in the economy acts as a constraint on investment, the low degree of leverage has insulated the Argentine economy from the potentially adverse impact of global financial shocks. In spite of Argentina's strengths, the strains from its inconsistent economic policies have become increasingly evident over time. Fiscal and monetary policies have remained highly accommodative even as the economy has operated at or above potential, leading to high and entrenched inflation. Energy subsidies and import substitution policies have amplified Argentina's challenges, initially generating some positive results in terms of increased local production, but simultaneously undermining incentives to invest in energy production. Argentine firms have become less competitive due to the combination of high local content requirements and real exchange rate appreciation. Following the January devaluation, the central bank increased interest rates sharply. Partly as a result, the economy is likely to fall into recession this year. The government is likely to slow the pace of reserve losses by deepening controls over the Argentine economy, providing incentives to deposit dollar savings in the local financial system, and increasing export income during the upcoming harvest season. Despite these measures, continued monetization of the fiscal deficit is likely to lead to further reserve losses, and could ultimately jeopardize the repayment of foreign currency debt. Although there appears to be little appetite for fiscal tightening, particularly in the context of a relatively weak economy, the central bank has a limited capacity to finance fiscal deficits without either increasing inflationary pressures or further hiking interest rates. Unless there is a substantial improvement in the external environment, this increasingly costly tradeoff may force the government to rapidly reduce its deficit. The central government holds significant sway over the economy through wages, subsidies, prices, import licensing, and foreign exchange controls. However, it is unclear how the government will respond to growing economic pressures, and there is a risk that policy missteps will further erode confidence. DBRS believes the authorities have adequate space to make the necessary macroeconomic policy adjustments that would stabilize reserves and help safeguard Argentina's capacity to repay its external debts. Going forward, it will be important for authorities to devise and communicate a clearer plan for reducing the fiscal deficit, curbing inflation, and expanding the availability of domestic and external financing. Delaying such an effort is likely to be costly in terms of growth and macroeconomic stability. =========== B R A Z I L =========== OSX BRASIL: Court Suspends Deadline for Restructuring Plan ---------------------------------------------------------- Reuters reports that a Brazilian court has suspended the deadline for shipbuilder OSX Brasil SA to present its restructuring plan under bankruptcy legislation until a new judge is appointed to the case. The 60-day deadline to file the plan was already suspended in January while another court reviewed a challenge to OSX's Nov. 11 bankruptcy protection filing, according to Reuters. The report relates that the new deadline will be set once the case is formally transferred to a new judge. Reuters notes that the Spanish construction company Acciona asked a court to prevent OSX's bankruptcy from being handled by the same judge responsible for the bankruptcy of sister oil company Oleo e Gas Participacos SA. Oleo e Gas, formerly known as OGX, filed Latin America's largest ever bankruptcy on Oct. 30. OSX gets nearly all of its revenue from Oleo e Gas and it's a principal creditor of the company. Both OSX and Oleo e Gas are controlled by Brazilian tycoon Eike Batista. Reuters notes that Judges of the Rio de Janeiro State Justice Tribunal ruled last week in favor of Acciona and ordered the OSX filing to be reassigned to another judge. Until this ruling both cases were being handled by the Fourth Commercial Section of the Rio de Janeiro-State Justice Tribunal, the report relates. About OSX Brasil Brazilian shipbuilding firm OSX Brasil SA, controlled by businessman Eike Batista, filed for protection from creditors on November 2013 on liabilities of BRL5.34 billion (US$2.30 billion). OSX Brasil filed for bankruptcy -- called "judicial recovery" in Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30, 2013. OSX had outstanding debts of around US$2.2 billion as of June 30, 2013, including dollar-and real-denominated loans and bonds held by a mix of banks, investors and government institutions, such as Brazil's Merchant Marine Fund, according to The Wall Street Journal. The move on Nov. 11 at a Rio de Janeiro court follows a default and bankruptcy filing the prior month for Mr. Batista's flagship oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas, according to the WSJ report. The firm went public in 2008 for $4.1 billion but failed to produce nearly any of the up to 10.8 billion barrels it claimed to have. ========================== C A Y M A N I S L A N D S ========================== BRIM ASIAN: Creditors' Proofs of Debt Due Today ----------------------------------------------- The creditors of Brim Asian Credit Fund are required to file their proofs of debt today, March 3, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 22, 2014. The company's liquidator is: Hung Guan Ong 20 Leonie Hill #12-26 Leonie Towers Singapore 239222 Facsimile: +65 6737 5130 CHEYNE RENEWABLE: Creditors' Proofs of Debt Due March 13 -------------------------------------------------------- The creditors of Cheyne Renewable Energy Fund Inc. are required to file their proofs of debt by March 13, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 28, 2014. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Attorneys-at-Law for the Company Reference: Tracy Hylton Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647 94 Solaris Avenue, Camana Bay P.O. Box 1348, George Town Grand Cayman KY1-1108 Cayman Islands DEALER MANAGEMENT: Placed Under Voluntary Wind-Up ------------------------------------------------- On Jan. 30, 2014, the shareholders of Dealer Management Group Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Strategic Risk Solutions (Cayman) Limited Building 3, 2nd Floor, Governors Square 23 Lime Tree bay Avenue P.O. Box 1159 Grand Cayman KY1-1102 Cayman Islands Telephone: +1 (345) 623 6611 Facsimile: +1 (345) 946 6612 EACM SELECT: Creditors' Proofs of Debt Due March 11 --------------------------------------------------- The creditors of EACM Select Alternative (USD) Fund Limited are required to file their proofs of debt by March 11, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 17, 2014. The company's liquidator is: Susan Lo Yee Har Hopewell Centre, Level 54 183 Queens Road East Hong Kong c/o Kim Charaman Telephone: (345) 943-3100 Facsimile: (345) 945 4757 HIGHISLAND MACRO: Creditors' Proofs of Debt Due March 12 -------------------------------------------------------- The creditors of Highisland Macro Fund are required to file their proofs of debt by March 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 29, 2014. 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 HIGHISLAND MACRO MASTER: Creditors' Proofs of Debt Due March 12 --------------------------------------------------------------- The creditors of Highisland Macro Master Fund are required to file their proofs of debt by March 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 28, 2014. 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 HUAAN GENESIS: Commences Liquidation Proceedings ------------------------------------------------ On Feb. 10, 2014, the shareholders of Huaan Genesis China SPC resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Tang Yi ICBC Tower, Suite 3808-9 3 Garden Road, Central Hong Kong NAUT WUKIN: Creditors' Proofs of Debt Due Today ----------------------------------------------- The creditors of Naut Wukin Racing Ltd. are required to file their proofs of debt today, March 3, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 29, 2014. The company's liquidator is: Erika Jane Olde P.O. Box 31115 Grand Cayman KY1-1205 Cayman Islands Telephone: 3459452877 NWQ ENERGY: Commences Liquidation Proceedings --------------------------------------------- On Jan. 30, 2014, the shareholder of NWQ Energy Crossover Fund Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: John E. Conlin c/o NWQ Investment Management Company LLC 2049 Century Park East, 16th Floor Los Angeles, CA 90067 USA Telephone: +1 (345) 914 6365 NWQ ENERGY MASTER: Commences Liquidation Proceedings ---------------------------------------------------- On Jan. 30, 2014, the shareholder of NWQ Energy Crossover Master Fund Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: John E. Conlin c/o NWQ Investment Management Company LLC 2049 Century Park East, 16th Floor Los Angeles, CA 90067 USA Telephone: +1 (345) 914 6365 PHOEBUS LEASING: Commences Liquidation Proceedings -------------------------------------------------- On Jan. 30, 2014, the shareholders of Phoebus Leasing Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands PRAETORIAN OFFSHORE: Creditors' Proofs of Debt Due March 12 ----------------------------------------------------------- The creditors of Praetorian Offshore Investment Ltd. are required to file their proofs of debt by March 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 28, 2014. 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 PRAETORIAN OFFSHORE LTD: Creditors' Proofs of Debt Due March 12 --------------------------------------------------------------- The creditors of Praetorian Offshore Ltd. are required to file their proofs of debt by March 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 28, 2014. 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 STELLA BLU: Creditors' Proofs of Debt Due March 12 -------------------------------------------------- The creditors of Stella Blu Capital (Cayman) Ltd. are required to file their proofs of debt by March 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 25, 2014. 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 SUPERFUND RED: Placed Under Voluntary Wind-Up --------------------------------------------- On Dec. 23, 2013, the shareholder of Superfund Red SPC resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 21, 2014, will be included in the company's dividend distribution. The company's liquidator is: Sophie Raven 228 Marmion Street, Cottesloe WA 6011 Australia Telephone: +61 40000 7906 Facsimile: +61 8 9286 3786 SUPERFUND RED MASTER: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Dec. 23, 2013, the shareholder of Superfund Red Master SPC resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 21, 2014, will be included in the company's dividend distribution. The company's liquidator is: Sophie Raven 228 Marmion Street, Cottesloe WA 6011 Australia Telephone: +61 40000 7906 Facsimile: +61 8 9286 3786 TRACKSTAR ENTERPRISES: Placed Under Voluntary Wind-Up ----------------------------------------------------- On Jan. 30, 2014, the sole shareholder of Trackstar Enterprises Inc. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 28, 2014, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands VIMO INTERNATIONAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On Jan. 30, 2014, the sole shareholder of Vimo International Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 28, 2014, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands WRA MASTER: Creditors' Proofs of Debt Due March 4 ------------------------------------------------- The creditors of WRA Master Fund, Ltd. are required to file their proofs of debt by March 4, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 31, 2013. The company's liquidator is: Ogier c/o Joanne Huckle Telephone: (345) 949 9876 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ZUCCHINA INVESTMENT: Placed Under Voluntary Wind-Up --------------------------------------------------- On Jan. 30, 2014, the sole shareholder of Zucchina Investment Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 28, 2014, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands =============== H O N D U R A S =============== HONDURAS: Moody's Downgrades Government Bond Rating to B3 --------------------------------------------------------- Moody's Investors Service has downgraded Honduras' government bond rating to B3 from B2, and changed the outlook to stable from negative. Rationale For Downgrade Moody's decision to downgrade Honduras' rating was driven by the following factors: 1. A widening fiscal deficit that far exceeded initial expectations, reaching 7.7% of GDP last year, and 2. Gross financing needs that, at 10% of GDP, are above the median of 'B'-rated peers. First Driver - High Fiscal Deficit In 2013 Despite the government's original plans to consolidate public finances in 2013, the fiscal deficit widened to 7.7% of GDP in 2013 from 5.9% in 2012, coming well above the 'B' median of 5.5% of GDP. Official 2013 data attribute the larger deficit mostly to an increase in capital expenditures, a category that in addition to infrastructure investment, also includes transfers to municipalities and conditional cash transfers (Bono Diez Mil). In addition, interest payments increased by 50% year-over year in 2013. The outgoing National Party government approved a fiscal reform as well as legislation to permit private investment in the Empresa Nacional de Energia Electrica (ENEE) and the Empresa Hondurena de Telecomunicaciones (Hondutel), the loss-making state owned electric and telecom companies. Although the government projects a 4.7% of GDP fiscal deficit for 2014, Moody's forecast of 6.4% of GDP captures significant implementation risk. Moody's expects the fiscal deficit to narrow to around 5.5% of GDP in 2015 before starting to widen again in 2016 and 2017, as the current administration comes to an end. Second Driver -- Gross Financing Needs That Exceed The Median Of 'B'-Rated Peers Since 2009, the government has issued significantly more debt in the domestic market and this debt has an average maturity of just 2.6 years. Given this, the government faces domestic debt amortizations equivalent to roughly 3% of GDP per year during 2014-2017. The government's gross financing needs (fiscal deficit + debt amortizations) reached 10% of GDP in 2013, higher than the 7% of GDP median of 'B' rated countries. Despite fiscal consolidation plans during 2014 and 2015, Moody's expects gross financing needs will be between 9%-10% of GDP and remain above the 'B' rated peer median. Rationale For Stable Outlook The stable outlook on the B3 rating reflects (i) efforts by the new government to implement the recently approved fiscal reform as well as reforms to state-owned enterprises, (ii) evidence of the current administration's ability to refinance maturing debt in the local market at more favorable terms (i.e., longer maturities and lower interest rates) than last year, and (iii) Moody's view that Honduras will receive a new International Monetary Fund (IMF) program this year. What Could Move The Ratings Up/Down There could be upward pressure on Honduras' ratings if (i) there is material improvement in fiscal management over time, such that deficits do not increase markedly at the end of this administration, and (ii) an IMF program reinforces fiscal oversight and increases the government's access to multilateral financing. There could be downward pressure on Honduras' ratings if (i) there is continued widening of the fiscal deficit, (ii) there is a reemergence of near-term refinancing pressures involving domestic debt, or (iii) the balance-of-payments position reports marked deterioration. Country Ceilings As a result of this rating action, the long-term local currency bond and deposit ceilings changed to B2 from Ba3. The long-term foreign currency deposit ceiling changed to Caa1 from B3. The long-term foreign currency bond ceiling changed to B2 from Ba3. All short-term ceilings remained at Not Prime. Country ceilings reflect a range of undiversifiable risks to which issuers in any jurisdiction are exposed, including economic, legal and political risks. These ceilings act as a cap on ratings that can be assigned to the foreign and local-currency obligations of entities domiciled in the country. GDP per capita (PPP basis, US$): 4,744 (2012 Actual) (also known as Per Capita Income) Real GDP growth (% change): 3.9% (2012 Actual) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 5.4% (2012 Actual) Gen. Gov. Financial Balance/GDP: -5.9% (2012 Actual) (also known as Fiscal Balance) Current Account Balance/GDP: -8.5% (2012 Actual) (also known as External Balance) External debt/GDP: 26.1% (2012 Actual) Level of economic development: Low level of economic resilience Default history: No default events (on bonds or loans) have been recorded since 1983. On February 24, 2014, a rating committee was called to discuss the rating of the Honduras, Government of. The main points raised during the discussion were: The issuer's fiscal or financial strength, including its debt profile, has materially decreased. The issuer has become increasingly susceptible to event risks. Other views raised included: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutional strength/ framework, have not materially changed. The issuer's governance and/or management, have not materially changed. Methodology The principal methodology used in this rating was Sovereign Bond Ratings published in September 2013. The weighting of all rating factors is described in the methodology used in this rating action, if applicable. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD & TOBAGO: Bank Confirms Foreign Exchange Shortage ---------------------------------------------------------- Caribbean360.com reports that the Central Bank of Trinidad and Tobago (CBTT) said it has pumped half a billion US dollars into the domestic foreign exchange market, saying it is aware of the difficulty some businesses and the public have been experiencing in obtaining foreign currency. In a statement, the CBTT said that it has been "actively and aggressively" taking steps to address the situation and that in the last three and a half months it has sold US$500 million to the banking sector to alleviate tensions in the domestic foreign exchange market, according to Caribbean360.com. The report relates that the CBTT said it typically supplies 25 per cent of the total foreign exchange needs of the market, with the remaining 75 per cent supplied by the banking system. "The Central Bank is assuring the public that other initiatives are currently being pursued to strengthen the operational efficiency of the domestic foreign exchange market. The Bank continues to monitor developments in the foreign exchange market and will take appropriate action as needed," the statement added, the report notes. The bank gave no reasons as to the shortage of US currency on the domestic foreign exchange market, the report adds. ============= U R U G U A Y ============= * URUGUAY: IMF Managing Director Concludes Visit to Country ----------------------------------------------------------- Naoyuki Shinohara, Deputy Managing Director of the International Monetary Fund (IMF), made the following statement in Montevideo: "It is a great pleasure to be in Uruguay for my first visit to this country renowned for its progressive society and strong democratic institutions. I had the privilege to meet Vice President Danilo Astori, and had a very productive meeting with Finance Minister Mario Bergara and Central Bank President Alberto Grana. I also had the opportunity to meet several members of Parliament, and representatives of private sector and civil society. I would like to thank the Uruguayan authorities for their warm welcome. "Uruguay's performance has been remarkable over the last decade. [The] high per capita income and impressive social indicators attest to Uruguay's success in fostering strong and inclusive economic growth. This was achieved through prudent macroeconomic policies, forward-looking institutional reforms and active social policies. The authorities' prudent macro-economic management contributed greatly to Uruguay's resilience to the global financial crisis of 2008-2009. "The outlook for the Uruguayan economy is solid. The external environment, however, poses risks. Weaker growth in neighboring countries could continue weighing on economic activity in Uruguay. However, the overall impact should be lower than the spillovers experienced in the past, as Uruguay has significantly diversified its trade and reduced its debt vulnerabilities over the last decade. "If the outlook does weaken, the exchange rate should act as the main shock absorber. Ample international reserve buffers that were prudently built by the policymakers could be used to smooth any excess volatility. In addition, automatic fiscal stabilizers would help buffer temporary negative shocks. "Reducing inflation to the target range remains a key economic policy priority for Uruguay. We welcome the recent monetary tightening. A tighter fiscal policy stance could also help monetary policy in taming inflation and preserving competitiveness. "Overall, Uruguay is well placed to maintain vigorous growth. Further structural reforms to boost infrastructure and raise the efficiency of labor markets would enhance Uruguay's competitiveness, strengthen the resilience of the economy, and sustain high productivity and investment growth, which would lead to a more prosperous economy to the benefit of Uruguay's citizens." ================= X X X X X X X X X ================= BOND PRICING: For the Week From Feb. 24 to Feb. 28, 2014 -------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Aguas Andinas SA 4.15 12/1/2026 CLP 72.61 Aguas Andinas SA 4.15 12/1/2026 CLP 69.55 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 22.19 Argentina Bocon 2 1/3/2016 ARS 9.05 Argentina Bocon 2 3/15/2014 ARS 13.8 Argentina Boden Bonds 2 9/30/2014 ARS 55.13 Argentine International Bond 7.82 12/31/2033 EUR 67.75 Argentine International Bond 7.82 12/31/2033 EUR 66.7 Argentine International Bond 8.28 12/31/2033 USD 67.5 Argentine International Bond 1.18 12/31/2038 ARS 42.26 Argentine International Bond 8.28 12/31/2033 USD 70.5 Argentine International Bond 7.82 12/31/2033 EUR 67.63 Argentine International Bond 8.28 12/31/2033 USD 71.5 Argentine International Bond 4.33 12/31/2033 JPY 39.5 Argentine International Bond 4.33 12/31/2033 JPY 39.5 Argentine International Bond 0.45 12/31/2038 JPY 15.5 Argentine International Bond 8.28 12/31/2033 USD 69 Automotores Gildemeister SA 6.75 1/15/2023 USD 72.14 BA-CA Finance Cayman 2 Ltd 1.838 EUR 68.5 BCP Finance Co Ltd 5.543 EUR 50.75 BCP Finance Co Ltd 4.239 EUR 50.42 BES Finance Ltd 4.5 EUR 71.17 Banco BPI SA/Cayman Islands 4.15 11/14/2035 EUR 57.38 Banco BVA SA 9.125 2/7/2014 USD 10.01 Banif Finance Ltd 1.663 EUR 44 Bank Austria Creditanstalt Finance Cayman Ltd 2.156 EUR 68.25 Bolivarian Republic of Venezuela 9.25 9/15/2027 USD 73.68 Bolivarian Republic of Venezuela 7 3/31/2038 USD 60.12 CA La Electricidad de Caracas 8.5 4/10/2018 USD 74.7 Caixa Geral De Depositos Finance 1.064 EUR 41.14 Caixa Geral De Depositos Finance 1.094 EUR 39 China Forestry Holdings Co Ltd 10.25 11/17/2015 USD 38.6 China Forestry Holdings Co Ltd 10.25 11/17/2015 USD 36.5 China Precious Metal Resources Holdings Co Ltd 7.25 2/4/2018 HKD 69.78 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 55.51 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 65.75 Transener S.A 9.75 8/15/2021 USD 68 Transener S.A 9.75 8/15/2021 USD 67.13 City of Buenos Aires Argentina 3.95 5/17/2019 USD 73 ERB Hellas Cayman ERB Hellas Cayman Islands Ltd 9 3/8/2019 EUR 56 ESFG International Ltd 5.753 EUR 59 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 66.5 Empresa Distribuidora Y Comercializadora Norte 10.5 10/9/2017 USD 64.5 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 63.63 Formosa Province of Argentina 5 2/27/2022 USD 71.25 Gol Finance 8.75 USD 67.5 Gol Finance 8.75 USD 67.38 Hidili Industry International Development Ltd 8.6 11/4/2015 USD 75.63 Inversiones Alsacia SA 8 8/18/2018 USD 72.53 Inversora de Electrica de Buenos Aires SA 6.5 9/26/2017 USD 43.75 MTR Corp Cayman Islands Ltd 3.25 3/12/2043 HKD 73.01 MTR Corp Cayman Islands Ltd 3.25 1/28/2043 HKD 72.13 Petroleos de Venezuela SA 6 11/15/2026 USD 55.75 Petroleos de Venezuela SA 5.37 4/12/2027 USD 53.25 Petroleos de Venezuela SA 5.25 4/12/2017 USD 72 Petroleos de Venezuela SA 9.75 5/17/2035 USD 70 Petroleos de Venezuela SA 9 11/17/2021 USD 73 Petroleos de Venezuela SA 5.5 4/12/2037 USD 50 Petroleos de Venezuela SA 6 11/15/2026 USD 55.16 Petroleos de Venezuela SA 9 11/17/2021 USD 71.46 Petroleos de Venezuela SA 9.75 5/17/2035 USD 68.66 Provincia del Chaco 4 11/4/2023 USD 62.38 Provincia del Chaco 4 12/4/2026 USD 33 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 69.13 Renhe Commercial Holdings Co Ltd 11.75 5/18/2015 USD 72.38 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 69.88 Renhe Commercial Holdings Co Ltd 11.75 5/18/2015 USD 72.38 SMU SA 7.75 2/8/2020 USD 73.03 SMU SA 7.75 2/8/2020 USD 72.63 Sifco SA 11.5 6/6/2016 USD 33.5 Talca Chillan Sociedad Concesionaria SA 2.75 12/15/2019 CLP 55.64 Venezuela International Bond 7.75 10/13/2019 USD 71.75 Venezuela International Bond 9 5/7/2023 USD 70 Venezuela International Bond 9.375 1/13/2034 USD 69.75 Venezuela International Bond 7 12/1/2018 USD 73.75 Venezuela International Bond 9.25 5/7/2028 USD 69 Venezuela International Bond 8.25 10/13/2024 USD 66 Venezuela International Bond 7.65 4/21/2025 USD 64.25 Venezuela International Bond 6 12/9/2020 USD 64.25 Venezuela International Bond 9.25 9/15/2027 USD 72.25 Venezuela International Bond 7 3/31/2038 USD 60.5 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 67 Virgolino de Oliveira Finance Ltd 11.75 2/9/2022 USD 66.45 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 65 Virgolino de Oliveira Finance Ltd 11.75 2/9/2022 USD 65.13 *********** 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. 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, and Peter A. Chapman, Editors. Copyright 2014. 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 * * *