TCRLA_Public/150102.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

            Friday, January 2, 2015, Vol. 16, No. 001


                            Headlines



A R G E N T I N A

ARGENTINA: Path to Singer Bond Deal Opens as Legal Clause Expires
YPF SA: Fights to Withhold Details of Chevron Deal


B R A Z I L

BANCO DE BRASILIA: Fitch Publishes LT IDR 'BB+', Stable Outlook
COMPANHIA DE SANEAMENTO: S&P Affirms BB+ CCR; Outlook Negative
ENERGISA SA: S&P Affirms 'BB' CCR & Removes from CreditWatch Neg.


C A Y M A N  I S L A N D S

CHEYNE EXPLORER: Commences Liquidation Proceedings
EQUILIBRIUM GLOBAL: Commences Liquidation Proceedings
EQUILIBRIUM GLOBAL: Members Receive Wind-Up Report
FORTISSIMO ASSET: Shareholder Receives Wind-Up Report
HARBERT CREDIT: Placed Under Voluntary Wind-Up

INDEA ANKAM: Members to Hold Final Meeting on Jan. 5
LYSTER WATSON CONSERVATIVE: Commences Liquidation Proceedings
LYSTER WATSON MODERATE: Commences Liquidation Proceedings
MSREF-TE ITALY: Commences Liquidation Proceedings
REDWOOD REINSURANCE: Creditors Hold Meeting

SSF III: Placed Under Voluntary Wind-Up
UBS ALTERNATIVE: Commences Liquidation Proceedings
VLT (CAYMAN): Commences Liquidation Proceedings
VLT II (CAYMAN): Commences Liquidation Proceedings
VLT III (CAYMAN): Commences Liquidation Proceedings

VLT IV (CAYMAN): Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Supermarkets to Absorb Tax Increase
DOMINICAN REPUBLIC: Drought Forces 'Streamlined' Water Supply


J A M A I C A

JAMAICA: U.S. to Lift Ban on Oil Export


M E X I C O

MEXICO: Foreign Reserves Fall by US$172 Million
MEXICO: One-Hundred-Year Bond Buoyed by Yellen Patience


V E N E Z U E L A

VENEZUELA: Maduro Vows to Fix Economy, Sometime in 2015


                            - - - - -


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


ARGENTINA: Path to Singer Bond Deal Opens as Legal Clause Expires
-----------------------------------------------------------------
Katia Porzecanski and Daniel Cancel at Bloomberg News report that
a potential deal between Argentina and hedge funds that sued the
country over defaulted debt may be a step closer after the
expiration of a legal rule that President Cristina Fernandez de
Kirchner called an obstacle to an accord.

The clause that expires Dec. 31 required Argentina to sweeten
payments for investors who agreed to previous bond restructurings
if it offers a better deal to other creditors, according to
Bloomberg News.  Argentina has said the rights-upon-future offers
rule could trigger as much as US$120 billion in new claims if it
settles with hedge funds led by billionaire Paul Singer that sued
for full repayment on bonds the country defaulted on in 2001,
Bloomberg News notes.

A settlement would clear the way for Argentina to resume payments
on its international debt that have been blocked since July, when
a U.S. judge said it must pay the creditors holding the bonds it
defaulted on more than a decade ago before servicing its other
notes, Bloomberg News relays.  The country has been locked out of
overseas capital markets since the US$95 billion default,
Bloomberg News discloses.

"This increases the probability that the government will resume
talks with the holdouts -- something that's likely given the need
for dollars and urgency to escape recession," Eduardo Levy Yeyati,
the director of Buenos Aires-based consultancy firm Elypsis, said
in an e-mail obtained by Bloomberg News.

While the clause, included in 2005 and 2010 debt swaps, was an
impediment to a deal with the holdouts, its expiration isn't an
indication that Argentina will give the hedge funds what they
want, the Economy Ministry said in a statement obtained by
Bloomberg News.  The dispute probably won't be resolved until
after a new administration takes office in 2016, said Jorge
Piedrahita, the chief executive officer at brokerage Torino
Capital LLC, Bloomberg News says.

"The government's strategy is to hope someone else fixes the
problem," Mr. Piedrahita told Bloomberg News by phone from New
York.  "They'll only deal with it if they're forced to because the
numbers aren't working in their favor," Mr. Piedrahita added.


YPF SA: Fights to Withhold Details of Chevron Deal
--------------------------------------------------
EFE News reports that Argentine state-controlled oil company YPF
SA said it will appeal a ruling by an administrative-law judge
ordering the company to divulge further information about its 2013
deal with U.S.-based supermajor Chevron.

The appeal will be heard by a higher court that earlier sided with
the company in turning down a separate demand for more details on
the pact with Chevron, YPF SA said, according to EFE News.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.


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


BANCO DE BRASILIA: Fitch Publishes LT IDR 'BB+', Stable Outlook
---------------------------------------------------------------
Fitch Ratings has published Banco de Brasilia S.A.'s (BRB) long-
term Issuer Default Rating (IDR) of 'BB+' with a Stable Rating
Outlook.  At the same time, the agency has published BRB's 'bb-'
Viability Rating.

Key Rating Drivers

Banco de Brasilia's IDRs reflect its strategic importance for the
Government of the Federal District (Governo do Distrito Federal,
GDF). In Fitch's opinion, GDF's financial support would be
probable, although moderate, in a stress scenario. BRB acts as a
commercial retail bank. Its activities are concentrated in the
Federal District, where it holds 6% of Federal District credit
operations and 14% of term deposits.

BRB's Viability Rating (VR) of 'bb-' reflects its regional
relevance and recent franchise developments, with above average
profitability, adequate liquidity and a stable deposit source. BRB
benefits from a relatively cheap retail funding base. The VR also
reflects fierce competition among the major Brazilian banks, which
obliges BRB to heavily invest in technology. The VR is negatively
affected by the bank's credit quality.

Credits past due over 90 days increased to 3.4% of the bank's
total portfolio in September 2014, above the national finance
system average of 3%. This was due to problems related mainly to
civil construction and commerce companies, despite the high
borrower fragmentation. However, the high participation among GDF
public servants in payroll deductible loans was maintained,
corresponding to 42% of total credit in the third quarter of
(3Q'14), offsetting a sharper credit deterioration in 2015.

BRB's margins have been showing a slight reduction in recent
periods, which mainly reflects higher funding costs, although the
bank relies on a stable and low-cost retail client base. Despite
the profitability indicators remaining compatible with its retail
profile (1.4% ROAA in 3Q'14 and 1.7% in 2013), BRB projects 10-15%
average annual growth in net income until 2016, which Fitch
considers feasible given the bank's recent track record.

To finance the expansion of its activities, BRB has increased the
share of financial instruments, including subordinated debts
classified as Level 2, an alternative that is more advantageous
when compared with guaranteed deposits. The main capitalization
measure, Fitch's core capital (FCC), reached 14.3% in September
2014, also enhanced by the minimum dividend distribution of around
25%.

KEY RATING SENSITIVITIES

Controller Support: Any change to controller support, such as
shareholding reduction to less than 51%, would lead to BRB's IDR
ratings being equalized with its VR.

Asset Quality: The VR could be downgraded in case of significant
deterioration in the bank's asset quality that reduced FCC ratio
to less than 10%. Despite unlikely in the short run, the VR could
be upgraded if BRB is able to maintain credit quality at its
current levels and further reinforce its capital base.

The published ratings are as follows:

-- Long-term IDR 'BB+', Stable Outlook;
-- Short-term IDR 'B';
-- Local currency long-term IDR 'BB+', Stable Outlook;
-- Local currency short-term IDR 'B';
-- Viability Rating 'bb-';
-- Support Rating '3'.

Fitch currently rates the following:

-- National long term-rating 'AA-(bra)', Stable Outlook;
-- National short-term rating 'F1+(bra)'.


COMPANHIA DE SANEAMENTO: S&P Affirms BB+ CCR; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) to
negative from stable.  At the same time, S&P affirmed its 'BB+'
global scale and 'brAA+' Brazilian national scale corporate credit
ratings on the company.  Its stand-alone credit profile (SACP) is
'bb+'.

The outlook revision reflects S&P's expectation that SABESP's
EBITDA will weaken owing to the measures to preserve water
reservoirs as a result of the severe drought in the region.
Levels at SABESP's main water reservoirs--Cantareira and Alto
Tiete, which represent 45% and 20.5%, respectively, of the Sao
Paulo metropolitan region's water supply (including the technical
reserves)--have dropped to 6.7% and 10.5%, as of Dec. 23, 2014.
The levels were 28.7% and 48.4% respectively, for the same date in
2013.  SABESP and the state government implemented a program in
February 2014 to encourage customers to lower water usage by
giving a 30% discount to the water bills of those who reduced
their consumption by 20%.  This program was then expanded in
October, offering discounts for clients that reduce consumption
between 10% and 20%.  In December 2014, the state government of
Sao Paulo proposed penalties for those clients that increase
consumption, but it's subject to final approval by a public
hearing.

To preserve the Cantareira water reservoir levels, 2.3 million
customers out of 8.8 million were transferred to other reservoirs.
These initiatives have reduced Cantareira's water consumption to
22 cubic meters per second from 33.

The ratings on SABESP reflect its 'bb+' SACP and incorporate S&P's
view that there is a "moderately high" likelihood of extraordinary
support from the state of Sao Paulo (BBB-/Stable/--).  S&P's
assessment of SABESP's SACP reflects its "satisfactory" business
risk profile and "significant" financial risk profile, as S&P's
criteria define these terms.  The national scale rating on SABESP
is based on its relative strength compared to its national rated
peers.


ENERGISA SA: S&P Affirms 'BB' CCR & Removes from CreditWatch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' national scale corporate credit ratings on Energisa
S.A. and its subsidiaries, Energisa Paraiba-Distribuidora de
Energia S.A. (Energisa Paraiba) and Energisa Sergipe-Distribuidora
de Energia S.A. (Energisa Sergipe).  At the same time, S&P removed
the national scale ratings on these three companies from
CreditWatch with negative implications.  The outlook is negative
on these ratings.  S&P also withdrew the ratings on Centrais
Eletricas Matogrossenses S.A. (Cemat) and Companhia de Energia
Eletrica do Estado do Tocantins (Celtins) at Energisa's request.
Prior to withdrawal, these global scale ratings were 'BB-' with a
stable outlook.

The ratings on Energisa reflect its "aggressive" financial risk
profile, "satisfactory" business risk profile, and "adequate"
liquidity.  S&P's ratings on Energisa Para¬°ba and Energisa Sergipe
mirror the ratings on their parent, because S&P views them as
"core" entities of the group.  The ratings on both Cemat and
Celtins reflected their "fair" business risk profiles and
"aggressive" financial risk profiles and S&P's opinion that they
were insulated from their parent, Rede Energia S.A. (not rated),
which is currently under judicial reorganization process because
Cemat and Celtins are protected by specific laws and the regulator
(ANEEL).

Energisa's "aggressive" financial risk profile reflects weaker
credit metrics after the debt-financed acquisition of Rede
Energia.  In July 2013, the Rede Energia creditors approved
Energisa's buyout and debt restructuring offer, which the
bankruptcy court approved in December 2013.  In January 2014, the
ANEEL approved the transaction and as of April, all conditions
were satisfied and Energisa assumed control of Rede Energia's
distribution companies.  On Nov. 20, 2014, Energisa announced that
it entered into an irrevocable purchase and sale agreement with
Sao Joao Energetica S.A., which Brookfield Renewable Energy
Partners owns, involving all of Energisa's generation assets.  The
transaction is subject to customary approvals, including by ANEEL,
and S&P expects this to occur in the first half of 2015.  Upon
conclusion, Energisa should receive R$1.4 billion in cash and
transfer around R$1.2 billion of debt.

Energisa's "satisfactory" business risk profile mainly reflects
S&P's view that the company's distribution subsidiaries, which
account for the bulk of the group's EBITDA, operate as natural
monopolies under an adequate regulatory framework.  They also
benefit from a healthy demand growth for power in their concession
areas.  Energisa is now focusing on integrating and improving the
efficiency of the acquired assets.  S&P acknowledges its favorable
track record because both Energisa Sergipe and Energisa Paraiba
have considerably improved their operations in the past few years.
Their quality metrics--duration of outages and frequency of
outages--are below the ANEEL's limits, and their energy losses
have dropped.


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


CHEYNE EXPLORER: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 7, 2014, the sole shareholder of Cheyne Explorer Equity
Fund Inc.  resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          c/o Mourant Ozannes, Attorneys-at-law
          94 Solaris Avenue, Camana Bay
          PO Box 1348 Grand Cayman KY1-1108
          Cayman Islands


EQUILIBRIUM GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 31, 2014, the shareholder of Equilibrium Global Market
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:

          Fides Ltd
          802 West Bay Road
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands


EQUILIBRIUM GLOBAL: Members Receive Wind-Up Report
--------------------------------------------------
The members of Equilibrium Global Market Fund received on Dec. 9,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Fides Ltd
          802 West Bay Road
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands


FORTISSIMO ASSET: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Fortissimo Asset Holdings received on Dec. 19,
2014, 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 Jennifer Chailler
          Telephone: (345) 943-3100


HARBERT CREDIT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 7, 2014, the sole shareholder of Harbert Credit
Opportunities Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Harbert Credit Opportunities Fund GP, LLC
          Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


INDEA ANKAM: Members to Hold Final Meeting on Jan. 5
----------------------------------------------------
The members of Indea Ankam Fund will hold their final meeting on
Jan. 5, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Peter Newing
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


LYSTER WATSON CONSERVATIVE: Commences Liquidation Proceedings
-------------------------------------------------------------
On Nov. 4, 2014, the sole shareholder of Lyster Watson
Conservative Alternative Ltd. resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 17, 2014, will be included in the company's dividend
distribution.

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


LYSTER WATSON MODERATE: Commences Liquidation Proceedings
---------------------------------------------------------
On Nov. 4, 2014, the sole shareholder of Lyster Watson Moderate
Volatility Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 17, 2014, will be included in the company's dividend
distribution.

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


MSREF-TE ITALY: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 7, 2014, the sole shareholder of MSREF-TE Italy Financial
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:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709
          122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


REDWOOD REINSURANCE: Creditors Hold Meeting
-------------------------------------------
The creditors of Redwood Reinsurance SPC, Ltd. held their first
meeting on Dec. 1, 2014.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Barry MacManus
          Ernst & Young Ltd. 62 Forum Lane
          Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529


SSF III: Placed Under Voluntary Wind-Up
---------------------------------------
On Nov. 6, 2014, the sole shareholder of SSF III Asia Holding,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815 1820
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


UBS ALTERNATIVE: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 3, 2014, the shareholders of UBS Alternative Strategy
Funds - Equity Hedged Long-Short Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


VLT (CAYMAN): Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 7, 2014, the sole member of VLT (Cayman) 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:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135


VLT II (CAYMAN): Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 7, 2014, the sole member of VLT II (Cayman) 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:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135


VLT III (CAYMAN): Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 7, 2014, the sole member of VLT III (Cayman) 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:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135


VLT IV (CAYMAN): Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 7, 2014, the sole member of VLT IV (Cayman) 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:

          David S. Zemel
          Venor Capital Management LP
          c/o John H. Roth
          7 Times Square, Suite 4303
          New York, New York 10036
          Telephone: (212) 703-2135


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


DOMINICAN REPUBLIC: Supermarkets to Absorb Tax Increase
-------------------------------------------------------
Dominican Today reports that the increase of 2% that will be
applied in the Tax on the Transfer of Industrialized Goods and
Services (ITBIS) starting January 1, 2015 to some of the products
in the basic food basket will be absorbed so far by  Ramos Group
(La Sirena) and Ole Hypermarkets.

The tax increase -- from 11% to 13% -- will be applied to mass
consumption products such as water, coffee, chocolate, edible
oils, yogurt and sugar, according to Dominican Today.

The report relates that the supermarkets and stores of the city
were crowded with people buying food for the Christmas Eve dinner,
clothes for the holiday parties and gifts for relatives and
friends.


DOMINICAN REPUBLIC: Drought Forces 'Streamlined' Water Supply
-------------------------------------------------------------
Dominican Today reports that Santo Domingo Water and Sewage
Utility (CAASD) Director Alejandro Montas warned that a drought
that has begun to parch the country has forced the agency to
"streamline" piped water supply, and asked citizens to raise
awareness and use water rationally, "because if it doesn't rain
the situation could worsen."

Mr. Montas said water production was over 405 million gallons
daily just two days ago, but since then rationing has begun
because it hasn't rained since October, and the drought heightens
in the coming months, according to Dominican Today.

The report notes that Mr. Montas said the sectors which depend on
the Haina-Manoguayabo system will feel the shortages the most: Los
Alcarrizos, Pedro Brand, Manoguayabo and all of the neighborhoods
along Independencia Av.  Mr. Montas noted that rationing has only
started.

"What concerns us most are January, February and March, when the
drought will be strong, and we're feeling it right now.  The flow
of Rio Haina and its river basin is waning and we began to
streamline and manage the issue of Manoguayabo," the report quoted
Mr. Montas as saying.


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


JAMAICA: U.S. to Lift Ban on Oil Export
---------------------------------------
RJR News reports that the United States has given the first signs
that it's ready to lift a 40 year-old ban on exports of its oil.

The Bureau of Industry and Security (BIS) which regulates export
controls, announced that it had granted permission to "some"
companies to sell lightly treated condensate abroad. Condensate is
a form of ultra-light crude oil, according to RJR News.

The report notes that approximately two dozen energy companies had
asked the agency for clarification on permissible exports earlier
this year, but until Dec. 30 those requests had been put on
indefinite hold.

The BIS also clarified what kind of oil was generally allowed
under the ban to clarify confusion in energy markets, the report
relates.

The report notes that the two measures are the clearest signs yet
that the United States is ready to allow more of its booming shale
oil production to be sold overseas, where drillers have said it
can earn at least US$10 more for the product.


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


MEXICO: Foreign Reserves Fall by US$172 Million
-----------------------------------------------
EFE News reports that Mexico's foreign reserves fell by US$172
million last week to US$193.04 billion, the Bank of Mexico said.

Gold and foreign currency reserves dropped in the week ending Dec.
26 mainly due to a change in the value of the bank's foreign
assets, according to EFE News.


MEXICO: One-Hundred-Year Bond Buoyed by Yellen Patience
-------------------------------------------------------
Eric Martin at Bloomberg News reports that holders of Mexico's
100-year bonds, the world's longest-maturity government debt, are
one of the biggest beneficiaries of Janet Yellen's patience.

The nation's US$2.7 billion of dollar-denominated notes due in
2110 have gained 6.6 percent since Dec. 17, when the Federal
Reserve chief signaled interest-rate increases will be gradual,
according to Bloomberg News.  That's pushed returns this year to
22 percent, the most among Mexican dollar debt and more than
double the 9.3 percent average for emerging markets, according to
data compiled by Bloomberg.

Signs Yellen will refrain from boosting rates aggressively amid
plunging oil prices and slowing global economic growth are
prompting investors to snap up the 100-year securities, which are
more sensitive to changes in benchmark U.S. yields than shorter-
term debt, Bloomberg News relates.  The notes are also getting a
boost from bets Mexico's economy will accelerate next year as
consumer spending picks up and the nation awards the first private
contracts for oil drilling in seven decades, according to Nomura
Holdings Inc, Bloomberg News discloses

"Once the message is that the path of a hike is going to be
gradual, the market goes back to fundamentals," Benito Berber, a
currency strategist at Nomura, told Bloomberg News in a phone
interview.  "The story of Mexico remains appealing. Growth will
most likely be positive," Mr. Berber added.

                          Rate Outlook

Bloomberg News notes that the Fed said it can be "patient" in its
approach to raising the benchmark lending rate from a range of
zero to 0.25 percent, where it has been since December 2008.  Most
Fed officials see the first increase taking place next year,
according to quarterly forecasts released on Dec. 17, Bloomberg
News relates.  At the same time, the forecasts show they expect
rates to rise more slowly over the next three years than
previously anticipated, Bloomberg News notes.

"If you think that interest rates aren't going up, then the long-
dated bond would be a good way to implement that view," Joe Kogan,
an emerging-market debt strategist at Bank of Nova Scotia, said by
telephone from New York, Bloomberg News discloses.  "Because it's
such a long-duration bond, the returns you can get tend to be
better. Another interpretation of duration is sensitivity to
interest-rate moves," Mr. Kogan added.

Mexico's economy will expand 3.4 percent next year, versus this
year's 2.2 percent rate, according to the median forecast of
analysts surveyed by Bloomberg.

President Enrique Pena Nieto's government estimates that the
nation's oil industry may attract US$50 billion in additional
foreign investment by 2018 after the country jettisoned its seven-
decade monopoly, Bloomberg News relays.

                            Oil Prices

Mexico's dollar bonds have gained 9.3 percent this year, pushing
down their average yield premium over Treasuries to 2.05
percentage points, according to Bloomberg and JPMorgan Chase & Co.
The notes are also faring better than the country's local-currency
notes, whose returns have been eroded by a slump in the peso amid
plunging oil prices, Bloomberg News notes.

The 5.75 percent notes due in October 2110 were little changed at
107.52 cents on the dollar Dec. 29, leaving the yield at 5.35
percent, Bloomberg News says.

While the 100-year bonds are vulnerable to the declines in crude
prices, longer-duration notes also tend to rally more on
expectations for lax monetary policy, according to Alejandro
Urbina, a money manager Silva Capital Management LLC in Chicago,
Bloomberg News discloses.

"If you are looking for capital gains playing interest-rate
volatility, that is where the most bang for the buck is," he said
in an e-mail, Bloomberg News adds.


=================
V E N E Z U E L A
=================


VENEZUELA: Maduro Vows to Fix Economy, Sometime in 2015
-------------------------------------------------------
Andrew Rosati at Bloomberg News reports that Venezuelan President
Nicolas Maduro vowed an economic "counter-offensive" to steer the
country out of recession, including an overhaul of the foreign
exchange system.  President Maduro didn't provide details of his
plans.

Struggling to rein-in the world's fastest inflation and revive an
economy that has contracted for three straight quarters, President
Maduro said in a televised address that new measures are coming
Jan. 3, according to Bloomberg News.  While the main government-
controlled exchange sets a rate of 6.3 bolivars per dollar, the
black market rate is as much as 173 per dollar, Bloomberg News
relays.

"We have created a new system and there are many things to adjust
and rectify," Bloomberg News quoted Mr. Maduro as saying.  "Plans
for the economic recuperation will be revealed later," Mr. Maduro
added.

Bloomberg News notes that President Maduro, who took office last
year following the death of then-President Hugo Chavez, may be
hard-pressed to spark growth.  Bank of America Corp. said in a
report that the country could face 1,000 percent inflation, up
from the current 64 percent, as early as next year if the bolivar
isn't weakened, Bloomberg News says.

"It's never too late to take measures," Asdrubal Oliveros, the
director of the Caracas-based consultancy Econanalitica, said in a
phone interview before President Maduro's presentation, Bloomberg
News notes.  "But every day that passes they become more
difficult, they are bigger adjustments, and much more costly," Mr.
Oliveros added.

Venezuela's benchmark dollar bonds due in 2027 were little changed
Dec. 31, at 48 cents on the dollar as of 10:16 a.m. on Dec. 31 in
New York.  The country's dollar-denominated notes lost an average
28 percent in 2014, more than any other nation tracked by
Bloomberg indexes.  President Maduro vowed that his new plan would
help the country meet its international commitments, Bloomberg
News relays.

                          Basic Goods

Central Bank President Nelson Merentes and Finance Minister
Rodolfo Marco Torres will explain changes to "optimize" and
"perfect" the foreign exchange system next month, President Maduro
said, Bloomberg News notes.

With basic goods including medicine, some food staples and toilet
paper increasingly hard to find, President Maduro's approval
rating fell to 24.5 percent in November, Bank of America said,
citing Caracas-based pollster Datanalisis, Bloomberg News says.

At about US$22 billion, Venezuela's foreign reserves cover about
two years of overseas debt payments for the government and state
oil company Petroleos de Venezuela SA, known as PDVSA, Bloomberg
News notes.  Research company Eurasia Group estimates that less
than US$2 billion of that can be readily deployed to pay debt,
Bloomberg News relays.

President Maduro said his economic strategy would include measures
to cut unneeded spending, citing the possibility of shrinking
embassy staffs abroad, Bloomberg News notes.

While Venezuela lays claim to the world's largest oil reserves,
crude's 46 percent decline since June has accelerated expectations
among analysts that the country needs different policies,
Bloomberg News discloses.  The South American country's economy
shrank 4.8 percent, 4.9 percent and 2.3 percent, respectively, in
the first three quarters of the year, the government said Dec 31,
Bloomberg News adds.


                            ***********


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 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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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.


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