TCRLA_Public/151214.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, December 14, 2015, Vol. 16, No. 246


                            Headlines



B A H A M A S

* BAHAMAS: GDP Growth Remains Modest, IMF Says


B R A Z I L

BANCO BMG: Fitch Affirms 'BB-' IDR; Outlook Remains Stable
BANCO BONSUCESSO: Fitch Affirms 'B' IDR; Outlook Stable
BANCO INDUSVAL: Fitch Affirms 'BB+(bra)' Long-term National Rating
BANCO ORIGINAL: Fitch Affirms 'B+' IDR; Outlook Stable
BRAZIL: Needs Political Coherence to Fix Economy, IMF Says

TONON BIOENERGIA: Fitch Lowers Issuer Default Rating to 'D'
TONON BIOENERGIA: S&P Cuts CCR to 'D' on Judicial Recovery Filing


C A Y M A N  I S L A N D S

ALECTO FUND: Shareholders Receive Wind-Up Report
BRETT HOLDINGS: Members Receive Wind-Up Report
CLEARGATE GLOBAL: Members Receive Wind-Up Report
DOMAIN MANAGEMENT: Members Receive Wind-Up Report
G M R CAYMAN: Members' Final Meeting Set for Dec. 16

HALO HOLDINGS: Shareholders Receive Wind-Up Report
IEM VALUE: Members' Final Meeting Today
MARIGOLD ENTERPRISES: Members Receive Wind-Up Report
MIDWAY HARBOUR: Shareholders Receive Wind-Up Report
MRV ASIA: Members Receive Wind-Up Report

PICTON INTERNATIONAL: Shareholder Receives Wind-Up Report
VOLGA INVESTMENTS: Commences Liquidation Proceedings
YKS HOLDINGS: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pension Fund Tops US$7 Billion
DOMINICAN REP: Securities Market Trades Jump US$9BB to US$31BB


J A M A I C A

JAMAICA: BOJ Projects $12BB Hike in Money in Circulation in Xmas
JAMAICA: NHT Reporting Big Increase in Inflows


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Jack 'Cautiously Optimistic' Despite Recession


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 7 to Dec. 14, 2015


                            - - - - -


=============
B A H A M A S
=============


* BAHAMAS: GDP Growth Remains Modest, IMF Says
----------------------------------------------
An International Monetary Fund (IMF) mission led by Jarkko Turunen
visited the Bahamas from December 7-11, 2015, to review economic
developments in advance of discussions for the 2016 Article IV
consultations (expected to take place in March 2016).  At the
conclusion of the mission Mr. Turunen issued the following
statement:

"GDP growth remains modest, projected to have been around 1
percent in 2015 and, following the further delay in opening of the
Baha Mar resort growth is now projected to rise only to 1.5
percent in 2016.  While there is significant uncertainty about the
timing of the project's completion, Baha Mar's opening is likely
to provide an additional boost to growth.  Unemployment is high
and inflation moderate (at 1.6 percent in August), with the
temporary increase from VAT introduction tempered by the impact of
lower energy prices. Gross international reserves remain low, at
US$774 million (end-October), equivalent to about 2.2 months of
imports of goods and services.  The large share of non-performing
loans (15 percent of total loans at end-October) continues to
constrain bank lending. Central government debt is estimated to
have increased.  However, the January 2015 introduction of a
broad-based VAT, with a low standard rate and few exemptions, has
contributed to fiscal consolidation.  Reports of VAT
implementation thus far are encouraging, with revenue exceeding
expectations.

"Near term challenges stemming from the low growth environment
underline the importance of implementing past policy
recommendations.  Specifically, the 2015 Article IV report
recommended structural reforms to support strong and inclusive
medium-term growth and competitiveness; rebuilding fiscal and
external buffers; and policies to preserve financial sector
stability.  Continued fiscal consolidation, through steadfast
implementation of the VAT with few exemptions and expenditure
rationalization, together with public enterprise reform, remains
critical to sustaining macroeconomic stability.  Finalizing and
implementing the National Development Plan and further progress in
energy sector reform remain priorities.

"The mission met with the Honorable Michael Halkitis, Minister of
State for Finance; Ms. Wendy Craigg, Governor of the Central Bank
of The Bahamas, senior government officials and representatives of
the private sector. The mission would like to thank the
authorities and technical staff for their cooperation and
hospitality."


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


BANCO BMG: Fitch Affirms 'BB-' IDR; Outlook Remains Stable
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BMG S.A.'s (BMG)
long-term Issuer Default Rating at 'BB-'.  The Rating Outlook
remains Stable.

KEY RATING DRIVERS

The IDRs and other ratings were affirmed as these were driven by
the bank's Viability Rating, also affirmed, which -- in turn --
reflects Fitch's view on the improved funding and capitalization
derived from BMG's joint venture partnership (JV) with Itau
Unibanco in the payroll deductible lending business.  This
partnership led to the transfer of the bulk of BMG's traditional
payroll lending (consignado) portfolio to Banco Itau BMG
Consignado where BMG has a 40% ownership and benefits from its
share of earnings.  This strategy improved BMG's Fitch Core
Capital (FCC) position, reduced its cost structure and increased
its liquidity.  With the transfer nearly complete, BMG is focusing
on its other remaining products.

The ratings also consider BMG's challenge to maintain its asset
quality and comfortable FCC ratio in the challenging macroeconomic
scenario that will limit operational profitability.  With a more
comfortable liquidity position, the bank has reduced the amount of
its more expensive liabilities and is likely to continue to do so
during the remainder of 2015 and early 2016 as the remaining
consignado portfolio is migrated to the JV or is run-off.  The
bank has diversified its funding and most of that funding is now
in the form of stable deposits rather than depending on asset
sales and overseas funding.

The transfer of consignado assets took place mostly over the past
two years and only a small portion remains to be transferred.
Management projects that by the end of 2015, only about BRL1.2
billion of the old portfolio will remain on the books and nearly
half of that amount will be transferred to the JV during 2016.
BMG was also able to transfer other operating expenses and staff
to the JV along with the bulk of the assets.  BMG's profitability
of the last several quarters was impacted by the lower revenues
and higher credit costs due to the operating environment and the
strategic reduction of the balance sheet.

While still benefiting from its 40% equity in earnings in the
growing and profitable JV, BMG will be able to focus on its other
business segments where it has experience but were not previously
a main product of the bank.  Given the current operating
environment, Fitch believes management will conservatively manage
these credit portfolios.  Growth is expected to take place in the
payroll deductible credit card segment where BMG has considerable
expertise and market share.  The weak operating environment is
expected to have a lower impact on this product than it has on its
other credit products such as pre-owned vehicle finance and
commercial lending.  The bank has recently enhanced its risk
management team and has maintained elaborate systems for risk
mitigation.  In view of the still weakening operating environment,
management expects to be very selective with new operations under
the commercial segment and may allow a reduction in its vehicle
finance segment by restricting new origination.

The bank continues to amortize the goodwill expense from past
purchases of other banks and this amount is now reduced to
slightly less than BRL900 million.  BMG continues to carefully
monitor its cost controls - a recent example was the successful
renegotiation of the lease of its headquarters where it was able
to concentrate its staff at its headquarters on one floor instead
of two.  However, profitability was impacted by higher, non-
recurring personnel expenses as not all the former consignado
staff could be transferred to the JV and had to be released.

BMG's subordinated debt is rated three notches below its VR to
reflect the subordination of the notes.

RATING SENSITIVITIES
A significant deterioration in asset quality that results in a
longer term operating profit to average assets ratio below 0.5%,
or a decrease in the FCC below 13% could trigger negative rating
actions.  Positive rating actions could result if BMG is able to
improve its profitability, while lowering its impaired loan ratio
(D-H) to below 6% of total loans, and maintaining its FCC ratios
above those of its peers.  Operating profit to average assets
ratio above 2% would trigger a positive rating review.

Fitch affirms these ratings:

Banco BMG:

   -- Long-term foreign currency IDR at 'BB-'; Outlook Stable;
   -- Short-term foreign currency IDR at 'B';
   -- Long-term local currency IDR at 'BB-'; Outlook Stable;
   -- Short-term local currency IDR at 'B';
   -- Viability Rating at 'bb-';
   -- Support Rating at '5';
   -- Support Rating Floor 'No Floor';
   -- National long-term rating at 'A(bra)'; Outlook Stable;
   -- National short-term rating at 'F2(bra)';
   -- Subordinated notes due 2019

Long-term foreign currency rating at 'B-';

   -- Subordinated notes due 2020

Long-term foreign currency rating at 'B-'.


BANCO BONSUCESSO: Fitch Affirms 'B' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco Bonsucesso S.A.:

   -- Long-term Foreign Currency (FC) and Local Currency (LC)
      Issuer Default Rating (IDR) at 'B', Outlook Stable;
   -- Short-term LC and FC IDR at 'B'
   -- National ratings long-term ratings at 'BBB(bra)'; Outlook
      Stable;
   -- National short-term rating at 'F3(bra)';
   -- Viability Rating at 'b';
   -- Support Rating at '5';
   -- Support Rating Floor 'No Floor'.

KEY RATING DRIVERS

Bonsucesso's long-term foreign and local currency IDR are driven
by the bank's Viability Rating (VR) of 'b', which reflects
Bonsucesso's relatively modest size, its needs to establish and
develop a new business model after the sale of its main business
line to the joint venture (JV) created with Banco Santander Brasil
S.A. (Santander; IDR 'BBB+'/Outlook Negative) and Fitch's
expectation of a modest recurrent profitability on the short-term.
The ratings also portray a more concentrated loan portfolio, after
the exit of the retail business, and the challenges to maintain
credit costs under control amid a more challenging economic
scenario.  The more adequate capital, funding and cost structure,
as well as Bonsucesso's improved liquidity stance, partially
counterbalance those negative aspects.

The JV, concluded in February 2015, operates only in the payroll
loan business and received the entire payroll business and
structure of Banco Bonsucesso (payroll loans and payroll cards).
Santander has a 60% stake in the JV, named Banco Bonsucesso
Consignado S.A. (BBC), while Bonsucesso has 40%.  The payroll
business became extremely competitive in recent years, with an
intense presence of retail banks, with competitive advantages in
terms of funding and distribution.  While the agreement brought
substantial improvements to Bonsucesso's capital structure and
operational costs, Fitch understands that the challenges to
achieve more resilient and recurring levels of profitability will
remain, and an improvement on Bonsucesso earnings profile will
depend on its capacity and ability to successfully establish a new
franchise and a stable business model - which is still lacking.

Meanwhile, revenues from payroll loans should continue to be the
main source of income for Bonsucesso (via equity income).
Earnings in 2015 have largely benefited from the one-off capital
gain on sale of its payroll platform, besides the high volume of
credit assignments to the JV (without co-obligation), where the
result is appropriated in advance, thus overestimating, to a
certain extent, the profitability indicators.  Fitch's
expectations, in terms of profitability for 2016 remains low, to
the extent that its remaining operations (middle-market) should
not grow, while the other businesses are either not substantial
contributors itself, are still under development or had no time to
mature.

The main asset quality indicators now basically reflect its credit
operations to small and medium-sized companies, with higher risk
when compared to payroll deductible operations.  Considering the
drastic reduction of its credit portfolio, the increment in non-
performing loans was natural, given that the bank sold most of its
payroll portfolio to the JV.  Operations classified between D-H
represented 19.3% of Bosucesso's total credit portfolio in June
2015, higher than the 10.1% recorded in December 2014.  The higher
delinquency ratios on this bank still reflect the problems faced
in the past in the SME portfolio, which reveals a certain
concentration in Fitch's opinion.  This has led to higher
provisions costs for overdue loans since 2011.  The credit quality
of this portfolio will also be key in order to deliver better
operating results excluding the equity participation on the
expected results from its JV.

On the other hand, it is clear that the bank's overall structure
is expected to benefit from the new model.  The agreement
consisted in the total transfer of its payroll loans portfolio
(including its by-products, such as payroll-linked credit card) to
the JV, the consequent reduction in its funding (and its costs)
and the decrease of circa 65% of its staff, which should reflect
in reduced administrative expenses.  Those were the main drivers
for the Outlook revision to Stable in March 2015.  As of June
2015, the bank already shows a lighter liability structure,
following the transfer of its assets, with reduced reliance on
expensive funding sources, like DPGE I and II.  These decreased
from 58% of total deposits in December 2013 to 19% in June 2015.
Overall, the bank remains selective on its new funding operations,
since there is no expectation to grow its balance sheet in the
short term, and liquidity is sound after it received the proceeds
from the sale of the payroll portfolio.  Cash plus securities of
BRL1.2 billion represented 50% of total assets and were sufficient
to cover 120% of both short- and long-term deposits.

Fitch Core Capital (FCC) ratio to 18.4% improved from 13% in
December 2014 as higher risk assets were replaced by cash and
other lower risk net assets.  The bank has an additional BRL334
million of payroll portfolios which should be sold throughout
year-end and further benefit its capital indicators.

Controlled by the family Pentagna Guimaraes, Bonsucesso originated
in 1992 with the creation of Bonsucesso Financeira, transformed
into a multiple bank in 1997.

RATING SENSITIVITIES

Positive rating actions could result if Bonsucesso is able to
develop and well-implement a new business model and, in the medium
term, demonstrate adequate and recurrent levels of profitability
(operational ROA above 1%), superior levels of asset quality and
maintain an adequate capital position.  On the other hand, if the
bank cannot develop other businesses lines in the medium term,
suggesting that profitability remains dependent on BBC's operating
profits, the ratings could be downgraded.  Operational ROA and
Fitch Core Capital below 0.5% and 10%, respectively, and / or
major deterioration in credit quality could also trigger negative
actions on the ratings.


BANCO INDUSVAL: Fitch Affirms 'BB+(bra)' Long-term National Rating
------------------------------------------------------------------
Fitch Ratings has reviewed the ratings of these Brazilian small
and midsized banks

   -- Banco BMG S.A. (BMG)
   -- Banco Bonsucesso S.A. (Bonsucesso)
   -- Banco Fator S.A. (Fator)
   -- Banco Indusval S.A. (Indusval)
   -- Banco Intermedium S.A. (Intermedium)
   -- Banco Original S.A. (Original)
   -- Banco Rendimento S.A. (Rendimento)
   -- Banco Sofisa S.A. (Sofisa)
   -- BR Partners Banco de Investimento S.A. (BR Partners)

All ratings have been affirmed.

Banks included on this peer review are small and midsize banks
with total assets not greater than BRL18 billion, as of June 2015,
and with a niche approach either on the payroll, auto-loans,
middle-market, or fee service segments.  Most of those banks
present limited franchises and sometimes reliance on somewhat
volatile businesses model, which exposes them to higher
competition from banks with broader company profiles.

Several banks are expanding their operations, due to their recent
inception, as is the case of Original, or new market prospects,
the case of Intermedium which has been exploring opportunities in
the home-equity business.  Other banks are positioning themselves
in a defensive approach, reducing their size and scope in order to
protect their franchises trough the challenging environment.
Entities like Bonsucesso and BMG, are in the middle of the
completion of a significant spin off of legacy operations and
venturing to expand their size in other business.

Overall earnings for this group of banks remained modest, average
ROAA at 0.7% during the first six months of 2015, as many of them
reduced their appetite or had to deal with specific problems on
their credit portfolios, which in general presents above-average
concentration.  Future earnings expectations remain challenged by
the operating environment, in Fitch view.

Funding remains a constraint, a typical risk for small and medium-
size banks, who do not have a retail distribution and relies
mostly on institutional investors, but liquidity and capital
positions remained adequate backed by deleveraging on most of the
balance sheets, or sale of credit portfolio (as is the case of
Bonsucesso.

Fitch has affirmed these ratings:

BMG

   -- Long-term foreign and local currency IDRs affirmed at 'BB-',
      Outlook Stable;
   -- Short-term foreign and local currency IDRs affirmed at 'B';
   -- Viability rating affirmed at 'bb-';
   -- Long-term national rating affirmed at 'A(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'F2(bra)';
   -- Support rating affirmed at '5'.

Bonsucesso

   -- Long-term foreign and local currency IDRs affirmed at 'B',
      Outlook Stable;
   -- Short-term foreign and local currency IDRs affirmed at 'B';
   -- Viability rating affirmed at 'b';
   -- Long-term national rating affirmed at 'BBB(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'F3(bra)';
   -- Support rating affirmed at '5'.

Fator

   -- Long-term national rating affirmed at 'BBB-(bra)', Outlook
      Negative;
   -- Short-term national rating affirmed at 'F3(bra)'.

Indusval

   -- Long-term national rating affirmed at 'BB+(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'B(bra)'.

Intermedium

   -- Long-term national rating affirmed at 'BBB(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'F3(bra)'.

Original

   -- Long-term foreign and local currency IDRs affirmed at 'B+',
      Outlook Stable;
   -- Short-term foreign and local currency IDRs affirmed at 'B';
   -- Viability rating affirmed at 'b+';
   -- Long-term national rating affirmed at 'BBB+(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'F2(bra)';
   -- Support rating affirmed at '5'.

Rendimento

   -- Long-term national rating affirmed at 'BBB+(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'F2(bra)'.

Sofisa

   -- Long-term national rating affirmed at 'A-(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'F2(bra)'.

BR Partners

   -- Long-term national rating affirmed at 'BBB(bra)', Outlook
      Stable;
   -- Short-term national rating affirmed at 'F3(bra)'.


BANCO ORIGINAL: Fitch Affirms 'B+' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco Original S.A.:

   -- Long-term Foreign Currency (FC) and Local Currency (LC)
      Issuer Default Rating (IDR) at 'B+', Outlook Stable;
   -- Short-term FC and LC IDR at 'B';
   -- National long-term ratings at 'BBB+(bra)', Outlook Stable;
   -- National short-term rating at 'F2(bra)';
   -- Viability Rating at 'b+';
   -- Support Rating at '5';
   -- Support Rating Floor 'No Floor';

KEY RATING DRIVERS

The affirmation of Original's ratings reflects its large and solid
capital base, sufficient to withstand its long-term strategic
targets, its comfortable position liquidity and its growing
funding base.  In contrast, the rating also reflects Original's
intrinsic concentration in liabilities, the still modest
profitability and its need to further grow and consolidate its
corporate franchise in order to achieve a more recurrent level of
earning generation.  The rating also takes into account bank's
ambitious business plan that resulted in expressive investments
over the last years and the challenge to generate scale on these
new business in a less favorable macroeconomic scenario.

Fitch views the bank's plan to develop a retail bank focused on
high-end individuals as an ambitious undertaking that will require
disciplined risk management given the challenging operating
environment.  The bank's revamped management team is composed of
professionals with vast experience in leading local financial
institutions, which will be essential for the successful
implementation of the bank's plan to build a solid franchise and
become a relevant midsized bank in the Brazilian market.  Fitch
also factors in the risks of competing with larger and more
established banks with larger client bases and a more complete
product offering.

Profitability, so far, has been somehow capped during the last
years by Original's large capital base and its need to leverage
and to optimize its capital levels.  Earnings were quite volatile
until 2012, as the bank faced the restructuring, deleveraging and
run-off process from its old legacy of retail and agribusiness
loans.  Revenue generation has been in a slow gradual improvement
trend since then, backed mainly by the strong growth of its credit
portfolio.  Still, Original's overall profitability remains low
and reflects the challenges to further develop and mature its
franchise.  During the first six months of 2015, Original posted
net income of BRL55.6 million compared to BRL24.1 million in the
same period over the last year.  ROAE improved to 5.5% from 2.4% a
year ago, while ROAA of 2.2% compares to 1.6% for the same period.

Improvement and even stability of earnings will also depend on
whether Original is able to execute its business plan without
compromising strong credit standards, considering the very
delicate macro economic momentum.  Until now, new vintages have
not brought any material concerns, and, though asset-quality
indicators are slightly worse versus last year, they are still in
line with Fitch's expectations.  Impaired ratio of 5.5% (as
measured by the percentage of D-H loans to total portfolio),
remains broadly in line for its rating category and even if
compared with the local industry.  On the other hand, this above-
market credit growth raises some challenges regarding the bank's
ability to manage credit costs well.  Such considerable growth may
potentially be translated into increased overdue loans considering
the more deteriorated local macro-scenario, especially on the
agribusiness segment (30% of total loans), which tends to be more
volatile and sensitive in less benign conditions.

Capitalization is vastly comfortable, despite the strong growth of
the loan portfolio over the past 18 months, with Fitch Core
Capital (FCC) of 30.7% at June 2015.  Fitch expects the bank to
reduce capital levels to a more efficient level to the extent it
addresses its growth targets, and that implementation of the
bank's business plan should result in higher internal capital
generation going forward.  Nevertheless, the weak operating
environment, the bank's expansion plans may be halted by the
challenging economic scenario.  Developing and achieving the
proposed business plan may prove challenging under the current
scenario and competence levels, and Fitch acknowledges that such
expansion may come with certain degree of volatility on the banks
operating results, common of banks in this stage of development.

Original has been active on expanding and diversifying its funding
base.  However, funding remains concentrated, as is typical of
small medium-size banks that do not have a retail distribution and
rely mostly on institutional investors.  As observed with other
banks with similar business profile of Original, agreements with
local securities/brokerage companies are being assigned to
distribute its funding products among a retail client base.  Even
though it creates certain operational/performance reliance on
those entities, it also introduces a positive element of
pulverization among retail clients besides promoting less
expensive funding costs.  Liquidity remains comfortable and
partially mitigates those risks.  At June 2015, cash plus other
liquid assets correspond to 36% of total assets.

RATING SENSITIVITIES

Positive Rating Action: Ratings could benefit from a less
concentrated funding base and by a successful implementation of
the proposed business plan that result in consistent operating
profitability.  Also, preserving capital levels along the target
of 16% set up by management would be important to enhance the
financial profile of the bank while it grows.

Negative Rating Action: A longer than expected development of its
business plan or a deterioration of its corporate lending or
agribusiness loan portfolio that result in negative results could
lead to a downgrade of Original's ratings.  Operating ROAA below
0.5% and a deterioration of Fitch Core Capital to levels below 15%
could trigger a downgrade on the ratings.


BRAZIL: Needs Political Coherence to Fix Economy, IMF Says
----------------------------------------------------------
EFE News reports that Brazil needs political coherence to come out
of the vicious circle its economy has fallen into, including
uncertainty and a lack of confidence, said Alejandro Werner
Director of the Western Hemisphere Department of the International
Monetary Fund (IMF).

According to IMF forecasts released during its annual meeting in
Lima in October, Brazil will close 2015 with a contraction of 3
percent and 1 percent in 2016, the report notes.

"In Brazil, the political crises and corruption scandals have
generated an 'impasse' in which the issues of economic policy
could not be processed and has delayed the expectations of
recovery," said Mr. Werner in an exclusive interview to EFE in the
IMF headquarters in Washington.

For Mr. Werner, the package of measures launched by the Brazilian
government in the first half of the year "had the potential of
general corrections and the return of confidence," the report
relays.  "However, extra-economical, political factors, and (the
state oil company Petrobras) corruption scandal, have intensified
the crisis very significantly," Mr. Werner added.

Brazil's Finance Minister Joaquim Levy on his visit to Washington
where he met Mr. Werner and the U.S. Secretary of Treasury Jack
Lew, had said despite difficulties the Brazilian economy was
resilient, the report notes.

In the beginning of December, President of the Chamber of Deputies
of Brazil, Eduardo Cunha, a declared opponent of President
Rousseff, authorized the start of proceedings for the president to
be put on trial for impeachment, adding uncertainty to the
political future of Brazil, the report discloses.

President Rousseff may be prosecuted on the basis of some
irregularities in the balance sheets of her government, registered
in 2014 and which, according to the comptroller of state agencies,
they have maintained this year, the report adds.


TONON BIOENERGIA: Fitch Lowers Issuer Default Rating to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Tonon Bioenergia S.A's foreign and
local currency Issuer Default Ratings (IDRs) to 'D' from CC'.  At
the same time, Fitch has downgraded to 'C/RR4' from 'CC/RR4' the
rating to the USD289 million unsecured notes due 2020 (effective
July 29, 2015), and the rating on the remaining USD11 million
senior unsecured notes due 2020 and USD230 million senior secured
notes due 2024.  All related debts have been issued by Tonon's
fully-owned subsidiary Tonon Luxembourg S.A.

KEY RATING DRIVERS

These rating actions follow the announcement by Tonon that it has
filed for bankruptcy protection in Brazil.  This announcement will
result in payment default on some or all of Tonon's debt and
result in a debt renegotiation.

KEY ASSUMPTIONS

Fitch believes the Brazilian court will accept Tonon's filings.

RATING SENSITIVITIES

An upgrade is unlikely in the near term given the group's
bankruptcy protection filing.

LIQUIDITY

Tonon had BRL110 million of cash and cash equivalents as of
Sept. 30 2015.  This compares with BRL2.8 billion of total debt,
of which approximately BRL285 million was short-term.  Its short-
term assets also included BRL77 million of inventories, BRL63
million of accounts receivables, and BRL31 million of advances to
suppliers.  The company's long-term assets include BRL808 million
of sugarcane plantations and BRL556 million of PPE, which
primarily consists of three mills with sugarcane crushing capacity
of 9.4 million tons per year.  The company does not own relevant
land assets.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these ratings:

Tonon Bioenergia S.A.

   -- Foreign currency IDR to 'D' from 'CC';
   -- Local currency IDR to 'D' from 'CC'.

Tonon Luxembourg S.A.

   -- USD289 million senior unsecured notes, due 2020, to 'C/RR4'
      from 'CC/RR4';
   -- USD11 million senior unsecured notes, due 2020, to 'C/RR4'
      from 'CC/RR4'.
   -- USD230 million senior secured notes, due 2024, to 'C/RR4'
      from 'CC/RR4'.


TONON BIOENERGIA: S&P Cuts CCR to 'D' on Judicial Recovery Filing
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Brazil-based sugarcane processor to 'D' from 'CCC-'.
S&P also lowered its issue-level rating on the company's senior
unsecured and secured bonds to 'D' from 'CC' and 'CCC-'
respectively.  S&P also revised the recovery rating on the
company's senior unsecured bond to '6' from '5', indicating its
estimate recovery of less than 10%.  S&P also kept the '4'
recovery rating on the company's senior secured debt, which
indicates an average of 30% to 50% (at the higher end of the
range) in the event of a payment default.

The 'D' ratings reflect Tonon's announcement that it filed for
judicial recovery in order to restructure its capital structure to
preserve its ongoing business.  The company will have 60 days to
submit a restructuring plan to its creditors, which will have 120
additional days to discuss and approve the proposed plan.  S&P
believes that this is a general default on its debt payments.  S&P
will reassess the company's capital structure and business profile
once the restructuring is completed.


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


ALECTO FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Alecto Fund Futures Plus Limited received on
Dec. 2, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Doran + Minehane
          59-60 O' Connell Street
          Limerick
          Ireland
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613


BRETT HOLDINGS: Members Receive Wind-Up Report
----------------------------------------------
The members of Brett Holdings Limited received on Dec. 2, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


CLEARGATE GLOBAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Cleargate Global Partners, Ltd. received on Dec. 4,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DOMAIN MANAGEMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Domain Management II Limited received on Dec. 2,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


G M R CAYMAN: Members' Final Meeting Set for Dec. 16
----------------------------------------------------
The members of G M R Cayman Islands Ltd. will hold their final
meeting on Dec. 16, 2015, at 11:00 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


HALO HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Halo Holdings Ltd. received on Dec. 7, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


IEM VALUE: Members' Final Meeting Today
---------------------------------------
The members of IEM Value Generation Capital Ltd will hold their
final meeting today, Dec. 14, 2015, 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:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Trinity Fund Administration (Cayman) Ltd
          Harbour Place, 2nd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720


MARIGOLD ENTERPRISES: Members Receive Wind-Up Report
----------------------------------------------------
The members of Marigold Enterprises Inc. received on Dec. 7, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


MIDWAY HARBOUR: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Midway Harbour Corp. received on Dec. 7, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MRV ASIA: Members Receive Wind-Up Report
----------------------------------------
The members of MRV Asia Capital Fund received on Dec. 2, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


PICTON INTERNATIONAL: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Picton International Corp. received on Nov. 6,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


VOLGA INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 19, 2015, the shareholder of Volga Investments Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


YKS HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of YKS Holdings Limited received on Dec. 2, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Xiao Siqing
          c/o Richard Gordon
          Appleby (Cayman) Ltd.
          75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 345 949 4900


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


DOMINICAN REPUBLIC: Pension Fund Tops US$7 Billion
--------------------------------------------------
Dominican Today reports that as of October 31, 2015, Dominican
Republic's pension fund topped RD$357.7 billion (US$7.0 billion),
Pensions Superintendent (Sipen) revealed.

It said RD$5.98 billion have been returned to affiliates of the
Pension System who had requested their total balance in their
individual capitalization accounts (CCI), according to Dominican
Today.

The report notes that pensions superintendent Ramon Contreras said
as of October 31, Sipen has received 73,997 applications for
pensions or return of the CCI balance, of which 93.11% was
approved and the total applicants were provided with 21 programed
pensions averaging RD$20,888 monthly.

The official, after attending a mass to mark the Sipen's 14th
anniversary, also listed the achievements in his tenure of 15
months, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings has affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.

The Rating Outlooks on the long-term IDRs are revised to Positive
from Stable. The issue ratings on the Dominican Republic's senior
unsecured foreign and local currency bonds are affirmed at 'B+'.
The Country Ceiling is affirmed at 'BB-' and the short-term
foreign currency IDR at 'B'.


DOMINICAN REP: Securities Market Trades Jump US$9BB to US$31BB
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's securities
market closed the year with trades of around US$31 billion, a US$9
billion jump from, last year's US$22 billion.

Securities superintendent Gabriel Castro said that growth accounts
for 42% of GDP, according to Dominican Today.

In a meeting with media executives, economy journalists and
opinion leaders, Castro said the Mortgage Market Development and
Trust Law enacted in 2011 has bolstered the securities market's
development during the last two years, the report notes.

Mr. Castro said four brokerage houses are already operating, while
three new traders were approved, the report relays.

Mr. Castro also announced approval of 11 investment fund managers
in the last 18 months, the report discloses.  "That's why I talk
about how Law 89-11 has motorized this market.  It took from 2003
to 2015 to have around 24 brokerage houses; however, there are
already have 11 investment fund managers in only a year-and-a
half," the report quoted Mr. Castro as saying.


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


JAMAICA: BOJ Projects $12BB Hike in Money in Circulation in Xmas
----------------------------------------------------------------
RJR News reports that the Bank of Jamaica is expecting to be
called upon this month to boost the stock of cash in the market by
more than $12 billion.  That is to meet expectations of stronger
demand for cash associated with spending during the Christmas
holidays, according to RJR News.

That cash is expected to swell the currency stock to $84 billion
by the end of December, according to RJR News.

In real terms, this would constitute an eight per cent increase in
the value of currency in circulation, compared with less than a
one per cent increase last year, the report relays.

The Bank of Jamaica says the relatively strong growth in currency
demand reflects lower inflation and a recovery in economic
activity, the report adds.

                          *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


JAMAICA: NHT Reporting Big Increase in Inflows
----------------------------------------------
RJR News reports that the National Housing Trust (NHT) is
reporting a big increase in inflows to its coffers.

Its 2014/2015 annual report, tabled in the House of
Representatives, shows contributions collected for the year
amounted to $23.4 billion, an increase of $2 billion or 9% over
the previous year, according to RJR News.

The report notes that the Housing Trust says efforts to improve
compliance levels, which included litigation, led to the
collection of one billion dollars from entities in chronic
arrears.

The NHT said it will redouble efforts to further reduce
delinquency in the coming year, the report relays.  It says during
the year it reduced its operating expenses by $139 million or
2.7%.

The agency reversed the $276 million losses on projects to record
a $10 million gain, and subsidies and grants declined by $84
million, due to reduced activities in the Inner City Housing
Project, the report says.

Total outflows for the year amounted to $5.6 billion, an eight per
cent decline from the $6.1 billion recorded in the prior year, the
report adds.

                          *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.



================================
T R I N I D A D  &  T O B A G O
================================


TRINIDAD & TOBAGO: Jack 'Cautiously Optimistic' Despite Recession
-----------------------------------------------------------------
Trinidad and Tobago Newsday reports that Tobago House of Assembly
(THA) Secretary of Finance and Enterprise Development Assemblyman
Joel Jack says he remains cautiously optimistic about the impact
of the declared recession on Tobago's economic position.

According to Mr. Jack, despite the recent declaration by the
Central Bank Governor that the country is in a recession,
continued budgetary adjustments and reprioritizing of programs by
the House of Assembly will serve to mitigate any negative impact
on the island's economy, Trinidad and Tobago Newsday notes.

Mr. Jack insisted, however, that now more than ever the Assembly
must deepen its partnerships with the private sector, according to
the report.

The report relates that Mr. Jack recently met with representatives
of the Trinidad and Tobago Chamber of Industry and Commerce.

The Chamber's team included the newly installed President for the
Tobago Chamber Selby Leslie and two past presidents, notes the
report.  The Assemblyman formally welcomed the new President and
updated the delegation on the issues raised earlier this year.

The Secretary reiterated the THA's agreement to work closely with
the Chamber, the report says.  Mr. Leslie said, "The need for
economic diversification requires a more intimate working
relationship with the Assembly and particularly the Division of
Finance," the report discloses.  Mr. Leslie also expressed his
commitment to advancing economic development plans for the island
and pledged his support for the establishment of Tobago's
Productivity Council.

Discussed at the meeting were the Assembly's plans for the fiscal
year with updates being provided on several key initiatives being
undertaken by the Division of Finance and Enterprise Development,
the report relays.

The availability of foreign exchange on the island and Tobago's
GDP statistics were also examined with the Chamber representatives
making recommendations on several projects, the report relays.
The next meeting is scheduled for the first quarter of 2016, the
report adds.


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



* BOND PRICING: For the Week From Dec. 7 to Dec. 14, 2015
---------------------------------------------------------

Issuer Name      Cpn    Bid Price  Maturity Date  Country  Curr
-----------             ---  ---------  ----------    ----   ----
Anton Oilfield Servi     7.5       49    11/6/2018      CN     USD
Anton Oilfield Servi     7.5   44.125    11/6/2018      CN     USD
Argentina Bocon            2      500     1/3/2016      AR     ARS
Argentina Bocon     21.16875    25.73     1/4/2016      AR     ARS
Automotores Gildemei    6.75    33.66    1/15/2023      CL     USD
Automotores Gildemei    6.75       40    1/15/2023      CL     USD
Automotores Gildemei    8.25    37.65    5/24/2021      CL     USD
Automotores Gildemei    8.25   37.875    5/24/2021      CL     USD
BA-CA Finance Cayman    0.69   56.115                   KY     EUR
BA-CA Finance Cayman    0.99       56                   KY     EUR
Banco Bilbao Vizcaya    6.75  104.787    11/5/2021      PY     USD
Banco BTG Pactual SA       4       74    1/16/2020      KY     USD
Banco BTG Pactual SA    5.75    69.95    9/28/2022      KY     USD
Banco BTG Pactual SA    5.75    84.95    9/28/2022      KY     USD
Banco do Brasil SA/C       9    71.03                   KY     USD
Banco do Brasil SA/C    6.25       55                   KY     USD
Banco do Brasil SA/C       9       73                   KY     USD
Banco do Brasil SA/C    6.25     57.7                   KY     USD
Banco Mercantil do B   9.625     65.6    7/16/2020      BR     USD
Banco Mercantil do B   9.625   60.625    7/16/2020      BR     USD
BCP Finance Co         2.036   57.708                   KY     EUR
CA La Electricidad d     8.5       45    4/10/2018      VE     USD
Caja de Compensacion       6    63.73   11/15/2018      CL     CLP
CFG Investment SAC      9.75    56.25    7/30/2019      PE     USD
CFG Investment SAC      9.75       31    7/30/2019      PE     USD
China Precious Metal    7.25   26.125     2/4/2018      HK     HKD
China Shanshui Cemen     8.5     83.5    5/25/2016      CN     USD
China Shanshui Cemen     8.5     83.5    5/25/2016      CN     USD
Costa Rica Governmen   5.625   74.257    4/30/2043      CR     USD
Costa Rica Governmen   5.625   74.276    4/30/2043      CR     USD
Costa Rica Titulos d    5.06   71.505   11/25/2033      CR     USD
CSN Islands XI Corp    6.875     54.2    9/21/2019      KY     USD
CSN Islands XI Corp    6.875   54.997    9/21/2019      KY     USD
CSN Islands XII Corp       7       41                   BR     USD
CSN Islands XII Corp       7     43.5                   BR     USD
Decimo Primer Fideic       6   68.125   10/25/2041      PA     USD
Decimo Primer Fideic    4.54   56.625   10/25/2041      PA     USD
Ecuador Government D    5.36   72.084     1/1/2020      EC     USD
Ecuador Government D    5.93   67.658     1/1/2022      EC     USD
Ecuador Government D    6.21   67.112     1/1/2023      EC     USD
Ecuador Government D     6.5    67.84     1/1/2024      EC     USD
Ecuador Government D    5.07    75.77    1/29/2019      EC     USD
Ecuador Government D    5.36   73.412    10/1/2019      EC     USD
Ecuador Government D    5.64   70.697    10/1/2020      EC     USD
Ecuador Government D    5.93   68.317    10/1/2021      EC     USD
Ecuador Government D     4.3   75.672   10/29/2018      EC     USD
Ecuador Government D     4.3   76.181    10/4/2018      EC     USD
Ecuador Government D    5.36   72.954    11/1/2019      EC     USD
Ecuador Government D    5.64   70.321    11/1/2020      EC     USD
Ecuador Government D    5.93   68.073    11/1/2021      EC     USD
Ecuador Government D    6.21    67.42    11/1/2022      EC     USD
Ecuador Government D     6.5   67.871    11/1/2023      EC     USD
Ecuador Government D    5.07   71.735   11/25/2019      EC     USD
Ecuador Government D    5.36   68.083   11/25/2020      EC     USD
Ecuador Government D    5.64   65.243   11/25/2021      EC     USD
Ecuador Government D    5.93   67.016   11/25/2022      EC     USD
Ecuador Government D    6.21   67.689   11/25/2023      EC     USD
Ecuador Government D     6.5    68.24   11/25/2024      EC     USD
Ecuador Government D    5.36   72.505    12/1/2019      EC     USD
Ecuador Government D    5.64   69.976    12/1/2020      EC     USD
Ecuador Government D    5.93   67.855    12/1/2021      EC     USD
Ecuador Government D    5.61   64.486    12/1/2022      EC     USD
Ecuador Government D     6.5   67.744    12/1/2023      EC     USD
Ecuador Government D    5.07   72.671   12/30/2019      EC     USD
Ecuador Government D    5.36   68.791   12/30/2020      EC     USD
Ecuador Government D    5.64   66.536   12/30/2021      EC     USD
Ecuador Government D    5.93   68.226   12/30/2022      EC     USD
Ecuador Government D    6.21   66.454   12/30/2023      EC     USD
Ecuador Government D       7     76.3     3/6/2024      EC     USD
Ecuador Government D       7   76.625    5/20/2022      EC     USD
Ecuador Government D    5.07   74.237    5/21/2019      EC     USD
Ecuador Government D    5.07   74.162    5/26/2019      EC     USD
Ecuador Government D     6.4   68.535    6/12/2024      EC     USD
Ecuador Government D    5.07   73.169    7/30/2019      EC     USD
Ecuador Government D    5.36   73.816     9/5/2019      EC     USD
Ecuador Government D    5.64   69.865     9/5/2020      EC     USD
Ecuador Government D    5.93   70.807     9/5/2020      EC     USD
Ecuador Government D    6.21   71.717     9/5/2020      EC     USD
Empresa Generadora d    5.75   74.875    6/11/2025      DO     USD
Empresa Generadora d    5.75   74.875    6/11/2025      DO     USD
ESFG International L   5.753    0.507                   KY     EUR
General Exploration     11.5    51.25   11/13/2018      CA     USD
General Shopping Fin      10    49.75                   KY     USD
General Shopping Fin      10     49.5                   KY     USD
Gol Finance Inc         8.75    44.01                   BR     USD
Gol Finance Inc         8.75   44.125                   BR     USD
Gol Finance Inc         9.25       70    7/20/2020      BR     USD
Gol Finance Inc         9.25       67    7/20/2020      BR     USD
Greenfields Petroleu       9        1    5/31/2017      US     CAD
HC International Inc       5   74.365   11/27/2019      CN     HKD
Honghua Group Ltd       7.45     50.5    9/25/2019      CN     USD
Honghua Group Ltd       7.45    48.75    9/25/2019      CN     USD
Inversiones Alsacia        8       30   12/31/2018      CL     USD
Inversiones Alsacia        8    29.25   12/31/2018      CL     USD
Inversora Electrica      6.5    52.75    9/26/2017      AR     USD
Kaisa Group Holdings   10.25   69.375     1/8/2020      CN     USD
Kaisa Group Holdings       8   65.002   12/20/2015      CN     CNY
Kaisa Group Holdings   6.875   69.017    4/22/2016      CN     CNY
Kaisa Group Holdings       9       72     6/6/2019      CN     USD
MIE Holdings Corp      6.875    56.72     2/6/2018      HK     USD
MIE Holdings Corp        7.5       56    4/25/2019      HK     USD
MIE Holdings Corp        7.5    55.75    4/25/2019      HK     USD
Mongolian Mining Cor   8.875       39    3/29/2017      MN     USD
Mongolian Mining Cor   8.875    35.25    3/29/2017      MN     USD
NB Finance Ltd/Cayma       3   74.083     2/7/2035      KY     EUR
Newland Internationa     9.5    40.75     7/3/2017      PA     USD
Newland Internationa     9.5   23.375     7/3/2017      PA     USD
Noble Holding Intern    6.05       66     3/1/2041      KY     USD
Noble Holding Intern    5.25   61.967    3/15/2042      KY     USD
Noble Holding Intern    6.95   70.088     4/1/2045      KY     USD
Noble Holding Intern     6.2    68.55     8/1/2040      KY     USD
NQ Mobile Inc              4   68.169   10/15/2018      CN     USD
Odebrecht Drilling N    6.35    50.95    6/30/2021      KY     USD
Odebrecht Drilling N    6.35    51.25    6/30/2021      KY     USD
Odebrecht Finance Lt     7.5       61                   KY     USD
Odebrecht Finance Lt     7.5     64.2                   KY     USD
Odebrecht Finance Lt       7       77    4/21/2020      KY     USD
Odebrecht Finance Lt       7   68.955    4/21/2020      KY     USD
Odebrecht Finance Lt    8.25     59.5    4/25/2018      KY     BRL
Odebrecht Finance Lt    8.25     59.5    4/25/2018      KY     BRL
Odebrecht Finance Lt   4.375     63.5    4/25/2025      KY     USD
Odebrecht Finance Lt   4.375       64    4/25/2025      KY     USD
Odebrecht Finance Lt       6       63     4/5/2023      KY     USD
Odebrecht Finance Lt       6     65.5     4/5/2023      KY     USD
Odebrecht Finance Lt   5.125    69.75    6/26/2022      KY     USD
Odebrecht Finance Lt   5.125     72.5    6/26/2022      KY     USD
Odebrecht Finance Lt   7.125    62.75    6/26/2042      KY     USD
Odebrecht Finance Lt   7.125       63    6/26/2042      KY     USD
Odebrecht Finance Lt    5.25    60.25    6/27/2029      KY     USD
Odebrecht Finance Lt    5.25       61    6/27/2029      KY     USD
Odebrecht Offshore D    6.75     31.5    10/1/2022      KY     USD
Odebrecht Offshore D   6.625     32.5    10/1/2022      KY     USD
Odebrecht Offshore D    6.75    33.76    10/1/2022      KY     USD
Odebrecht Offshore D   6.625    33.51    10/1/2022      KY     USD
Odebrecht Oil & Gas        7     28.5                   KY     USD
Odebrecht Oil & Gas        7     29.5                   KY     USD
Offshore Group Inves   7.125     28.5     4/1/2023      KY     USD
Pesquera Exalmar SAA   7.375       65    1/31/2020      PE     USD
Pesquera Exalmar SAA   7.375   69.125    1/31/2020      PE     USD
Petroleos de Venezue       6       38   11/15/2026      VE     USD
Petroleos de Venezue       6     38.5   11/15/2026      VE     USD
Petroleos de Venezue       9    46.75   11/17/2021      VE     USD
Petroleos de Venezue       9       41   11/17/2021      VE     USD
Petroleos de Venezue     8.5       64    11/2/2017      VE     USD
Petroleos de Venezue     8.5     58.9    11/2/2017      VE     USD
Petroleos de Venezue   12.75     54.4    2/17/2022      VE     USD
Petroleos de Venezue   12.75     49.5    2/17/2022      VE     USD
Petroleos de Venezue    5.25     59.3    4/12/2017      VE     USD
Petroleos de Venezue   5.375    37.75    4/12/2027      VE     USD
Petroleos de Venezue     5.5    36.75    4/12/2037      VE     USD
Petroleos de Venezue       6   39.585    5/16/2024      VE     USD
Petroleos de Venezue       6    40.25    5/16/2024      VE     USD
Petroleos de Venezue    9.75     48.5    5/17/2035      VE     USD
Petroleos de Venezue    9.75    41.73    5/17/2035      VE     USD
Polarcus Ltd             5.6   29.917    4/27/2018      AE     USD
Polarcus Ltd               8   13.625     6/7/2018      AE     USD
Polarcus Ltd            8.35   14.125     7/8/2019      AE     NOK
Provincia del Chaco        4    70.66    12/4/2026      AR     USD
Republic of Ecuador     7.75   74.675    4/25/2028      EC     USD
Republic of Ecuador     7.75   74.675    4/25/2028      EC     USD
Republic of Ecuador      6.5   73.859    5/20/2020      EC     USD
Republic of Ecuador      6.4   67.626    6/12/2024      EC     USD
Republic of Ecuador      6.4   67.626    6/12/2024      EC     USD
Republic of Ecuador     7.75   74.946    6/25/2028      EC     USD
Republic of Ecuador     7.75   74.946    6/25/2028      EC     USD
Republic of Ecuador     7.75   75.059    7/24/2028      EC     USD
Republic of Ecuador     7.75   75.059    7/24/2028      EC     USD
Republic of Ecuador     7.75   75.094     8/1/2028      EC     USD
Republic of Ecuador     7.75   75.094     8/1/2028      EC     USD
Samarco Mineracao SA    5.75     47.5   10/24/2023      BR     USD
Samarco Mineracao SA    5.75     45.5   10/24/2023      BR     USD
Samarco Mineracao SA   4.125     47.5    11/1/2022      BR     USD
Samarco Mineracao SA   4.125     46.5    11/1/2022      BR     USD
Samarco Mineracao SA   5.375       46    9/26/2024      BR     USD
Samarco Mineracao SA   5.375     54.5    9/26/2024      BR     USD
Siem Offshore Inc       5.85   72.875    1/30/2018      NO     NOK
Siem Offshore Inc       5.45     68.5    3/28/2019      NO     NOK
Sylph Ltd              3.349   58.262    6/22/2035      KY     USD
Telemar Norte Leste      5.5    65.51   10/23/2020      BR     USD
Telemar Norte Leste      5.5     69.5   10/23/2020      BR     USD
Telemar Norte Leste      5.5   66.125   10/23/2020      BR     USD
Tonon Bioenergia SA     9.25   33.063    1/24/2020      BR     USD
Tonon Bioenergia SA     9.25    33.25    1/24/2020      BR     USD
Transocean Inc           4.3       61   10/15/2022      KY     USD
Transocean Inc          7.85   65.311   12/15/2041      KY     USD
Transocean Inc           6.8   60.143    3/15/2038      KY     USD
Transocean Inc          7.45   72.624    4/15/2027      KY     USD
Transocean Inc             8    72.65    4/15/2027      KY     USD
Transocean Inc           7.5   64.998    4/15/2031      KY     USD
USJ Acucar e Alcool    9.875   41.775    11/9/2019      BR     USD
USJ Acucar e Alcool    9.875     41.5    11/9/2019      BR     USD
Vale SA                5.625   67.849    9/11/2042      BR     USD
Venezuela Government   9.375       44    1/13/2034      VE     USD
Venezuela Government    7.75    44.25   10/13/2019      VE     USD
Venezuela Government    8.25    42.75   10/13/2024      VE     USD
Venezuela Government   11.75     50.5   10/21/2026      VE     USD
Venezuela Government       7    49.85    12/1/2018      VE     USD
Venezuela Government       6    41.25    12/9/2020      VE     USD
Venezuela Government       7    41.25    3/31/2038      VE     USD
Venezuela Government    7.65     41.5    4/21/2025      VE     USD
Venezuela Government       9    43.75     5/7/2023      VE     USD
Venezuela Government    9.25       44     5/7/2028      VE     USD
Venezuela Government  13.625   61.314    8/15/2018      VE     USD
Venezuela Government  13.625   61.314    8/15/2018      VE     USD
Venezuela Government  13.625     61.5    8/15/2018      VE     USD
Venezuela Government   12.75    52.65    8/23/2022      VE     USD
Venezuela Government   11.95     49.5     8/5/2031      VE     USD
Venezuela Government    9.25    46.25    9/15/2027      VE     USD
Venezuela Government    5.25   49.414    3/21/2019      VE     USD
Venezuela Government    6.25    73.52     4/6/2017      VE     USD
Venezuela Government   9.125   71.351    9/15/2017      VE     USD
VRG Linhas Aereas SA   10.75     59.5    2/12/2023      BR     USD
VRG Linhas Aereas SA   10.75     59.5    2/12/2023      BR     USD


                            ***********


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
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.


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