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                     L A T I N   A M E R I C A

            Monday, October 24, 2016, Vol. 17, No. 210


                            Headlines



A R G E N T I N A

ARGENTINA: Looks to Battle Corruption With New Laws
BANCO MACRO: Fitch Assigns B- Rating on Sub. Medium Term Notes
COMPANIA GENERAL: S&P Assigns 'B-' CCR; Outlook Stable
TOYOTA COMPANIA: Moody's Assigns Ba3 LC Global Debt Rating


B R A Z I L

BANCO MERCANTIL: S&P Revises Outlook to Neg. & Affirms 'BB' ICR
BRAZIL: Knocks on India's Door to Revive Trade Ties
ODEBRECHT ENGENHARIA: Moody's Cuts Corporate Family Rating to Caa1
ODEBRECHT FINANCE: Moody's Cuts Unsec. Notes Rating to Caa1


C A Y M A N  I S L A N D S

ASIYA EQUITY: Shareholders' Final Meeting Set for Nov. 30
ASIYA EQUITY (MASTER): Shareholders' Final Meeting Set for Nov. 30
ASIYA PANDA: Shareholders' Final Meeting Set for Nov. 30
ASIYA PANDA (MASTER): Shareholders' Final Meeting Set for Nov. 30
EMBER LIMITED: Shareholders' Final Meeting Set for Nov. 2

MSREF ASSET V: Shareholders' Final Meeting Set for Nov. 1
MSREF ASSET VII: Shareholders' Final Meeting Set for Nov. 1
OMNI MACRO: Members' Final Meeting Set for Nov. 7
OMNI MACRO MASTER: Members' Final Meeting Set for Nov. 7
SELBY CAPITAL: Members' Final Meeting Set for Nov. 1

SONICA INT'L: Member Receives Wind-Up Report
TRUE INNOVATIONS: Members' Final Meeting Set for Nov. 9


H O N D U R A S

HONDURAS: To Launch Ciudad Mujer With $20 Million Loan


J A M A I C A

NORANDA ALUMINUM: New Day Aluminum Wins Bid for Jamaican Assets
* JAMAICA: To Benefit From Program to Boost Mineral Sector


P A N A M A

PANAMA CANAL: S&P Affirms 'BB-' CCR; Outlook Remains Stable


P E R U

BANCO DE CREDITO: Fitch Assigns 'BB' Rating on Jr. Sub. Debt


X X X X X X X X X

* BOND PRICING: For the Week From Oct. 17 to Oct. 21, 2016


                            - - - - -


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


ARGENTINA: Looks to Battle Corruption With New Laws
----------------------------------------------------
Reuters reports that the Argentine government sent to Congress a
series of proposed laws that would heavily sanction businesses
found guilty of corruption involving the public sector, according
to a document seen by Reuters on Saturday.

Currently, Argentine law punishes individuals involved in such
corruption cases, but not companies, according to Reuters. Under
the proposed laws, companies could be fined heavily or suspended
temporarily from doing business, among other measures, the report
notes.

The proposed laws allow for decreased punishments for companies
that collaborate in ongoing investigations or adopt internal
policies that make future corruption unlikely, the report relays.
Punishments could be made more severe under the proposed project
if high-ranking officials in a company know of the corrupt
practices or if such practices cause environmental damage, among
other factors, the report discloses.

"The threat of sanction of organizations and the possibility of
mitigating responsibility after collaborating in the prevention
and detection of crimes against public bodies are tools to aid the
prevention of corruption," reads the proposal, the report says.

The initiative would allow for fines of up to 20 percent of a
company's gross annual income and the suspension of a company from
doing business for up to ten years, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed Argentina's sovereign
ratings as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;
   -- Senior unsecured Foreign Currency bonds at 'B';
   -- Country Ceiling at 'B';
   -- Short-Term Foreign and Local Currency IDRs at 'B'.


BANCO MACRO: Fitch Assigns B- Rating on Sub. Medium Term Notes
--------------------------------------------------------------
Fitch Ratings has assigned Banco Macro S.A.'s upcoming issuance of
subordinated medium term notes an expected rating of
'B-(EXP)'/'RR6'.

The assignment of the final rating is contingent on the receipt of
final documents conforming to the information received to date.

Macro is Argentina's third largest private sector bank by loan
portfolio with one of the largest branch networks in the country,
focused primarily on serving low- and middle-income individuals
and small- and medium-sized companies.  Fitch uses Macro's
Viability Rating (VR) as the starting point for the expected
rating of its upcoming subordinated issuance.

                        KEY RATING DRIVERS

SUBORDINATED DEBT

The upcoming issuance is expected to be rated one notch below
Macro's VR of 'b', reflecting loss severity.  Notwithstanding the
low recovery expectations in case of bank liquidation, the
issuance is notched only once in consideration of the issuer's
sound underlying fundamentals and the operating environment's
compression on its low VR.  The securities, which are expected to
comply with local Tier II capital requirements, are subordinated
to all senior unsecured creditors but will be senior to the bank's
capital stock, including outstanding Tier I instruments (rated
'CCC/RR6').

                        RATING SENSITIVITIES

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Macro's expected subordinated debt rating is sensitive to a change
in Macro's VR.  The rating is also sensitive to a wider notching
from the VR if there is a change in Fitch's view on the non-
performance of these instruments on a going concern basis.

Fitch assigns this rating:

Banco Macro S.A.
   -- Long Term Rating on Subordinated Medium Term Notes
      'B-(EXP)'/'RR6'.


COMPANIA GENERAL: S&P Assigns 'B-' CCR; Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B-' corporate credit rating to
Campania General de Combustibles S.A. (CGC).  S&P also assigned
its 'B-' debt rating to the company's senior unsecured notes.  The
outlook is stable.

The 'B-' ratings incorporate CGC's proposed bond issuance and an
improved maturity profile that would alleviate the company's
short-term liquidity pressures.  The ratings also reflect the
company's exposure to Argentina's (B-/Stable/B) fragile economy
and volatile regulatory framework, as well as CGC's small scale of
operations and limited geographic diversification.  In addition,
although CGC's debt level is moderate, S&P expects the company's
free operating cash flow generation to be negligible in the next
two to three years, weighing on the rating.  S&P rates CGC in line
with Argentina's foreign currency rating because S&P considers
that, after a successful bond issuance, the company has the
capacity to meet its financial commitments, generating sufficient
cash flow to meet its operating and financing needs in the next 12
months.

In April 2015, CGC acquired Petrobras Argentina S.A.'s (foreign
currency: B-/Stable/--) assets in the Austral basin for
$82.5 million, and financed the transaction with part of a
$122 million syndicated loan from local banks, which the company
refinanced in September 2016 and plans to repay with the proceeds
from the new bond.  Although the acquisition increased the size
and scope of CGC's operations significantly, its reserve base and
production levels are still smaller than those of its
international peers.  As of Dec. 31, 2015, CGC's proved developed
reserves totaled 26.3 million barrels of oil equivalent (boe),
while its oil and gas production reached 24.4 thousand boe per
day.  In addition, CGC's operations have a geographic
concentration, with 84% of the oil and 90% of the gas production
coming from the Austral basin in the province of Santa Cruz in the
country's south.  On the other hand, CGC's proved reserve life
index is 6.4 years for oil and 6.4 years for gas, which S&P views
as adequate for current rating category.


TOYOTA COMPANIA: Moody's Assigns Ba3 LC Global Debt Rating
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
assigned a Ba3 senior unsecured local currency global debt rating
and an Aaa.ar national scale local currency debt rating to Toyota
Compania Financiera de Argentina S.A.(TCFA)'s Class 21 expected
issuance up to ARS210 million, which will be due in 24 months.

All the ratings have stable outlook.

The following ratings were assigned to Toyota Compania Financiera
de Argentina:

ARS210 million Senior Unsecured Debt Issuance:

   -- Ba3 Global Local Currency Senior Unsecured Debt Rating

   -- Aaa.ar Argentina National Scale Local Currency Senior
      Unsecured Debt Rating

RATING RATIONALE

The Ba3 global local currency senior debt rating is constrained by
Argentina's local currency country ceiling of Ba3, and reflect the
very high probability that Toyota's ultimate parent, Toyota Motor
Corporation (Japan) (Aa3 stable), will support the issuer, whose
standalone credit quality is reflected by its b3 BCA. Moody's
assessment of a very high probability of parental support
considers TCFA's key role as the financial agent for Toyota
Corporation in Argentina and its strong commercial and strategic
importance to the corporation. Thanks to parental support, the
company remains one of the strongest credits in Argentina despite
significant credit challenges that constrain TCFA's BCA and its
debt ratings relative to global peers.

The BCA considers Argentina's ongoing macroeconomic and
institutional challenges together with TCFA's monoline business
model dedicated to the financing of Toyota vehicles and the
increasing level of competition within the car-financing industry
in Argentina. Despite significant improvements since the new
administration took office in December 2015 and softened or
eliminated various burdensome government controls on the financial
system, which should help support earnings, Argentina continues to
face significant economic and institutional challenges, including
high inflation and weak growth. Although the company posted very
strong profitability during 1H2016 and in 2015, this was partly
distorted by the high rate of inflation. While non-performing
loans remain low thanks to the company's focus on middle and high-
income individuals, delinquency levels are likely to rise given
the current economic situation. These risks are balanced in part
by the TCFA's satisfactory risk management practices that are
aligned to those of its parent companies as well as its adequate
capitalization. The ratings also include risks associated with a
liability structure mainly reliant on market funds, as is the case
of other automobile finance companies.

The stable outlook on the company's ratings is in line with the
stable outlook B3 rating for Argentina's government bond rating.

WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's operating environment
continues to improve. On the other hand, the rating could go down
if the operating environment deteriorates, affecting TCFA's
business prospects.



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


BANCO MERCANTIL: S&P Revises Outlook to Neg. & Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Banco Mercantil Santa
Cruz to negative from stable.  In addition, S&P affirmed its 'BB'
long- and 'B' short-term issuer credit ratings on the bank.  Its
stand-alone credit profile (SACP) remains at 'bb'.

The outlook revision reflects S&P's view of a potential downgrade
if the bank doesn't maintain its risk-adjusted capital (RAC) ratio
close to 5% for the next two years amid pressured profitability.

Bolivia's financial services law (passed in 2013) gives the
government powers to set interest rates and to direct bank lending
to specific sectors, including a minimum of 60% of loans to for
"social housing" and to "productive sectors" of the economy,
encouraging lending to the government targeted sectors.  Banks
will have until 2018 to fulfill the regulatory requirement.
Therefore, S&P now expects BMSC's lending growth for the next two
years to be higher than S&P previously expected, especially in
"social housing" loans, whereas its NIMs should be pressured by
capped interest rates.  Although the bank's new subordinated
issuances will fund the forthcoming loan growth, S&P don't expect
them to be eligible for our RAC calculation because hybrids
instruments issued in Bolivia usually don't cover loss absorption
clauses on a going-concern basis.

The 'bb' SACP reflects S&P's view of BMSC's strong business
position based on the bank's leading market presence in the
country; moderate capital and earnings that stem from S&P's
projected RAC ratio of around 4.8% for the next two years and high
quality of capital and earnings; adequate risk position because
S&P expects the bank to maintain manageable asset quality
indicators; average funding and adequate liquidity, reflecting a
stable deposit base and metrics in line with those of its peers.


BRAZIL: Knocks on India's Door to Revive Trade Ties
----------------------------------------------------
EFE News reports that the Brazilian government sent a direct
message to India about the importance Brasilia places on trade
with New Delhi, presenting a proposal for preferential tariffs and
signing several memorandums of understanding.

On the first stop of his first Asian tour after the G-20 summit,
Brazilian President Michel Temer met with Indian Prime Minister
Narendra Modi to discuss the opportunities Brazil presents India
and Brazilian business leaders' interest in the Indian market,
according to EFE News.

"We have a proposal to trade 500 preferential products with
India," Foreign Minister Jose Serra told reporters after the
meeting of representatives of the two countries in the western
Indian state of Goa, where the BRICS (Brazil, Russia, India, China
and South Africa) summit, the report notes.

In the defense area, Brazil is offering equipment to export to
India, the world's largest importer of such gear, Serra said,
adding that his country was interested in exporting ethanol
products, of which it is the largest producer in the world, the
report relays.

"Trade between the Indian and Brazilian economies can triple in
the coming years because of the complementarity of the two
economies," the report quoted Mr. Serra as saying.

Agriculture Minister Blairo Maggi, for his part, said some of
these products were from the food industry, and India is a large
importer of food, the report relays.

The announcement came after the two countries signed four
agreements in the areas of cooperation and facilitation of
investment; regulation of pharmaceutical products; agriculture;
and livestock, the report notes.

"I am happy to note that India and Brazil have finalized the text
of a bilateral investment agreement. It will provide much needed
momentum to increased bilateral business and investment linkages,"
Modi said during the ceremony marking the conclusion of the
meetings, the report discloses.

Modi said India wanted to be a valuable partner to Brazil in the
process of reviving its economy, which is why it welcomed
Brazilian companies that wished to invest in India, the report
says.

The prime minister thanked Temer for his support in expanding
access for Indian products to the Brazilian market, the report
notes.

In 2015, bilateral trade was around $7.9 billion, well below the
record $11.4 billion registered in the previous year, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2, negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.


ODEBRECHT ENGENHARIA: Moody's Cuts Corporate Family Rating to Caa1
------------------------------------------------------------------
Moody's America Latina Ltda. downgraded to Caa1.br from B2.br the
corporate family rating assigned on its Brazilian National scale
to Odebrecht Engenharia e Construo S.A. (OEC). At the same time,
Moody's Investors Service downgraded to Caa1 from B3 the corporate
family rating assigned on its global scale to OEC. The outlook for
all ratings is negative.

Ratings downgraded:

   Issuer: Odebrecht Engenharia e Construcao S.A. (OEC), Brazil

   -- Corporate Family Rating: to Caa1.br from B2.br (National
      Scale Rating)

   -- The outlook negative.

RATINGS RATIONALE

The downgrade reflects Moody's perception of increased credit risk
for OEC, due to the company's deteriorated liquidity profile up to
June 2016 and business uncertainties amid evolving reputational
risks. The Caa1 rating considers a low likelihood that OEC's
internal cash generation and financial profile will significantly
recover over the next 12 months as per the challenging environment
for infrastructure investments in Latin America and for the
company, in particular, along with potential contingent
liabilities.

Despite OEC's strong expertise in construction and solid track
record of execution in complex engineering projects, its market
position has been severely challenged by the ongoing corruption
allegations. Odebrecht S.A., OEC's parent, is seeking a definitive
collaboration within the scope of the "Lava Jato" Operation and it
is discussing a leniency agreement with the authorities to resolve
this matter. However, the meaning of the collaboration agreement
has not been disclosed yet, neither were the terms and economic
and financial effects for the group or the construction company.
Moody's deem the completion of this process as paramount for the
company's operating sustainability.

The prolonged investigations procedures resulted in limited
funding availability to the group's projects, creating further
challenges for OEC to participate in ongoing and future
infrastructure developments within its key markets in Latin
America and Africa. The challenging financing environment affect
the business profile of OEC to the extent of potential project
cancelations, revenue deferrals due to negotiated delays in the
pace of execution for existing projects and weak backlog
replacement ratio. As such, Moody's ability to forecast revenues
and cash flows out of the company's contracted projects is less
certain.

Adding pressure to OEC's businesses are the softer growth rates in
infrastructure spending throughout Latin America, reflective of
economic uncertainties, fiscal constraints and low commodity
prices trends to the metals and mining and oil and gas industries.
A situation that Moody's expects to continue through 2017.

In June 2016, OEC reported a project backlog of USD22.9 billion,
reflecting a 19% reduction in the business portfolio since fiscal
year end 2015 and a 33% accumulated reduction since 2014. The
backlog reductions have been accompanied by large cash outlays,
driven by delays in the collection of receivables, lower book-to-
bill ratio reducing the volume of cash advances and foreign
exchange losses, which jeopardized the company's liquidity
position. As a result, its cash balance fell to USD1.7 billion on
June 30, 2016, down from BRL2.5 billion on December 31, 2015 and
USD4.4 billion on December 31, 2014. As of June 30, 2016, the cash
availability represented 52% of total debt outstanding
(unaudited), including off-balance debt guarantees.

The negative outlook reflects the challenges ahead of OEC's
management to improve the company's credit and liquidity profile,
while ensuring business continuity amid the evolving corruption
investigations, with potential monetary fines and other business
sanctions affecting the company's liquidity position.

OEC's ratings could be downgraded if Moody's perceives a higher
risk arising from the developments of the legal proceedings.
Further downgrade would be considered if OEC fails to comply with
its annual audited reporting requirements, triggering a debt
acceleration, or if the company enters into a debt restructuring
that results in higher than expected losses to creditors.

A rating upgrade is unlikely at this point, however, a rating
stabilization may occur in the event of a constructive resolution
of the legal proceedings, along with progress towards the
company's timely delivery of audited financial statements. A
rating upgrade would also require OEC to improve and maintain a
stronger liquidity profile along with evidence of improvement in
its business environment that translates into a backlog
replacement ratio (book-to-bill) above 1.0x on a sustainable
basis.

Odebrecht Engenharia e Construcao S.A. (OEC) is the largest
engineering and construction company in Latin America, with $13.3
billion in net revenues in the last twelve months ended June 2016.
The company's project backlog of $22.9 billion is diversified into
146 contracts comprising large-scale construction projects in the
transportation segment, energy and sewage infrastructures,
buildings and industrial facilities, of which 23% is located in
Brazil, 55% in other Latin American countries and 20% in Africa.

OEC is a subsidiary of Odebrecht S.A. (unrated), a family-owned
investment holding company for one of the largest non-financial
conglomerates in Brazil that controls Braskem S.A., the largest
chemical company in Latin America, along with other investments in
the oil & gas, energy sectors, toll roads, water sewage
concessions and real estate. Odebrecht consolidated net revenues
reached $31.8 billion (R$117.7 billion) in the LTM 2Q16, of which
41% generated by OEC, 42% by Braskem, and 17% by other
subsidiaries. As of June 30, 2016, the group's consolidated cash
position was $5.4 billion (R$17.5 billion) for a total reported
debt of $29.4 billion (R$94.5 billion).


ODEBRECHT FINANCE: Moody's Cuts Unsec. Notes Rating to Caa1
-----------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B3 the foreign
currency rating assigned to the senior unsecured notes issued by
Odebrecht Finance Ltd. (OFL) and guaranteed by Odebrecht
Engenharia e Construcao S.A. (OEC). At the same time, Moody's has
downgraded to Caa1 from B3 the corporate family rating assigned on
its global scale to OEC. The outlook for all ratings is negative.

Ratings downgraded:

   Issuer: Odebrecht Engenharia e Construcao S.A. (OEC), Brazil

   -- Corporate Family Rating: to Caa1 from B3 (Global Scale
      Rating)

   Issuer: Odebrecht Finance Limited (OFL), Cayman Islands

   -- BRL500 million (BRL500 million outstanding) senior unsecured
      guaranteed notes due 2018: to Caa1 from B3 foreign currency
      rating

   -- USD500 million (USD72.7 million outstanding) senior
      unsecured guaranteed notes due 2020: to Caa1 from B3 foreign
      currency rating

   -- USD600 million (USD143 million outstanding) senior unsecured
      guaranteed notes due 2022: to Caa1 from B3 foreign currency
      rating

   -- USD800 million (USD101.6 million outstanding) senior
      unsecured guaranteed notes due 2023: to Caa1 from B3 foreign
      currency rating

   -- USD550 million (USD518.6 million outstanding) senior
      unsecured guaranteed notes due 2025: to Caa1 from B3 foreign
      currency rating

   -- USD500 million (USD500 million outstanding) senior unsecured
      guaranteed notes due 2029: to Caa1 from B3 foreign currency
      rating

   -- USD850 million (USD850 million outstanding) senior unsecured
      guaranteed notes due 2042: to Caa1 from B3 foreign currency
      rating

   -- USD750 million (USD750 million outstanding) senior unsecured
      guaranteed perpetual notes: to Caa1 from B3 foreign currency
      rating

RATINGS RATIONALE

The downgrade reflects Moody's perception of increased credit risk
for OEC, due to the company's deteriorated liquidity profile up to
June 2016 and business uncertainties amid evolving reputational
risks. The Caa1 rating considers a low likelihood that OEC's
internal cash generation and financial profile will significantly
recover in the next 12 months as per the challenging environment
for infrastructure investments in Latin America and for the
company, in particular, along with potential contingent
liabilities.

Despite OEC's strong expertise in construction and solid track
record of execution in complex engineering projects, its market
position has been severely challenged by the ongoing corruption
allegations. Odebrecht S.A., OEC's parent, is seeking a definitive
collaboration within the scope of the "Lava Jato" Operation and it
is discussing a leniency agreement with the authorities to resolve
this matter. However, the meaning of the collaboration agreement
has not been disclosed yet, neither were the terms and economic
and financial effects for the group or the construction company.
Moody's deem the completion of this process as paramount for the
company's operating sustainability.

The prolonged investigations procedures resulted in limited
funding availability to the group's projects, creating further
challenges for OEC to participate in ongoing and future
infrastructure developments within its key markets in Latin
America and Africa. The challenging financing environment affect
the business profile of OEC to the extent of potential project
cancelations, revenue deferrals due to negotiated delays in the
pace of execution for existing projects and weak backlog
replacement ratio. As such, Moody's ability to forecast revenues
and cash flows out of the company's contracted projects is less
certain.

Adding pressure to OEC's businesses are the softer growth rates in
infrastructure spending throughout Latin America, reflective of
economic uncertainties, fiscal constraints and low commodity
prices trends to the metals and mining and oil and gas industries.
A situation that Moody's expects to continue through 2017.

In June 2016, OEC reported a project backlog of USD22.9 billion,
reflecting a 19% reduction in the business portfolio since fiscal
year end 2015 and a 33% accumulated reduction since 2014. The
backlog reductions have been accompanied by large cash outlays,
driven by delays in the collection of receivables, lower book-to-
bill ratio reducing the volume of cash advances and foreign
exchange losses, which jeopardized the company's liquidity
position. As a result, its cash balance fell to USD1.7 billion on
30 June 2016, down from BRL2.5 billion on 31 December 2015 and
USD4.4 billion on 31 December 2014. As of June 30, 2016, the cash
availability represented 52% of total debt outstanding
(unaudited), including off-balance debt guarantees.

The negative outlook reflects the challenges ahead of OEC's
management to improve the company's credit and liquidity profile,
while ensuring business continuity amid the evolving corruption
investigations, with potential monetary fines and other business
sanctions affecting the company's liquidity position.

OEC's ratings could be downgraded if Moody's perceives a higher
risk arising from the developments of the legal proceedings.
Further downgrade would be considered if OEC fails to comply with
its annual audited reporting requirements, triggering a debt
acceleration, or if the company enters into a debt restructuring
that results in higher than expected losses to creditors.

A rating upgrade is unlikely at this point, however, a rating
stabilization may occur in the event of a constructive resolution
of the legal proceedings, along with progress towards the
company's timely delivery of audited financial statements. A
rating upgrade would also require OEC to improve and maintain a
stronger liquidity profile along with evidence of improvement in
its business environment that translates into a backlog
replacement ratio (book-to-bill) above 1.0x on a sustainable
basis.

Odebrecht Engenharia e Construcao S.A. (OEC) is the largest
engineering and construction company in Latin America, with $13.3
billion in net revenues in the last twelve months ended June 2016.
The company's project backlog of $22.9 billion is diversified into
146 contracts comprising large-scale construction projects in the
transportation segment, energy and sewage infrastructures,
buildings and industrial facilities, of which 23% is located in
Brazil, 55% in other Latin American countries and 20% in Africa.

OEC is a subsidiary of Odebrecht S.A. (unrated), a family-owned
investment holding company for one of the largest non-financial
conglomerates in Brazil that controls Braskem S.A., the largest
chemical company in Latin America, along with other investments in
the oil & gas, energy sectors, toll roads, water sewage
concessions and real estate. Odebrecht consolidated net revenues
reached $31.8 billion (R$117.7 billion) in the LTM 2Q16, of which
41% generated by OEC, 42% by Braskem, and 17% by other
subsidiaries. As of June 30, 2016, the group's consolidated cash
position was $5.4 billion (R$17.5 billion) for a total reported
debt of $29.4 billion (R$94.5 billion).



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


ASIYA EQUITY: Shareholders' Final Meeting Set for Nov. 30
---------------------------------------------------------
The shareholders of Asiya Equity Fund Ltd. will hold their final
meeting on Nov. 30, 2016, 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:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


ASIYA EQUITY (MASTER): Shareholders' Final Meeting Set for Nov. 30
------------------------------------------------------------------
The shareholders of Asiya Equity Fund (Master) Ltd. will hold
their final meeting on Nov. 30, 2016, 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:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


ASIYA PANDA: Shareholders' Final Meeting Set for Nov. 30
--------------------------------------------------------
The shareholders of Asiya Panda Fund Ltd. will hold their final
meeting on Nov. 30, 2016, 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:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


ASIYA PANDA (MASTER): Shareholders' Final Meeting Set for Nov. 30
-----------------------------------------------------------------
The shareholders of Asiya Panda Fund (Master) Ltd. will hold their
final meeting on Nov. 30, 2016, 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:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


EMBER LIMITED: Shareholders' Final Meeting Set for Nov. 2
---------------------------------------------------------
The shareholders of Ember Limited will hold their final meeting on
Nov. 2, 2016, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Frances Holliday
          c/o Jasmine Amaria
          Walkers
          6 Gracechurch Street
          London
          EC3V 0AT
          UK
          Tel No: (+44)207-2204975
          Email: jasmine.amaria@walkersglobal.com


MSREF ASSET V: Shareholders' Final Meeting Set for Nov. 1
---------------------------------------------------------
The shareholders of MSREF VII Japan Asset V GP Ltd will hold their
final meeting on Nov. 1, 2016, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


MSREF ASSET VII: Shareholders' Final Meeting Set for Nov. 1
-----------------------------------------------------------
The shareholders of MSREF VII Japan Asset VII GP Ltd will hold
their final meeting on Nov. 1, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


OMNI MACRO: Members' Final Meeting Set for Nov. 7
-------------------------------------------------
The members of Omni Macro Fund I Limited will hold their final
meeting on Nov. 7, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


OMNI MACRO MASTER: Members' Final Meeting Set for Nov. 7
--------------------------------------------------------
The members of Omni Macro Master Fund I Limited will hold their
final meeting on Nov. 7, 2016, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


SELBY CAPITAL: Members' Final Meeting Set for Nov. 1
----------------------------------------------------
The members of Selby Capital Ltd will hold their final meeting on
Nov. 1, 2016, 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:

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


SONICA INT'L: Member Receives Wind-Up Report
--------------------------------------------
The member of Sonica International Ltd. received on Oct. 18, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sonica Capital LLC
          c/o Ridhiima Kapoor
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TRUE INNOVATIONS: Members' Final Meeting Set for Nov. 9
-------------------------------------------------------
The members of True Innovations (Cayman) Ltd. will hold their
final meeting on Nov. 9, 2016, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wong Wing Chi
          Suite 1601-1603, Kinwick Centre
          32 Hollywood Road, Central
          Hong Kong
          Tel No: (+852)2542-1177



===============
H O N D U R A S
===============


HONDURAS: To Launch Ciudad Mujer With $20 Million Loan
-------------------------------------------------------
The Inter-American Development Bank (IDB) has approved two loans
totaling $20 million to implement the Ciudad Mujer program in
Honduras. The loans, together with a $460,000 grant, will finance
technical support needed to adapt the model created in El Salvador
-- and implemented at four centers located in the departments of
Francisco Morazan, Cortes, Olancho and Atlantida -- to Honduras'
reality and needs.

The project, managed by the Development and Social Inclusion
Secretariat, seeks to improve Honduran women's living conditions
in areas such as workplace participation, sexual and reproductive
health, violence prevention and care, and teen pregnancy
prevention. It also aims to improve socio-economic opportunities
for underage women at risk of irregular migration and for returned
women -- an initiative supported by the Alliance for Prosperity in
the Northern Triangle.

In spite of progress achieved in the field of gender, Honduras
still faces major challenges. The country has one of the highest
teen pregnancy rates in Latin America and the Caribbean (24
percent) and the lowest workplace participation rate for women
(43.1 percent). Additionally, it has one of the world's highest
femicide rates.

The Ciudad Mujer program will bring together under the same roof
15 public institutions that provide specialized services
classified in six modules: economic autonomy, sexual and
reproductive health, care for female victims of violence,
attention to teens, collective education, and care for boys and
girls under 12 years of age while their mothers are receiving
these services.

Honduras thus joins the Dominican Republic and El Salvador in
seeking IDB financial support to implement integrated care
services for women. The efficacy of the Ciudad Mujer model is has
been validated by an impact evaluation conducted in El Salvador,
where the IDB found that a year after the operation was launched,
43 percent more women, on average, were using these public
services compared with women who did not visit the centers.

The IDB lending consists of a $12 million loan from its Ordinary
Capital at a LIBOR-based interest rate and an $8 million loan from
its Fund for Special Operations, at 0.25 percent rate pf interest.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2016, S&P Global Ratings revised its outlook on the
Republic of Honduras to positive from stable.  S&P also affirmed
its 'B+/B' long- and short-term sovereign credit ratings on
Honduras.  In addition, S&P affirmed its 'BB-' transfer and
convertibility assessment.



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


NORANDA ALUMINUM: New Day Aluminum Wins Bid for Jamaican Assets
---------------------------------------------------------------
RJR News reports that international firm New Day Aluminum has
emerged as the successful bidder for the Jamaican assets of US-
based producer Noranda Aluminum.

New Day edged out ARG International, which recently bought
Noranda's aluminum smelter in southeastern Missouri in the US. New
Day had a final offer, which was above that of Stockholm-based
ARG, according to RJR News.

Earlier this year, Noranda's parent company announced actions to
reduce costs in its integrated aluminium business which comprises
its operations in Jamaica, an alumina refinery in Louisiana and
its primary aluminium smelter in Missouri, the report notes.

These actions were attributed to, among other things, continued
low aluminium prices, the report relays.

Meanwhile, the sale of Noranda's assets is causing jitters for
workers at its Jamaican operations, the report says.

The Union of Technical, Administrative and Supervisory Personnel
(UTASP) says some of the workers are concerned about the company's
outstanding financial obligations to them, the report discloses.

Noranda has 1,000 workers in Jamaica.


* JAMAICA: To Benefit From Program to Boost Mineral Sector
----------------------------------------------------------
RJR News reports that Jamaica is to benefit from a three-year
program aimed at positioning it to take advantage of  the minerals
sector.

The 13 million-euro Development Minerals Program, being funded by
the European Union is being undertaken in six African, Caribbean
and Pacific states, according to RJR News.

It seeks to improve the management of Neglected Development
Minerals which include those used for industrial and construction
purposes as well as semi-precious stones, the report notes.

The project will also strengthen the capacity of key stakeholders
such as small-scale mining enterprises, business development
centres and regulatory agencies, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and
short-term foreign and local currency sovereign credit ratings on
Jamaica.  The outlook on the long-term sovereign credit ratings
remains stable.  In addition, S&P affirmed its transfer and
convertibility assessment at 'B+'.



===========
P A N A M A
===========


PANAMA CANAL: S&P Affirms 'BB-' CCR; Outlook Remains Stable
-----------------------------------------------------------
S&P Global Ratings Services affirmed its 'BB-' long-term corporate
credit and issue-level ratings on Panama Canal Railway Co. (PCRC).
The outlook remains stable.

"The rating affirmation reflects our view that despite the PCRC's
weaker key financial metrics given a difficult container shipping
industry conditions in 2016, our assessment of its financial risk
profile remains significant.  Our assessment also considers that
the company operates in an industry that is correlated to global
economic downturns that translate into weaker volumes and
financial metrics.  We also expect that freight volumes for PCRC's
container operations will improve to 368,000 containers in 2017
from 350,000 for 2016 and 376,000 in 2015.  The container shipping
industry is currently experiencing difficult conditions due to
capacity oversupply.  If this trend continues, weaker freight
volumes could strain PCRC's credit measures if its debt to EBITDA
approaches 3.0x.  Nevertheless, we expect a gradual uptick
starting in 2017," S&P said.

PCRC has been the concession holder and operator of a 47-mile
railway system for more than 18 years, with its core business
focused on the transshipment of containers across Panama.  Its
railway system runs parallel to the Panama Canal, linking Panama
City on the Pacific Ocean coast with the Colon free trading zone
on the Atlantic Ocean coast.  PCRC is owned equally by Kansas City
Southern (BB/Positive/--) and Mi-Jack Products Inc. (not rated).

"PCRC has a highly concentrated revenue base and copes with
inherent risks of operating a single-track railroad, given that
it's exposed to potential service interruptions due to railroad
damage or obstructions in the right-of-way, and has a small scale
of operations.  PCRC's largest client accounts for more than 85%
of the company's total container transportation volume.  We also
consider that its dependence on international trade volumes
somewhat constrains the rating.  On the other hand, PCRC is
strategically located parallel to the Panama Canal, and its
favorable concession terms limit impact from potential competition
and enable the company to establish a favorable cargo rate
structure.  Based on these factors, we assess the company's
business risk profile as weak," S&P said.



=======
P E R U
=======


BANCO DE CREDITO: Fitch Assigns 'BB' Rating on Jr. Sub. Debt
------------------------------------------------------------
Fitch Ratings has assigned an expected Long-Term Foreign Currency
Issuer Default Rating (IDR) of 'A-(exp)' to Banco de Credito del
Peru's (BCP) three-year USD300 million senior unsecured fixed-rate
bonds due to 2019.

                        KEY RATING DRIVERS

VR, IDRs AND SENIOR DEBT

BCP's Long-Term Foreign Currency IDR remains one notch above
Peru's sovereign due to its very strong credit profile.  Its
viability rating (VR) reflects the bank's adequate loss absorption
capacity, given a dominant franchise, high and sustained
profitability and sound credit risk management, together with a
strong liquidity and stable and diversified funding.  Fitch
believes the entity will be able to withstand any occasional
deterioration in the operating environment.

The rating assigned to BCP's new debt issuance corresponds to the
bank's long-term IDR and ranks equal to its other senior unsecured
debt, considering the absence of credit enhancement or
subordination feature.

                       RATING SENSITIVITIES

IDRs, VR, AND SENIOR DEBT

The Stable Outlook reflects Fitch's belief that the bank's strong
balance sheet and performance are resilient to eventual downturns
and even though some credit metrics may see a slight
deterioration, they are likely to remain compatible with its
current rating.

Over the medium term, BCP's VR and IDRs are highly correlated with
the operating environment.  A positive rating action on the bank
IDRs is not Fitch base case considering current ratings are one
notche above the sovereign and due to lag of its FCC according to
Fitch benchmark ratios.

Significantly Weaker Performance: BCP's VR and IDRs could suffer
if the bank's asset quality deteriorates significantly, causing
and erosion of the bank's reserve and capital cushions (FCC below
9.5% and or operating profit to RWA below 2%).

The senior unsecured debt would generally move together with
bank's long-term rating.  The rating of BCP's USD300 million
senior unsecured fixed rate bonds due 2019 would move in tandem
with the bank's IDRs.

Fitch currently rates BCP as:

   -- Long-Term Foreign and Local Currency IDR 'A-'; Outlook
      Stable;
   -- Short-Term Foreign and Local Currency IDR 'F1';
   -- Viability Rating 'a-';
   -- Support Rating '2';
   -- Support Rating Floor 'BBB';
   -- Senior unsecured debt 'A-';
   -- Subordinated debt 'BBB+';
   -- Junior subordinated debt 'BB'.



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


* BOND PRICING: For the Week From Oct. 17 to Oct. 21, 2016
----------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     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 2016.  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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