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.


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