/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140825.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, August 25, 2014, Vol. 15, No. 167 Headlines A R G E N T I N A ARGENTINA: Judge Scolds Gov't, Doesn't Hold It in Contempt BANCO DE LA PROVINCIA: S&P Lowers Local Currency Rating to 'CCC-' B R A Z I L SABESP: Fitch Says EBITDA Pressured by Hydrologic Scenario C A Y M A N I S L A N D S BERNOULLI HIGH: Shareholder to Hear Wind-Up Report on Sept. 30 G CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 16 HIGHER MICROSYSTEMS: Shareholders' Final Meeting Set for Sept. 15 KESTREL FUNDS: Shareholder to Hear Wind-Up Report on Sept. 30 METALLICA DEVELOPMENT: Shareholders' Final Meeting Set for Sept. 3 REFCO OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 5 SINCERE HOLDINGS: Shareholder to Hear Wind-Up Report on Sept. 2 STRATEGY FUND: Shareholders' Final Meeting Set for Sept. 9 TANDEM GLOBAL: Member to Receive Wind-Up Report on Sept. 30 TANDEM GLOBAL MASTER: Member to Hear Wind-Up Report on Sept. 30 D O M I N I C A N R E P U B L I C * DOMINICAN REP: Ct. Halts Tax on Internet Purchases Below US$200 M E X I C O CEMEX SAB: To Build New Cement Plant in Colombia T R I N I D A D & T O B A G O TRINIDAD CEMENT: Reports $550 Million Revenue for 2Q 2014 TRINIDAD CEMENT: New Board Members Appointed * TRINIDAD & TOBAGO: Central Bank Sells US$50 Mil. More to System X X X X X X X X X * BOND PRICING: For the Week From August 18 to August 22, 2014 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Judge Scolds Gov't, Doesn't Hold It in Contempt ---------------------------------------------------------- Alexandra Stevenson, writing for The New York Times' DealBook, reported that Judge Thomas P. Griesa of the U.S. District Court in Manhattan said Argentina's attempt to skirt one of his rulings was "lawless" but stopped short of finding the country in contempt of court. According to the report, the federal judge held an emergency hearing at the request of lawyers for a group of New York hedge funds that are seeking more than $1.5 billion in bond payments that Argentina has refused to pay. The hearing followed the announcement of Argentina's president, Cristina Fernandez de Kirchner, that her government was proposing legislation to bypass a ruling by Judge Griesa that has prevented Argentina from making regular payments to its bondholders. Hugh Bronstein and Alejandro Lifschitz, writing for Reuters, reported that the Argentine government has sent a bill to Congress that would replace its New York intermediary bank with state-run Banco Nacion. According to the county's economy minister, the new plan aims to protect creditors who participated in two debt restructurings, Reuters related. Bob Van Voris, writing for Bloomberg News, related that during the emergency hearing, Judge Griesa denied a request by the hedge funds' lawyers, saying that a contempt finding wouldn't add to the prospects of a settlement between Argentina and its creditors. * * * The Troubled Company Reporter-Latin America, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a $539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the $1.5 billion they claimed. The country hasn't been able to access international credit markets since its $95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. BANCO DE LA PROVINCIA: S&P Lowers Local Currency Rating to 'CCC-' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its local currency rating on Banco de la Provincia de Buenos Aires S.A. (BPBA) to 'CCC-' from 'CCC+' and removed it from CreditWatch negative implications, where S&P placed it on June 18, 2014. At the same time, S&P affirmed its 'CCC-' foreign currency rating on the bank. The outlook on the foreign and local currency ratings is negative. "The rating actions on BPBA follow similar actions we took on the province of Buenos Aires, which owns the bank," said Standard & Poor's credit analyst Ivana Recalde. S&P lowered the local currency rating on the province following S&P's review of its liquidity position and ability to continue servicing financial obligations in local and foreign currencies under a scenario of deteriorated macroeconomic conditions with limited external financing (after S&P lowered the rating on the Republic of Argentina to 'SD'), and in which cross-default clauses included in the province's debt obligations would be activated. S&P expects the sovereign's selective default to weaken the overall macroeconomic environment in Argentina in the next 12 months through lower economic growth, increasing difficulties for non- sovereign entities to access external debt markets, higher inflation, and increased pressure on the exchange rate. Industry risks for banks operating in Argentina are also high. The executive branch is politically influencing the central Bank, which S&P believes limits its authority and capacity to effectively address potential problems in the banking sector. For example, regulations in the past couple of years that introduced caps on fees, commissions, interest rates on certain types of lending, and lending quotas weaken risk management and banks' profitability and capital build-up. S&P also believes weak retail depositor confidence and a very short-term domestic customer deposit base increase industry risks. Furthermore, in S&P's opinion, the country has a narrow capital market and limited access to foreign capital markets, resulting in a lack of funding diversification. The rating on BPBA is based on its "strong" business position, "very weak" capital and earnings, "adequate" risk position, "above average" funding, and "strong" liquidity. The negative outlook on BPBA reflects the rating outlook on the province of Buenos Aires, given the strong integration of the bank with the province. The negative outlook on the global scale ratings of the province reflects the risks that LRGs will continue to face given deteriorated economic conditions, including potentially more restricted access to foreign currency in a scenario of limited external financing due to the recent sovereign default. S&P could lower the ratings if it perceives the central government might further tighten its exchange control regime, which could impair its ability to service foreign currency debt. S&P could raise its ratings if the risks of the sovereign limiting access to foreign currency diminish and overall economic and fiscal conditions improve. =========== B R A Z I L =========== SABESP: Fitch Says EBITDA Pressured by Hydrologic Scenario ---------------------------------------------------------- Companhia de Saneamento Basico do Estado de Sao Paulo's (Sabesp) reported results for 2Q'14 are in line with Fitch Ratings' expectations given the continued unfavorable hydrologic pressures on Sabesp's financial profile. These pressures led Fitch to revise the company's Rating Outlook to Negative on May 23, 2014. Sabesp's ratings remain pressured, and the key credit factors that mostly influence the company remain the period that Sabesp will require to stabilize its operating cash flow at historical levels and its capacity to reduce and postpone some expenses and investments during this critical period to avoid higher reliance on new debts. These concerns are still highly uncertain and should define the magnitude of the impact on company's credit metrics over the medium to long term, in a scenario of stabilized hydrology. Sabesp faces a stressed operating scenario, due to the prolonged low level of rains in the region of Cantareira System reservoirs, in the state of Sao Paulo. This system is responsible for the production of almost one third of the water volume produced by the company and for the supply to its main service region. As of Aug. 21, Sabesp's Cantareira System Reservoirs water level was low at 12.5%. The prolonged drought scenario after November will further deteriorate the company's operating environment. The company has taken actions to avoid water rationing, since February 2014, that include an incentive program to reduce water consumption for consumers within the metropolitan region of Sao Paulo, which should be in place until December 2014. Under this program, the company grants a 30% tariff discount for clients that reduce by 20% the volume of water consumed. Another measure, which has been affecting the company's operating cash generation, was the postponement by the company of the 5.4% tariff readjustment authorized by the regulator for implementation in May 2014. In Fitch's view, this decision is negative, since it does not follow an economic reasoning in an environment of strong lack of water. Such scenario should rely on strategic decisions associated with more restrictive measures on volume and pricing in order to limit more drastically the water consumption by the population of Sao Paulo. Fitch maintains its estimates on Sabesp's EBITDA, on its base scenario for 2014, at BRL2.6 billion, against the BRL4 billion reported in 2013. During the second quarter of 2014, the EBITDA reported by Sabesp, of BRL667 million, was equivalent to 32% margin and represented a 27% reduction against the same quarter of 2013, when the EBITDA was BRL913 million with a 43% margin. The accumulated EBITDA of BRL1.6 billion in the first six months of 2014 reflects a still strong first quarter, under the influence of high temperatures, with an EBITDA and EBITDA margin of BRL973 million and 43%, respectively. Sabesp's net leverage, based on Fitch's methodology, could increase to over 4.0 times in 2014, from 2.5 times and 2.7 times recorded at year-end 2013 and 2012, respectively. This leverage level is high for its rating category. The ratio measured by net debt/EBITDA was at 2.7 times during the last 12 months ended on June 30, 2014. The net leverage could return to a level in line with the current ratings, as soon as hydrologic conditions return to normal. Despite the negative pressure on company's operating cash flow, Sabesp's liquidity remained sound to support its short- term obligations. Short-term debt coverage ratios remained satisfactory at 2.9 times, when measured by (cash/short-term debt) and 6.6 times when measured by ((cash+FFO)/short-term debt). In 2013 these coverage ratios were 2.8 times and 7.1 times, respectively. Fitch currently rates Sabesp as follows: -- Long-Term Foreign Currency Issuer Default Rating (IDR) 'BB+'; -- Long-Term Local Currency IDR 'BB+'; -- Long-Term National Rating 'AA(bra)'; -- Senior unsecured notes due in 2016 and 2020 'BB+'. The corporate Rating Outlook is Negative. ========================== C A Y M A N I S L A N D S ========================== BERNOULLI HIGH: Shareholder to Hear Wind-Up Report on Sept. 30 -------------------------------------------------------------- The shareholder of Bernoulli High Grade CDO II, Ltd. will receive on Sept. 30, 2014, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 G CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 16 ------------------------------------------------------------ The sole shareholder of G Capital Systematic Fund II, Ltd will receive on Sept. 16, 2014, at 8:40 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan Turnham Telephone: +1 (345) 815 1839 Facsimile: +1 (345) 949 9877 HIGHER MICROSYSTEMS: Shareholders' Final Meeting Set for Sept. 15 ----------------------------------------------------------------- The shareholders of Higher Microsystems Technology Co., Ltd. will hold their final meeting on Sept. 15, 2014, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Fei Jian-Jiang Telephone: +865126696588 Room 108, Building 12, Xin Du Square SIP Su Zhou, Jiang Su Province People's Republic of China KESTREL FUNDS: Shareholder to Hear Wind-Up Report on Sept. 30 ------------------------------------------------------------- The shareholder of Kestrel Funds Limited will receive on Sept. 30, 2014, at 9:45 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 METALLICA DEVELOPMENT: Shareholders' Final Meeting Set for Sept. 3 ------------------------------------------------------------------ The shareholders of Metallica Development Fund Ltd. will hold their final meeting on Sept. 3, 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: Avalon Ltd. Landmark Square, 1st Floor 64 Earth Close P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 REFCO OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 5 ------------------------------------------------------------- The shareholder of Refco Offshore Managed Futures Fund Ltd will receive on Sept. 5, 2014, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eleanor Fisher Zolfo Cooper (Cayman) Limited, 38 Market Street, 2nd Floor Canella Court, Camana Bay Grand Cayman Cayman Islands KY1-9006 c/o Kevin Guirey Telephone: +1 (345) 323 9119 SINCERE HOLDINGS: Shareholder to Hear Wind-Up Report on Sept. 2 --------------------------------------------------------------- The shareholder of Sincere Holdings Limited will receive on Sept. 2, 2014, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eleanor Fisher Zolfo Cooper (Cayman) Limited, 38 Market Street, 2nd Floor Canella Court, Camana Bay Grand Cayman Cayman Islands KY1-9006 c/o Kevin Guirey Telephone: +1 (345) 323 9119 STRATEGY FUND: Shareholders' Final Meeting Set for Sept. 9 ---------------------------------------------------------- The shareholders of Strategy Fund Management will hold their final meeting on Sept. 9, 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: Trident Liquidators (Cayman) Limited c/o Eva Moore Telephone: (345) 949 0880 Facsimile: (345) 949 0881 One Capital Place, 4th Floor P.O. Box 847, George Town Grand Cayman KY1-1103 Cayman Islands TANDEM GLOBAL: Member to Receive Wind-Up Report on Sept. 30 ----------------------------------------------------------- The member of Tandem Global Emerging Markets Fund (Cayman), Ltd. will receive on Sept. 30, 2014, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 TANDEM GLOBAL MASTER: Member to Hear Wind-Up Report on Sept. 30 --------------------------------------------------------------- The member of Tandem Global Emerging Markets Master Fund, Ltd will receive on Sept. 30, 2014, at 9:15 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REP: Ct. Halts Tax on Internet Purchases Below US$200 ----------------------------------------------------------------- Dominican Today reports that the Superior Administrative Tribunal (TSA) has accepted an appeal against the Customs Department (DGA) by a number of entities that oppose the proposed tax on Internet purchases valued below US$200. The associations that submitted the appeal include the Justice and Transparency Foundation, the Chamber of Electronic Commerce, the Dominican Customer Protection Alliance and the Couriers' Association, according to Dominican Today. The report notes that the court ordered the Customs Department and its director Fernando Fernandez to refrain from applying the tax that had been announced on online purchases valued at less than US$200. The report discloses that TSA combined three appeals that had been submitted individually by several organizations by lawyers Felix Portes, representing Wendy Grullon, and Vidal Potentini, president of Justice and Transparency. =========== M E X I C O =========== CEMEX SAB: To Build New Cement Plant in Colombia ------------------------------------------------ Fox News Latino reports that CEMEX, S.A.B. de C.V. said it will start construction of a $340 million cement plant in Colombia. The first phase of the project includes construction of a new grinding mill that will begin to produce cement in the second quarter of 2015, Cemex said in a statement, adding that the rest of the plant will be completed in the second half of 2016, according to Fox News Latino. "We are proud to contribute to the development of Colombia and wish to continue to be a long-term partner on its path to a prosperous, sustainable future," the report quoted Cemex Chief Executive Officer Fernando Gonzalez as saying. The investment by Cemex Latam Holdings is expected to boost that unit's annual production capacity in Colombia from 4.5 million tons to nearly 5.5 million tons, the statement added, the report notes. The report discloses that the mill, to be built in the northwestern Colombian province of Antioquia, a region with high economic-growth levels, will create some 1,000 direct jobs in the construction phase and around 300 jobs once operations begin. "The plant will operate using modern and efficient technology to comply with high quality and environmental standards," Cemex said, the report relays. 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 July 31, 2014, Fitch Ratings affirmed the foreign and local currency Issuer Default Ratings (IDRs) of CEMEX, S.A.B. de C.V. (CEMEX) at 'B+', as well as it senior secured notes at 'BB- /RR3'. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD CEMENT: Reports $550 Million Revenue for 2Q 2014 --------------------------------------------------------- Trinidad and Tobago Newsday reports that Trinidad Cement Limited (TCL) has reported revenue of $550 million for the second quarter of this year. This was contained in the directors' statement that accompanied TCL's consolidated interim financial report that was released Aug. 14. The statement further noted that the TCL Group recorded growth in earnings before interest, taxes, depreciation and non-recurring charges of $18.6 million to $132.2 million, according to Trinidad and Tobago Newsday. The company also reported that the Industrial Court issued its ruling in the labor dispute involving workers in Trinidad, the report notes. The report said this resulted in an obligation of $100 million or retroactive pay for TCL and TPL to be paid by August 8. "Whil[e] the full provision has been made in the financials at June 30, the two affected companies appealed the entire ruling and a stay of execution has been granted until October 13, 2014, when the substantive matter will be heard," TCL said, reports Trinidad and Tobago Newsday. The report relays that the company also said its key markets in Trinidad, Guyana and Suriname remain buoyant while other markets have stabilized. TCL added that while a shareholder group is trying to hold a compulsory shareholders meeting, its attorneys have advised that the calling of such a meeting is in contempt of court, "as an Appeal Court injunction is currently in place," the report adds. About Trinidad Cement Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * As reported in the Troubled Company Reporter-Latin America on May 8, 2014, Fitch Ratings assigned the following initial ratings to Trinidad Cement Limited Group (TCL Group): --Foreign currency Issuer Default Rating (IDR) 'B-'; --Local currency IDR 'B-'; --Expected senior secured note issuance of up to USD325 million 'B-/RR4'. TRINIDAD CEMENT: New Board Members Appointed -------------------------------------------- RJR News reports that Chris Dehring, prominent Jamaican businessman, is among seven new members appointed to the Board of Trinidad Cement Limited (TCL), the parent company of Jamaica based Carib Cement Limited. Six directors of TCL including, Chairman Andy Bhajan resigned on Aug. 19, minutes before a special meeting by shareholders was due to be held to vote them out, according to RJR News. The shareholders later voted in the new directors. The report discloses that the resignation of the directors, including Chief Executive Officer Dr Rollin Bertrand came a few hours after Trinidad Cement lost an application in the Court of Appeal in Port of Spain for an injunction to block the meeting. Mr. Bertrand resigned as a director but maintained his position as chief executive officer. The new TCL board was expected to meet Aug. 19 to appoint the new Chairman. About Trinidad Cement Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * As reported in the Troubled Company Reporter-Latin America on May 8, 2014, Fitch Ratings assigned the following initial ratings to Trinidad Cement Limited Group (TCL Group): --Foreign currency Issuer Default Rating (IDR) 'B-'; --Local currency IDR 'B-'; --Expected senior secured note issuance of up to USD325 million 'B-/RR4'. * TRINIDAD & TOBAGO: Central Bank Sells US$50 Mil. More to System ----------------------------------------------------------------- Trinidad Express reports that Trinidad and Tobago Central Bank sold US$50 million to the banking system as part of what it said was a program of scheduled foreign exchange interventions. "This sale was timed to provide further support to the foreign exchange market based on anticipated lower volumes of conversions by energy sector companies during the second half of August 2014," the bank said in a statement obtained by Trinidad Express. The total amount of US dollar funds sold by the Central Bank to authorized dealers for the year so far is US$1.04 billion, the report notes. "For the year to date, the bank provided almost one-quarter of the total foreign exchange supply to the market," the statement said, the report relays. Trinidad and Tobago's net official reserves currently stand at US$10.134 billion, representing in excess of 12 months of import cover, Trinidad Express relates. "The Central Bank continues to closely monitor the domestic foreign exchange market and will act proactively to ensure market order and stability," the statement added, the report relays. In July, the bank sold US$175 million to the banking system. Its interventions have come amidst ongoing complaints from business groups and individual customers over several months about not being able to access US dollars at commercial banks, reports Trinidad Express. One of the groups, the Trinidad and Tobago Manufacturers' Association, complained last month that its members were not getting US dollars easily, the report notes. But bank sources told Trinidad Express that from its compiled data, 100 TTMA members were able to get more than US$82 million during weeks in June and July. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From August 18 to August 22, 2014 -------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- BES Finance Ltd 2.9 EUR 211913000 PDVSA 6 11/15/2026 USD 4500000000 ESFG International Ltd 5.8 EUR 52950000 PDVSA 6 5/16/2024 USD 5000000000 PDVSA 5.4 4/12/2027 USD 3000000000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 PDVSA 5.5 4/12/2037 USD 1500000000 Hindili Industry 8.6 11/4/2015 USD 380000000 BES Finance Ltd 4.5 EUR 95767000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 SMU SA 7.8 2/8/2020 USD 300000000 NQ Mobile Inc 4 10/15/2018 USD 172500000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Venezuela Governement 7.7 4/21/2025 USD 1599817000 Glorious Property Holdings Ltd 13 3/4/2018 USD 400000000 Renhe Commercial 13 3/10/2016 USD 600000000 Bank Austria 1.9 EUR 97608000 China Precisoin 7.3 2/4/2018 HKD 1028000000 BCP Finance Co 2.4 EUR 99063406.25 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BA-CA Finance Cayman 2 Ltd 2 EUR 51481000 Argentina Bonar Bonds 26 9/10/2015 ARS 5424358000 Inversora de Electrica 6.5 9/26/2017 USD 130263886 BCP Finance Co 4.2 EUR 72112000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 Argentina Government 4.3 12/31/2033 JPY 5840497000 PDVSA 6 5/16/2024 USD 5000000000 Argentina Boden Bonds 2 9/30/2014 ARS 930445250 PDVSA 6 11/15/2026 USD 4500000000 Greenfields Petroleum Corp 9 5/31/2017 CAD 23750000 Hindili Industry 8.6 11/4/2015 USD 380000000 Argentina Government 4.3 12/31/2033 JPY 2553017000 Argentina Bocon 2 1/3/2016 ARS 1608749924 Argentina Government 0.5 12/31/2038 JPY 21037843000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 Caixa Geral De Depositos Finance 1 EUR 44885000 SMU SA 7.8 USD 300000000 Renhe Commercial 13 3/10/2016 USD 600000000 Caixa Geral De Depositos Finance 2 EUR 65843000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BPI Capital Finance Ltd 2.9 EUR 15290000 Banif Finance Ltd 1.6 EUR 42234000 Banco BPI SA/Cayman Islands 4.2 11/14/2035 EUR 20000000 Empresas La Polar SA 3.8 10/10/2017 CLP 5000000 City of Buenos Aires Argentina 2 1/28/2020 USD 146771000 Aguas Andinas SA 4.2 12/1/2026 CLP 3289471.68 City of Buenos Aires Argentina 2 12/20/2019 USD 113229000 Venezuela Governement 7 3/31/2038 USD 1250003000 Empresa de Transporte 5.5 7/15/2027 CLP 3732799.8 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 1050000 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 644441.04 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 607142.76 Decimo Primer 4.5 10/25/2041 USD 37800000 Provincia del Chaco 4 12/4/2026 USD 10111047.85 Ruta de Bosque 6.3 3/15/2021 CLP 5062781.25 Talcan Chillan 2.8 12/15/2019 CLP 2978764.16 EMP Ferrocarriles Estado 6.5 1/1/2026 CLP 788572.14 *********** 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 * * *