/raid1/www/Hosts/bankrupt/TCRLA_Public/140428.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, April 28, 2014, Vol. 15, No. 82
Headlines
A R G E N T I N A
ARGENTINA: First-Quarter Trade Surplus Was Smallest Since 2000
PVCRED SERIE XX: Moody's Rates ARS23.5MM Certs. 'Ca.ar'
B R A Z I L
USINAS SIDERURGICAS: Posts BRL222 Million Profit in First Quarter
USINAS SIDERURGICAS: Fitch Affirms IDRs 'BB+'; Outlook to Stable
* BRAZIL: Fitch Says Default Risk High for Sugar and Ethanol Firms
C A Y M A N I S L A N D S
ANTIQUES AND WORKS: Creditors' Proofs of Debt Due May 22
ASHMORE RUSSIAN: Creditors' Proofs of Debt Due May 22
CSL ENERGY: Creditors' Proofs of Debt Due May 15
DINTON CAPITAL: Creditors' Proofs of Debt Due May 22
GETTYSBURG MUNICIPAL: Creditors' Proofs of Debt Due May 13
HURST HOLDINGS: Creditors' Proofs of Debt Due May 22
KENWITH UK: Creditors' Proofs of Debt Due May 22
KINGSWAY HOLDING: Commences Liquidation Proceedings
NORTH RIDGE: Creditors' Proofs of Debt Due May 22
VALENS OFFSHORE: Creditors' Proofs of Debt Due May 22
C H I L E
VALPARAISO: Mayor Declares City Bankrupt
C O L O M B I A
BANCOLOMBIA SA: Intends to Acquire Factoring Bancolombia
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Fitch Rates USD1,250MM Global Bond 'B'
E C U A D O R
ECUADOR: To Bolster Electricity Grid With $150MM IDB Loan
E L S A L V A D O R
BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'BB+'; Outlook Neg.
BANCO DAVIVIENDA: Fitch Affirms LT IDR at 'BB+; Outlook Negative
M E X I C O
CEMEX SAB: Discloses Subscription Issue Price of New CPOs
P A N A M A
INVERSIONES CREDIQ: Fitch Affirms IDR at 'B'; Outlook Stable
X X X X X X X X X
BOND PRICING: For the Week From April 21 to April 25, 2014
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: First-Quarter Trade Surplus Was Smallest Since 2000
--------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Argentina posted
the smallest first-quarter trade surplus since 2000, the year
before it defaulted on a record US$95 billion, as exports fell 16
percent in March.
The trade surplus narrowed 92 percent to US$121 million in the
first three months of the year from US$1.61 billion in the same
period last year as exports of cereals fell 57 percent, according
Bloomberg News.
Bloomberg News notes that locked out of capital markets since the
default, Argentina, the third-biggest exporter of soybeans in the
world, is struggling to shore up reserves that have fallen near a
seven-year low as President Cristina Fernandez de Kirchner taps
them to pay foreign debt obligations.
The decline in grain exports has been caused by a decrease in
demand for corn as U.S. output has recovered from a severe drought
last year, said Guillermo Rossi, a grains market analyst at the
Rosario Grains Exchange, Bloomberg News relates.
The government also restricted wheat exports to 1 million tons in
the first quarter compared with 3 million tons in the same period
last year, Mr. Rossi said, Bloomberg News discloses. The soybean
harvest was 17 percent delayed as of mid-April due to heavy rains,
according to the Buenos Aires Grains Exchange.
"When you analyze these numbers you're talking about price and
quantity and both of these had significant declines," Bloomberg
News quoted Mr. Rossi as saying in a telephone interview.
Bloomberg News relates that from the same month a year earlier,
the March trade surplus narrowed 95 percent to $41 million from
$811 million after exports fell 16 percent, the biggest monthly
drop since October 2009.
Argentina last year posted the biggest current account deficit in
13 years, reports Bloomberg News.
The government in January devalued the peso 19 percent to boost
exports and is seeking to mend relations with international
investors in a bid to issue debt for the first time since the
default with reserves near a seven-year low of US$27.9 billion,
Bloomberg News adds.
PVCRED SERIE XX: Moody's Rates ARS23.5MM Certs. 'Ca.ar'
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Pvcred Serie XX. This transaction will be
issued by TMF Trust Company (Argentina) S.A.- acting solely in its
capacity as issuer and trustee.
The securities for this transaction have not yet been placed in
the market. The transaction is pending approval from the Comision
Nacional de Valores. If any assumption or factor Moody's considers
when assigning the ratings change before closing, the ratings may
also change.
ARS 68,480,000 in Class A Floating Rate Debt Securities (VRDA TV)
of "Fideicomiso Financiero Pvcred Serie XX", rated Aa2.ar (sf)
(Argentine National Scale) and B1 (sf) (Global Scale, Local
Currency)
ARS 5,870,000 in Class B Debt Securities (VRDB TV) of
"Fideicomiso Financiero Pvcred Serie XX", rated Caa1.ar (sf)
(Argentine National Scale) and Caa3 (sf) (Global Scale, Local
Currency)
ARS 23,479,000 in Certificates (CP) of "Fideicomiso Financiero
Pvcred Serie XX", rated Ca.ar (sf) (Argentine National Scale) and
Ca (sf) (Global Scale, Local Currency).
Ratings Rationale
The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
11,675 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina. Only the
installments due after 31 July 2014 will be assigned to the trust.
The VRDA TV will bear a floating interest rate (BADLAR plus
400bps). The VRDA TV's interest rate will never be higher than 32%
or lower than 20%. The VRDB TV will also bear a floating interest
rate (BADLAR plus 500bps). The VRDB TV's interest rate will never
be higher than 34% or lower than 22%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 24.40% for the
VRDA TV and 17.92% for the VRDB TV, calculated over the pool's
principal balance as of 31 January 2014. The subordination levels
will increase overtime due to the turbo sequential payment
structure. The transaction will have a grace period for principal
and interest until September 2014.
The transaction also benefits from an estimated 40.78% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the interest rate caps of 32% for the VRDA TV and
34% for the VRDB TV.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.
Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.
Loss and Cash Flow Analysis:
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 Pvcred
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 that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to February 2014. Given the recent 20%
devaluation of the Argentine peso, Moody's believes that inflation
will accelerate and that nominal increases in salaries and
pensions will not keep up with inflation. A decline in real income
will deteriorate the credit quality of peso-denominated collateral
like the personal loans securitized in this transaction. As a
result, Moody's has recently increased some of the default
assumptions in the securitized pools to account for this scenario.
Moody's notes that there is significant uncertainty around key
macroeconomic variables in Argentina, including inflation rates,
salary increases compared to inflation, and economic activity,
which have an impact on future performance of this transaction.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution of losses for each one of the different
securitized subpools: (a) for the PVCred, "Cuotas Bonificadas" and
the "Staff" loans, a mean of 16% and a coefficient of variation of
60%; (b) for the "Cuota Ya" and "Provenclick" loans, a mean of 28%
and a coefficient of variation of 60% and (c) for "Refinanced"
loans, mean of 41% and a coefficient of variation of 60%. Also,
Moody's assumed a lognormal distribution for prepayments with a
mean of 45% and a coefficient of variation of 70%.
Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
Caa1/Ba1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.
The model results showed 2.65% expected loss for Class A Floating
Rate Debt Securities, 26.35% for the Class B Floating Rate Debt
Securities and 53.38% for the Certificates.
Moody's also evaluated the back-up servicing arrangements in the
transaction. If Pvcred is removed as collection agent, Banco
Comafi will be appointed as the back-up collection agent.
Stress Scenarios:
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario, the ratings of the Class A Floating Rate
Securities would likely be downgraded to B2 (sf). The ratings of
the Class B Floating Rate Securities and of the Residual would
likely be unchanged.
The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.
Potential Mapping Recalibration From Global Scale To National
Scale Ratings
With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.
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 Ratings to Global Scale
Ratings".
===========
B R A Z I L
===========
USINAS SIDERURGICAS: Posts BRL222 Million Profit in First Quarter
-----------------------------------------------------------------
Walter Brandimarte and Alberto Alerigi at Reuters report that
Usinas Siderurgicas de Minas Gerais SA posted a sharply higher
first-quarter profit on currency gains and cost cuts, although
revenue was little changed.
Reuters relates that profit at Usiminas was BRL222 million
(US$99.8 million) during the first three months of the year,
compared to BRL47 million in the fourth quarter, according to a
securities filing. In the first quarter of 2013, Usiminas posted
a loss of BRL122.7 million, the report discloses.
Sales and production volumes for iron ore fell more than 20
percent in the comparison to the fourth quarter, while production
of raw steel remained unchanged, the company said, the report
notes. Still, total net revenue was stable from the previous
quarter at BRL3.1 billion as average prices for steel and iron ore
rose, the report relays
Prices have little room to go higher as car makers, one of
Usiminas' largest clients, are expected to cut output in the
second quarter, said Sergio Leite, senior vice president for
sales, Reuters discloses.
Cost cuts across all businesses areas allowed Usiminas to boost
its adjusted earnings before interest, taxes, depreciation and
amortization in the beginning of the year, the report relates.
The EBITDA margin rose to 20.9 percent of revenue in the first
quarter, compared to 16.1 percent in the previous period, the
report notes.
In the same comparison, Usiminas' financial costs fell 93 percent
to BRL18 million as the Brazilian real strengthened 4 percent,
curbing expenses related to the company's dollar-denominated debt,
the report adds.
USINAS SIDERURGICAS: Fitch Affirms IDRs 'BB+'; Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign and local
currency Issuer Default Ratings (IDRs) of Usinas Siderurgicas de
Minas Gerais S.A. (Usiminas) at 'BB+' and national scale rating at
'AA(bra)'. The Rating Outlook is Stable.
Key Rating Drivers
-- Faster than Expected Improvement in Credit Metrics
Usiminas' continued focus on cost cutting combined with an
improvement in Brazil's operating environment and full ramp-up of
a more efficient new state-of-the-art galvanized mill allowed the
company to exhibit an improved net debt to EBITDA ratio of 2.0x in
2013 compared to 5.8x in 2012. Usiminas experienced a
deteriorating cost structure during 2012 that was exacerbated by a
high volume of cheaper steel imports, resulting in poor EBITDA
margins and high leverage. Usiminas' FFO fixed-charge coverage
ratio also improved to 6.1x in 2013 compared to 3.6x in 2012.
Expectation of Normalization in 2014
Fitch projects Usiminas will achieve total adjusted debt-to-EBITDA
and net adjusted debt-to-EBITDA ratios of 3.0x and 1.4x in 2014
with steel imports expected at normalized historical levels due to
the continued devaluation of the Brazilian Real, and steel import
tariffs of 12%. As a result of its effective turnaround, the
company has positioned itself back in line with historical profit
margins and gross debt of BRL7.1 billion is at the lowest level
since 2010. Historically, the main increase in the company's
leverage ratios was due to the deterioration in its cash
generation.
Successful Undertaking of Cost Efficiency Measures
Usiminas took proactive steps during 2013 to effectively lower its
costs and make it more competitive in the steel industry. The
company reduced its SG&A expenses, abated its reliance on iron ore
from 3rd parties, focused on domestic sales instead of exports,
and reduced its use of higher cost raw material inputs in steel
production. These initiatives coupled with price increases during
2013 strongly improved Usiminas' margins, and thus returned the
company back to historical profitability in the competitive flat
steel market.
Return to Historical Profitability
Usiminas reported strong financial results for 2013 which were an
improvement from the nadir of 2012 and more consistent with the
company's past performance. Adjusted EBITDA improved 159% to
BRL1.8 billion for 2013 from BRL697 million for 2012 and EBITDA
margins improved to 14.1% for 2013 from 5.5% for 2012. The
improvement in profitability can be attributed to the company's
successful cost cutting measures, improved product mix, increased
domestic market sales, and better prices. 2013 Adjusted EBITDA
and margins were the highest the company has reported in the last
three years. Fitch projects adjusted EBITDA margins to remain
above 15% over the next three years.
Continued Cash Flow Recovery
2013 cash flow from operations (CFFO) was BRL1.1 billion compared
to BRL2.4 billion in 2012 which benefited from a working-capital
inflow of BRL1.8 billion as higher cost inventories unwound. As a
result, Usiminas' generated positive FCF of BRL44 million in 2013
compared to BRL719 million in 2012. FCF for 2013 was aided by
lower capital expenditures of BRL956 million compared to BRL1.6
billion for 2012 which was partially offset by an increase of
dividends to BRL105 million compared to BRL94 million for 2012.
This is the second consecutive positive FCF for Usiminas, and 2012
was the first instance of positive FCF for the company since 2007.
Fitch projects Usiminas to generate CFFO of approximately BRL1.8
billion and positive FCF of BRL800 million during 2014 due to
strong sales volumes and continued cost cutting efforts during the
year.
Solid Liquidity Position Maintained
Usiminas has no liquidity issues and benefits from a comfortable
debt amortization profile as of December 31, 2013. Usiminas had
cash to short term debt ratio of 2.5x, cash and marketable
securities of BRL3.5 billion and short term debt of BRL1.5
billion. Cash on balance sheet is enough to cover debt repayments
due to mid-2016. The company cancelled its USD750 million revolver
during 2013 as part of its strategy to reduce FX risk. Usiminas
has maintained its BRL2 billion committed revolver with BNDES for
use in capex projects and working capital needs.
Normalized Steel Imports Allows Stronger Pricing
The flood of steel imports into Brazil declined during 2013 with
volumes of 1.9 million metric tons indicating a substantial 43%
reduction on 3.4 million metric tons imported during 2012. The
peak volumes for imported steel were 5.6 million metric tons
experienced in 2010, with more normalized levels at around 2
million metric tons historically. The large reduction in 2013 was
aided by the continued devaluation of the Brazilian Real and steel
tariffs of 12% imposed by the government, that at one point last
year was doubled to 24% temporarily on specific steel products.
As a result, steel companies in Brazil negotiated price increases
successfully in 2013, and are expected to request new increases
during 2014.
Rating Sensitivities
Fitch could downgrade Usiminas' ratings if its credit metrics and
cash flow generation undergo a sustained level of deterioration as
experienced in 2012, with Net Adjusted Debt to EBITDA above 3.5x
and/or FFO Fixed Charge Coverage ratio below 3.5x. A downward
pressure on the company's operating environment, appreciating
Real, increase in steel imports, and/or significant acquisitions
could result in a deterioration of the company's comfortable
liquidity position and result in a weakening of the company's
capital structure.
While a positive rating action is unlikely in the near term, Fitch
could upgrade Usiminas if the company sustains strong positive
Free Cash Flow, achieves Net Adjusted Debt to EBITDA below 1.2x
and/or FFO Fixed Charge Coverage ratio above 9.0x combined with a
fundamental shift in product diversification.
Fitch has affirmed the credit ratings of Usiminas as follows:
-- Foreign currency IDR at 'BB+';
-- Local currency IDR at 'BB+'';
-- National scale rating at 'AA(bra)';
-- US$500 million Global Medium-Term Note Program at 'BB+';
-- US$400 million notes due 2018 at 'BB+'.
The Rating Outlook is Stable.
* BRAZIL: Fitch Says Default Risk High for Sugar and Ethanol Firms
------------------------------------------------------------------
Weak capital structures, tight free cash flow, and challenging
capital market access, combined with the overall poor outlook for
the sector, leave default risk for Brazilian sugar and ethanol
companies high for 2014, according to a new Fitch Ratings report.
"Despite all the challenges faced by the industry, Brazilian
producers are well positioned to benefit from growing demand over
a longer time horizon, and their cost position in the industry
remains unrivaled," said Claudio Miori, Associate Director.
For Fitch rated issuers, the median total adjusted leverage ratio
for Brazilian sugar and ethanol companies was 5.9x, while the
median net leverage ratio was 5.4x, which compares unfavorably
with ratios of 5.3x and 4.8x during the same period in 2013. Free
cash flow will be pressured by depressed sugar prices and cost
pressure for diesel, labor and logistics.
Four out of six companies in Fitch's portfolio show high or
moderate refinancing risks and limited alternative sources of
liquidity, like land-holdings. Issuers should remain highly
dependent on local credit banks, as the international debt market
is likely to be tough to high-yield credits in 2014.
Fitch expects sugar prices to modestly recover to US18 cents per
pound on average during the 2014-2015 harvest from the current
US17 cents level. The supply-demand relationship tends to move
towards a deficit as consumption continues to grow 2% to 3% per
year and current depressed sugar prices has discouraged the launch
of greenfield projects.
Fitch does not envisage that the Brazilian government will
increase gasoline prices, though it should find an alternative to
support ethanol industry. The government has implemented a number
of measures in the past to support the industry. Increasing the
percentage of ethanol in the gasoline mix to 27.5% from 25% could
be an option.
==========================
C A Y M A N I S L A N D S
==========================
ANTIQUES AND WORKS: Creditors' Proofs of Debt Due May 22
--------------------------------------------------------
The creditors of Antiques and Works of Art Limited are required to
file their proofs of debt by May 22, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 2, 2014.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
ASHMORE RUSSIAN: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------
The creditors of Ashmore Russian Equity Fund are required to file
their proofs of debt by May 22, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 31, 2014.
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
CSL ENERGY: Creditors' Proofs of Debt Due May 15
------------------------------------------------
The creditors of CSL Energy Offshore Fund, Ltd are required to
file their proofs of debt by May 15, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 2, 2014.
The company's liquidator is:
Ogier
Name: Joanne Huckle
Telephone: (345) 949-9876
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
DINTON CAPITAL: Creditors' Proofs of Debt Due May 22
----------------------------------------------------
The creditors of Dinton Capital are required to file their proofs
of debt by May 22, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 31, 2014.
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
GETTYSBURG MUNICIPAL: Creditors' Proofs of Debt Due May 13
----------------------------------------------------------
The creditors of Gettysburg Municipal Trading Offshore Fund Ltd
are required to file their proofs of debt by May 13, 2014, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 1, 2014.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
c/o Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
HURST HOLDINGS: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------
The creditors of Hurst Holdings are required to file their proofs
of debt by May 22, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 31, 2014.
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
KENWITH UK: Creditors' Proofs of Debt Due May 22
------------------------------------------------
The creditors of Kenwith UK Investments are required to file their
proofs of debt by May 22, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 31, 2014.
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
KINGSWAY HOLDING: Commences Liquidation Proceedings
---------------------------------------------------
On April 2, 2014, the sole member of Kingsway Holding Corporation
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 T. Connors
UBS AG Investment Bank
677 Washington Boulevard, 8th Floor
Stamford
CT 06901
United States of America
Telephone: +1 (203) 719 4737
email: john-t.connors@ubs.com
NORTH RIDGE: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of North Ridge Investments Limited are required to
file their proofs of debt by May 22, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 2, 2014.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
VALENS OFFSHORE: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------
The creditors of Valens Offshore SPV III (Cayman) Ltd are required
to file their proofs of debt by May 22, 2014, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on March 31, 2014.
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
=========
C H I L E
=========
VALPARAISO: Mayor Declares City Bankrupt
----------------------------------------
Cesar Uco at wsws.org reports that Valparaiso, the Chilean seaport
whose hills were consumed by a ferocious fire that lasted two
weeks, is bankrupt, according to its mayor, Jorge Castro.
The city has no money even to meet teachers' pension
contributions, Mayor Castro said, according to wsws.org. The city
owes the teachers US$45 million.
"The municipal budget is not even enough to pay the electrical
bills," declared Mayor Castro, the report notes.
According to the Chilean newspaper El Mercurio, "the city is
virtually bankrupt," the report relates.
Valparaiso was ravaged by the fire, which began on April 12. "The
poverty of [the city's] inhabitants, and the inability to plan and
manage the territory of a municipality without resources is what
is behind the tragedy," reports El Mercurio, wsws.org discloses.
The worst fire in the city's history consumed the hills of
Valparaiso, where most residents are working class and poor. The
fire left 15 dead, 2,900 homes destroyed, 12,500 homeless families
and a burned area of over 1,070 hectares, notes the report.
The report notes that citizens claimed that the government did not
help them. wsws.org relates that the truth is that in spite of
the government's claims of assistance, it is not enough.
Valparaiso is vital to Chile's economic and political life, the
report relates. It is not only the country's main port, but also
the home of the National Congress, the headquarters of the Chilean
Navy and other public services and state institutions such as the
National Council of Culture and the Arts and the National
Fisheries and Aquaculture. However, "there are hardly any new
businesses," the report, citing El Mercurio, adds.
===============
C O L O M B I A
===============
BANCOLOMBIA SA: Intends to Acquire Factoring Bancolombia
--------------------------------------------------------
Bancolombia S.A. and Factoring Bancolombia S.A. disclosed that
they are beginning the legal procedure required for the transfer
of all of Factoring Bancolombia's assets, liabilities and
contracts to Bancolombia S.A., Factoring Bancolombia's parent
company.
This transfer, which is subject to the prior authorization of the
Colombian Superintendency of Finance, aims to strengthen and
increase the profitability of the factoring business of Grupo
Bancolombia, while maintaining the competitive advantage that this
operation currently has.
The transfer will not have a significant effect on the
consolidated financial statements of Bancolombia, as Bancolombia
currently owns directly and indirectly 99.99% of Factoring
Bancolombia's outstanding capital stock.
Bancolombia SA is headquartered in Antioquia, Colombia.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2013, Moody's Investors Service has confirmed all ratings
for Bancolombia S.A. including its standalone bank financial
strength rating (BFSR) of D+, which maps to an unsupported
baseline credit assessment (BCA) of baa3; its global local
currency long- and short-term deposit ratings of Baa2/Prime-3;
foreign currency long-and short-term deposit ratings of
Baa3/Prime-3; foreign currency senior debt rating of Baa2; and
foreign currency subordinated debt rating of Ba1. The outlook on
the ratings was changed to negative.
==================================
D O M I N I C A N R E P U B L I C
==================================
DOMINICAN REPUBLIC: Fitch Rates USD1,250MM Global Bond 'B'
-------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'B' to the Dominican Republic's USD1,250 million global bond
issuance maturing in April 30, 2044. The bonds have a coupon rate
of 7.45%.
The proceeds will be used to cover general budgetary expenses and
infrastructure projects included in the government's 2014
financing plan.
Key Rating Drivers
Dominican Republic's ratings are underpinned by its resilient and
diversified economy, high per capita income, track record of
macroeconomic stability and sustained access to official lending
and international capital markets.
These credit strengths are balanced against structural weaknesses
in fiscal accounts such as a narrow revenue base and rigid budget
expenditure, rising government debt and external financing needs,
and a weak external liquidity position.
Rating Sensitivities
The rating would be sensitive to any changes in Dominican
Republic's long-term foreign currency IDR. Fitch affirmed
Dominican Republic's ratings at 'B' with a Stable Outlook on Nov.
26 2013.
=============
E C U A D O R
=============
ECUADOR: To Bolster Electricity Grid With $150MM IDB Loan
--------------------------------------------------------
Ecuador will build and expand six new electrical transmission
systems, adding 586 kilometers of transmission lines and enlarging
12 substations with a US$150 million loan from the Inter-American
Development Bank (IDB).
The construction projects will include the areas of Tabacundo and
Riobamba toward the south of Yanacocha, the southwest area of
Duran, the interconnection point of the Santo Domingo --
Esmeraldas line and that of Pedernales -- La Concordia.
The program will allow for greater generation of hydroelectric
power, reduce requirements for thermal generation, respond to
growth in demand from electricity distributors and strengthen both
Ecuador's interconnection with Colombia and the development of
environmental specifications of the Extra High Voltage System
between Ecuador and Peru.
Growth in demand for electricity in Ecuador has exceeded that of
supply. In 2012, demand for energy was 6.1 percent higher than in
2011. In order to meet these challenges, the government of
Ecuador has various hydroelectric construction projects under way,
of which 2,362 MW will come on line over the short term.
Transmission of electricity generated with the new facilities will
be ensured with investments from Electricity Transmission System.
The IDB loan is for a 25-year term, with a 13 years grace period
and an interest rate based on LIBOR. Local contribution will be
US19.5 million.
=====================
E L S A L V A D O R
=====================
BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'BB+'; Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Agricola's (Agricola) long-term
Issuer Default Rating (IDR) at 'BB+' and Viability Rating (VR) at
'bb+'. The Rating Outlook on the long-term IDR remains Negative.
Key Rating Drivers
Agricola's IDR is driven by its VR, which reflects the bank's
strong franchise and dominant local position, sound and stable
profitability, robust loss-absorption capacity, good asset
quality, and ample depositary base. Agricola's ratings also
consider the bank's proven resilience to downturns in economic
cycles, loans concentrations and El Salvador's challenging
economic conditions, which may still have some impact on the
bank's growth prospects and asset quality.
Agricola's IDR is currently constrained by the Country Ceiling
and, together with its VR, remains two notches above El Salvador's
Sovereign Rating. Fitch believes there is a close link between
bank and sovereign credit risk (and therefore ratings), and it is
exceptional for banks to be rated above their domestic sovereign.
Notably, in the absence of a strong stand alone performance,
Agricola's IDRs would remain at the same level given the support
it would receive from its parent, Bancolombia (rated 'BBB' by
Fitch), should it be required. This is reflected on Agricola's
support rating of '3', indicating a moderate probability of
support.
Agricola continues exhibiting a robust capital position reflected
in a Fitch Core Capital around 20% of risk weighted assets over
the past four fiscal years; it has compared well above the banking
system's average and that of its main international peers. In
Fitch's view, Agricola's overall loss-absorption capacity will
remain sound and above that of its peers over the medium term.
Agricola's strong overall financial performance in different
phases of the business cycle have been driven by its stable and
relatively low credit-risk costs, outstanding operating efficiency
and low funding costs.
Agricola's good asset quality compares positively with that of
some of its main international peers and with the local banking
system. The bank reached the lowest NPLs level since 2008 while
maintains a conservative reserve coverage policy. The good asset
quality is driven by its conservative underwriting standards,
payrolls deductions for a share of retail loans, permanent charge-
off policy and good collection procedures. However, larger
debtors' concentration is relatively high given its exposure in
the largest domestic economic groups. The bank's funding and
liquidity base remain stable, with low depositors concentrations.
The bank's ability to access and sustain an ample, stable, low-
cost and diversified customer deposits base constitutes one of the
bank's main strength. Agricola maintains a good liquidity
position, as cash and equivalents accounted for 22.1% of total
deposits.
Agricola's support of '3' denotes that Fitch views the bank as a
core subsidiary for Bancolombia, as defined by Fitch's Criteria
'Rating FI Subsidiaries and Holding Companies'. Agricola provides
a meaningful and recurring share of revenues to its parent and is
an important subsidiary for Bancolombia's growth and
diversification in Central America. Recent expansion of
Bancolombia into other Central American markets bode well to
enhance the relative importance of its international network in
the medium and long term.
Rating Sensitivities - IDR, VR and National Ratings -
The Negative Outlook for Agricola's IDR reflects that an eventual
downgrade of El Salvador's sovereign rating ('BB-'/Negative
Outlook) could result in a downgrade of the country ceiling
('BB+'). This would, in turn, lead to a downgrade of Agricola's
IDRs and VR. If the sovereign ratings are eventually affirmed at
'BB-' and the Rating Outlook is revised to Stable from Negative,
it is highly likely that Agricola's IDR would also be affirmed
with a Stable Outlook. A sharp decrease in Agricola's
profitability and capitalization levels could, in turn, move the
bank's VR downward. Agricola's national ratings would not be
affected should El Salvador's sovereign and country ceiling be
downgraded as its relative strength in the local market remains
unchanged. Inversiones Financieras Banco Agricola (IFBA)'s
national ratings mirror Agricola's national ratings and its
changes, as the last represents around 99% of total assets and
earnings.
Fitch has affirmed the following ratings:
Banco Agricola S.A.
--Long-term IDR at 'BB+'; Outlook Negative;
--VR at 'bb+';
--Short-term IDR at 'B';
--Support at '3';
--Long-term National Rating at 'AAA(slv)'; Outlook Stable;
--Short-term National Rating at 'F1+(slv)';
--Senior Unsecured Debt Long-term Rating at 'AAA(slv)';
--Senior Secured Debt Long-term Rating at 'AAA(slv)'.
Inversiones Financieras Banco Agricola S.A.
--Long-term National Rating at 'AAA(slv)'; Outlook Stable;
--Short-term National Rating at 'F1+(slv)'.
BANCO DAVIVIENDA: Fitch Affirms LT IDR at 'BB+; Outlook Negative
----------------------------------------------------------------
Fitch Ratings affirmed Banco Davivienda Salvadoreno's (Davivienda
Sal) long-term Issuer Default Rating at 'BB+'. The Rating Outlook
is Negative.
Key Rating Drivers - IDRs And National Ratings
The IDRs and national ratings of Davivienda Sal reflect the
Fitch's opinion on likelihood of support from its main
shareholder, the Colombian Banco Davivienda, S.A. (Davivienda;
'BBB-'/Stable Outlook/'bbb-').
Fitch views Davivienda Sal and IFDavivienda as strategically
important to its parent (based on Fitch's criteria 'Rating FI
Subsidiaries and Holding Companies'). Davivienda continues to
foster expansion and diversification in Central America and is
implementing a well-balanced business plan that would contribute
to the consolidated operation. Fitch expects the subsidiaries to
provide recurring and meaningful revenues to the consolidated
entity over the medium term. Support would be forthcoming to
protect against reputational risk from the shared franchise and
commercial name.
Key Rating Drivers - VR
Davivienda Sal's viability rating (VR) is driven by its moderate
domestic franchise, solid capital position and adequate asset
quality ratios. The bank's ratings also reflect weak efficiency
levels, modest profitability and limited income diversification.
Asset quality ratios have significantly improved since 2009, and
now compare adequately with other similarly rated banks. Over due
loans (> 90 days)) accounted for 3% of gross loans in end-2013
(2009 to 2012: 5%). Davivienda Sal's reserves for nonperforming
loans (NPLs) remains below full coverage, although collateral
coverage (mainly real estate) is comfortably above the stock of
NPLs.
Profitability remains modest but is recovering from a low base.
Continuous improvements in efficiency, combined with diminishing
loan impairment charges and higher recoveries of previously
written off loans, have benefitted the bank's financial
performance. Fitch believes that Davivienda Sal's profitability
will remain below potential in 2014, as a result of slow economic
growth and heightening competition.
In Fitch's view, the bank has a sound loan-loss absorption
capacity, with a Fitch Core Capital (FCC) ratio of 17% at end-
2013. This, along with moderate reserves, helps cushion losses in
a difficult economic environment. Capital ratios should remain
comfortably in the mid-to-high teens sustained by an adequate
internal capital generation and good asset quality.
Rating Sensitivities - IDRs AND VR
Davivienda Sal's Negative Outlook reflects that an eventual
downgrade of El Salvador's sovereign rating ('BB-'/Negative
Outlook) could result in a downgrade of the country ceiling, which
would, in turn, lead to a downgrade of Davivienda Sal's VR and
IDR. Hence, if the sovereign ratings are eventually affirmed at
'BB-' and the Outlook is revised to Stable from Negative, it is
highly likely that Davivienda Sal's Ratings and Outlook would be
revised accordingly. Davivienda Sal's VR is constrained by the El
Salvador' sovereign Rating given that the bank has no track record
of outperforming the market.
Rating Sensitivities - National Rating
National ratings are sensitive to a change in Fitch's opinion on
the parent's capacity and/or propensity to support its
subsidiaries.
Fitch has affirmed the following ratings:
Banco Davivienda Salvadoreno
-- Long-term IDR at 'BB+', Outlook Negative;
-- Short-term IDR at 'B';
-- Viability Rating at 'bb-';
-- Support at 3;
-- Long-term national rating at 'AA+(slv)', Outlook Stable;
-- Short-term national rating at 'F1+(slv)';
-- Long-term national rating senior secured debt at 'AAA(slv)';
-- Long-term national rating senior unsecured debt at 'AA+(slv)';
-- Short-term national rating senior secured debt at 'F1+(slv)';
-- Short-term national rating senior unsecured debt at 'F1+(slv)'.
Inversiones Financieras Davivienda
-- Long-term national rating at 'AA+(slv)', Outlook Stable;
-- Short-term national rating at 'F1+(slv)'.
===========
M E X I C O
===========
CEMEX SAB: Discloses Subscription Issue Price of New CPOs
---------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that as a result of the
application of retained earnings for a capital increase approved
by CEMEX's shareholders at the general ordinary shareholders
meeting held on March 20, 2014, CEMEX shareholders will receive
new shares as follows:
* 1 new CEMEX CPO per 25 CEMEX CPOs held, or, if applicable, 3 new
shares per 75 shares currently outstanding.
* Holders of CEMEX American Depositary Shares will receive 1 newly
issued ADS per 25 ADSs held.
* No cash will be distributed by CEMEX, including for fractions
for which no shares are issued.
The delivery of the new CPOs or shares, as applicable, will be
made starting on April 25, 2014. Only holders of record of CEMEX
CPOs or ADSs as of April 24, 2014 (the record date) will receive
new shares as a result of the increase in the capital stock. The
new ADSs to be issued will be distributed on or about April 29,
2014. Each ADS represents 10 CPOs.
As a result of all of the above, the conversion rate of CEMEX's
convertible subordinated notes due 2015, 2016 and 2018, as well as
CEMEX's mandatory convertible obligations due 2019 will be
adjusted accordingly. The new conversion rate for the 2015
Convertible Notes will be 89.4729 ADSs per US$1,000 principal
amount of 2015 Convertible Notes, equivalent to a conversion price
of approximately US$11.18 per ADS. The new conversion rate for
the 2016 and 2018 Convertible Notes will be 103.6741 ADSs per
US$1,000 principal amount of 2016 and 2018 Convertible Notes,
equivalent to a conversion price of approximately US$9.65 per ADS.
The new conversion rate for the 2019 Convertible Notes will be
452.5949 CPOs per each obligation, equivalent to a conversion
price of approximately MXN$19.66 per CPO.
The subscription price is MXN$16.2763 per new CEMEX CPO. "The
shares will be subscribed for at a price of MXN$5.4254 per share,
of which MXN$0.00277661 will go to our capital stock and the
remaining amount will be treated as premium for the subscription
of capital, and will be deemed fully paid by a capitalization of
retained earnings. CEMEX shareholders will not be required to pay
any consideration in connection with the issuance of the shares,"
the company said.
About CEMEX SAB
Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the
construction industry, through the production, marketing,
distribution and sale of cement, ready-mix concrete, aggregates
and other construction materials. CEMEX is a public stock
corporation with variable capital (S.A.B. de C.V.) organized
under the laws of the United Mexican States, or Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 27, 2014, Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and a recovery rating of '3' to CEMEX
Finance LLC's proposed 10-year benchmark dollar bonds and EUR300
million senior secured notes due 2021. The recovery rating of '3'
indicates that bondholders can expect a meaningful (50% to 70%)
recovery in the event of a payment default.
===========
P A N A M A
===========
INVERSIONES CREDIQ: Fitch Affirms IDR at 'B'; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Inversiones CrediQ Business' (ICQB)
long-term Issuer Default Ratings (IDR) at 'B' with a Stable Rating
Outlook. Fitch also affirmed ICQB's short-term IDR at 'B'.
Key Rating Drivers
ICQB's IDR reflects the operating subsidiaries' risk profiles,
which operate as captive financial companies related to GrupoQ's
auto dealers in Honduras, Costa Rica and El Salvador. The holding
company ratings balance the sensitivity of the main subsidiaries
to changes in business cycle, with the holding company's low
double leverage, and improved financial flexibility.
Double leverage at the holding company improved in 2013 to a lower
105% (2012:115%) and is expected to remain at manageable levels.
Fitch expects that the group's capital position will remain at a
comfortable level over the medium term. In Fitch's opinion,
ICQB's subsidiaries will maintain their capacity to pay dividends
and stream liquidity to the holding company, if needed.
Asset quality is sound across all operations. Past due loans to
total loans ratios are likely to remain manageable. Reserves
coverage, although improved, compares below banking peers and
regulated operations. Consolidated asset quality reflects a
portfolio well-diversified by country and by individual borrower.
Asset quality also benefits the group's adequate underwriting
standards, a well-structured and effective collection process, and
deep knowledge of the product that allows the effective management
and resale of repossessed vehicles.
ICQB's consolidating subsidiaries benefit from its parent strong
franchise and from the popularity of its auto brands in Central
America. ICQB's main shareholder, GrupoQ, is a leading auto dealer
in Central America that maintains relevant market shares in the
countries where it operates. In Fitch's opinion, ICQB's focus on
auto financing loans implies significant correlation with the
business cycle. Negative changes in the economic environment may
have a relevant effect on the financial performance of all
subsidiaries.
Fitch believes the financial flexibility of the operation has
improved. With a larger and more diversified number of fund
providers, the subsidiaries' capacity to control funding costs
under challenging market conditions has increased. Such capacity
is still limited by their small size and by the significant
percentage of encumbered assets. Tenure mismatches at the
subsidiaries' level have improved with the longer term, and more
diversified funding that has been negotiated; however, there is
room for further improvement.
Rating Sensitivities
The Stable Outlook reflects that operating performance and asset
quality metrics are likely to remain stable at the subsidiaries
level. Changes in the subsidiaries' financial, funding and
liquidity profiles could affect ICBQ's ratings.
Fitch has affirmed ICBQ's ratings as follows:
-- Long-term IDR at 'B'; Outlook Stable;
-- Short-term IDR at 'B';
-- Long-term senior unsecured bonds at 'B'.
=================
X X X X X X X X X
=================
BOND PRICING: For the Week From April 21 to April 25, 2014
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Aguas Andinas SA 4.15 12/1/2026 CLP 70.91
Almendral
Telecomunicaciones SA 3.5 12/15/2014 CLP 22.55
Argentina Bocon 2 1/3/2016 ARS 68.5
Argentina Boden Bonds 2 9/30/2014 ARS 31.5
Argentina Government
Int'l Bond 7.82 12/31/2033 EUR 75.5
Argentina Government
Int'l Bond 7.82 12/31/2033 EUR 74
Argentina Government
Int'l Bond 8.28 12/31/2033 USD 50
Argentina Government
Int'l Bond 8.28 12/31/2033 USD 55
Argentina Government
Int'l Bond 4.33 12/31/2033 JPY 36.5
Argentina Government
Int'l Bond 0.45 12/31/2038 JPY 15
Argentina Government
Int'l Bond 4.33 12/31/2033 JPY 36.5
Automotores
Gildemeister SA 8.25 5/24/2021 USD 69
Automotores
Gildemeister SA 6.75 1/15/2023 USD 65
Automotores
Gildemeister SA 8.25 5/24/2021 USD 68.4
Automotores
Gildemeister SA 6.75 1/15/2023 USD 64.02
Banco BPI SA/
Cayman Islands 4.15 11/14/2035 EUR 62.5
Banco Supervielle SA 7 8/20/2020 USD 74.12
Banif Finance Ltd 1.68 EUR 35
Bank Austria
Creditanstalt
Finance Cayman Ltd 2.16 EUR 74.8
BCP Finance Co Ltd 5.54 EUR 62.82
BCP Finance Co Ltd 4.24 EUR 60.37
Republic of Venezuela 7 3/31/2038 USD 65.59
Caixa Geral De
Depositos Finance 1.12 EUR 42.5
CAM Global Finance 6.08 12/22/2030 EUR 64.87
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
China Precious Metal
Resources Holdings Co Ltd 7.25 2/4/2018 HKD 65.97
Cia Cervecerias Unidas SA 4 12/1/2024 CLP 57.05
Transener SA 9.75 8/15/2021 USD 68
Transener SA 8.88 12/15/2016 USD 67.6
Transener SA 9.75 8/15/2021 USD 67.5
Cia Energetica de Sao Paulo 9.75 1/15/2015 BRL
Cia Sud Americana de
Vapores SA 6.4 10/1/2022 CLP 61.42
City of Buenos
Aires Argentina 1.95 1/28/2020 USD 70.125
City of Buenos Aires
Argentina 1.95 12/20/2019 USD 70.875
Daphne International
Holdings Ltd 3.13 6/11/2014 CNY 5.25
Decimo Primer
Fideicomiso 4.54 10/25/2041 USD 57.25
Decimo Primer Fideicomiso 6 10/25/2041 USD 69
Empresa Distribuidora
Y Comercializadora Norte 9.75 10/25/2022 USD 66.99
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 66.125
ERB Hellas Cayman
Islands Ltd 9 3/8/2019 EUR 68.375
Glorious Property
Holdings Ltd 13.3 3/4/2018 USD 71.24
Hidili Industry
International
Development Ltd 8.63 11/4/2015 USD 53.25
Hidili Industry
International
Development Ltd 8.63 11/4/2015 USD 52.75
Inversiones Alsacia SA 8 8/18/2018 USD 65.25
Inversiones Alsacia SA 8 8/18/2018 USD
Inversora de Electrica
de Buenos Aires SA 6.5 9/26/2017 USD 43.25
MetroGas SA 8.88 12/31/2018 USD 71.875
Mongolian Mining Corp 8.88 3/29/2017 USD 66
Mongolian Mining Corp 8.88 3/29/2017 USD 64.75
Petroleos de Venezuela SA 6 11/15/2026 USD 60.75
Petroleos de Venezuela SA 5.38 4/12/2027 USD 58
Petroleos de Venezuela SA 5.5 4/12/2037 USD 55
Petroleos de Venezuela SA 6 11/15/2026 USD 59.41
Provincia del Chaco 4 11/4/2023 USD 75
Provincia del Chaco 4 12/4/2026 USD 51.125
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 68.5
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 69.5
Ruta del Bosque Sociedad
Concesionaria SA 6.3 3/15/2021 CLP 73.66
Sifco SA 11.5 6/06/2016 USD 29
SMU SA 7.7 2/8/2020 USD 71.5
SMU SA 7.75 2/8/2020 USD 69.21
Talca Chillan Sociedad
Concesionaria SA 2.75 12/15/2019 CLP 56.46
Uruguay Notas
del Tesoro 2.5 9/27/2022 UYU 72.08
Venezuela Government
International Bond 6 12/9/2020 USD 72.75
Venezuela Government
International Bond 7.65 4/21/2025 USD 73
Venezuela Government
International Bond 7 3/31/2038 USD 65.75
Virgolino de Oliveira
Finance Ltd 10.5 1/28/2018 USD 67.52
Virgolino de Oliveira
Finance Ltd 11.8 2/9/2022 USD 67.2
Virgolino de Oliveira
Finance Ltd 10.5 1/28/2018 USD 67.62
Virgolino de Oliveira
Finance Ltd 11.8 2/9/2022 USD 66.75
***********
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.
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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 * * *