TCRLA_Public/140526.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, May 26, 2014, Vol. 15, No. 102


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO AMES: Moody's Rates Class B Securities C.ar


B R A Z I L

BES INVESTIMENTO: S&P Affirms BB-/B ICR; Revises Outlook to Stable
OSX BRASIL: Extends OGX Tubarao Azul Oilfield Test Contract


C A Y M A N  I S L A N D S

ABN AMRO: Creditors' Proofs of Debt Due June 5
ASTRY LIMITED: Creditors' Proofs of Debt Due June 20
BOYER ALLAN: Creditors' Proofs of Debt Due June 17
CAROFRED LIMITED: Creditors' Proofs of Debt Due June 20
CONCEPTS GCP: Creditors' Proofs of Debt Due June 17

KNO (CAYMAN ISLANDS): Creditors' Proofs of Debt Due June 19
PORTOLAN PILOT: Creditors' Proofs of Debt Due June 11
SPECTRUM CAYMAN: Creditors' Proofs of Debt Due June 17
THEOREMA MAC 56: Creditors' Proofs of Debt Due June 17
ZAIS MORTGAGE: Creditors' Proofs of Debt Due June 10


C H I L E

CHILE: Energy Agenda Proves Ambitious but Lacks Specifics


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Free Trade Pact Boosts Exports to United States
XSTRATA PLC: Falcondo's 'Truth' Clashes With Groups' Resolve


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Policies Will Not Change, Bank Gov. Says
HINDU CREDIT UNION: Customers to be Paid by Year's End


X X X X X X X X X

BOND PRICING: For the Week From May 19 to May 23, 2014


                            - - - - -


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A R G E N T I N A
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FIDEICOMISO FINANCIERO AMES: Moody's Rates Class B Securities C.ar
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero AMES IV, a transaction that will be issued
by TMF (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
considered when assigning the ratings changes before closing, the
ratings may also change.

ARS 10,714,371 in Class A Floating Rate Debt Securities (VRDA) of
"Fideicomiso Financiero AMES IV", rated Aa2.ar (sf) (Argentine
National Scale) and B1 (sf) (Global Scale, Local Currency)

ARS 1,986,502 in Class B Floating Rate Debt Securities (VRDB) of
"Fideicomiso Financiero AMES IV", rated C.ar (sf) (Argentine
National Scale) and C (sf) (Global Scale, Local Currency)

ARS 6,604,300 in Certificates of "Fideicomiso Financiero AMES
IV", rated C.ar (sf) (Argentine National Scale) and C (sf) (Global
Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 1,433 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by the
AsociaciOn Mutual de la Econom¡a Solidaria ("AMES"), in an
aggregate amount of ARS 11,337,334.10.

These personal loans are granted to employees of the City of
Buenos Aires (rated Caa1/Ba1.ar) using a "Codigo de Descuento".
The "Codigo de Descuento" is an identifier granted by a
government-related entity (in this case the City of Buenos Aires)
that allows to deduct a personal loan's installment directly from
the borrowers' paycheck.

The originator access an Internet-based system to verify the
borrower's disposable income and originate the personal loan. The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account. In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that belong to the originator.

The automatic deduction of the loans's installments reduces
significantly the probability of default of the loans, which is
not dependant on the borrower's willingness to pay.

In this type of loan the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires, (ii) judicial embargos,
that may limit the maximum disposable income tan can be deducted
by the GCBA, (iii) increases in the Minimum Wage that increases
the minimum disposable income that the employee must receive net
of deductions, (iv) variable components of the wages that are not
collected in a particular month and therefore decreases the
disposable income (v) and unpaid work licenses.

Overall credit enhancement is comprised of 5.49% of subordination
for the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

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 higher than Moody's original
expectations, or a disruption in the flow of payments from the
City of Buenos Aires.

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 AMES's
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model 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.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 5% and a coefficient of variation of 70%. Also, Moody's assumed
prepayments of 20%. These assumptions are derived from the
historical performance to date of AMES' pools.

The model results showed 1.09% expected loss for the Class A
Floating Rate Debt Securities, 100.00% for the Class B Floating
Rate Securities and 100.00% for the Certificates.

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 for the pool (i.e., mean of 8% and a
coefficient of variation of 70%), the ratings of the Class A
Floating Rate Debt Securities would likely be downgraded to B2
(sf). The ratings of the Class B Floating Rate debt securities and
the Certificates would be unchanged.

Moody's also applied a stress to the cash flows by assuming an
interruption of the salary payments of the City of Buenos Aires
for three consecutive months. The assigned ratings are consistent
with this stress scenario.

The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".


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B R A Z I L
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BES INVESTIMENTO: S&P Affirms BB-/B ICR; Revises Outlook to Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on BES
Investimento do Brasil (BESI Brasil) to stable from negative
following a similar action on its parent companies.  At the same
time, S&P affirmed its 'BB-/B' global scale and 'brA/brA-2'
national scale issuer credit ratings (ICR) on the bank.

The rating action on BESI Brasil followed S&P's May 21, 2014,
outlook revision on its parents--BES and BESI--to stable from
negative.  The rating action on the parents reflects BES's
announcement that it will undertake a EUR1.045 billion capital
increase and our current view on the stable trends for both
economic and industry risks in the Portuguese banking system.

Currently, S&P's ratings on BESI Brasil reflect its 'bbb-' anchor
for banks operating primarily in Brazil and its view of the bank's
"moderate" business position, "adequate" capital and earnings,
"moderate" risk position, "below average" funding, and "adequate"
liquidity, as S&P's criteria define these terms.

S&P assess BESI Brasil's stand-alone credit profile (SACP) as
'bb-', at the same level as the parent's current rating and the
group credit profile (GCP).  Therefore, the ICRs on BESI Brasil
reflect no notches of group support.

According to S&P's criteria for group ratings, it generally don't
rate a subsidiary higher than the GCP.  S&P believes the ICR on
BESI Brasil must be at most at the same level of the GCP because
its financial profile may deteriorate due to its parent's
weakness.  Consequently, a downgrade of BES would cause an
immediate downgrade of BESI Brasil.

The stable outlook reflects S&P's expectation that the bank will
maintain sound liquidity and adequate capitalization with a risk-
adjusted capital (RAC) ratio above 7%.  S&P also expects the bank
won't materially increase its risk appetite and that it will
continue to demonstrate good risk-management practices.
Additionally, it reflects its parent stable outlook.

S&P could downgrade the bank if BES's creditworthiness weakens,
because when it believes that potential risks at the parent could
affect the subsidiary, S&P generally don't rate a subsidiary
higher than the GCP, even when the subsidiary's SACP is stronger
than the GCP.  A downgrade is also possible if BESI Brasil's RAC
ratio falls to less than 7%.  Conversely, an upgrade is unlikely
at this time.


OSX BRASIL: Extends OGX Tubarao Azul Oilfield Test Contract
-----------------------------------------------------------
Reuters reports that OSX Brasil SA extended until July 17 the test
period for platform FPSO OSX-1 contracted by Oleo e Gas for the
Tubarao Azul oilfield, according to an OSX security filing.

Last month, Rio de Janeiro-based OSX and Oleo e Gas, formerly
known as OGX Petroleo e Gas Participacoes SA, had agreed to extend
the period to May 19, according to Reuters.

The sister companies filed for bankruptcy protection last year,
marking the collapse of Batista's EBX conglomerate, the report
notes.

                     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.


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C A Y M A N  I S L A N D S
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ABN AMRO: Creditors' Proofs of Debt Due June 5
----------------------------------------------
The creditors of ABN AMRO Services (BVI) Limited are required to
file their proofs of debt by June 5, 2014, to be included in the
company's dividend distribution.

The company's liquidator is:

          Stuart C E MacKellar
          c/o Paul Pretlove
          Telephone: +1 (284) 393 9600
          Facsimile: +1 (284) 393 9601
          e-mail: paul.pretlove@zolfocooper.vg


ASTRY LIMITED: Creditors' Proofs of Debt Due June 20
----------------------------------------------------
The creditors of Astry Limited are required to file their proofs
of debt by June 20, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 1, 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


BOYER ALLAN: Creditors' Proofs of Debt Due June 17
--------------------------------------------------
The creditors of Boyer Allan Pacific MAC Limited are required to
file their proofs of debt by June 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2014.

The company's liquidators are:

          Keiran Hutchison
          Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          c/o Ernst & Young Ltd, 62 Forum Lane
          Camana Bay, P.O. Box 510
          Grand Cayman KY1-1106
          Cayman Islands


CAROFRED LIMITED: Creditors' Proofs of Debt Due June 20
-------------------------------------------------------
The creditors of Carofred Limited are required to file their
proofs of debt by June 20, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 1, 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


CONCEPTS GCP: Creditors' Proofs of Debt Due June 17
---------------------------------------------------
The creditors of Concepts GCP MAC 85 Limited are required to file
their proofs of debt by June 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2014.

The company's liquidators are:

          Keiran Hutchison
          Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          c/o Ernst & Young Ltd, 62 Forum Lane
          Camana Bay, P.O. Box 510
          Grand Cayman KY1-1106
          Cayman Islands


KNO (CAYMAN ISLANDS): Creditors' Proofs of Debt Due June 19
-----------------------------------------------------------
The creditors of KNO (Cayman Islands), Ltd. are required to file
their proofs of debt by June 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2014.

The company's liquidator is:

          Tiffany D. Silva
          c/o Intel Corporation
          2200 Mission College Boulevard, RNB 4-151
          Santa Clara, California 95054
          United States of America


PORTOLAN PILOT: Creditors' Proofs of Debt Due June 11
-----------------------------------------------------
The creditors of Portolan Pilot Offshore Fund, Ltd. are required
to file their proofs of debt by June 11, 2014, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2014.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SPECTRUM CAYMAN: Creditors' Proofs of Debt Due June 17
------------------------------------------------------
The creditors of Spectrum Cayman Fund Limited are required to file
their proofs of debt by June 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2014.

The company's liquidators are:

          Keiran Hutchison
          Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          c/o Ernst & Young Ltd, 62 Forum Lane
          Camana Bay, P.O. Box 510
          Grand Cayman KY1-1106
          Cayman Islands


THEOREMA MAC 56: Creditors' Proofs of Debt Due June 17
------------------------------------------------------
The creditors of Theorema Mac 56 Limited are required to file
their proofs of debt by June 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 2, 2014.

The company's liquidators are:

          Keiran Hutchison
          Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          c/o Ernst & Young Ltd, 62 Forum Lane
          Camana Bay, P.O. Box 510
          Grand Cayman KY1-1106
          Cayman Islands


ZAIS MORTGAGE: Creditors' Proofs of Debt Due June 10
----------------------------------------------------
The creditors of Zais Mortgage Securities Ltd. are required to
file their proofs of debt by June 10, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 25, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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C H I L E
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CHILE: Energy Agenda Proves Ambitious but Lacks Specifics
---------------------------------------------------------
Fitch Ratings believes the ambitious energy agenda disclosed by
Chile's President Michelle Bachelet remains short on specifics,
and increases regulatory uncertainty in the Chilean energy sector
in the short term.  The goal of the agenda is to reduce end-
consumer energy prices while ensuring adequate energy supply to
the country's growing energy system.  The mechanisms by which the
government will seek to reduce these prices are still not fully
detailed.  In addition, concurrent tax increases (corporate and
emission taxes) could, in the end, offset the desired energy price
savings the government is seeking as in the end, power companies
would end up passing these higher costs to their end-customers.
Over the long term, final electricity prices to consumers will
continue to be largely determined by uncontrollable variables
including hydrology and the cost of thermal fuels (LNG and coal).

As noted, the agenda's introduction follows the government's
concurrent proposal to gradually increase the current 20%
corporate income tax rate to 25% by 2017 and the possibility that
a 'green tax' beginning in 2017 will be established (for more
details please see Fitch's report 'Chilean Tax Reform' dated May
7, 2014).  The green tax bill, in its original form, would tax
emissions produced by electric generators producing electric power
greater than or equal to 50 megawatts (MW).  Each ton of carbon
dioxide emissions would then be taxed at US$5/ton, while other
pollutants would be taxed at US$0.10 per ton.

In the short- to medium-term, both the corporate income tax and
green tax should raise revenue for the government (conversely,
reducing cash flows in the power industry, particularly at
companies with a higher mix of gas/coal generation), while mostly
keeping energy prices static for residential users.  In the long
term, however, these measures could offset the energy cost
reductions the government is seeking, as eventually the generators
would pass along these higher costs to end-customers.  Many large
industrial users would see immediate price increases as these
incremental tax costs will be passed-through to the customer per
existing power purchase agreements (PPAs).

On May 15, 2014, President Bachelet unveiled her energy agenda. As
part of the agenda, the Chilean government announced that it will
make a US$400 million capital addition to Empresa Nacional del
Petroleo (ENAP), with the government's rationale being that it
intends to strengthen ENAP's financial position and reinforce its
strategic importance as the national oil and energy company
(discussed in Fitch's May 15, 2014 press release, 'Fitch: Proposed
ENAP Capital Injection Signals Continued Linkage to Sovereign').

The agenda's goals are summarized below:

--The government will support the energy agenda with USD650
million, including a USD400 million capital injection in ENAP and
USD250 million in investments over the next four years. The aim is
to strengthen the State's role in the planning and regulation of
the power industry, while increasing private competition.

--Along with the expansion of the Quinteros Liquid Natural Gas
(LNG) plant, the government is seeking to construct a third
terminal in the South-Central region of the country with the
active participation of ENAP

--The government also announced the interconnection of the SIC
(Sistema Interconectado Central) and Sistema Interconectado del
Norte Grande (SING) electricity transmission systems, which would
help stabilize prices and energy supply through both systems, and
design a stabilization system for fuel prices which would reduce
the volatility in fuel prices.

--These measures should help reduce the marginal cost of electric
power in the SIC by 30% through 2017, bringing the average price
down from US$151/Megawatt Hour (MWh) in 2013 to US$106/MWh by
2017.

--Public power supply auctions for regulated customers would be
redesigned, seeking a 25% reduction of energy prices for homes,
enterprises and small businesses over the next decade. The average
price in the last public tender in 2013 had a price ceiling of
US$128/MWh, in which 80% of the energy blocks were awarded and 20%
did not receive any bids.

--Regarding non-conventional renewable energies (NCRE), the
government will reduce existing barriers for their development,
with the goal being that 45% of the new capacity installed in the
country between 2014-2025 is of non-conventional nature.

--In addition, the government will seek to encourage efficient
energy use among consumers, with a goal of 20% in consumption
savings (20,000 GWh/year, which is equivalent to the installed
capacity of a 2,000 MW coal power plant) by 2025.


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D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REP: Free Trade Pact Boosts Exports to United States
--------------------------------------------------------------
Dominican Today reports that despite complaints from some
productive sectors, the U.S.-Central America-Dominican Republic
free trade pact (Cafta-Dr) has boosted domestic exports to the
United States from US$3.1 billion in 2007 to US$4.1 billion
through 2013, or 24% higher, Industry and Commerce minister Jose
del Castillo said.

Minister del Castillo said statistics show the U.S. as the main
destination for Dominican exports, receiving 51% of the total in
2013, according to Dominican Today.

Minister del Castillo said the Treaty's preferential advantage and
the access to the U.S. market diversified domestic exports,
"enabling the placement of products such as fuses,
pharmaceuticals, and auto body parts and accessories."

Speaking during the American Chamber of Commerce's (AmchamDR)
monthly luncheon, Minister del Castillo stressed that 42.47% of
the total imports in 2013 came from the United States, or 1.8%
lower than the previous year.


XSTRATA PLC: Falcondo's 'Truth' Clashes With Groups' Resolve
------------------------------------------------------------
Dominican Today reports that while Xstrata Nickel (Falcondo) wages
the campaign "The truth about Loma Miranda" on most media, dozens
of professional and social organizations reaffirmed their resolve
to halt its exploitation.

Representatives of the groups announced their decision during a
meeting in the offices of the Engineers and Architects Guild
(Codia), which also ratified its decision to join the nationwide
push to create Loma Miranda National Park, according to Dominican
Today.

Among the speakers figured La Vega senator Euclides Sanchez, who
said that the exploitation of Loma Miranda would harm the area's
water sources, eliminate the endemics species and jeopardize the
quality of life of the people in the provinces that form the Cibao
region, the report notes.

Also speaking in the meeting were the prominent environmentalists
Luis Carvajal, Eleuterio Mart¡nez, Pedro Sing, Aridio Santos,
Milc¡ades Pichardo, Eduardo Hidalgo and Ana Daisy Guerrero, who
vowed to defend Loma Miranda's natural wealth, the report
discloses.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FINANCIAL: CLICO Policies Will Not Change, Bank Gov. Says
------------------------------------------------------------
Carla Bridglal at Trinidad Express reports that Trinidad and
Tobago Central Bank Governor Jwala Rambarran is assuring
traditional policyholders of insurance company CLICO that the
terms and conditions of their policies have "not changed at all".

"CLICO will continue to pay your monthly pension, honor your
health and life claims, renew all group and health and life
contracts, and receive and process your premiums. CLICO will
continue to provide you with the same excellent service to which
you have always been accustomed," Governor Rambarran said in an
e-mailed statement obtained by Trinidad Express.

The latest statement comes after the Bank issued a release,
clarifying media reports that CLICO was for sale, the report
notes.

Governor Rambarran said the Central Bank's plan for the resolution
of CLICO has always included the transfer of the "traditional"
insurance portfolio to a third party insurance company, and as
such, this group of policyholders was not included in the pay-out
arrangement by the government, but has continued to be serviced by
CLICO, the report discloses.

"As a first step in the transfer of the portfolio, an independent
valuation is being performed in accordance with the Central Bank
Act.  Following this exercise, the market will be invited to make
offers for the portfolio through an open and transparent process,"
the report quoted Governor Rambarran as saying.

The preferred buyer must meet the Central Bank's requirements,
including capital and "fit and proper" requirements, Governor
Rambarran added, the report notes.

                       About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


HINDU CREDIT UNION: Customers to be Paid by Year's End
------------------------------------------------------
Anna Ramdass at Trinidad Express reports that customers who
invested money in the failed Hindu Credit Union will be paid
before year's end, Finance Minister Larry Howai said.

Speaking at the post-Cabinet news conference at the Office of the
Prime Minister, St Clair, Mr. Howai said millions of dollars had
already been paid to thousands of depositors and Government will
be bringing legislation to Parliament to complete payments via
bonds for depositors who had over TT$75,000 in the HCU, according
to Trinidad Express.

The report notes that this entire process should be wrapped up
before the end of the year.

Mr. Howai said HCU was placed in liquidation in 2008 and at that
time there were no arrangements made to meet the liabilities of
HCU depositors, Trinidad Express relays.

The People's Partnership Government, in 2011, decided that all
payments would be made to the HCU depositors and shareholders, Mr.
Howai added, the report notes.

Those who had up to TT$75,000 would have been paid the full amount
in cash and those over TT$75,000 will receive TT$75,000 in cash
and the remainder in bonds with a maturity of one to 20 years, the
report discloses.

Mr. Howai said HCU had approximately 147,000 depositors and some
19,000 have been paid TT$232 million to date, the report notes.

The report discloses that Mr. Howai said those who had TT$75,000
and less comprised 146,000 and to date, some 17,871 have been paid
TT$135 million.

Mr. Howai said many of the depositors had very small deposits in
the HCU and despite advertisements to come collect their money,
people have not come forward, possibly because of the size of the
deposits, the report says.
Mr. Howai said some 15,000 people had over TT$75,000, some 1,289
have been repaid TT$75,000, amounting to TT$97 million to date,
the report adds.

                            About HCU

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Trinidad Express said that former Hindu
Credit Union President Harry Harnarine said that the Trinidad and
Tobago government is "fooling" depositors and shareholders with
its "Offer of Relief" and any attempt at payments would be
prevented by legal complications.  Trinidad Express related that
Mr. Harnarine also pointed out that the clause in the Offer of
Relief was for credit union members to transfer their rights to
the government.  Mr. Harnarine, Trinidad Express relayed, argued
that members would be in contempt of court if they gave up their
rights, as a credit union share was vested in the society, and
this would be blocked by the State Solicitor and attorneys.

The failed credit union was put into liquidation by the government
in 2009.  The High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


BOND PRICING: For the Week From May 19 to May 23, 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.

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 * * *