TCRLA_Public/140616.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, June 16, 2014, Vol. 15, No. 117


                            Headlines




B E L I Z E

* BELIZE: To Improve Education With $10 Million Loan From IDB

B R A Z I L

BANCO DO BRASIL: S&P Retains B+ Rating on $2.5BB Instruments
GLOBOAVES SAO PAULO: S&P Assigns Prelim. 'B' CCR; Outlook Stable
GLOBOAVES SAO PAULO: Fitch Assigns 'B' Issuer Default Ratings


C A Y M A N  I S L A N D S

AMETHYST LIMITED: Members' Final Meeting Set for July 2
APHATSUM LIMITED: Members' Final Meeting Set for July 2
BROOKMANS INVESTMENTS: Members' Final Meeting Set for July 2
DEKANIA CDO: A.M. Best Affirms 'c' Ratings on 3 Classes of Notes
FIB HOLDINGS: Members' Final Meeting Set for June 30

HOTSPUR INVESTMENTS: Members' Final Meeting Set for July 2
IRIS HOLDINGS: Members' Final Meeting Set for July 2
JADE I: Members' Final Meeting Set for June 30
LOVAT FUNDING: Members' Final Meeting Set for June 23
REGENT PACIFIC: Members' Final Meeting Set for July 8

VINTRY FUNDING: Members' Final Meeting Set for June 23


D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Falconbridge Dominicana Analyzes Senate Panel Report


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Pumps US$30 Million Into System


X X X X X X X X X

* Poor Growth in 2014 for Developing Countries, Says World Bank
BOND PRICING: For the Week From June 9 to June 13, 2014


                            - - - - -


===========
B E L I Z E
===========


* BELIZE: To Improve Education With $10 Million Loan From IDB
-------------------------------------------------------------
The Inter-American Development Bank has approved a $10 million
loan designed to help Belize improve its primary education and the
governance of its education system.

The program aims to prepare the teachers by supporting training
institutes for new teachers and by training close to half of the
country's current primary education teachers.  The program will
also train primary school principals, develop, and implement an
information system for education management, which will benefit
all of the country's primary and secondary schools.

In recent years, the IDB has increasingly supported efforts to
improve education and quality of teaching in Belize, and education
is one of four priority areas in the Bank's current country
strategy with Belize.  The program directly supports Belize's
national education strategy (2011-16), designed to alleviate high
rates of grade repetition (only 48 percent of girls and 38 percent
of boys make it all the way through primary school without
repeating a grade), and overall low academic performance.

This is a 25-year loan with a grace period of five years, and an
interest rate pegged to the LIBOR.


===========
B R A Z I L
===========


BANCO DO BRASIL: S&P Retains B+ Rating on $2.5BB Instruments
------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' issue rating
on Banco do Brasil S.A.'s (BdB; foreign currency: BBB-/Stable/A-2)
remains unchanged on the finalized amount for the 9.0% perpetual
hybrid instruments, at $2.5 billion.  S&P considers these
instruments to have "intermediate" equity content as it believes
they are able to absorb losses while the bank is a going concern.
S&P don't expect the final amount to weaken the bank's credit
metrics.

RATINGS LIST

Banco do Brasil S.A.
  Foreign currency                               BBB-/Stable/A-2
  $2.5 bil 9.0% perpetual hybrid instruments     B+


GLOBOAVES SAO PAULO: S&P Assigns Prelim. 'B' CCR; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
corporate credit ratings to Globoaves Sao Paulo AgroavĀ”cola Ltda.
(Globoaves) and to its proposed $150 million notes issuance.  The
outlook on the corporate credit rating is stable.

The final ratings will depend on the debt issuance meeting all the
terms and conditions S&P has assumed.  The preliminary ratings
should not be construed as evidence of the final ratings.  If
Standard & Poor's does not receive the final documentation within
a reasonable time frame, or if the final documentation departs
from materials reviewed, S&P reserves the right to withdraw or
revise its ratings.

The preliminary ratings reflect S&P's view of Globoaves'
"vulnerable" business risk and "aggressive" financial risk
profiles.  S&P's analysis considers the successful issuance of the
company's proposed $150 million notes, and that it will use all
the proceeds to pay down short-term debt.  "We analyze all the
companies that make up the group on a consolidated basis as they
operate in the same industry, share the same management and
strategies, and all cash and debt are managed together.  Also, its
subsidiary and its most important affiliates will guarantee the
proposed notes, and the issuer is also an operating company," said
Standard & Poor's credit analyst Marcelo Tayar.


GLOBOAVES SAO PAULO: Fitch Assigns 'B' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has assigned long-term foreign- and local-currency
Issuer Default Ratings (IDRs) of 'B' to Globoaves Sao Paulo
Agroavicola Ltda (Globoaves), as well as a National Scale rating
of 'BBB(bra)'. In conjunction with these rating actions, Fitch
assigns an initial expected rating of 'B/RR4[EXP]' to the
company's proposed USD200 million senior unsecured notes due in
2019. These notes will be issued by Globoaves Finance Ltd, a
wholly owned subsidiary of Globoaves based in Luxembourg and will
be unconditionally and irrevocably guaranteed by Globoaves,
Globoaves Biotecnologia Avicola Ltda. and Kaefer Agro Industrial
Ltda. The proceeds of the proposed issuance will be used to
refinance short-term debt and finance part of the company's capex
plan. The Rating Outlook is Stable.

The 'B' rating reflects Globoaves' operations in the volatile meat
protein business, which results in significant fluctuation in its
earnings and cash flow generation. The company has tight financial
flexibility and high refinancing risk should the note not be
placed in the market. The success of issuing long-term debt is
embedded in the ratings and a lack of debt refinancing would
trigger a negative rating action.

Positively, Globoaves has a long operational track record and a
relatively large market position in the niche segment of
fertilized eggs and day-old-chicken production. The high margin of
its genetics and breeding businesses, which represented 75% of
total combined EBITDA in 2013, mitigates the volatility and small
size of its protein segment. Globoaves' capital structure is
moderately leveraged with its consolidated net adjusted
debt/EBITDAR ratio at 2.0x during 2013.

KEY RATING DRIVERS

Well-Established Company in Volatile Industry

Globoaves has operated for more than 35 years in the genetics and
breeding stages of the poultry industry's supply chain. Combined,
the genetics and breeding businesses account for 75% of the
group's EBITDA. The balance of the company's EBITDA is generated
by its subsidiary, Kaefer Agroindustrial, which produces pork and
chicken. Globoaves' operating environment and cash flow are
volatile. The prices of Globoaves' products are outside the
company's control, as they depend upon demand for broilers,
chicken and pork meat, while its costs are highly correlated with
grain prices.

Low Liquidity

Globoaves' has a very weak liquidity position due to high short-
term financial obligations relative to cash and marketable
securities. As of Dec. 31, 2013, Globoaves reported consolidated
cash of BRL27 million, which covered less than 10% of its BRL297
million of short-term debt obligations. Although cash flow from
operations (CFFO) is positive, it is also not enough to repay
short-term debt. During 2013, cash plus CFFO totaled only BRL68
million. The group's financial flexibility is constrained by a
high level of secured bank debt. Positively, Globoaves' short-term
debt is largely related to trade finance debt and has been rolled
over as a result of the company's strong flow of exports. The
planned five-year bond issuance is expected to address the
refinancing risk, as the majority of proceeds will be used to
refinance short-term debt, which, in turn, will result in a
release of existing guarantees and sureties.

Relatively High Consolidated Profitability

The company operates with a relatively high consolidated EBITDA
margin basis compared with protein processors and agricultural
trading companies, which operate with single-digit margins. In
2013, Globoaves' combined businesses generated BRL253 million of
EBITDA. This figure compares positively with BRL136 million in
2012. Similarly, the company's EBITDA margin expanded to 22% from
12% during this time period. Results during 2012 were hit hard by
high grain prices. Respectively, about 40% and 80% of Globoaves'
consolidated net revenues and EBITDA come from its genetics
business.

FCF to Remain Negative in Short Term

Although Globoaves' EBITDA generation was high in 2013, its free
cash flow (FCF ) was negative BRL 60 million due to large working
capital needs for grain and high capex levels. The company plans
to increase its protein production capacity by investing an
additional BRL100 million in capex during 2014 through 2016. Fitch
expects FCF to turn moderately positive by 2016.

Moderate Leverage

Leverage at Globoaves was only moderately high during 2013 due to
the sharp upturn in EBITDA. For 2013, the company ended the year
with a net adjusted debt/EBITDA ratio of 2.0x; this compares with
3.0x during 2012. Fitch expects the company's leverage to be in
the range of 2.0x to 2.3x during the next two years.

RATING SENSITIVITIES

A rating downgrade could be triggered by the lack of success in
refinancing short-term debt with the announced note. A negative
rating action may also occur if the company's business position
deteriorates or if it has a debt-financed acquisitions.

A solid operational improvement which results in net leverage of
around 1.5x on a consistent basis, combined with a solid liquidity
position and an improved debt maturity schedule, could lead to a
positive rating action.


==========================
C A Y M A N  I S L A N D S
==========================


AMETHYST LIMITED: Members' Final Meeting Set for July 2
-------------------------------------------------------
The members of Amethyst Limited will hold their final meeting on
July 2, 2014, at 10:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Christopher Tushingham
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


APHATSUM LIMITED: Members' Final Meeting Set for July 2
-------------------------------------------------------
The members of Aphatsum Limited will hold their final meeting on
July 2, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Golden Eagle Holdings Ltd.
          Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


BROOKMANS INVESTMENTS: Members' Final Meeting Set for July 2
------------------------------------------------------------
The members of Brookmans Investments Limited will hold their final
meeting on July 2, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Management Services Limited
          Barclays Private Bank & Trust (Cayman) Limited
          First Caribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


DEKANIA CDO: A.M. Best Affirms 'c' Ratings on 3 Classes of Notes
----------------------------------------------------------------
A.M. Best Co. has affirmed the debt ratings on multi-tranche
collateralized debt obligation (CDO) co-issued by two bankruptcy
remote special purpose vehicles: Dekania CDO I, Ltd. (Cayman,
Islands) and Dekania CDO I, Inc. (Delaware) (collectively known as
Dekania I and issuers).  The outlook for all ratings is stable.

The principal balance of the rated notes are collateralized by a
pool of trust preferred securities, surplus notes and secondary
market securities (collectively, the capital securities),
primarily issued by small- to medium-size insurance companies.
The capital securities are pledged as security to the notes.
Interest paid by the issuers of the capital securities are the
primary source of funds to pay operating expenses of the issuers
and interest on the notes.  Repayment of the notes principals are
primarily funded from the redemption of the capital securities.

These rating actions primarily reflect: (1) the current issuer
credit ratings (ICR) of the remaining issuers of the capital
securities; (2) a stress of up to 250% on the assumed marginal
default rates of insurers (derived from Best's Idealized Default
Rates of Insurers); (3) the amount of capital securities
considered to be in distress; (4) recoveries of 0% after the
defaults of the capital securities; and (5) qualitative factors
such as the effect of interest rate spikes; subordination levels
associated with each rated tranche; the adjacency of very high
investment grade ratings to very low non-investment grade ratings
in the transaction's capital structure and the possibility that
additional redemptions of highly rated entities will leave lower
rated companies in the collateral pool.  The ratings could be
upgraded or downgraded and/or the outlook revised if there are
material changes in the ICRs of the remaining insurance carriers,
an increase in the number of defaulted capital securities and/or
additional capital security redemptions.

The following debt ratings have been affirmed:

Dekania CDO I, Ltd. and Dekania CDO I, Inc.--

-- "aaa" on $69.00 million Class A-2 Second Priority Senior
Secured Floating Rate Notes Due 2034

-- "a-" on $40.00 million Class B Third Priority Senior Secured
Floating Rate Notes Due 2034

-- "c" on $6.00 million Class C-1 Fourth Priority Senior Secured
Fixed/Floating Rate Notes Due 2034

-- "c" on $30.00 million Class C-2 Fourth Priority Senior Secured
Fixed/Floating Rate Notes Due 2034

-- "c" on $16.30 million Class D Mezzanine Secured Floating Rate
Notes Due 2034

These are structured finance ratings.


FIB HOLDINGS: Members' Final Meeting Set for June 30
----------------------------------------------------
The members of Fib Holdings will hold their final meeting on
June 30, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


HOTSPUR INVESTMENTS: Members' Final Meeting Set for July 2
----------------------------------------------------------
The members of Hotspur Investments Limited will hold their final
meeting on July 2, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher Tushingham
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


IRIS HOLDINGS: Members' Final Meeting Set for July 2
----------------------------------------------------
The members of Iris Holdings Limited will hold their final meeting
on July 2, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Golden Eagle Holdings Ltd.
          Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


JADE I: Members' Final Meeting Set for June 30
----------------------------------------------
The members of Jade I, Inc. will hold their final meeting on
June 30, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LOVAT FUNDING: Members' Final Meeting Set for June 23
-----------------------------------------------------
The members of Lovat Funding (Cayman) Limited will hold their
final meeting on June 23, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Mr. Barry MacManus
          Telephone: (345) 814 8997
          e-mail barry.macmanus@ky.ey.com
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


REGENT PACIFIC: Members' Final Meeting Set for July 8
-----------------------------------------------------
The members of Regent Pacific Fund will hold their final meeting
on July 8, 2014, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Rainier Hok Chung Lam
          c/o William Tse
          Telephone: (852) 2289 2581
          Facsimile: (852) 2289 5300
          Prince's Building, 22nd Floor
          Central
          Hong Kong


VINTRY FUNDING: Members' Final Meeting Set for June 23
------------------------------------------------------
The members of Vintry Funding (Cayman) Limited will hold their
final meeting on June 23, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


XSTRATA PLC: Falconbridge Dominicana Analyzes Senate Panel Report
-----------------------------------------------------------------
Dominican Today reports that the mining company Falconbridge
Dominicana said it is in a process of review and analysis of the
report rendered by the Special Senate Committee studying the bill
that seeks to declare Loma Miranda as a national park.

The mining company said it currently analyzes the report along
with its lawyers, but makes it clear that this initiative does not
conclude the process involved in a legislation for which it cannot
issue any consideration, according to Dominican Today.

"We recognize the interest that has shown the population in
defense of the environment, which has been a policy implemented by
us for more than 50 years, in all the places where we operate and
even on the grounds of the company in Loma Miranda, where we have
planted more than 170,000 trees to care for the basin of the
Jaguey rive, the only permanent stream located in the area," the
company said, 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
===============================


TRINIDAD & TOBAGO: Central Bank Pumps US$30 Million Into System
---------------------------------------------------------------
Carla Bridglal at Trinidad Express reports that the United States
dollar exchange rate dropped almost TT$0.10 on June 11, one day
after the Central Bank and the Bankers' Association (BATT) met to
determine how best to manage the tightness in the domestic foreign
exchange market.

Trinidad Express notes that the exchange rate, which had been
hovering around TT$6.45 to US$1, dropped to TT$6.343 on June 11,
following a US$30 million injection into the system by the Central
Bank.   The report relates that it came with an assurance to BATT
that, depending on commercial banks' demand, the bank will
intervene with more timely, sustained interventions to maintain
equilibrium in the market.

This is the lowest rate since 2009.

"It's a function of supply and demand.  The market is flush (with
US dollars) as predicted, especially with energy company
conversions and the US$30 million add from Central Bank, so supply
has risen in the market," the report quoted BATT President Larry
Nath as saying.

The report notes that Mr. Nath warned that the rate could contract
again in July as supply contracts.

"(The meeting with BATT) was to remove the uncertainties of
supplies of foreign exchange into the market, and following that
meeting the bankers gave their assurances to the community that
their demands will be met-customers are coming away satisfied that
their demands are being met," the report quoted Central Bank
Governor Jwala Rambarran as saying.

The report notes that Governor Rambarran said the bank is
projecting significant inflows of foreign exchange in the next two
weeks to three weeks of June, which is a typically liquid month;
he added that the Central Bank is committed to meeting (any)
shortfall.

Governor Rambarran, the report discloses, also met with several
members of several business chambers, including the Trinidad and
Tobago Chamber of Industry and Commerce; the Trinidad and Tobago
Manufacturers' Association and the Supermarkets' Association.

The report relates that Chamber Chief Executive Catherine Kumar
said the meeting has helped the organization understand that there
will be a level of predictability about injections into the
system, the Chamber's members will now has certainty.

The report notes that Nicholas Lok Jack from the TTMA said since
injections last month from the Bank to alleviate trade tightness,
TTMA members have seen a better disbursement of funds, and expect
it to be up to 100 per cent in the coming weeks.

Former president of the Supermarkets' Association Balliram Maharaj
said if the two per cent drop in the exchange rate is maintained
then the country can see a drop in prices as it relates to
importation in goods and services, the report relates.

Group Treasury and Foreign Exchange head at Republic Bank, Charles
Mouttet said the country has enough foreign exchange on a clobal
basis, but the tighteness situation had created a "self-fulfilling
prophcy" where people are concerned and so overbuy, and contribute
to the tightness, the report discloses.

"We have enough on a global basis.  There have been some issues in
distriobution that commercial banks have been resolving with the
Central Bank.  It's never going to be you walk in and ask for $5
million and you'll get it.  We will meet the demands that are
normal from our corporate clients.  We do not expect any
difficulty in meeting legitimate demands from our retail customers
for travel, education, so we expect things to be very settled
going forward.  What we are seeing now is stability and ready
access to legitimate demands to US dollars. So we don't anticipate
problems . . . it's just about getting the dollars to the ppl who
need it when they need it.  People do not need to over buy and
hoard: the money will be there when they need it," Mr. Mouttet
said, the report adds.



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


* Poor Growth in 2014 for Developing Countries, Says World Bank
---------------------------------------------------------------
Trinidad Express reports that developing countries are headed for
a year of disappointing growth, as first quarter weakness in 2014
has delayed an expected pick-up in economic activity, the World
Bank's Global Economic Prospects (GEP) report has said.

Bad weather in the United States, the crisis in Ukraine,
rebalancing in China, political strife in several middle-income
economies, slow progress on structural reform, and capacity
constraints are all contributing to a third straight year of sub
five per cent growth for the developing countries as a whole, the
Bank said in the report, according to Trinidad Express.

"Growth rates in the developing world remain far too modest to
create the kind of jobs we need to improve the lives of the
poorest 40 per cent," said World Bank Group President Jim Yong Kim
in a statement from the Bank's Washington, DC headquarters, the
report notes.

"Clearly, countries need to move faster and invest more in
domestic structural reforms to get broad-based economic growth to
levels needed to end extreme poverty in our generation," the
report quoted President Kim as saying.

The report discloses that the Bank has lowered its forecasts for
developing countries, now eyeing growth at 4.8 per cent this year,
down from its January estimate of 5.3 per cent.  Signs point to
strengthening in 2015 and 2016 to 5.4 and 5.5 per cent,
respectively, the report notes.

China is expected to grow by 7.6 per cent this year, but this will
depend on the success of rebalancing efforts.

If a hard landing occurs, the reverberations across Asia will be
widely felt, the report relates.

Activity in the Latin America and the Caribbean region has been
weak, reflecting stable or declining commodity prices, the drop in
first quarter US GDP growth and domestic challenges, the Bank
stated, the report relates.

The report notes that the regional weakness carries over from
2013, weighing on merchandise exports in a number of countries.

First quarter data for Argentina, Brazil, Mexico and Peru was
weak, reflecting a variety of influences including the weather-
related decline in US GDP, the recent tax increase in Mexico and
slower Chinese growth, the report discloses.

In contrast, Bolivia and Panama are expected to grow by more than
five per cent this year, the report relates.  Regional exports,
including tourism receipts in the Caribbean, are expected to firm
due to stronger growth in advanced countries, and improved
competitiveness following earlier currency depreciations, the Bank
said, the report notes.

Brazil, the region's largest economy, is projected to grow at a
weaker-than-expected 1.5 per cent this year, strengthening to 2.7
per cent and 3.1 per cent in 2015 and 2016, respectively, the
report adds.


BOND PRICING: For the Week From June 9 to June 13, 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 * * *