TCRLA_Public/141103.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, November 3, 2014, Vol. 15, No. 217


                            Headlines



A R G E N T I N A

ARGENTINA: Central Bank Borrows US$814MM Under China Currency Swap


B R A Z I L

MENDES JUNIOR: S&P Revises Outlook to Neg. & Affirms 'B+' Rating


C A Y M A N  I S L A N D S

ALTAIRIS OFFSHORE: Creditors' Proofs of Debt Due Nov. 6
BTG PACTUAL: Placed Under Voluntary Wind-Up
CORINDA LIMITED: Placed Under Voluntary Wind-Up
GLOBAL UMBRELLA: Commences Liquidation Proceedings
KINGSBURG HOLDINGS: Creditors' Proofs of Debt Due Nov. 20

MAESTRA MANAGEMENT: Commences Liquidation Proceedings
MAESTRA MASTER: Commences Liquidation Proceedings
NIAGARA DISCOVERY: Commences Liquidation Proceedings
SIERRA MAESTRA: Commences Liquidation Proceedings
THEOREMA LIQUID: Creditors' Proofs of Debt Due Nov. 6

VALPARAISO PARTNERS: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Low Oil Prices to Save US$600M++, 'Despite Gloom'
DOMINICAN REP: Labor Asks Court to Force Talks for Wage Hike


J A M A I C A

DIGICEL GROUP: 1st Quarter Revenues Flat, Irish Time Says
JAMAICA: Public Debt Still a Concern for IMF
* JAMAICA: Big Jump in Fines for Illicit Quarrying


M E X I C O

EMPRESAS ICA: Rallies Most in 5 Months on US$264MM Shell Contract
MEXICO: Traders Bolster Bets Rates to Increase Over Next Year


X X X X X X X X X

* BOND PRICING: For the Week From October 27 to Oct. 31, 2014


                            - - - - -


=================
A R G E N T I N A
=================


ARGENTINA: Central Bank Borrows US$814MM Under China Currency Swap
------------------------------------------------------------------
Ken Parks at The Wall Street Journal reports that Argentina's
central bank tapped a currency swap line with its Chinese
counterpart for the first time in Oct. 30, requesting the
equivalent of about US$814 million at a time when its hard
currency reserves are under pressure.

Argentina and China agreed to the CNY70 billion currency swap
during a state visit by Chinese President Xi Jinping in July,
according to The Wall Street Journal.  Argentine officials said
the agreement will make it easier for Chinese companies to invest
in Argentina and strengthen the central bank's depleted reserves,
The Wall Street Journal notes.

"Under this agreement, the central bank could request additional
currency exchanges equivalent to a maximum of US$11 billion," the
bank said in a statement obtained by The Wall Street Journal.

The report notes that the three-year currency swap allows the two
central banks to lend as much as CNY70 billion and the equivalent
in Argentine pesos to each other for up to 12 months.  China is
Argentina's No. 2 trade partner after neighboring Brazil, the
report relays.

The yuan can be exchanged for dollars or euros in international
financial centers such as Hong Kong, London or Singapore, the
central bank said, the report discloses.

The Journal says that Argentina President Cristina Kirchner needs
all the hard currency she can get her hands on to avoid a major
devaluation before she steps down at the end of her second term in
December 2015.

The central bank's reserves are fast approaching a multiyear low
at US$27.4 billion due to fuel imports, debt payments and capital
flight, while dollar inflows have waned due to a drop in soy
prices and low foreign investment, the report relays.

Unable to raise dollars by selling bonds abroad due to a legal
dispute with creditors, the Kirchner administration is more
dependent than ever on trade for hard currency, says the report.
Earlier this month, the government struck a deal with exporters
that will see them ship US$5.7 billion in soy and grains in
exchange for authorization to export wheat and flour, the report
notes.

The lack of dollars has aggravated Argentina's deepest recession
since the 2001-02 economic crisis as the government cuts imports
to save hard currency, the report says.  At the same time, Mrs.
Kirchner's reliance on the printing of money to finance spending
has spawned one of the highest inflation rates in the world, which
some economists put as high as 40%, the report discloses.

Analysts expect the economy will contract 2.2% in 2014 and shrink
1.7% next year, according to a recent survey by FocusEconomics,
the report notes.  The 2015 federal budget forecasts 0.5% growth
this year, the report adds.

                          *     *     *

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 US$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 US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$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.


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


MENDES JUNIOR: S&P Revises Outlook to Neg. & Affirms 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its global scale rating
outlook on Mendes Junior Trading e Engenharia S.A. (MJTE) to
negative from stable.  In addition, S&P affirmed the 'B+' ratings
on MJTE.  At the same time, S&P lowered its national scale rating
on the company to 'brBBB-' from 'brBBB'.  The outlook on this
scale rating is negative.

The rating actions are based on the company's continuing high
concentration of short-term debt and our projection of lower cash
flow generation for the next two years, some project concentration
in backlog, and expected claims related to contracts in 2014.

S&P's business risk profile assessment on MJTE continues to
reflect its view of the company's smaller scale than those of its
peers in the Brazilian E&C industry (projected R$5.5 billion in
backlog by Dec. 2014), the concentration of backlog in the public
sector, and the execution risk related to the expanding backlog.
Despite its smaller size, thanks to MJTE's track record of winning
and executing projects, S&P believes that it has the expertise and
quality standards to participate in high-profile projects.


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


ALTAIRIS OFFSHORE: Creditors' Proofs of Debt Due Nov. 6
-------------------------------------------------------
The creditors of Altairis Offshore are required to file their
proofs of debt by Nov. 6, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 23, 2014.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


BTG PACTUAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Sept. 17, 2014, the sole shareholder of BTG Pactual Special
Purpose Fund II, Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815-1764
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CORINDA LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Sept. 23, 2014, the sole member of Corinda Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 28, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GLOBAL UMBRELLA: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 23, 2014, the sole shareholder of Global Umbrella Fund
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Bader AA Al-Sumait
          Global Investment House (K.P.S.C.)
          Global Tower, Shuhada Street
          Al Sharq, Kuwait


KINGSBURG HOLDINGS: Creditors' Proofs of Debt Due Nov. 20
---------------------------------------------------------
The creditors of Kingsburg Holdings Limited are required to file
their proofs of debt by Nov. 20, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 23, 2014.

The company's liquidator is:

          Lion International Management Limited
          c/o Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


MAESTRA MANAGEMENT: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 4, 2014, the shareholders of Maestra Management Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: +1 (345) 743 6630
          P.O. Box 11820 Grand Cayman
          Cayman Islands


MAESTRA MASTER: Commences Liquidation Proceedings
-------------------------------------------------
On Sept. 4, 2014, the sole shareholder of Maestra Master Fund SPC
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: +1 (345) 743 6630
          P.O. Box 11820 Grand Cayman
          Cayman Islands


NIAGARA DISCOVERY: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 4, 2014, the sole shareholder of Niagara Discovery Fund
Ltd. resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Michael Grant
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


SIERRA MAESTRA: Commences Liquidation Proceedings
-------------------------------------------------
On Sept. 4, 2014, the sole shareholder of Sierra Maestra Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: +1 (345) 743 6630
          P.O. Box 11820 Grand Cayman
          Cayman Islands


THEOREMA LIQUID: Creditors' Proofs of Debt Due Nov. 6
-----------------------------------------------------
The creditors of Theorema Liquid L/S Fund Ltd are required to file
their proofs of debt by Nov. 6, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2014.

The company's liquidator is:

          A.W. Lawson
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Giji Alex
          Telephone: +1 (345) 914-4350/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


VALPARAISO PARTNERS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Sept. 23, 2014, the sole member of Valparaiso Partners Ordinary
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 28, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


DOMINICAN REP: Low Oil Prices to Save US$600M++, 'Despite Gloom'
----------------------------------------------------------------
Dominican Today reports that despite a gloomy global economy and
volatile commodities prices, the Dominican Republic will save more
than US$600.0 million from the lower oil prices, as projected by
the International Monetary Fund (IMF).

Central banker Hector Valdez Albizu made the announcement at the
2nd Congress on Banking and Economy in Latin America.  The event
was hosted by the Commercial Banks Association (ABA) and the Latin
American banks grouped in FELABAN, according to Dominican Today.

The report notes that Mr. Valdez said the WTI global crude prices
have plunged from 99.36 to 84.56 dollars per barrel as stated by
the IMF night, and confirm a fall in the estimates of Dominic
Republic's current account deficit of 2.9% this year and 3.1% of
GDP in 2015.

Mr. Valdez predicts that oil prices will remain low during the
rest of the year, notes the report.

The report discloses that the official also affirmed the Dominican
economy has tripled in size in the past 10 years, from its nominal
GDP of US$20.4 billion in 2003 to US$61.2 billion in 2013, which
places the local economy in 9th place in Latin America, after
Brazil, Mexico, Argentina, Colombia, Venezuela, Chile, Peru and
Ecuador.

Mr. Valdez said the Dominican economy is Central America's
largest, buoyed by a variety of activities, especially tourism, a
sector he affirms expects around 6.0 million visitors this year,
the report adds.


DOMINICAN REP: Labor Asks Court to Force Talks for Wage Hike
------------------------------------------------------------
Dominican Today reports that Dominican Republic's three major
labor unions CNUS, CASC, CNTD requested a restraining order to
force the National Wage Committee to comply with the labor code
and call management to discuss an increase of the minimum wage.

CNUS President Rafael (Pepe) Abreu said the writ filed before the
Superior Arbitration Court seeks to confront "negative attitude
assumed by the National Wage Committee's leadership," according to
Dominican Today.

"We turned to them requesting a voluntary call, as is normal. One
party may request a meeting, and we did that.  The director was
silent and after that request was notified by subpoena and the
director did absolutely nothing.  Given this attitude, we were
compelled to file this challenge," the report quoted Mr. Abreu as
saying.

"The Labor Code calls for raising the minimum wage . . .
retroactive to June 1. 2013," Mr. Abreu said, adding that labor
will seek a conviction against Labor minister Felix Hidalgo, to be
fined RD$100,000 per day for the official's "delay in complying
with his obligation to convene the National Wage Committee," the
report notes.


=============
J A M A I C A
=============


DIGICEL GROUP: 1st Quarter Revenues Flat, Irish Time Says
---------------------------------------------------------
RJR News, citing a report in Oct. 30's issue of the Irish Times
newspaper, reports that revenues at the Digicel Group Limited were
flat in the first quarter of its financial year while losses
widened due to a sharp increase in the cost of debt servicing.

The newspaper reports seeing documents which show Digicel Group's
revenues at US$678 million in the three months to the end of June,
the first quarter of the Group's financial year, according to RJR
News.

Its net loss widened to US$49.3 million, from US$10.8 million in
the corresponding period last year, due to higher finance costs,
the report relates.

Interest costs on its debts rose to US$185 million, from US$144
million last year, the report discloses.

                        Service Revenues

Meanwhile, reduced mobile termination rates in Jamaica and El
Salvador negatively affected Digicel Group's service revenues by
US$4.5 million, the report relays.

In Jamaica, revenues declined by 11 per cent to US$100 million,
while in Haiti they fell by 5 per cent to US$118 million, the
report notes.

The biggest percentage drop was recorded in El Salvador, with a 12
per cent decline to US$26 million, the report adds.

The 10 per cent depreciation of the Jamaican dollar also affected
Digicel Group's revenues, which are reported in US dollars, says
the report.

                      About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed the ratings of Digicel Group
Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred as 'Digicel' as:

DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
  Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
  /RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
  /RR5'.

DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.

DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.


JAMAICA: Public Debt Still a Concern for IMF
--------------------------------------------
RJR News reports that Jamaica's massive public debt remains a
major area of concern for the International Monetary Fund (IMF).

Data from the country's Finance Ministry show the national debt
has doubled in the last six years to J$2 trillion, according to
RJR News.

Dr. Bert Van Selm, the IMF's Senior Resident Representative in
Jamaica, cites RJR News, believes the figure is significantly
higher than what would be considered acceptable.

The report says Dr. Van Selm, speaking at a function put on by the
Manchester Business School, cautioned that, while some economic
indicators are improving, the country remains vulnerable: "Debt is
still very high, unemployment is still way too high."

Dr. Van Selm noted that growth is improving, and, at 1.8%, is a
positive sign for Jamaica, which, historically, has had low levels
of growth; "but in the global context . . . it's below the average
growth of the world," the report notes.

As a consequence, Dr. Van Selm said, Jamaica still needs to make
its business climate "more attractive (and) easier to do
business," in order to achieve its full potential, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


* JAMAICA: Big Jump in Fines for Illicit Quarrying
--------------------------------------------------
RJR News reports that increased fines are coming for illicit
quarrying in Jamaica.  These are included in the Quarries Control
(Amendment) Act, aimed at improving the management of quarries in
Jamaica, which was passed by the House of Representatives,
according to RJR News.

The report notes that Mining Minister Phillip Paulwell noted that
the increase in illicit quarrying has highlighted the need for
more effective regulation of the practice.

The fine for operating a quarry without a license has been
increased from J$30,000, up to a maximum of one million dollars,
and from J$50,000, to two million dollars for a second or
subsequent offence, the report relays.

The report adds that the amendments also increase the penalties
for illicit extraction of quarry material and require operators to
issue receipts and dispatch vouchers for material or mineral
removed from quarries.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


===========
M E X I C O
===========


EMPRESAS ICA: Rallies Most in 5 Months on US$264MM Shell Contract
-----------------------------------------------------------------
Nacha Cattan at Bloomberg News report that Empresas ICA SAB
(ICA*), Mexico's largest construction company, rose the most in
five months after its joint venture with Fluor Corporation (FLR)
won a US$264 million contract to help build oil platforms for
Shell Canada Energy.

The shares gained 3.5 percent to 24.02 pesos at 11:54 a.m. on Nov.
1 in Mexico City after earlier climbing 4.8 percent for the
biggest intraday advance since May 21, according to Bloomberg
News.   The increase was the biggest on Mexico's benchmark IPC
index after Grupo Elektra SAB.

ICA Fluor said that it won a contract to supply fabrication and
procurement services for 13 platforms to be used for heavy oil
extraction at Shell's Carmon Creek project in Alberta, Bloomberg
News notes.  The project is expected to produce about 80,000
barrels per day and the platforms will be ready in December 2017,
according to the statement obtained by Bloomberg News.

"We consider this to be excellent news for ICA at the net income
level," Sofia Robles, an analyst Intercam Casa de Bolsa SA in
Mexico City, wrote in a research note to clients, Bloomberg News
relates.  The contract "is being added to a portfolio of projects
that will generate resources quickly to strengthen liquidity,"
Bloomberg News adds.

Empresas ICA, S.A.B. de C.V. is an infrastructure company in
Mexico.  ICA carries out large-scale civil and industrial
construction projects and operates a portfolio of long-term
assets, including airports, toll roads, water systems, and real
estate.  Founded in 1947, ICA is listed on the Mexican and New
York Stock exchanges.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
24, 2014, Standard & Poor's Ratings Services lowered its Mexican
national scale rating on Empresas ICA, S.A.B de C.V. (ICA) to
'mxBBB-' from 'mxBBB' following the revised national scale
criteria and mapping guidelines.  The outlook remains negative.

Additionally, S&P has removed the "under criteria observation"
identifier from the rating.  The rating action solely reflects
implementation of the new criteria and doesn't reflect any change
in S&P's assessment of the company's fundamental credit quality.
The rating action doesn't affect S&P's 'B+' issuer rating and
outlook and S&P's 'B' senior unsecured rating on global scale
rating on ICA.


MEXICO: Traders Bolster Bets Rates to Increase Over Next Year
-------------------------------------------------------------
Isabella Cota and Eric Martin at Bloomberg News report that
traders are increasing bets that Mexico's central bank will be
higher a year from now, as policy makers signal they're more
confident that growth will pick up in Latin America's second-
biggest economy.

Interbank rate futures, known as TIIE, due in a year climbed 0.06
percentage point to 3.45 percent last week, the biggest weekly
increase since the five-day period ended Sept. 12, according to
Bloomberg News.  The rates now imply a 56 percent chance of higher
borrowing costs over the next year, up from 36 percent two weeks
ago, Bloomberg News notes.

The central bank left its benchmark rate unchanged at a record-low
3 percent, while saying in a statement that the economy is showing
signs of moderate recovery, Bloomberg News notes.  All except one
of 27 economists surveyed by Bloomberg predicted no change.

The market is reacting to "the disappointment of not even a dovish
statement," said Siobhan Morden, the head of Latin American fixed-
income strategy at Jefferies Group LLC, Bloomberg News discloses.
"Banxico's been quite unpredictable recently in terms of surprise
rate cuts," Mr. Morden said.

The bank's statement should be read as neutral on rates since it
offered a balanced outlook between inflation and growth
expectations, Mr. Morden added, Bloomberg News notes.


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



* BOND PRICING: For the Week From October 27 to Oct. 31, 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
202-362-8552.


                   * * * End of Transmission * * *