precn 5.125 ´23 (b+) -7.3% - credit suisse
TRANSCRIPT
DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES AND
ANALYST CERTIFICATIONS.
CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION®
Client-Driven Solutions, Insights, and Access
Latin America Weekly Chartbook
Recent Research, New Issues, Ratings Actions, Bond Pricing and Statistics
Earnings Results: Banorte, Cemex, Credito Real, Elementia, Empresas ICA, Fibria, Financiera Independencia, Grupo Bimbo, Grupo Elektra, Grupo Famsa, Grupo KUO, Javer, Klabin, Maxcom, Mexichem, Millicom, Pemex, Petrotrin, Southern Copper, Vale
Exhibit 1: Best/Worst performers for the week ending October 29, 2015
-27.8%
-26.6%
-15.4%
-15.0%
-11.0%
-8.2%
-7.3%
-7.3%
-7.3%
-5.3%
-5.1%
-4.6%
-3.8%
-3.2%
-2.8%
-0.7%
0.0%
0.1%
0.4%
0.6%
0.6%
4.7%
4.9%
4.9%
5.5%
5.6%
5.7%
5.8%
6.3%
7.2%
8.1%
8.3%
8.7%
8.7%
11.5%
16.1%
ICASA 8.875 '24 (B)
ICASA 8.9 '21 (B)
PDVSA 8.5 '17 (CCC)
MIICF 6.875 '24 (Comcel) (BB+)
PRECN 5.625 ´25 (B+)
MIICF 6.625 '21 (BB+)
MIICF 6.000 '25 (BB+)
PRECN 5.375 '19 (B+)
PRECN 5.125 ´23 (B+)
ICASA 8.375 '17 (B)
ODEBRE 7 Perp (B)
MIICF 6.750 '22 (Telecel) (BB)
AJECBV 6.5 '22 (BB-)
PRECN 7.25 '21 (B+)
DLLTD 6 '21 (B+)
US HG (LUCI)
CS-LACI High Yield
CS HY (HYIDX)
CS-LACI Total
CS-LACI High Grade
SBI AMERICAS
QGOGBZ 5.25 '18 (BB-)
CSNABZ 7 Perp (2) (BB-)
CSNABZ 6.5 '20 (BB-)
EDNAR 9.75 '22 (CCC-)
ODEBRE 6.35 '21 (B)
CSNABZ 6.875 '19 (BB-)
PESEXA 7.375 '20 (B+)
YPF 8.75 '24 (CCC+)
YPF 8.5 '25 (CCC+)
BANBRA 6.250 Perp (B)
SCHAHN 5.875 '22 (CI)
INTSPN 7.5 '19 (nr)
PDVSA 5.25 '17 (CCC)
OIBRBZ 5.5 '20 (BB)
OIBRBZ 5.75 '22 (BB)
Source: Credit Suisse.
30 October 2015
Fixed Income Research
http://www.credit-suisse.com/researchandanalytics
Research Analysts
Jamie Nicholson
Managing Director
+1 212 538 6769
Andrew De Luca
Associate
+1 212 325 7443
Luis Serrano, CFA
Associate
+1 212 325 3147
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In This Issue:
Banorte 4
Cemex 5
Credito Real 7
Empresas ICA 8
Elementia 10
Fibria 12
Financiera Independencia 14
Grupo Bimbo 15
Grupo Elektra 16
Grupo Famsa 17
Grupo KUO 18
Javer 20
Klabin 22
Maxcom 24
Mexichem 25
Millicom 27
Pemex 29
Petrotrin 31
Southern Copper 32
Vale 34
Credit Suisse Liquid Indices 36
Relative Value: Latam Corps vs. US Corps, EM Corps, and EM Sovs 37
Financial Institutions 38
CAF 39
Real Estate & Construction 40
Consumer Staples 41
Protein 42
Energy 43
Pemex 46
Petrobras 47
Industrials 48
Metals & Mining 49
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Pulp & Paper 51
Telecom & Media – High Grade 53
Telecom & Media – High Yield 54
Transportation 55
Utilities 56
Argentina 57
Brazil 59
Chile 62
Mexico 63
Peru 66
Perpetual Bonds 68
Companies on Ratings Watch 69
Latin American LTM Credit Metrics 73
Latin America Bond Pricing Sheet 76
New Issues 2010-2015 YTD 86
Evolution of Latam Corporate New Issues (1991 – 2015) 97
Composition of New Issues 98
Current Index Composition 99
The authors of this report wish to acknowledge the contribution made by Maximiliano Bellsola, Alain Fainsod and Daniel Terrab, employees of CRISIL Global Research and Analytics, a business division of CRISIL Limited, a third-party provider of research services to Credit Suisse.
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Banorte October 22 – Banorte reported solid results in 3Q15, as net income increased 14% yoy (in
MXN terms; -9% yoy in US$ terms) due to: (i) higher net interest income (+7% yoy in MXN
terms); (ii) higher net contributions from service fees (+21% yoy) arising from higher
transaction volumes; (iii) lower loan loss provisions (-15% yoy); (iv) lower professional fees
paid (-30% yoy); and (v) lower tax expenses (-10% yoy). This was partially offset by lower
loan origination fees (-33% yoy). The bank’s efficiency ratio deteriorated 245bps yoy to
49.1% due to higher operating expenses coupled with lower trading income, while its NIM
remained relatively stable at 4.4% (vs. 4.2% in 2Q15).
Net interest income increased 7% yoy (in MXN terms; -15% yoy in US$ terms) reflecting
higher interest income (+8% yoy in MXN terms) being partially offset by an increase in
interest expense (-5% yoy). Interest income benefited from an improved portfolio mix and
credit expansion, while interest expense was affected by an increase in the benchmark
market rate. Loan loss provisions decreased 15% yoy (but increased 2% qoq), mainly due
to lower reserve requirements in the corporate and commercial loan portfolios, which more
than offset higher reserve requirements in the consumer and government loan portfolios.
Banorte’s loan portfolio increased 3% qoq (in MXN terms) reflecting higher consumer
loans (+5% qoq), higher mortgage loans (+3% qoq), higher commercial loans (+2% qoq)
and higher government entities loans (+4% qoq); partially offset by lower financial
institution lending (-11% qoq). Asset quality improved qoq as the NPL ratio decreased
12bps to 2.6% (vs. 2.8% in 3Q14) reflecting better results in the commercial, consumer
and mortgages segments. Coverage ratio stood at 1.1x in 3Q15 (vs. 1.0x in 3Q14).
Exhibit 2: Banorte - Financial Snapshot in US$mn (except for ratios) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Net Interest Income 729 641 623 -3% -15% 2,690
NII after Provisions 485 465 457 -2% -6% 1,984
Net Income 232 204 212 4% -9% 837
Cash 5,240 5,416 5,181 -4% -1% 5,181
Loan Portfolio (ex Provisions)(4) 32,497 30,244 28,972 -4% -11% 28,972
Deposits 34,573 33,306 31,767 -5% -8% 31,767
Net Interest Margin (2) 4.4% 4.2% 4.4% 4.5%
NPL/Total Loans 3.2% 2.8% 2.6% -12bps -60bps 2.6%
Provisions/Total Loans 3.3% 2.9% 2.9% 2.9%
Loans/Deposits 97% 93% 94% 94%
Coverage Ratio 1.0x 1.0x 1.1x 1.1x
ROAA 1.4% 1.3% 1.5% 1.4%
ROAE 13.8% 12.9% 13.9% 13.2%
Capital Ratio (1) 15.0% 15.1% 14.9% -23bps -9bps 14.9%
Efficiency Ratio (3) 46.6% 52.2% 49.1% -315bps 245bps 52.5% Source: Credit Suisse and Company Filings. (1) Capital ratio calculated under Basel III methodology from 1Q13 onwards. (2) NIM defined as Net Interest Income / Average Total Assets. (3) Efficiency Ratio = Operating expenses / Net interest income + net fee revenues + other operating income. (4) Loan portfolio includes Valuation adjustments for Asset Coverage.
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Cemex October 22 – Cemex reported weaker yoy and qoq results in 3Q15, affected by lower
EBITDA generation in Mexico, the Mediterranean, Northern Europe and the South/Central
America & the Caribbean regions. This was partially offset by higher contributions from the
US and Asia. Results in the US contributed positively to EBITDA generation, despite poor
weather conditions and lower oil well-related cement sales, due to solid residential,
industrial and commercial activity as well as higher demand from the US infrastructure
sector. Strong cement demand from the Philippines due to increased residential,
commercial and infrastructure sector activity also underpinned results. Operations in
Mexico were negatively affected by lower volumes reflecting Cemex’s “value-before-
volume” strategy and focus on profitability. Demand from the formal residential sector
slowed in 3Q15 relative to strong performance in 1H15, and demand from the
infrastructure sector was negatively affected by some project delays.
Consolidated net revenues in 3Q15 decreased 9% yoy, reflecting lower contributions from
Northern Europe, the Mediterranean, Mexico, and South/Central America and the
Caribbean (-15%, -20%, -10% and -30% yoy, respectively), partially offset by higher
contributions from the US and Asia (+27% and +18% yoy, respectively). Cement volumes
remained stable yoy, while aggregates and ready-mix volumes decreased -7% and -2%
yoy, respectively. Average prices (in US$) for cement, aggregates and ready-mix were
down -8%, -5% and -6% yoy, respectively.
Consolidated EBITDA in 3Q15 decreased 10% yoy and margins contracted 11bps yoy to
18.5%, affected by: (i) lower consolidated sales; (ii) FX translation effects from weaker
local currencies against US$; and (iii) higher SG&A expenses despite ongoing cost
reduction initiatives undertaken by the company. On the conference call, management
stated they are still planning to reduce operating expenses by US$150mn during FY2015.
Cash decreased US$35mn qoq to US$457mn in 3Q15, mainly due to lower sequential
EBITDA generation and higher expansion capex. This was partially offset by working
capital proceeds (net inflow of US$139mn) and lower taxes paid. Expansion capex totaled
US$60mn in 3Q15 (vs. US$39mn in 2Q15). Credit metrics remained stable qoq with LTM
net leverage standing at 5.6x, and interest coverage increasing marginally to 2.1x (vs. 2.0x
in LTM2Q15). Total debt (including perpetual notes) decreased 2% qoq.
On July 27, Fitch Ratings upgraded Cemex’s issuer default ratings (IDR’s) from B+ to BB-.
Additionally, Fitch also upgraded Cemex’s national scale from BBB to A-, and the short-
term national scale rating from F3 to F2, allowing the company to potentially access the
institutional Mexican bond market. The rating outlook remains stable.
On August 3, Cemex announced the fully repayment of the total amount outstanding of
approximately US$1.95bn under the Facilities Agreement entered into by the company in
September 2012, with new funds from 17 financial institutions which participated in the
credit agreement from September 2014.
On August 12, Cemex announced the signing of sale agreements for its operations in
Austria and Hungary for approximately EUR160mn, as well as its operations in Croatia,
including its assets in Bosnia & Herzegovina, Montenegro and Serbia, for approximately
EUR230.9mn. The closings of these transactions are subject to regulatory approval. The
company expects to finalize the sale of its operations in Austria and Hungary during 4Q15,
and finalize the sale of its operations in Croatia, Bosnia & Herzegovina, Montenegro and
Serbia in 1Q16. In the press release, management stated that the proceeds from these
transactions would be used for debt reduction and for general corporate purposes.
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Exhibit 3: Cemex - Financial Snapshot In US$mn (unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Cement Volumes ('000 metric tons) 17,100 18,114 17,017 -6% 0% 68,511
Ready-mix Volumes ('000 cubic meters) 13,962 14,394 13,634 -5% -2% 55,096
Aggregates Volumes ('000 metric tons) 42,092 40,734 39,068 -4% -7% 156,474
Net Revenues 4,014 3,839 3,651 -5% -9% 14,728
Mexico 803 745 669 -10% -17% 3,007
US 1,007 1,008 1,093 8% 9% 3,891
Northern Europe 1,047 904 829 -8% -21% 3,406
Mediterranean 366 409 348 -15% -5% 1,520
South/Central America Caribbean 585 517 476 -8% -19% 1,975
Asia 151 177 162 -8% 7% 658
EBITDA 749 744 677 -9% -9.6% 2,690
Mexico 245 256 220 -14% -10% 993
USA 136 156 172 11% 27% 530
Northern Europe 133 111 114 2% -15% 347
Mediterranean 74 75 59 -20% -20% 278
South/Central America Caribbean 199 160 139 -13% -30% 613
Asia 40 45 47 4% 18% 173
EBITDA margin 18.7% 19.4% 18.5% -82 bps -11 bps 18.3%
Mexico 30.5% 34.3% 32.8% -154 bps 231 bps 33.0%
USA 13.5% 15.5% 15.8% 32 bps 225 bps 13.6%
Northern Europe 12.7% 12.3% 13.7% 140 bps 98 bps 10.2%
Mediterranean 20.3% 18.2% 17.1% -116 bps -327 bps 18.3%
South/Central America Caribbean 34.0% 31.0% 29.2% -180 bps -476 bps 31.0%
Asia 26.4% 25.7% 29.1% 342 bps 267 bps 26.3%
Cash 995 492 457 457
Short-term Debt 989 464 303 303
Total Debt (including perps) 16,949 15,934 15,581 -2% -8% 15,581
Net Debt (Including perps) 15,954 15,442 15,124 -2% -5% 15,124
Gross Leverage (including perps) 5.7x 5.4x 5.8x 5.8x
Gross Leverage (covenant purposes) 5.4x 5.1x 5.2x 5.2x
Net Leverage (including perps) 5.3x 5.2x 5.6x 5.6x
Interest Coverage 1.8x 2.4x 2.2x 2.1x
CS Liquidity Ratio * 1.5x 2.0x 2.1x 2.0x Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Credito Real October 21 – Credito Real reported solid results in 3Q15, reflecting strong loan portfolio
growth, good asset quality and the consolidation of Kondinero’s results since November
2014. Net interest income in 3Q15 increased 28% yoy (in US$ terms, +60% in MXN
terms) mainly due to growth in the loan portfolio and consolidation of Kondinero. However,
net income in 3Q15 decreased 4% yoy (in US$ terms, +20% in MXN terms) primarily
reflecting an increase in loan loss provisions, higher fees paid and higher operating
expenses mainly due to the consolidation of Kondinero, in addition to the translation effect
of a weaker MXN. In the press release management stated that they expect consolidated
SG&A expenses for FY2015 to be ~MXN1.0bn.
NIM increased 236bps yoy mainly reflecting a reduction in average cost of funds (-130bps
yoy and -60bps qoq to 6.4%). Credito Real’s efficiency ratio remained solid at 34.2% in
3Q15, although it increased 9.1pps yoy due to the aforementioned effect of consolidating
Kondinero’s results beginning in November 2014, and increased investments during 3Q15
in Drive & Cash and Don Carro brands.
In the 3Q15 press release, management reiterated its FY2015 guidance of expected yoy
growth in net income around 15% to 18%, and stated that they foresee significant loan
growth primarily in the used car and SME loan segments.
Credito Real’s balance sheet expanded 7.9% qoq (in MXN terms) mainly due to
recognition of the mark-to-market of securities and derivative transactions and an increase
in lending operations. Net lending portfolio expanded 10.2% qoq (in MXN terms; -0.2% in
US$ terms), supported by growth in all of the company’s segments. Small business loans
increased 21% qoq, used car loans +16% qoq, payroll loans +10% qoq, durable goods
loans +2% qoq and group loans +1% qoq. Asset quality remained solid with the NPL ratio
at 2.0% (vs. 2.1% in 2Q15) and in line with management’s long-term guidance of 2% to
3%. LTM coverage ratio was 1.4x in 3Q15 (vs.1.3x at 2Q15).
In October, Credito Real issued MXN1.0bn of floating rate notes due March 2018 at TIIE
+200bps, and they fixed half of the facility at a 6.4% rate until maturity. Proceeds from the
issuance were used to refinance MXN500mn of local debt, and to support loan portfolio
expansion. In 3Q15 the company had fixed 53% of its total debt at around 7%.
In the press release, Credito Real stated it acquired 65% of AFS Acceptance.
Management stated that they expect this transaction to enlarge Credito Real used-car loan
distribution network, and estimate that used-car loans will represent 10% of Credito Real’s
total loan portfolio after closing the transaction.
Exhibit 4: Credito Real - Financial Snapshot in US$mn (except for ratios) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Net Interest Income 41 47 53 12% 28% 203
NII after Provisions 37 43 47 8% 25% 182
Net Income 22 21 21 -2% -4% 89
Cash 7 2 25 1580% 250% 25
Loan Portfolio (ex Provisions) 968 940 938 0% -3% 938
Deposits 573 630 601 -5% 5% 601
Net Interest Margin (1)
12.7% 13.5% 15.0% 149bps 236bps 15.1%
NPL/Total Loans 1.9% 2.1% 2.0% -5bps 18bps 2.0%
Provisions/Total Loans 3.1% 2.6% 2.8% 2.8%
Coverage Ratio 1.7x 1.3x 1.4x 1.4x
ROAA 6.6% 6.1% 5.9% 6.6%
ROAE 23.2% 22.2% 21.6% 23.6%
Efficiency Ratio (2)
25.1% 32.2% 34.2% 202bps 913bps 33.0% Source: Credit Suisse and Company Filings. (1) NIM defined as Net Interest Income / Average Total Assets. (2) Efficiency Ratio = Operating expenses / Net interest income + net fee revenues + other operating income. The ratio may not match with the company’s reported figures.
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Empresas ICA October 29 – Empresas ICA reported weak results in 3Q15, as adjusted EBITDA declined
12% yoy (in MXN terms; -30% yoy in US$ terms) and LTM net leverage increased to 7.9x
(vs. 7.3x in 2Q15), reflecting lower contributions from the Construction division, partially
offset by solid contributions from the Concessions and Airport divisions. On the
conference call, management stated that the Mexican construction segment was
negatively impacted by: (i) delays in the execution of several large Mexican projects; (ii)
difficulties in ramping up certain projects in the company's backlog (including the Santa
Maria Dam, the Churubusco water project and the Toluca train tunnel, amongst others);
and (iii) delays in client payments (which the company has historically financed using
short-term debt). On the conference call, management stated that they no longer expect
to reach their net leverage target of 7.0x by YE2015.
On October 29, Empresas ICA announced that it engaged Rothschild as financial advisor
to assist with the evaluation of its current operational situation, as well as to assess
alternatives available to improve the company's long-term performance. In the press
release, management stated that it is currently exploring strategies to improve its liquidity
and reduce its leverage. On the 3Q15 conference call, management stated that the
company remains committed to meeting all of its obligations and does not have any plans
to file for concurso mercantil.
Cash declined by US$55mn qoq to US$401mn in 3Q15 (including US$173mn of restricted
cash) as EBITDA generation and proceeds from asset sales were offset by the repayment
of debt, interest expense paid and capital expenditures. Empresas ICA generated
~MXN2bn from asset sales in 3Q15 (with a total of ~MXN5bn generated from asset sales
YTD), with management expecting to generate an additional ~MXN2bn from asset sales in
4Q15. In the press release, management stated that the company has reduced short-term
debt by ~MXN1.3bn and US$-denominated debt by ~US$130mn YTD. Debt breakdown at
3Q15 was as follows: US$405mn related to construction (12%), US$1.2bn related to
concessions (36%), US$286mn related to airports (8%) and US$1.5bn related to corporate
and other (44%).
In the press release, management stated that asset sales totaled ~MXN5bn in 9M15. On
August 7, Empresas ICA announced that it sold a 2.9% stake in OMA for ~MXN967mn
(~US$59mn), with proceeds to be used to repay debt. In the press release, management
stated that ICA now holds a 33.35% stake in OMA.
Construction Segment (72% of total revenue and 19% of EBITDA in LTM 3Q15*): The
Construction segment reported weak results in 3Q15, as revenue declined 3% yoy (in
MXN terms; -22% yoy in US$ terms) and adjusted EBITDA totaled MXN3mn (vs.
MXN458mn in 3Q14 and MXN106mn in 2Q15). Segment results were negatively
impacted by: (i) lower construction segment revenues in Mexico (-16% yoy), reflecting
delays in project execution; (ii) a less profitable mix of projects under construction; (iii) cost
overruns incurred due to the lack of working capital; and (iv) currency translation effects
from a weaker MXN. The main revenue contributors in 3Q15 were Facchina Construction
Group (“FCG”) contracts, the Mitla-Tehuantepec highway and the Eastern Discharge
tunnel. Construction backlog increased 4% qoq to MXN35bn in 3Q15 (+3% yoy), with
81% of the projects based in Mexico and 89% related to public sector clients.
Construction backlog is equivalent to 20 months of work based on ICA's FY2015 average
construction rate.
Concessions Segment (13% of total revenue and 45% of EBITDA in LTM 3Q15*): The
Concession segment reported strong results in 3Q15, as revenue and adjusted EBITDA
increased 1% and 24% yoy, respectively (in MXN terms; -19% and -1% yoy in US$ terms,
respectively) due to higher average daily traffic (+12% yoy). Traffic volumes benefited
from higher average traffic across all of ICA's operating highways.
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Airport Segment (11% of total revenue and 36% of EBITDA in LTM 3Q15*): The Airport
division reported strong results in 3Q15, as revenue and adjusted EBITDA increased 8%
and 16% yoy, respectively (in MXN terms; -14% and -8% yoy in US$ terms, respectively).
Segment results benefited from: (i) higher aeronautical revenues (+16% yoy in MXN
terms), mainly due to increased domestic and international traffic (+15% and +23% yoy,
respectively); (ii) higher non-aeronautical revenues (+30% yoy) due to growth in OMA
Carga, parking and advertising; and (iii) cost saving initiatives, as well as lower energy
costs.
* Figures do not add up to 100% as segment data excludes contributions from Other segment.
Exhibit 5: Empresas ICA - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Net Revenue 667 546 516 -5% -23% 2,440
Net Revenue (MXN mn) 8,752 8,361 8,486 1% -3% 36,631
Construction 6,133 5,943 5,964 0% -3% 26,387
Concessions 1,254 1,077 1,269 18% 1% 4,734
Airports 1,065 1,060 1,146 8% 8% 4,182
EBITDA 114 82 80 -3% -30% 383
EBITDA (MXN mn) 1,501 1,262 1,316 4% -12% 5,764
Construction 458 106 3 -97% -99% 1,090
Concessions 543 634 671 6% 24% 2,618
Airports 512 527 593 13% 16% 2,049
EBITDA margin 17.2% 15.1% 15.5% 41bps -164bps 15.7%
Cash (1)
539 456 401 401
ST Debt 409 431 306 306
Total Debt 3,553 3,491 3,424 -2% -4% 3,424
Net Debt 3,014 3,035 3,023 0% 0% 3,023
Gross Leverage 7.8x 10.6x 10.7x 8.9x
Net Leverage 6.6x 9.2x 9.4x 7.9x
Interest Coverage 1.1x 1.0x 0.8x 1.1x
CS Liquidity Ratio * 1.2x 1.0x 1.0x 1.2x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. Note: Sum of segment revenue and EBITDA does not match consolidated figure, as the consolidated figure includes contributions from the "Other" segment. (1) Cash figure includes ST portion of restricted cash. In 3Q15, 2Q15, and 3Q14, ST restricted cash totaled US$173mn, US$203mn and US$188mn, respectively. * CS Liquidity Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).
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Elementia October 21 – Elementia reported strong results in 3Q15, as revenues and EBITDA increased
10% and 13% yoy, respectively (in MXN terms; -12% and -10% yoy US$ terms, respectively),
reflecting higher contributions across all segments. Credit metrics improved significantly in
3Q15, with LTM net leverage declining to 1.2x (vs. 2.2x in 2Q15) mainly reflecting proceeds
from the company's IPO (completed in 3Q15, see below for additional details).
Cash increased US$198mn qoq in 3Q15 to US$429mn mainly due to proceeds from the
company's IPO and solid EBITDA generation, partially offset by capital expenditures and
working capital drag. Capex totaled US$22mn in 3Q15 (vs. US$13mn in 3Q14), bringing
9M15 capex to US$73mn, with the breakdown as follows: 43% allocated to expansion
projects, 45% allocated to maintenance capex and the remainder allocated to increasing
capacity. Working capital was negatively impacted by higher receivables and inventory
levels in the Building Systems segment, as well as extended payment terms in the Metals
segment. As a result, Elementia's reported cash conversion cycle averaged 38 days
during the quarter (vs. 34 days in 3Q14).
On October 23, Elementia announced the payment of its MXN3bn CEBUR, using
proceeds from the company's US$425mn 5.5% senior unsecured bond due 2025 (issued
in November 2014). In the press release, management stated that net cash consumed
from the transaction totaled MXN2.3bn (including hedges).
On July 10, Elementia completed an IPO of a ~26% stake in the company, raising
~MXN3.9bn (~US$250mn), with proceeds mainly to be used for the expansion of capacity
at the company's Tula cement facility, as well as the final payment to Lafarge for the
company's 47% stake in Cementos Fortaleza.
Cement division (14% of revenues; 29% of EBITDA in 3Q15): The Cement division
reported strong results in 3Q15, as revenue and EBITDA increased 45% and 28% yoy,
respectively (in MXN terms), mainly due to: (i) higher sales volumes (+28% yoy) resulting
from an increased installed capacity utilization rate; (ii) higher average prices (+13% yoy),
reflecting price increases implemented in 1H15 and a more profitable sales mix; and (iii)
improved production and energy costs. On the conference call, management stated that
market dynamics in Central Mexico remain strong, with the company currently operating at
maximum capacity utilization levels. Elementia continues to invest in the addition of a new
production line at the Tula cement plant, aimed at increasing the unit's production capacity
to 3.5mn tons (from 2mn tons currently). The Tula plant expansion is expected to be
completed in mid-FY2017, with total capex estimated at US$250mn (~US$30mn capex
has been deployed as of 3Q15).
Metal Products division (43% of revenues; 32% of EBITDA in 3Q15): Metal Products
division revenue and EBITDA improved 1% and 10% yoy, respectively (in MXN terms),
due to higher average prices (+4% yoy), reflecting management's decision to focus on
higher value-added products, as well as a weaker MXN (the segment is 100% US$-
denominated or US$-linked, with ~40% of costs denominated in US$), partially offset by
lower volumes sold (-3% yoy). On the 3Q15 conference call, management stated that
weaker average copper prices have negatively impacted the company through inventory
devaluations; as a result, Elementia has decided to implement a copper hedging strategy
to protect against inventory write-downs. Management stated that they will enter into
short-term hedges and evaluate the results on a month-by-month basis.
Building Systems division (42% of revenues; 39% of EBITDA in 3Q15): The Building
Systems division reported mixed results, as revenue and EBITDA increased 15% and 1%
yoy, respectively (in MXN terms), reflecting higher volumes sold and higher average prices
(+9% and +5% yoy, respectively), but margins contracted to 17.6% (vs. 20.0% in 3Q14)
due to higher COGS in Central America. On the conference call, management stated that
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the higher COGS results from incremental maintenance expenses related to the
automation of certain plants in El Salvador and Costa Rica. Management believes that
operations will normalize over the coming months, which should positively impact margins.
Exhibit 6: Elementia - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Net Revenues 312 286 274 -4% -12% 1,108
Net Revenues (MXN$ mn) 4,097 4,380 4,510 3% 10% 16,791
EBITDA 57 51 52 1% -10% 194
EBITDA (MXN$ mn) 748 783 848 8% 13% 2,950
EBITDA Margin 18.3% 17.9% 18.8% 91bps 54bps 17.6%
Cash & Equivalents 161 231 429 429
Short-term Debt 34 194 181 181
Total Debt 476 680 670 -1% 41% 670
Net Debt 315 449 241 -46% -24% 241
Gross Leverage 2.1x 3.3x 3.2x 3.5x
Net Leverage 1.4x 2.2x 1.2x 1.2x
Interest Coverage 5.4x 3.8x 3.7x 3.4x
CS Liquidity Ratio * 5.1x 1.8x 2.7x 2.6x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).
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Fibria October 23 – Fibria reported strong yoy results in 3Q15, as adjusted EBITDA increased
63% yoy in 3Q15 (in US$ terms; +153% yoy in BRL terms) and margins expanded to
55.6% (vs. 35.1% in 3Q14) mainly due to a weaker BRL, higher average realized pulp
prices (+9% yoy to US$602/ton) and lower cash costs (in US$ terms). In the press release,
management stated that consolidated results benefited from healthy eucalyptus pulp
demand across all markets, especially in China. Cash costs increased 31% yoy in 3Q15
(to BRL659/ton; -16% yoy in US$ terms) due to maintenance stoppages, higher wood
logistics costs, FX impacts and lower energy sales. Cash costs excluding downtime effects
increased 23% yoy in 3Q15 (to BRL589/ton).
Revenues increased marginally in 3Q15 (+3% yoy in US$ terms; +60% in BRL), mainly
due to higher realized prices (+9% yoy to US$602/ton), with average export prices
increasing 10% yoy. This was mostly offset by lower volumes sold (-5% yoy to 1.3mn tons)
reflecting a challenging yoy comparison. Sales volume in 3Q15 was directed as follows:
42% sold to Europe (vs. 39% in 3Q14), 25% to Asia (flat yoy), 25% to North America (vs.
26% in 3Q14) and the remaining 8% sold in Latin America (vs. 10%). Fibria announced a
US$20/ton price increase (effective as of September 1) given the favorable pulp demand
outlook over the coming months.
Pulp production decreased 3% qoq and 5% yoy (to 1.28mn tons), mainly reflecting the
impact of maintenance downtimes, partly offset by an increased number of production
days. Fibria's pulp inventory totaled 53 days in 3Q15 (vs. 54 days in 2Q15 and 50 days in
3Q14). In the 3Q15 press release, management stated that recent changes to regulatory
standards extended the maximum period between boiler inspections from 12 months to 15
months; as a result, management expects the company to benefit from reduced costs and
increased output over the longer term.
Fibria's cash balance increased US$536mn qoq to US$982mn in 3Q15 due to higher
sequential EBITDA (+16% qoq), proceeds from working capital and debt issuance
(~US$360mn). This was partly offset by capital expenditures which totaled US$139mn in
3Q15 (-1% qoq), with investments primarily earmarked for the acquisition of forestry
equipment and industrial expansion of the Horizonte 2 project. Fibria’s credit metrics
improved in 3Q15, with LTM net leverage (as calculated by Credit Suisse) declining to
1.4x (vs. 1.8x in LTM 2Q15) and interest coverage at 10.2x. In the press release,
management disclosed that Fibria has four revolving credit facilities totaling ~BRL2bn
(~US$632mn).
On May 14, Fibria announced that its Board of Directors approved the expansion of the
company's Três Lagoas unit, located in the State of Mato Grosso do Sul. The project
(named "Horizonte 2") includes the construction of a new bleached eucalyptus pulp
production line with a production capacity of 1.75mn tons/year. Total capex related to the
project is estimated at ~BRL7.7bn (~US$2.5bn), with the unit expected to come online in
4Q17. In the press release, management stated that they expect to finance the
construction of the new project using FCF and debt-financing.
In 3Q15, the company executed an amendment to the syndicated export prepayment
contract totalling US$400mn, maturing in 2021, at Libor plus 1.43%. The proceeds will be
used to finance the Horizonte 2 project.
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Exhibit 7: Fibria - Financial Snapshot
In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Pulp Production (000 tons) 1,345 1,321 1,275 -3% -5% 5,268
Pulp Sales Volume (000 tons) 1,372 1,282 1,298 1% -5% 5,219
Domestic Mkt Pulp 138 126 118 -6% -15% 519
Export Mkt Pulp 1,234 1,157 1,180 2% -4% 4,701
Net Revenues 768 752 789 5% 3% 3,021
Domestic Mkt Pulp 67 62 57 -8% -15% 247
Export Mkt Pulp 692 683 723 6% 5% 2,745
Net Revenues (BRL) 1,746 2,309 2,790 21% 60% 9,097
Domestic Mkt Pulp 153 191 203 6% 33% 737
Export Mkt Pulp 1,574 2,099 2,558 22% 63% 8,272
Adjusted EBITDA (1)
269 377 439 16% 63% 1,521
Adjusted EBITDA (BRL) (1)
613 1,157 1,551 34% 153% 4,621
Adjusted EBITDA margin 35.1% 50.1% 55.6% 548bps 2048bps 50.4%
Cash 658 447 982 982
Short-term Debt 519 288 273 273
Total Debt 3,504 2,905 3,173 9% -9% 3,173
Net Debt 2,846 2,459 2,191 -11% -23% 2,191
Gross Leverage 3.3x 1.9x 1.8x 2.1x
Net Leverage 2.6x 1.6x 1.2x 1.4x
Interest Coverage 5.2x 10.6x 12.7x 10.2x
CS Liquidity Ratio* 2.4x 4.5x 6.7x 5.9x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. (1) Adjusted EBITDA adds back: non-recurring/non-cash restructuring expenses, accrual and accounting adjustments, asset disposals, change in FV of biological assets, and excludes EBITDA contribution from discontinued operations. * CS Liquidity Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).
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Financiera Independencia October 22 – Financiera Independencia continued to report weaker results in 3Q15
reflecting challenging economic conditions in Mexico (86% of the company’s loan portfolio)
and Brazil (5% of the company’s loan portfolio). Net income decreased 20% yoy (in MXN
terms; -36% yoy in US$ terms) reflecting: (i) a decrease in net interest income (-1% yoy in
MXN terms); (ii) a decrease in other operating income due to reduced loan portfolio sales,
explained by the better quality of the loan portfolio; and (iii) lower net fee income. This was
partially offset by lower loan loss provisions explained by a yoy decrease in write-offs,
lower administrative expenses and a reduction in foreign exchange losses. The company’s
NIM deteriorated 310bps yoy to 37.2% in 3Q15, due to lower effective lending rates
explained by an increased share of formal sector loans in the AEF, AFI and Independencia
segments. The efficiency ratio in 3Q15 deteriorated 75bps yoy to 65.7% despite lower
administrative expenses, due to a reduction in top-line results.
Net interest income decreased 1% yoy (in MXN terms, -21% yoy in US$ terms), reflecting
lower interest income (-2% yoy in MXN terms) resulting from the aforementioned improved
portfolio mix with higher participation of subsidiaries and lower average effective rate
products. This was partially offset by lower interest expenses (-9% yoy in MXN terms) due
to a 48bps decrease in the average interest rate paid reaching 9.01% in 3Q15 (vs. 9.49%
in 3Q14).
The net loan portfolio (after provisions) increased 2% qoq and was stable yoy (in MXN
terms) reflecting higher loans to the formal sector (+4% qoq) which now represents 64% of
the company’s total loan portfolio (up from 63% in 2Q15 and 59% in 3Q14). This was
partially offset by a decrease in loans to the informal sector (-2% qoq) mainly as a result of
Finsol Brazil’s loan portfolio contraction (-13% qoq). Asset quality improved qoq as the
NPL ratio decreased 43bps qoq to 6.8%, and the coverage ratio remained stable at 1.0x in
3Q15. NPL ratio continues to be below the company’s target of 7.5%, in line with the
company’s strategy of prioritizing loan portfolio quality and profitability over business size.
Exhibit 8: Financiera Independencia - Financial Snapshot in US$mn (except for ratios) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Net Interest Income 83 68 65 -5% -21% 283
NII after Provisions 56 44 44 0% -21% 185
Net Income 6 3 4 52% -36% 16
Cash 34 29 26 -13% -24% 26
Loan Portfolio (ex Provisions) 490 411 390 -5% -20% 390
Net Interest Margin (1) 40.3% 37.7% 37.2% -52bps -310bps 37.8%
NPL/Total Loans 6.2% 7.3% 6.8% -43bps 60bps 6.8%
Provisions/Total Loans 6.2% 7.3% 6.8% 6.8%
Loans/Funding 100% 98% 97% 97%
Coverage Ratio 1.0x 1.0x 1.0x 1.0x
ROAA 2.9% 1.4% 2.2% 2.1%
ROAE 9.5% 4.3% 6.8% 6.7%
Efficiency Ratio (2) 65.0% 65.9% 65.7% -15bps 75bps 64.5% Source: Credit Suisse and Company Filings. (1) NIM defined as Net Interest Income before provisions / Average Total Assets (2) Efficiency Ratio = Operating expenses / (Net interest income + net fee revenue + market related income + other operating income)
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Grupo Bimbo October 22 – Grupo Bimbo reported strong yoy results in 3Q15 as EBITDA increased 19%
yoy (in MXN terms; -5% in US$ terms) with margins expanding 56bps yoy to 11.6%,
mainly reflecting: (i) strong performance in Mexico (EBITDA up 18% yoy in MXN terms; -
6% in US$ terms) driven by higher sales resulting from an improved consumption
environment along with lower manufacturing and logistics costs due to operational
efficiencies; and (ii) higher contributions from the USA & Canada segment (+43% yoy in
MXN terms; +14% yoy in US$ terms) as a result of solid top line generation coupled with
lower restructuring charges, lower raw material costs and additional savings from
operational efficiencies. This was partially offset by an EBITDA drag of -US$64mn in
Europe (affected by cuts in private label prices in the Iberian region), together with lower
proceeds from Latin America (-43% yoy in MXN terms; -55% yoy in US$ terms) due to
higher expenses arising from the set-up of a new IT platform and the construction of new
plant in Argentina.
Consolidated revenues increased 14% yoy (in MXN terms; -9% in US$ terms) supported
by solid top line generation (in MXN terms) across all regions. Consolidated revenues
mainly benefited from the positive effect of MXN depreciation on the USA & Canada
region revenues (+23% in MXN terms; -2% in US$ terms). Revenues further benefited
from (i) higher revenues in the domestic market (+6% in MXN terms) driven by a higher
demand for sliced bread coupled with a strong performance of sweet baked products and
confectionary categories; (ii) higher revenues at Latin America (+8% in MXN terms)
underpinned by the Latin Central division; and (iii) higher sales in Europe (+4% in MXN
terms) led by higher proceeds from snack sales. Revenue breakdown in 3Q15 was as
follows: the USA & Canada represented 53%, Mexico represented 33%, Latin America
represented 11% and Europe represented the remainder.
Bimbo´s cash increased US$29mn qoq to US$237mn reflecting solid sequential EBITDA
generation. This was partially offset by high working capital requirements (net outflow of
US$116mn), capital expenditures and the repayment of debt (total debt declined 9% qoq).
Capex totaled US$139mn in 3Q15 (vs. US$133mn in 2Q15 and US$138mn 3Q14). On
the conference call, management stated that Bimbo will invest ~CAD40mn to integrate
Canada Bread´s IT operations in 4Q15 and early FY2016. Credit metrics moderately
improved in 3Q15, with LTM net leverage at 2.4x (vs. 2.7x in LTM 2Q15) and interest
coverage at 5.1x (flat qoq).
On the conference call, management stated that they still lack certain authorizations to
complete the acquisition of Panrico, but they expect to close the transaction by 4Q15.
Exhibit 9: Grupo Bimbo - Financial Snapshot
In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM
Net Revenue (MXN mn) 49,429 53,093 56,219 6% 14% 210,279
Net Revenue 3,767 3,465 3,419 -1% -9% 13,895
EBITDA (MXN mn) 5,477 5,654 6,542 16% 19% 21,757
EBITDA 417 369 398 8% -5% 1,433
EBITDA margin 11.1% 10.6% 11.6% 99bps 56bps 10.3%
Cash 268 208 237 237
ST Debt 111 636 259 259
Total Debt 4,465 4,077 3,702 -9% -17% 3,702
Net Debt 4,197 3,869 3,465 -10% -17% 3,465
Gross Leverage 2.7x 2.8x 2.3x 2.6x
Net Leverage 2.5x 2.6x 2.2x 2.4x
Interest Coverage 5.5x 5.5x 5.8x 5.1x
CS Liquidity Ratio 4.7x 1.9x 3.4x 3.1x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Grupo Elektra October 28 – Grupo Elektra reported solid results in 3Q15, as EBITDA increased 8% yoy
(in MXN terms; -14% yoy in US$ terms) and margins expanded 86bps yoy to 14.2%,
reflecting a solid top line performance from the Commercial segment (+5% yoy in MXN
terms) coupled with higher fixed cost dilution at the Financial segment driven by a
reduction in provisions for loan losses. This was partially offset by higher SG&A pressure
(44% of revenues vs. 42% in 3Q14).
Revenues in 3Q15 increased 2% yoy (in MXN terms) reflecting higher revenues from the
commercial segment (+5% yoy in MXN terms) resulting from successful initiatives aimed
at improving customer satisfaction (such as improving the product mix at stores and a
highly trained sales force). This was partially offset by weak top line performance at the
financial segment affected by lower revenues from Banco Azteca Mexico (-7% yoy in MXN
terms). Grupo Elektra currently has 8,069 points of sale, down -13% yoy reflecting 1,183
store closings since 3Q14. The point of sale breakdown as of 3Q15 was as follows:
Mexico 4,932, North America: 2,364 and 773 in Central and South America.
The consolidated gross loan portfolio at 3Q15 (including Banco Azteca Mexico, Advance
America and Banco Azteca Latin America) decreased -12% to MXN67.6bn
(US$4.12bn).Banco Azteca Mexico’s gross loan portfolio declined 15% yoy to MXN52.3bn
(~US$3.2bn) and its NPL ratio and coverage ratio were 7.1% (vs. 8% in 3Q14) and 1.64x,
respectively, while Advance America’s loan book increased 15% yoy to MXN5.3bn. At
Advance America, management expects more dynamism in the operations supported by
the successful launch of title loans in the U.S. Grupo Elektra’s consolidated deposits
increased 14% yoy to MXN98.6bn (~US$6.bn).
Cash decreased US$258mn qoq to US$1.2bn, mainly due to working capital requirements,
the payment of taxes (US$27mn), US$21mn in financial charges and US$19mn in capex
(vs. US$34mn in 2Q15 and US$40mn in 3Q14). Credit metrics remain strong with a
negative net debt position and cash to STD at 2.4x.
Exhibit 10: Grupo Elektra - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM
Revenues 1,385 1,182 1,125 -5% -19% 5,059
Revenues (MXN mn) 18,177 18,105 18,501 2% 2% 76,215
EBITDA 185 136 160 18% -14% 673
EBITDA (MXN mn) 2,433 2,083 2,635 26% 8% 10,181
EBITDA margin 13.4% 11.5% 14.2% 273bps 86bps 13.3%
Cash 1,412 1,464 1,206 1,206
Short-term Debt 179 501 499 499
Total Debt 1,474 1,181 1,171 -1% -21% 1,171
Net Debt 62 (283) (35) nmf nmf (35)
Gross Leverage 2.0x 2.2x 1.8x 1.7x
Net Leverage 0.1x nmf nmf nmf
Interest Coverage 7.1x 5.4x 7.4x 6.9x
CS Liquidity Ratio * 7.6x 3.3x 3.2x 3.2x← Annualized
← Annualized
← Annualized
Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Grupo Famsa October 22 – Grupo Famsa reported solid results in 3Q15, with EBITDA up 16% yoy (in
MXN terms; -7% yoy in US$ terms) and margins expanding 53bps yoy to 10.9%, reflecting:
(i) additional contributions from the opening of 13 new stores over the last twelve months
(including one opened in 3Q15) and the opening of 50 new banking branches (mainly
through the conversion of pawn shops acquired in 4Q13); (ii) continued SSS growth at both
Famsa Mexico and Famsa USA (+8% yoy and +3.4% yoy (in US$ terms), respectively); and
(iii) increasing EBITDA contributions from Famsa Mexico and Famsa USA (+17% and +3%
yoy in MXN terms, respectively), as revenue growth continues to outpace the increase in
operating costs and SG&A resulting from higher volumes and a larger number of stores
operated. On the conference call, management reaffirmed FY2015 EBITDA guidance at
MXN1.72bn – MXN1.8bn. Additionally, management stated they intend to open six new
stores and six banking branches over the remainder of the year (all within Mexico).
Consolidated revenue increased 11% yoy (in MXN terms; -12% in US$ terms), reflecting
strong sales in Mexico and Famsa USA (+9% and +28% yoy, respectively in MXN terms).
Mexico same-store-sales (“SSS”) showed continued recovery, increasing 8% yoy supported
by product marketing strategies focused on driving demand for core categories such as
Motorcycles, Furniture and Home Appliances. Famsa USA SSS grew 3.4% (excluding
foreign exchange effects) supported by strong growth in the Famsa-to-Famsa segment
(sales in the U.S. for delivery in Mexico) for a consolidated SSS growth of 7.1% yoy.
Banco Ahorro Famsa´s ("BAF") bank deposits grew 5% qoq and 12% yoy to MXN16.5bn
with an average interest rate of 4.2% (vs. 4.4% in 2Q15). NPLs showed continued
improvement posting a 150bps qoq decline in 3Q15 to 10.4%, supported by an
improvement in debt collection and underwriting efforts with differentiating strategies on a
regional basis. Additionally, management stated that the company is diversifying its credit
portfolio with more loans for Micro, Small and Medium Enterprises, which carry lower
NPLs (2.3% as of 3Q15). BAF’s consumer loan book in Mexico increased 7% yoy to
MXN19.8bn, commercial loans increased 44% yoy to MXN3.9bn, and the U.S. consumer
loan book increased 40% yoy to MXN2.6bn.
Cash declined US$11mn qoq to US$73mn primarily reflecting higher working capital
needs due to consumer and commercial loans growing at a faster pace than deposits, and
translation effects from a weaker MXN. LTM net leverage increased to 4.0x in 3Q15 (from
3.7x in 2Q15), while interest coverage increased to 2.2x (vs. 2.1x in 2Q15).
Exhibit 11: Grupo Famsa - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM
Same Stores Sales -1.1% 8.8% 7.1% -170bps 820bps 5.3%
Famsa Mexico -1.5% 10.0% 8.0% -200bps 950bps 6.0%
Famsa USA 4.0% 2.7% 3.4% 70bps -60bps 1.9%
Revenues 274 268 242 -9% -12% 1,062
Revenues (MXN mn) 3,598 4,104 3,987 -3% 11% 16,014
EBITDA 28 30 26 -12% -7% 112
EBITDA (MXN mn) 373 461 434 -6% 16% 1,695
EBITDA Margin 10.4% 11.2% 10.9% -33bps 53bps 10.5%
Famsa Mexico 10.9% 11.8% 11.8% 2bps 86bps 11.1%
Famsa USA 7.4% 7.5% 6.0% -154bps -141bps 4.7%
Cash 97 83 73 73
Short-term Debt 269 269 268 268
Total Debt 592 517 518 0% -12% 518
Net Debt 495 434 446 3% -10% 446
Gross Leverage 5.2x 4.3x 4.9x 4.6x
Net Leverage 4.4x 3.6x 4.2x 4.0x
Interest Coverage 1.9x 2.7x 2.2x 2.2x
CS Liquidity Ratio* 0.6x 0.6x 0.6x 0.6x← Annualized
← Annualized
← Annualized
Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Grupo KUO October 27 – Grupo Kuo reported mixed results in 3Q15 as revenue declined 14% yoy (in
US$ terms) but EBITDA increased 4% yoy (in US$ terms), with margins expanding
216bps yoy to 12.5%. EBITDA benefited from improved margins at the Chemical segment
(due to effective cost management) coupled with a solid performance at the Automotive
segment. This was partially offset by lower contributions from the Consumer segment (-
33% yoy in US$ terms). Cash declined US$14mn qoq driven by working capital
requirements and capex, but credit metrics remained stable with LTM net leverage at 2.4x
(flat qoq) reflecting solid sequential EBITDA generation.
Capex totaled US$20.6mn in 3Q15, with: (i) US$11.2mn allocated to capacity expansions
at the Consumer segment; (ii) US$4.6mn allocated to infrastructure improvements, the
deployment of new systems and the integration of product lines at the Automotive
segment; and (iii) US$4.8mn allocated to the construction of a emulsion rubber plant
(through the JV with GPRO), the construction of a synthetic rubber solution plant (through
the JV with SNXCI) and maintenance works at the Chemical segment.
On October 7, the company paid dividends of ~MXN160mn.
On October 1, Grupo Kuo and Repsol concluded the transfer of strategic business units to
Dynasol (50/50 JV). Kuo contributed its Mexican emulsion rubber business, as well as its
nitrile rubber business, and Repsol contributed its chemicals accelerators business in
Spain. As a result of the transaction, Grupo Kuo received US$70mn of FCF. Both
companies expect Dynasol to become a key player in the European, US and Asian
markets.
Consumer Segment (44% of revenue in 3Q15 and 3Q14): Consumer segment sales
and EBITDA in 3Q15 declined 16% and 33% yoy, respectively (in US$ terms) mainly
reflecting the ongoing impact of the normalization of pork prices, following the outbreak of
the PED virus in 2013 and the negative effect of a weaker MXN in Herdez del Fuerte
results. This was partially offset by higher pork meat volumes sold in both the domestic
and the export market as a result of operational efficiencies and increased capacity at
farms and slaughterhouses; coupled with (i) an improved consumption environment in
Mexico which resulted in higher branded product sales; (ii) a stronger branded product mix
in Mexico and the US; and (iii) solid performance of the Guacamole business.
Chemical Segment (34% of revenue vs. 37% in 3Q14): Chemical segment sales
declined 20% yoy (in US$ terms) but EBITDA increased 80% yoy (in US$ terms), mainly
reflecting lower average selling prices but improved margins as a result of: (i) the
implementation of effective pricing (supported by the recovery of butadiene prices early in
3Q15) and cost reduction initiatives undertaken at the Synthetic Rubber business (EBITDA
up 88% yoy in US$ terms); and (ii) higher fixed cost dilution at the Plastics segment
(EBITDA up 61% yoy in US$ terms) due to higher volumes sold and lower feedstock
prices.
Automotive Segment (22% of revenue vs. 19% in 3Q14): Automotive segment sales in
3Q15 increased 2% yoy (in US$ terms) mainly due to higher contributions from Kuo's
Transmissions SBU (+7% yoy, in US$ terms), supported by higher demand for the
Challenger´s TR6060 transmissions and Daimler, Volvo and AM General components.
This was partially offset by lower proceeds from the Aftermarket segment (-6% yoy in US$
terms) impacted by a weaker MXN. Automotive segment EBITDA increased 40% yoy (in
US$ terms), reflecting solid top line generation coupled with a better sales mix and lower
raw material costs in Kuo´s transmission SBU. This was partially offset by lower proceeds
from the Aftermarket segment, despite the strong performance of its main product lines in
the domestic market, due to negative currency translation effects.
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Exhibit 12: Grupo KUO - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Revenue 522 463 448 -3% -14% 1,860
Revenue (MXN Ps) 6,849 7,095 7,366 4% 8% 28,135
EBITDA 54 48 56 17% 4% 172
EBITDA (MXN Ps) 709 736 921 25% 30% 2,644
EBITDA margin 10.3% 10.4% 12.5% 213bps 216bps 9.2%
Chemical EBITDA 11 15 20 35% 80% 47
Consumer EBITDA 33 17 22 29% -33% 98
Automotive EBITDA 10 14 13 -7% 40% 25
Cash 177 120 106 106
Short-term Debt 15 66 12 12
Total Debt 509 518 518 0% 2% 518
Net Debt 332 398 412 4% 24% 412
Gross Leverage 2.4x 2.7x 2.3x 3.0x
Net Leverage 1.5x 2.1x 1.8x 2.4x
Interest Coverage 2.5x 2.8x 1.5x 1.5x
CS Liquidity Ratio * 3.8x 2.3x 2.0x 2.3x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Javer October 22 – Javer reported weaker results in 3Q15, as revenues and EBITDA decreased
6% and 30% yoy, respectively, in MXN terms (-25% and -44%, respectively, in US$ terms).
Results were negatively affected by: (i) higher housing costs stemming from the new
Infonavit loan origination rules (introduced in FY2014); (ii) lower units titled (-10% yoy to
4,507 homes) due to subsidy interruptions and new developments which are still ramping
up to a more steady rate and did not fully offset depleted developments from FY2014; and
(iii) increased SG&A expenses (+309bps yoy to 14.5% of sales) arising from MXN45.7mn
non-recurring start-up costs allocated to new developments and the preparation of Javer’s
IPO process. This was partially offset by higher average prices (+4% yoy to MXN338k)
due to an improved sales mix (MI segment represented 65% of total units titled in 3Q15,
vs. 53% in 3Q14).
Javer sold 4,507 homes in 3Q15 (-10% yoy) due to lower contribution from the AEL
segment (-43% yoy to 1,191 units), partially offset by higher MI home sales (+11% yoy to
2,931 units) and higher Residential home sales (+57% yoy to 385 units). Reduced
contributions from the AEL segment can be attributed to the depletion of subsidies by mid-
year (subsidies down 36% yoy). The company’s sales mix in 3Q15 (in terms of number of
units) was 26.4% AEL (vs. 42.0% in 3Q14), 65.0% MI (vs. 53.0% in 3Q14) and 8.5%
Residential (vs. 4.9% in 3Q14).
On the 3Q15 conference call, management provided updated FY2015 guidance expecting
homes titled to reach 19,000 (+3% yoy, at the low end of prior guidance), revenues of
MXN6bn and EBITDA of MXN1bn (in line with prior guidance) and slightly positive FCF (vs.
prior guidance of MXN200mn FCF and vs. MXN66mn FCF in FY2014). Management
stated that they expect average prices to continue to increase in 4Q15 due to an improved
product mix, reflecting ongoing low subsidy availability that is expected to continue to
dampen demand for AEL homes. Management stated that SEDATU intends to administer
the remaining FY2015 subsidy budget in monthly instalments with caps on a state level.
Mexico’s initial budget for FY2016 proposes MXN10.6bn of subsidies (down 7% yoy vs.
the MXN11.4bn subsidy budget in FY2015.)
Free cash flow in 3Q15 was negative -MXN313mn (-US$19mn), affected by: (i)
urbanization and construction expenditures required for the launching of Javer’s new
developments; (ii) working capital requirements (net outflow of MXN367mn); and (iii) the
payment of interest. In the press release, management stated that working capital was
affected by the normalization of work-in-progress inventory after being affected by heavy
rains in the northeast of Mexico during 1H15. As a result, Javer's working capital cycle
deteriorated to 312 days in 3Q15 (vs. 308 days in 3Q14). Cash decreased to US$68mn in
3Q15 (vs. US$113mn in 2Q15) and LTM net leverage deteriorated to 3.9x (vs. 2.8x in LTM
2Q15).
Javer's land reserves at 3Q15 totaled 99k units (-3% yoy, -4% qoq), of which 65% are
owned and the rest held through land trust agreements. Javer’s home starts in 3Q15
declined 16% yoy to 4.4k units (vs. 5.2k in 3Q14) mainly due to start-up delays, with lower
home completions at 4.5k (vs. 5.3k in 3Q14).
During 3Q15, Javer repurchased US$18.7mn of its US$320mn senior notes at market
prices (a premium to face value). Management stated that the company has sufficient
cash on hand for operations and therefore wants to reduce debt, seeking to position its
balance sheet to a more optimal size and with a more optimal cost position.
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Exhibit 13: Javer - Financial Snapshot
In US$mn (Unless noted otherwise)3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Volume (# Homes) 4,985 4,465 4,507 1% -10% 18,211
Revenues (MXN$mn) 1,662 1,455 1,569 8% -6% 6,177
Revenues 127 95 95 0% -25% 409
EBITDA (MXN$mn) 279 173 195 13% -30% 836
EBITDA 21 11 12 5% -44% 56
EBITDA margin 16.8% 11.9% 12.4% 56bps -437bps 13.6%
FCF Reported (MXN$mn) 69 113 (313) -376% -554% 186
FCF Reported 5 7 (19) -357% -462% 14
Cash 93 113 68 68
ST Debt 2 2 2 2
Total Debt 290 294 284 -3% -2% 284
Net Debt 197 181 216 19% 10% 216
Gross Leverage 3.4x 6.5x 6.0x 5.1x
Net Leverage 2.3x 4.0x 4.5x 3.9x
Interest Coverage 2.1x 1.1x 0.9x 1.3x
CS Liquidity Ratio * 4.1x 3.8x 2.2x 2.8x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Klabin October 26 - Klabin reported solid operational results in 3Q15, as revenue and adjusted
EBITDA (as calculated by Credit Suisse) increased 13% and 21% yoy (in BRL terms, -
27% and -22% yoy in US$ terms), but credit metrics continued to deteriorate, with LTM net
leverage increasing to 4.7x (vs. 4.0x LTM net leverage in 2Q15), mainly reflecting
investments made in the Puma project.
Consolidated results benefited from higher average paper prices (+23% yoy in BRL terms),
increased contributions from export markets and a weaker BRL. This was partially offset
by weaker domestic demand and higher cash costs. Cash costs (as reported by Klabin
and excluding non-recurring items) increased 10% yoy to BRL2,007/ton in 3Q15, reflecting
higher energy costs, as well as negative impacts from inflationary pressures and a weaker
BRL (on US$-denominated inputs, which management stated averages ~9% of total
costs). Management expects cash costs to continue to increase in line with inflation. On
the conference call, management stated that they expect strong results in 4Q15, reflecting
benefits from a weaker BRL, as well as Klabin's strategy to target the export market
(exports are expected to increase +10% qoq and +30% yoy in 4Q15). Management also
stated that the company has additional flexibility to further increase exports to the
international market, but stated that it is contingent upon weakening demand in the
domestic market.
Revenues increased 13% yoy in 3Q15 (in BRL terms; -27% yoy in US$ terms), mainly
reflecting higher contributions from export revenues (+55% yoy in BRL terms), partially
offset by lower contributions from the domestic market (-1% yoy in BRL terms). Export
revenues benefited from a weaker BRL, as well as Klabin's ability to reallocate sales
volume to export markets. In 3Q15, the export segment generated 33% of consolidated
revenues (vs. 31% in 3Q14). On the conference call, management stated that Klabin will
continue to focus on increasing export volumes to offset the ongoing challenges in the
domestic market.
Sales volumes (excluding the sale of lumber) decreased 1% yoy in 3Q15 mainly due to: (i)
lower kraftliner sales volume (-2% yoy), due to weaker domestic market demand (-28%
yoy to 27k tons), partially offset by higher export sales volume (+11% yoy to 79k tons);
and (ii) lower conversion sales volume (-6% yoy) reflecting the weaker macro environment
in Brazil, as well as a challenging yoy comparison (3Q14 benefited from strong demand
following the World Cup in 2Q14). This was partially offset by higher coated boards sales
volume (+8% yoy to 172k tons), reflecting higher output from the Monte Alegre unit. In the
press release, management stated that Klabin's flexible product offering and a weaker
BRL resulted in export sales volumes increasing 8% yoy (to 33% of total sales volume, vs.
31% in 3Q14).
Klabin's cash balance declined in 3Q15 by US$192mn (to US$1.5bn), as proceeds from
the issuance of debt were offset by high capex (~US$315mn), mainly related to ongoing
investments in the Puma project (~US$274mn in 3Q15), higher interest payments and
working capital requirements. Credit metrics continued to deteriorate in 3Q15, with LTM
net leverage increasing to 4.7x (vs. 4.0x LTM net leverage in 2Q15), mainly reflecting
investments made in the Puma project. On the conference call, management stated that
they expect net leverage to reach more normalized levels by YE2016.
On October 27, S&P affirmed Klabin's BBB- rating, but revised its outlook to Negative,
from Stable, citing the possibility of a downgrade if the company's credit metrics do not
recover as expected in FY2016. In the release, S&P stated that Klabin has a moderate
sensitivity to Brazilian sovereign risk, due to its export-orientated business model (which is
expected to further improve when the Puma project comes online). S&P stated that it
expects Klabin's net leverage to peak at ~6.5x in FY2015, but expects metrics to improve
to 3.0x-3.5x once the Puma plant is fully operational.
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In 2013, Klabin began the construction of its new Puma pulp mill which is expected to have
annual production capacity of 1.5mn tons (including 1.1mn and 400k tons of hardwood and
softwood pulp, respectively) when it comes on line in FY2016. The mill additionally will
generate 272MWh of energy, of which 122MWh will be used to power the unit and the
remainder sold in the market. In 3Q15, capex related to the Puma project totaled
~BRL970mn, with the project ~87% completed (~70% of the capex already disbursed). On
the 3Q15 conference call, management stated that they expect Puma to contribute ~900k
tons of pulp in FY2016 (one-third hardwood pulp and two-thirds softwood pulp).
Exhibit 14: Klabin - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Volumes Sold ex-wood (000' tons) 467 435 463 6% -1% 1,778
Wood Sold (000' tons) 723 990 600 -39% -17% 3,102
Net Revenues 564 436 409 -6% -27% 1,794
Net Revenues (BRLmn) 1,282 1,338 1,446 8% 13% 5,349
Adjusted EBITDA (1)
192 128 149 16% -22% 621
Adjusted EBITDA (BRLmn) (1)
436 394 526 34% 21% 1,850
Adjusted EBITDA margin 34.0% 29.4% 36.4% 697bps 239bps 34.6%
Cash (2)
2,573 1,689 1,497 1,497
Short-term Debt 618 709 512 512
Total Debt 4,219 4,313 4,439 3% 5% 4,439
Net Debt 1,646 2,625 2,942 12% 79% 2,942
Gross Leverage 5.5x 8.4x 7.5x 7.1x
Net Leverage 2.1x 5.1x 4.9x 4.7x
Interest Coverage 1.9x 2.4x 2.2x 2.2x
CS Liquidity Ratio * 3.3x 2.4x 2.7x 2.7x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. (1) Adjusted EBITDA as calculated by Credit Suisse; excludes change in fair value of biological assets, equity pick-up and other operating income (expenses). (2) Cash includes marketable securities and short term investments (mainly CDs). Note: Total volumes sold includes sale of "Other" products. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Maxcom October 22 – Maxcom reported weak results in 3Q15, as revenue and EBITDA declined
18% and 45% yoy, respectively (in MXN terms), mainly due to: (i) lower average
commercial and residential ARPU (-27% and -6% yoy, respectively), reflecting the
elimination of long-distance billing and increased competitive pressures; (ii) lower
consolidated RGUs (-6% yoy to ~589k RGUs), with Maxcom's customer base declining
14% yoy (to ~222k customers); (iii) higher SG&A expenses (-548bps yoy representing
31% of net revenues) mainly due to higher payroll expenses. As a result, margins
contracted 702bps yoy to 14.6%. This was partially offset by the elimination of
interconnection rates to the preponderant carrier. In the press release, management
stated that in September the company implemented a downsizing process which is
expected to generate annual savings in payroll expenses of approximately MXN100mn.
Consolidated revenues declined 18% yoy in 3Q15 (in MXN terms; -35% yoy in US$ terms),
reflecting weaker contributions across all segments. Residential and commercial segment
revenues both declined 16% yoy, with public telephony and wholesale revenues declining
53% and 18% yoy, respectively. Total RGUs declined 6% yoy, reflecting lower residential
RGU (-12% yoy), partially offset by higher commercial RGUs (+14% yoy).
Cash declined US$26mn qoq to US$30mn, reflecting capital expenditures (~US$14mn in
3Q15, vs. US$12mn in 2Q15), interest paid on the company's senior notes, the repurchase of
US$14.7mn of senior step-up notes and working capital drag (~US$2mn). Capex during the
quarter was primarily earmarked to increase and improve the capacity of Maxcom's fiber optics
network and internet infrastructure, as well as to renew the company's operation systems.
Credit metrics continued to deteriorate, with LTM net leverage increasing to 3.9x in 2Q15 (vs.
2.8x in 2Q15), reflecting cash burn and lower EBITDA generation. In the press release,
management stated that Maxcom repurchased US$14.7mn of its senior secured bonds; as a
result, total bond debt outstanding is ~US$138mn. YTD, Maxcom purchased and cancelled a
total principal amount of US$37.3mn senior secured notes using US$25.9mn following its debt
reduction policy to mitigate the negative effects of the MXN depreciation.
On October 14, Maxcom entered into a five-year term loan agreement with Banco
Nacional de Comercio Exterior for MXN100mn. On the conference call, management
stated that net proceeds from the loan will strengthen cash position, and will be used to
finance investment projects.
Exhibit 15: Maxcom - Financial Snapshot In US$mn (unless nothed otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Total Customers (000s) 256.7 231.1 221.7 -4% -14% 221.7
Residential Customers (000s) 253.9 228.5 219.2 -4% -14% 219.2
Commercial Customers (000s) 2.8 2.6 2.5 -3% -10% 2.5
Net Adds (000s) (0.2) (10.8) (9.4) (35.0)
Total RGUs (000s) 628.5 598.9 589.3 -2% -6% 589.3
Revenues 54 39 35 -10% -35% 164
Revenues (MXN mn) 707 599 578 -3% -18% 2,463
EBITDA 12 5 5 2% -56% 28
EBITDA (MXN mn) 153 77 85 9% -45% 420
EBITDA margin 21.7% 12.9% 14.6% 170bps -702bps 17%
Cash 122 56 30 30
Short-term Debt 3 0 2 2
Total Debt (1)
179 153 141 -8% -21% 141
Net Debt 58 98 111 14% nmf 111
Gross Leverage 3.8x 7.6x 6.8x 5.0x
Net Leverage 1.2x 4.8x 5.4x 3.9x
Interest Coverage 3.4x 2.2x 2.4x 2.8x
CS Liquidity Ratio* 10.0x 8.0x 4.6x 4.6x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Mexichem October 20 –Mexichem reported solid results in 3Q15 as EBITDA increased 13% yoy (in
US$ terms) to US$234mn and margins expanded 170bps yoy to 16.2%, mainly supported
by ongoing strong performance of the “Vinyls” segment (formerly “Chlor-Vinyls”) and the
“Fluent” segment (formerly “Integral Solutions”). Strong results from the Vinyls segment
(EBITDA up 119% yoy) reflected additional contributions from the consolidation of Vestolit,
lower feedstock and energy costs and a significant yoy increase in the output of PMV (JV
with Pemex) due to the overhaul of PMV’s operations in 3Q14. In the Fluent segment,
EBITDA increased 19% yoy, benefitting from the consolidation of Dura-Line, coupled with
the phase-out of certain low margin product lines. This was partially offset by low demand
for metallurgic fluorspar at the Fluorine segment (EBITDA -3% yoy), US$ appreciation
(which negatively impacted EBITDA by US$22mn in 3Q15), and the adoption of a new
exchange rate regime to translate Venezuelan results (negative EBITDA impact of
US$14mn in 3Q15.)
Consolidated revenues increased 3% yoy in 3Q15 driven by the aforementioned increase
in PMV´s output (VCM production increased 40% yoy) and additional contributions from
the consolidation of Vestolit. This was partially offset by: (i) lower proceeds from the Fluent
segment (-5% yoy) impacted by negative translation effects; and (ii) lower proceeds from
the Fluorine segment impacted by weaker demand for metallurgic fluorspar from the steel
sector, partially offset by improved performance of acid grade fluorspar and hydrofluoric
acid.
Cash declined US$66mn in 3Q15 reflecting capex spending, US$46mn of tax payments,
US$49mn in financial charges, dividend payments (US$15mn outflow) and debt
repayments. This was partially offset by a positive variation in working capital (net inflow of
US$106mn). In 3Q15, capex totaled US$216mn with US$128mn invested in the
construction of an ethylene cracker (in association with OxyChem), US$16mn invested in
PMV and the remaining US$72mn allocated to organic growth and efficiency projects.
Credit metrics remained stable in 3Q15 with LTM net leverage at 2.2x (flat qoq) and LTM
Interest coverage at 3.9x (vs. 3.1x in 2Q15).
Management provided FY2015 EBITDA guidance of US$900mn and stated that
Mexichem's profitability should continue to improve in FY2016 despite macroeconomic
headwinds. Management believes there are several factors that will enable the company
to generate positive results in a volatile environment, including: (i) Mexichem´s industrial
flexibility which allows the company to quickly change production to meet market demand
and to change production location to maximize plant utilization; and (ii) cross selling
opportunities.
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Exhibit 16: Mexichem - Financial Snapshot In US$mn (Unless otherwise stated) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Revenue 1,429 1,519 1,446 -5% 1% 5,778
Vinyls 476 559 535 -4% 12% 2,067
Fluent 838 830 793 -4% -5% 3,245
Fluorine 166 177 151 -15% -9% 645
EBITDA (1)
207 266 234 -12% 13% 838
Vinyls 36 92 79 -14% 119% 261
Fluent (1)
100 123 119 -3% 19% 386
Fluorine (1)
62 65 60 -8% -3% 245
EBITDA margin (1)
14.5% 17.5% 16.2% -133bps 170bps 14.5%
Vinyls 7.6% 16.5% 14.8% -169bps 720bps 12.6%
Fluent (1)
11.9% 14.8% 15.0% 19bps 307bps 11.9%
Fluorine (1)
37.3% 36.7% 39.7% 301bps 239bps 38.0%
Cash 897 604 538 538
Short-term Debt 60 36 48 48
Total Debt 2,515 2,391 2,350 -2% -7% 2,350
Net Debt 1,618 1,787 1,812 1% 12% 1,812
Gross Leverage 3.0x 2.2x 2.5x 2.8x
Net Leverage 2.0x 1.7x 1.9x 2.2x
Interest Coverage 4.2x 4.8x nmf 3.9x
CS Liquidity Ratio * 6.7x 6.5x 30.5x 5.3x
← Annualized
← Annualized
← Annualized
Source: Credit Suisse and Company Filings. Note: Company now presents financial data in US$ reporting currency. In 3Q15, Mexichem changed the name of the "Chlorine Vinyl" and the "Integral Solutions" segments to "Vinyls" and "Fluent", respectively. Segment Revenue and EBITDA do not sum to totals due to intercompany adjustments. (1) LTM EBITDA excludes one-time non-recurring earnings of US$16.8mn in the Fluorine segment related to a legal settlement IN 4Q14. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Millicom October 22 – Millicom reported solid results in 3Q15, as EBITDA increased 2% yoy and
margins expanded 137bps yoy (to 34.1%) reflecting solid contributions from Central
America, partially offset by moderately weaker contributions from South America and weak
results from Africa. In the 3Q15 press release, Millicom affirmed its FY2015 guidance of
revenues between US$6.8bn-US$7.2bn, EBITDA ranging between US$2.12bn-
US$2.26bn, and capex between US$1.25bn-US$1.35bn. Management previously stated
they expect cash taxes of ~US$300mn. The company had previously revised its FY2015
guidance moderately downward due to currency translation effects from weaker currencies
across key markets.
Millicom's cash balance increased marginally to US$854mn in 3Q15 (vs. US$805mn in
2Q15), mainly due to solid EBITDA generation, proceeds from the issuance of debt and
working capital inflows. This was partially offset by the repayment of debt, capital
expenditures and dividends paid. Capex totaled US$334mn in 3Q15 (vs. US$331mn in
3Q14), with investments primarily earmarked for mobile network infrastructure and fixed-
line infrastructure in Latin America (primarily Colombia), as well as wireless network
infrastructure in Africa. Credit metrics remained solid in 3Q15, with LTM net leverage at
1.9x and interest coverage at 5.0x.
On October 26, Millicom announced that it completed the acquisition of an 85% stake in
Zanzibar Telecom ("Zantel"), with the government of Zanzibar retaining the remaining 15%
stake. Millicom had previously stated that the acquisition price for Zantel was ~US$74mn
(through the assumption of debt). Management previously stated that the acquisition is in
line with the company's strategy of strengthening its overall position in Tanzania (which is
Millicom's largest market in Africa). In FY2014, Zantel had ~1.7mn subscribers in
Zanzibar and mainland Tanzania and generated revenues of US$82mn. Millicom
previously stated that they expect Zantel to generate US$25mn of EBITDA going forward.
On October 21, Millicom announced that it reported to law enforcement authorities in the
United States and Sweden of potential improper payments made on behalf of the
company's JV in Guatemala ("Comcel"). No additional details were provided. Millicom
owns a 55% stake in Comcel, with Grupo Miffin owning the remaining 45% stake. In
FY2014, Comcel issued US$800mn 6.875% senior unsecured notes due 2024. On
October 26, Moody's affirmed Millicom and Comcel's B1 ratings, but placed both issuers
under review for a downgrade. In the release, Moody's stated that there is currently little
additional information made available by the companies, and therefore it is difficult to
estimate the timing and legal outcome of the investigation, as well as the size of any
potential monetary penalty.
On July 31, Millicom announced that it received the requisite consents to amend the net
leverage ratio governing its US$500mn 4.750% senior unsecured notes due 2020 and its
US$800mn 6.625% senior unsecured notes due 2021 to 3.0x (from 2.5x). Management
previously stated that the consent aimed to align the net leverage ratio in the debt
incurrence covenant of the 2020 and 2021 notes with the debt incurrence covenant
governing its US$500mn 6% senior unsecured notes due 2025.
South America segment (47% of revenue; 44% of EBITDA): The South American
segment reported moderately weaker results in 3Q15, as revenue and EBITDA declined
6% and 3% yoy, respectively, but margins expanded 132bps yoy (to 35.2%). Consolidated
results were negatively impacted by lower revenue contributions in Colombia and
Paraguay (-6% and -15% yoy in US$ terms) reflecting currency translation effects from a
weaker Colombian Peso and Paraguayan Guarani (which depreciated 52% and 23% yoy,
respectively). Excluding currency translation effects, segment revenue increased 7% yoy
reflecting higher mobile and cable subscribers (+8% and +3% yoy, respectively) and
increased data penetration (up ~700bps to 42.1%). This was partially offset by lower
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average ARPU (-5% yoy to US$8.5 per subscriber) due to the reduction of MTRs in
Colombia and Paraguay (in January 2015 and November 2014, respectively) and
increased pricing competition in Colombia, resulting from the elimination of mandatory
contract terms.
Central America segment (39% of revenue; 48% of EBITDA): The Central America
segment reported solid results in 3Q15, as revenues and EBITDA increased 5% and 4%
yoy, respectively. Consolidated results benefitted from: (i) higher contributions from
Guatemala, due to solid data growth and higher cable revenue; (ii) strong contributions
from Honduras reflecting solid data growth, coupled with increased contributions from
cable; and (iii) higher contributions from cable in Costa Rica. Margins contracted
marginally, reflecting a weaker sales mix in Guatemala, as well as increased commercial
efforts and a new wholesale contract in Honduras.
Africa segment (15% of revenue; 8% of EBITDA): The Africa segment reported weak
results in 3Q15, as revenues and EBITDA declined 5% and 12% yoy, respectively due to
currency translation effects. Excluding the adverse FX impact, consolidated revenues and
EBITDA increased 12% and 10% yoy due to solid wireless subscriber growth (+3% qoq
and +19% yoy), increased data penetration and higher MFS revenues in local currency
terms.
Exhibit 17: Millicom - Financial Snapshot In US$mn (unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Mobile Subscribers ('000s) 53,777 59,330 60,146 1% 12% 60,146
Mobile ARPU (US$) 7.5 6.3 6.0 -5% -20% 6.5
Cable Subscribers ('000s) 4,970 5,239 5,251 0% 6% 5,251
Cable ARPU (US$) 29.3 28.8 26.0 -10% -11% 27.9
Revenue 1,674 1,704 1,641 -4% -2% 6,913
Reported EBITDA 549 561 560 0% 2% 2,274
Reported EBITDA margin 32.8% 32.9% 34.1% 124bps 137bps 36.0%
Cash & Equivalents 814 805 854 854
Short-term Debt 447 336 191 191
Total Debt 5,000 5,086 5,122 1% 2% 5,122
Net Debt 4,186 4,281 4,268 0% 2% 4,268
Gross Leverage 2.3x 2.3x 2.3x 2.3x
Net Leverage 1.9x 1.9x 1.9x 1.9x
Interest Coverage 5.1x 5.8x 5.0x 5.0x
CS Liquidity Ratio * 3.4x 4.2x 4.9x 4.9x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Pemex October 28 – Pemex continued to report weaker yoy results in 3Q15 reflecting the decline
in oil prices and petroleum product prices coupled with lower hydrocarbon and petroleum
products production. EBITDA in 3Q15 declined 60% yoy in US$ terms, reflecting (i) lower
domestic sales (-31% yoy in US$ terms) driven by lower benchmark prices for petroleum
products and dry gas; (ii) lower export proceeds (-50% yoy in US$ terms), stemming from
the aforementioned decline in oil and product prices; and (iii) lower IEPS tax credits
received (US$68mn in 3Q15 vs. US$748mn in 3Q14). This was partially offset by higher
refining margins and a lower Government take (-60% yoy to US$6.1bn). The ratio of taxes
and duties paid to operating income increased to 232% in 3Q15 vs. 116% in 3Q14.
Consolidated gross revenues declined 40% yoy (in US$ terms) in 3Q15, due to lower
sales in the domestic and export markets and a reduction in IEPS tax credits. Domestic
sales declined 31% yoy reflecting: (i) lower petroleum product prices impacting gasoline,
diesel and fuel oil sales (gasoline prices in the U.S. declined 40% yoy); and (ii) lower
domestic dry gas sales (-32% yoy in US$ terms) due to lower volumes and a decline in
reference prices (the Henry Hub reference price decreased from US$4.07/MMBtu to
US$2.77/MMBtu). Export revenues declined 50% yoy despite higher volumes, driven by
lower oil and product prices. The Mexican crude oil basket decreased 54% yoy to
US$48.68/bbl.
Pemex´s crude oil production declined 6% yoy to 2.266mn bpd (+2% qoq) in 3Q15, mainly
reflecting: (i) a decrease in heavy crude oil production (-7% yoy to 1.143mn bpd) due to
the continued production decline at the Cantarell field (-27% yoy); (ii) a 2% yoy decline in
light crude oil production to 0.839mn bpd, reflecting the natural decline at fields in the
Bellota-Jujo business unit, as well as an increase in the fractional water flow of wells in the
Samaria field; and (iii) a 7% yoy decline in extra-light crude oil production to 0.284mn bpd
due to increased water flow in the Samaria-Luna and Macuspana-Muspac business units
and the natural production decline of the Bellota-Jujo business unit and the Costero field.
This was partially offset by a 54% yoy increase in production at the Xux field (to 54K bpd),
which began production in June 2014.
Natural gas production decreased 2% yoy to 1.1mn boepd, reflecting lower contributions
from non-associated gas (-17% yoy), due to scheduled reduction in drilling activities in the
Veracruz business unit and the natural decline of fields in the Macuspana-Muspac
business unit. This was partially offset by higher contributions from associated gas and
nitrogen production (+3% yoy and +11% yoy, respectively). Crude oil processing declined
10% yoy to 1.061mn bpd (with utilization down -700bps yoy to 63.5%) due to scheduled
maintenance, non-scheduled overhaul works as well as operational issues resulting in
lower production of petroleum products (-9% yoy to 1.207mn bpd). On the conference call,
management announced a new agreement with the U.S., in which Pemex will import up to
75K bpd of light crude oil and condensates in exchange for heavier crude, which will
increase gasoline and diesel production, increase utilization of installed capacity, and
provide a better mix in the refineries resulting in higher refining margins. Refining margins
increased to US$3.22/bbl in 3Q15 from US$1.31/bbl in 3Q14 (but down from US$8.81/bbl
in 2Q15) as a result of processing a heaver crude oil mix and better diesel yields.
Pemex’s 3Q15 cash balance increased US$759mn qoq to US$6.6bn primarily reflecting
EBITDA generation during the quarter, US$3.7bn in net debt issuance (after repayments),
and a working capital inflow. This was partially offset by US$2.7bn in capex spent and
higher interest payments. Total investments in 2015YTD amount to MXN265bn
(~US$17bn), from the MXN307.6bn that was budgeted for FY2015, with the majority of
investments destined to exploration and production (~85%) and refining activities (12%).
LTM net leverage (before government take) increased to 2.2x (vs. 1.6x in LTM 2Q15),
while LTM net leverage after government take increased to 8.9x (vs. 6.8x in LTM 2Q15).
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On the conference call, management stated that the company has concluded its corporate
reorganization. In the new organizational structure, Pemex will have two distinct business
segments: Production & Exploration and Industrial Transformation, and five subsidiaries:
Drilling & Services, Fertilizers, Cogeneration Services, Ethylene and Logistics. The five
subsidiaries will eventually become Pemex affiliates and will have greater autonomy in
business and financing decisions. Pemex will continue to consolidate the subsidiaries’
results until they are established as affiliates.
From July 1 to September 30, Pemex issued a total of MXN10bn of short-term Certificados
Bursátiles (Cebures). Additionally, on September 30 Pemex issued MXN1.4bn in TIIE+35
bps Cebures due 2018 and the equivalent to MXN6bn in UDI denominated Cebures with
an interest rate of 5.23% due 2035.
On September 9, Pemex and the Petroleum Workers’ Union signed the Collective
Bargaining Agreement for 2015-2017 including a resolution for the company’s pension
liabilities which will be applicable for all workers.
On August 25, Moody’s placed Pemex A3 rating under review citing the company’s
weaker cash flow generation as a result of the drop in international oil prices and the
expectation of further financial profile deterioration in the coming years.
On July 31, Pemex issued US$525mn in 2.46% U.S. Export Import Bank guaranteed
notes due 2025.
On July 31, Pemex and Blackrock signed an agreement to accelerate the development
and financing of strategic energy infrastructure projects (in connection with the previously
announced MOU).
On July 31, Pemex announced the divestment of its 50% stake in Gasoductos de
Chihuahua for US$1.325bn. The transaction is expected to be completed within 120 days
following corporate and regulatory approvals.
Exhibit 18: Pemex - Financial Snapshot In US$ mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Gross Revenue (1)
31,730 20,210 19,150 -5% -40% 84,532
Gross Revenue (MXN mn) (1)
416,348 309,694 314,886 2% -24% 1,272,198
Adj. EBITDA Before Gov. Take (EBITDAG) 19,067 8,400 7,683 -9% -60% 37,168
Adj. EBITDA Before Gov. Take(MXN) (EBITDAG) 250,186 128,715 126,330 -2% -50% 557,337
Margin 61.5% 41.7% 40.3% -141bps -2128bps 44%
Government Take (15,017) (6,380) (6,058) -5% -60% (28,024)
Adj. EBITDA 4,050 2,019 1,625 -20% -60% 9,144
Adj. EBITDA (MXN) 53,142 30,943 26,715 -14% -50% 136,062
Margin 13.1% 10.0% 8.5% -150bps -456bps 11%
Cash & Equivalent 7,312 5,798 6,557 6,557
Short-term debt 9,540 10,680 11,752 11,752
Long-term debt 64,600 73,907 76,028 76,028
Total debt 74,139 84,587 87,780 4% 18% 87,780
Net Debt 66,827 78,789 81,222 3% 22% 81,222
Total Debt / Adj. EBITDAG 1.0x 2.5x 2.9x 2.4x
Total Debt / Adj. EBITDA 4.6x 10.5x 13.5x 9.6x
Net Debt / Adj. EBITDAG 0.9x 2.3x 2.6x 2.2x
Net Debt / Adj. EBITDA 4.1x 9.8x 12.5x 8.9x
Adj. EBITDAG / Interest Expense 21.2x 8.1x 7.1x 8.4x
Adj. EBITDA / Interest Expense 4.5x 2.0x 1.5x 2.1x
CS Liquidity Ratio * 1.8x 0.9x 0.8x 1.0x
Crude Oil Production (mn bpd) 2.40 2.23 2.27 2% -6% 2.29
Condensates (mn bpd) 0.04 0.04 0.04 11% -9% 0.04
Natural Gas (mn boepd)(2)
1.09 1.05 1.07 2% -2% 1.08
Total Hydrocarbon Production (mn boepd) 3.53 3.31 3.37 2% -4% 3.41
← Annualized
← Annualized
← Annualized
← Annualized
← Annualized
Source: Credit Suisse and Company Filings. (1) Gross Revenue includes IEPS credits (2) Natural gas production includes nitrogen * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Petrotrin October 20 – Petrotrin reported negative EBITDA of -US$37mn in 4QFY15 (quarter ended
September 30, 2015) and an EBITDA drag of -US$13mn for FY2015 (the company’s fiscal
year ends September 30) reflecting lower gross margins (31.9% in FY2015 vs. 34.8% in
FY2014) mainly due to a continued decline in regional and international refined products
sales coupled with higher opex pressure (43% in FY2015 vs. 33% in FY2014). In 4QFY15,
gross margins declined 70bps yoy to 28.8% and opex represented 48% of revenues (vs.
35% in 4QFY14).
Revenues in 4QFY15 declined 34% yoy (in US$ terms) driven by weak performance from
regional, international and local markets (-20%, -61% and -41% yoy, respectively, in
US$ terms), partially offset by a 41% yoy increase in revenues from the extra-regional
market. In FY2015, revenues declined 32% yoy to US$3.1bn reflecting lower top line
generation across all regions. Refined product sales represented 94% of total revenues in
FY2015, with the following breakdown: local sales represented 28%, regional sales
represented 21%, extra-regional sales represented 22% and international sales
represented 29%.
Petrotrin’s cash balance increased US$132mn qoq to US$265mn in 4QFY15, driven
mainly by debt financing (total debt increased 6% qoq) and a decline in receivables and
inventories (representing a working capital inflow of US$392mn).This was partially offset
by the aforementioned decline in sequential EBITDA generation, higher financial charges,
moderately higher tax payments and higher capex qoq (US$86mn vs. US$44mn in
3QFY15). The company´s total debt increased US$125mn qoq to US$2.06bn mainly
reflecting an increase in STD to finance FCF burn.
Exhibit 19: Petrotrin - Financial Snapshot
In US$mn (unless noted otherwise)
4Q14
(Sep-14)
3Q15
(Jun-15)
4Q15
(Sep-15) qoq yoy
FY14
(Sep-14)
FY15
(Sep-15) yoy
Net Revenue 1,172 882 768 -13% -34% 4,604 3,110 -32%
Net Revenue (in TTD) 7,400 5,596 4,867 -13% -34% 29,285 19,725 -33%
EBITDA 23 100 (37) -138% -262% 369 (13) -104%
EBITDA (in TTD) 145 631 (237) -138% -263% 2,350 (84) -104%
EBITDA Margin 2.0% 11.3% nmf nmf nmf 8.0% nmf nmf
Cash & Equiv 277 133 265 277 265
Short-term Debt 946 725 848 946 848
Total Debt 2,235 1,939 2,065 6% -8% 2,235 2,065 -8%
Net Debt 1,958 1,806 1,800 0% -8% 1,958 1,800 -8%
Total Debt / EBITDA 24.3x nmf nmf 6.1x nmf
Net Debt / EBITDA 21.3x nmf nmf 5.3x nmf
EBITDA / Interest Expense 0.6x nmf nmf 2.5x nmf
CS Liquidity Ratio * 0.3x nmf nmf 0.6x nmf
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. Note: Petrotrin’s fiscal year end is September 30. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Southern Copper October 27 – Southern Copper continued to report weaker yoy results in 3Q15 (but still
low leverage) reflecting the ongoing challenging metals pricing environment. Revenue and
EBITDA decreased 23% and 39% yoy, respectively and margins contracted 947ps yoy to
37.2% in 3Q15. Results were pressured by lower yoy copper, molybdenum, zinc, silver
and gold prices (-25%, -54%, -20%, -24% and -12% yoy, respectively) and higher copper
purchases; partially offset by higher sales volume of copper and zinc (+5% and +29% yoy,
respectively) and increased productivity and operating efficiencies (especially in energy,
supplies and labor). Operating cash cost per pound of copper (excluding by-product
credits) was US$1.59 in 3Q15, a decrease of 19% yoy.
Copper mined by the company in 3Q15 increased 9% yoy to 179.9k tons underpinned by
higher production from Buenavista (+21% yoy) mostly due to the additional production
from the low cost SX/EW III plant, and better ore grades. Molybdenum production
decreased 5% yoy due to lower production from the Buenavista molybdenum plant as a
result of lower water availability. Silver production in 3Q15 increased 12% yoy due to
higher production from the Mexico operations, while Zinc production increased 22% yoy.
In the press release, the company stated that it expects to further enhance its copper
production and low cash cost position in FY2016, underpinned by production from SX/EW
III plant and the Buenavista Concentrator.
Cash balance decreased by US$759mn qoq to US$1,387mn, mainly due to debt
repayment (US$200mn bond maturity), the acquisition of El Pilar (US$100mn), share
buybacks, and capex (US$316mn vs. US$285mn in 2Q15), This was partially offset by
higher proceeds from working capital (US$190mn inflow). SCCO’s credit metrics
deteriorated slightly (but still remain strong) with LTM net leverage at 2.0x (vs. 1.6x in
2Q15) and LTM interest coverage at 13.3x (vs. 18.3x in 2Q15).
The company continues to invest in the following projects: (i) capacity enhancement at the
Buenavista mine through the new copper molybdenum concentrator; (ii) Quebalix IV to
enhance SXEW copper recovery, reduce processing time and hauling costs (78%
completed and expected to be completed by 2Q16); (iii) Tia Maria (with 120k tons
capacity), expected to start production by early 2017; (iv) Toquepala concentrate
expansion (+100k tons of copper and +3.1k tons of molybdenum) which received its
construction permit in April 2015, and is expected to be completed by 4Q17; (v) new
HPGR project in Toquepala to improve copper recovery, and generate cost savings which
will help the concentrator operate at its maximum capacity (expected to be completed by
1Q17); and (vi) the new copper-molybdenum concentrator (+188k tons of copper, +2.6k
tons of molybdenum, 2.3mn ounces of silver and 21k ounces of gold annually) scheduled
to reach full capacity in 1Q16.
On July 27, Southern Copper paid its US$200mn 10-year bond issued in 2005. The
company has no other debt amortization until 2020 (when US$400mn is due).
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Exhibit 20: Southern Copper - Financial Snapshot
In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Average Copper Price ($/lb) 3.17 2.75 2.38 -13% -25% 2.69
Copper Sales Volume (mn lb) 367 407 387 -5% 5% 1,564
Net Revenues 1,475 1,383 1,134 -18% -23% 5,263
Reported EBITDA 688 637 421 -34% -39% 2,279
EBITDA Margin 46.6% 46.1% 37.2% -894bps -947bps 43.3%
Cash 1,242 2,146 1,387 1,387
Short-term Debt 200 200 0 0
LT Debt 4,006 5,952 5,951 5,951
Total Debt 4,206 6,152 5,951 -3% 41% 5,951
Net Debt 2,964 4,006 4,564 14% 54% 4,564
Gross Leverage 1.5x 2.4x 3.5x 2.6x
Net Leverage 1.1x 1.6x 2.7x 2.0x
Interest Coverage 19.9x 11.8x 6.5x 13.3x
CS Liquidity Ratio * 11.8x 11.3x 11.8x 21.4x
← Annualized
← Annualized
← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Vale October 22 – Vale continued to report weaker yoy results in 3Q15 reflecting the weak
global iron ore pricing environment. Adjusted EBITDA (excluding the impact of non-
recurring expenses) decreased 32% yoy, mainly reflecting lower average iron ore, nickel
and copper sales prices (-32%, -40% and -34% yoy, respectively), partially offset by higher
yoy iron ore sales volume and ongoing cost reduction initiatives implemented by the
company.
Iron ore production totaled 88.2MT in 3Q15 (+3% qoq and yoy) setting a quarterly record,
with production at Carajás reaching a record 33.9MT. Iron ore production benefitted from
higher production in the Northern, Southeastern and Southern regions, mostly due the
ramp-up of the N4WS mine in Carajás, the N5S extension mines, and greater capacity
utilization of Plant 2. Production of pellets totaled 12.2MT in 3Q15 (stable qoq and +7%
yoy), reflecting the ramp-up of the Tubarao 8 plant and consistently good performance
from the Oman, Vargem Grande, and Fabrica pellet plants. Production of nickel totaled
71.6k tons (-1% yoy) due to maintenance shutdowns, partly offset by higher performance
from New Caledonia. Copper output totaled 99.3k tons in 3Q15 (-5% yoy), due to
maintenance shutdowns in Sudbury, partly offset by higher production from Salobo.
Net revenue decreased -28% yoy in 3Q15 reflecting lower contributions from all business
segments. Revenue from ferrous minerals decreased -26% yoy due to the continuing yoy
decline in average prices, partially offset by higher sales volumes. Revenue from base
metals declined 36% yoy mainly due to lower contributions from nickel, copper and PGM
sales due to lower average sales prices. Revenue breakdown in 3Q15 was as follows:
bulk materials (ferrous minerals and coal) represented 68%, base metals represented 20%
and fertilizers represented 11%. On a regional basis, sales to Asia represented 54% of
Vale’s consolidated gross revenues (with China representing 39% of consolidated sales),
while sales to the Americas represented 26% and Europe represented 17%.
Cash increased by US$1.2bn qoq (to US$4.46bn), reflecting proceeds from working
capital and divestitures (totalling US$1.5bn, including US$1.2bn for the sale of 36.4% of
MBR – see below). This was partially offset by capital expenditures and higher interest
payments. Capex totaled US$1.9bn in 3Q15 (vs. US$3.3bn in 3Q14 and US$2.1bn in
2Q15), of which US$647mn was maintenance capex. Credit metrics deteriorated
moderately, with LTM net leverage increasing to 3.1x in 3Q15 (vs. 3.0x in LTM 2Q15),
reflecting lower EBITDA generation.
On July 30, Vale announced that it signed a sale and purchase agreement with Fundo de
Investimento em Participações Multisetorial Plus II ("FIP Plus II") for the sale of a 36.4%
stake in Minerações Brasileiras Reunidas S.A ("MBR") for BRL4bn (~US$1.2bn). MBR
owns assets for the production, transportation and port shipment of iron ore and
accounted for 65MT of iron ore in 2014. The transaction closed in 3Q15, with Vale
continuing to hold a 61.9% stake in MBR, as well as a call option on FIP Plus II shares.
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Exhibit 21: Vale - Financial Snapshot
In US$mn 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15
Iron Ore Sales Volume (mn tons) 78 84 86 3% 10% 334
Avg. Iron ore Sale Price(US$/MT) 68 51 46 -8% -32% 51
Avg. Copper Sale Price(US$/MT) 5,940 4,979 3,892 -22% -34% 4,868
Avg. Nickel Sale Price(US$/MT) 18,141 13,045 10,866 -17% -40% 13,403
Net Operating Revenues 9,062 6,965 6,505 -7% -28% 28,782
Reported EBITDA 3,004 2,213 1,875 -15% -38% 7,877
Adjusted EBITDA (1) 2,744 2,027 1,856 -8% -32% 7,899
Adjusted EBITDA Margin 30.3% 29.1% 28.5% -57bps -175bps 27.4%
Cash (2) 8,332 3,264 4,462 4,462
Short-term Debt (3)2,041 3,190 3,030 3,030
Total Debt 29,366 29,773 28,675 -4% -2% 28,675
Net Debt 21,034 26,509 24,213 -9% 15% 24,213
Interest Coverage 6.3x 6.6x 4.9x 5.3x
Gross Leverage 2.7x 3.7x 3.9x 3.6x
Net Leverage 1.9x 3.3x 3.3x 3.1x
← Annualiazed
← Annualiazed Source: Credit Suisse and Company Filings. Note: Leverage ratios use Adjusted EBITDA. (1) Adjusted EBITDA differs from reported EBITDA, as CS excludes dividends received and other non-recurring items. Adjusted EBITDA in 4Q14 excludes: (i) US$98mn related to the write-down of thermal coal inventory; (ii) US$90mn due to the write-down of ICMS tax credits; (iii) US$107mn due to provision for current and long term environmental obligations; and (iv) US$48mn of inventory adjustments and the opening of N4WS at Carajás. (2) Cash figure includes short-term investments, and matches the methodology used by Vale. (3) Vale's short-term debt excludes loans from related parties. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)
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Credit Suisse Liquid Indices
Exhibit 22: CS-LACI vs. SBI Americas Exhibit 23: CS-LACI High Yield vs. CS-LACI High Grade
-
20
40
60
80
100
120
140
160
180
200
220
250
300
350
400
450
500
550
600
650
700
750
800
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI TOTAL
SBI AMERICAS
300
400
500
600
700
800
900
1000
100200300400500600700800900
100011001200130014001500
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd
Diff. (b
ps
)
Be
nch
Sp
rd
(b
ps)
Basis Dif f. (RHS)
CS-LACI HIGH YIELD
CS-LACI HIGH GRADE
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 24: CS-LACI HY vs. Credit Suisse High Yield Index Exhibit 25: CS-LACI HG vs. LUCI
150
200
250
300
350
400
450
500
550
600
650
700
750
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Yie
ld D
iff. (bp
s)
Yie
ld (%
)
Yield Diff. (RHS)
CS-LACI HIGH YIELD
HIGH YIELD INDEX
100
120
140
160
180
200
220
240
260
280
300
320
50
100
150
200
250
300
350
400
450
500
550
600
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI HIGH GRADE
LUCI TOTAL
Source: Credit Suisse. Source: Credit Suisse.
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Relative Value: Latam Corps vs. US Corps, EM Corps, and EM Sovs
Exhibit 26: Relative Value ‘A’ Bucket Exhibit 27: Relative Value ‘BBB’ Bucket
-30
-10
10
30
50
70
90
110
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Be
nch
Sp
rd
Dif
f. (b
ps
)
LACI A vs SBI A
LACI A vs LUCI A
LACI A vs EMCI A
-50
-25
0
25
50
75
100
125
150
175
200
225
250
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Be
nch
Sp
rd
Dif
f. (b
ps
)
LACI BBB vs SBI BBB
LACI BBB vs LUCI BBB
LACI BBB vs EMCI BBB
Source: Credit Suisse. Source: Credit Suisse. Petrobras bonds were removed from the LACI 'BBB' Bucket on 03/01/2015. Prior to removal, Petrobras represented ~17% of the LACI 'BBB' Bucket.
Exhibit 28: Relative Value ‘BB’ Bucket Exhibit 29: Relative Value ‘B’ Bucket
-100
0
100
200
300
400
500
600
700
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Be
nch
Sp
rd D
iff.
(b
ps
)
LACI BB vs SBI BB
LACI BB vs HYIDX BB
LACI BB vs EMCI BB
-400
-200
0
200
400
600
800
1000
1200
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Be
nch
Sp
rd D
iff.
(b
ps
)
LACI B vs SBI B
LACI B vs HYIDX B
LACI B vs EMCI B
Source: Credit Suisse. Source: Credit Suisse. PDVSA bonds were removed from the LACI 'B' Bucket on 01/02/2015. Prior to removal, PDVSA represented ~49% of the LACI 'B' Bucket.
30 O
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Financial Institutions
Exhibit 30: CS-LACI HG Financial vs. LUCI Financial Exhibit 31: CS-LACI HY Financial vs. CS-LACI HG Financial
100
125
150
175
200
225
250
275
300
50
100
150
200
250
300
350
400
450
500O
ct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI FINANCIAL HG
LUCI FINANCIAL
200
250
300
350
400
450
500
100
200
300
400
500
600
700
800
900
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI FINANCIAL HY
CS-LACI FINANCIAL HG
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 32: Latam High Yield Financials – Relative Value Exhibit 33: Latam High Grade Financials – Relative Value
BACOPY 17
BANBRA Perp c-24 c-19 [Dur:
8.4]
BANBRA Perp c-23 c-19
BANBRA Perp c -20 [Dur: 9.8]
BANTRB 20
BANGUA 21
BANGUA FRN 22
BANBRA FRN 23
BCGBK 23
ABCBBZ 20
BTGPZ Perp c-19 [Dur: 9.7]
SFCBA 22
BCOBMG 19
BCOBMG 20
BCOBMG 18 [1184bps]
BCOBMG 17 [1243bps]
GNBSUD 18
BCOPAN 20
BANBRA Perp c-24 c-19
BCP 69
PNPYG 19
BHIP 16
BICBBZ 20
BINTPE 70
BMAAR 17 BMAAR 36
BRSRBZ 22
BRSVDR 23
BTGPBZ 22
AGROME 19
CREAL 19
DAVIVI 22
FIBRA 16 [1908bps]
FINDEP 19
GALIAR 18
GNBSUD 22
IXEGF 20
CAIXBR 24
ARRUNI 19
SANBBZ 24BANDCR 18
BCOCPE 40
IFHBH 25
BACEL 20
MIFEL 22
250
350
450
550
650
750
850
950
1,050
1,150
0 1 2 3 4 5 6 7 8
Z-S
pre
ad (b
ps)
Duration
BRADES 16
BRADES 17
BRADES 19
BRADES 21BRADES 22
DAVIVI 18
DAYCOV 19N
BANBOG 17
BANBOG 23BBVASM 29
BCP 18
BCP 16
BCP 20
BCP 23
BCP 26 BCP 27
BCICI 17
BCICI 23
BANCO 17
BANCO 20
BANCO 22
BNCHIL 16
BANBRA 17
BANBRA 20
BANBRA 21
BANBRA 22
BANBRA 22
ITAU 18
BINBUR 24
BANORT 21
NORBRA 19N
BANSAF 21
SANBBZ 16
SANBBZ 17
SANT 17
SANT 16
SANT 22
SANT FRN 18
BSANTM 24
BSANTM FRN 22
BANVOR 16
BANVOR 20
BNSCN 27
BCOLO 17
BCOLO 20
BCOLO 22
BCOLO 21
BCOCPE 29
BCOCPE 16
BCOCPE 17
BCOCPE 20
BCOCPE 22
BBVASM 16
BBVASM 20
BBVASM 21
BBVASM 24
BBVASM FRN 22BBVASM 22N
BVMFBZ 20
BNDES 16
BNDES 23
BNDES 18
BNDES 19
BNDES 20
BNDES 19
BTGINV FRN 18 [848bps]
BTGPBZ 16
BTGPBZ 20
CAIXBR 17
CAIXBR 22
CAIXBR 18
CAIXBR 19
CIELBZ 22
COFIDE 19
COFIDE 29
COFIDE 22
COFIDE 25
CORBAN 19CORBAN 18
MIVIVI 23
MIVIVI 19
AVALCB 17
AVALCB 22GRUPOS 21
HSBC 16
BINTPE FRN 29
BINTPE 20
GLBACO 19
ITAU 20
ITAU 21NITAU 21
ITAU 22N
ITAU 22
ITAU 23
SUAMSA 24
BANGAN 25
TANNER 18
50
100
150
200
250
300
350
400
450
500
550
600
650
700
- 1 2 3 4 5 6 7 8
Z-S
pre
ad (b
ps)
Duration
Source: Credit Suisse. Source: Credit Suisse.
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9
CAF
Exhibit 34: CS-LACI HG Financial vs. CAF Exhibit 35: LUCI Financial vs. CAF
100
125
150
175
200
225
250
275
300
325
350
50
100
150
200
250
300
350
400
450
500
550
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI HG Banks
CAF
-60
-40
-20
0
20
40
70
90
110
130
150
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
LUCI FINANCIAL
CAF
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 36: CS-LACI Quasi Sovereign vs. CAF Exhibit 37: CAF – Relative Value
200250300350400450500550600650700750800850900950
50
150
250
350
450
550
650
750
850
950
1050
1150
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI QUASI SOVEREIGN
CAF
CAF 17
CABEI 17
CARDEV 27
BLX 17
BLX 20
CAF 18 FRN
CAF 17 FRN
CAF 16 FRN
CAF 16CAF 17N
CAF 19
CAF 22
25
50
75
100
125
150
175
200
225
250
0 1 2 3 4 5 6 7 8 9
Z-S
pre
ad (b
ps)
Duration
Source: Credit Suisse. Source: Credit Suisse.
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0
Real Estate & Construction
Exhibit 38: CS-LACI Construction vs. CS-LACI Total Exhibit 39: CS-LACI Construction vs. LUCI Construction
(50)
-
50
100
150
200
250
-
100
200
300
400
500
600
700
800O
ct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd
Diff. (b
ps
)
Be
nch
Sp
rd
(b
ps)
Basis Dif f. (RHS)
CS-LACI CONSTRUCTION
CS-LACI TOTAL
-
100
200
300
400
500
600
700
100
200
300
400
500
600
700
800
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-…
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd
Diff. (b
ps
)Be
nch
Sp
rd
(b
ps
)
Basis Dif f. (RHS)
CS-LACI CONSTRUCTION
LUCI CONSTRUCTION
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 40: Latam Real Estate & Construction – Rel Val to Duration Exhibit 41: Latam Real Estate & Construction - Rel Val to Leverage
ANDRGI 18 [2049bps]
IRCPAR 17
BRMLBZ Perp c -16
BRPRSA Perp c -15
CEMEX 25
CEMEX 18N CEMEX 19N
CEMEX 19 CEMEX 22
CEMEX 19NN
CEMEX 21
CEMEX 24
CEMEX 18 FRN
CEMEX 25N
CEMPRO 23
INRSHM 21
INCMBZ 24
CPACPE 23
GCCAMM 20
GSHPBR Perp c -15 [2038bps]
UNACEM 21
IRSAAR 20
ICASA 17 [4178bps] ICASA 21 [3719bps]ICASA 24 [3170bps]
ELMTIA 25
IRSAAR 17 JAVER 21
FUNO 44 [Dur: 12.3]
FUNO 24
POSADA 22
ODBR 25 ODBR 29
ODBR 42
ODBR Perp c -15
200
300
400
500
600
700
800
900
1,000
1,100
- 2 4 6 8 10 12
Z-S
pre
ad (b
ps)
Duration
IRCPAR 17
BRPRSA Perp c -15
CEMEX 25
CEMEX 18N
CEMEX 19N
CEMEX 19
CEMEX 22
CEMEX 19NN
CEMEX 21
CEMEX 24
CEMEX 18 FRN
CEMEX 25N
INRSHM 21
CPACPE 23
GCCAMM 20
UNACEM 21
IRSAAR 20
ICASA 17 [7.9x] [4178bps]
ICASA 21 [7.9x] [3719bps]
ICASA 24 [7.9x] [3170bps]
ELMTIA 25
IRSAAR 17
JAVER 21
FUNO 44
FUNO 24
POSADA 22
ODBR 25
ODBR 29
ODBR 42
ODBR Perp c -15
200
300
400
500
600
700
800
900
1,000
1,100
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse. Odebrecht Engenharia e Construção (ODBR) net leverage was negative at 2Q15
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Consumer Staples
Exhibit 42: CS-LACI HG Consumer vs. LUCI Consumer Exhibit 43: CS-LACI HG Consumer vs. CS-LACI HY Consumer
0
25
50
75
100
125
0
50
100
150
200
250
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
LUCI CONSUMER PRODUCT
CS-LACI CONSUMER HG
0
50
100
150
200
250
300
350
400
450
500
550
600
0
100
200
300
400
500
600
700
800
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI CONSUMER HG
CS-LACI CONSUMER HY
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 44: Latam Consumer – Rel Val to Duration Exhibit 45: Latam Consumer – Rel Val to Leverage
ALIPE 23
ARCO 23
ARCOR 17
AUTGIL 21 [3074bps]
AUTGIL 23 [2345bps]
ANDINA 23
BFALA 23
BFALA 25
BIMBOA 20
BIMBOA 22
BIMBOA 24
BIMBOA 44 [Dr:15]
CENSUD 21
CENSUD 23
CENSUD 45 [Dr:12]
CORJRL 21
CORJRL 23
CSOLNO 17 [2097bps]
EKT 18FAMSA 20
KOF 43 [Dr:15]
KOF 23
KOF 18 FEMSA 23
FEMSA 43 [Dr:15]
CENSUD 25
GRUMAB 24
HYPEBZ 21
KOF 20
OFDMEX 20SMIPET 20
MABEMX 19 INRCON 21
LIVEPL 24
MASHER 21 [1315bps]
MAESPE 19
CAMEBO 22
PESEXA 20 [1247bps]
SMUSA 20 [1065bps]
JBYCMX 25
SIGMA 18SIGMA 19
0
100
200
300
400
500
600
700
800
900
1000
0 1 2 3 4 5 6 7 8 9
Z-S
pre
ad (b
ps)
Duration
ALIPE 23
ARCO 23
AUTGIL 21 [3074bps] [27x]
AUTGIL 23 [2345bps] [27x]
BIMBOA 20
BIMBOA 22
BIMBOA 24
BIMBOA 44CENSUD 21
CENSUD 23
CENSUD 45
CORJRL 21
CORJRL 23
CSOLNO 17 [2097bps] [7.4x]
FAMSA 20
KOF 43
KOF 23
KOF 18
FEMSA 23
FEMSA 43
CENSUD 25
GRUMAB 24
KOF 20
OFDMEX 20
MABEMX 19
INRCON 21
LIVEPL 24
MASHER 21 [1315bps]
SMUSA 20 [1065bps] [7.9x]
SIGMA 18
SIGMA 19
0
100
200
300
400
500
600
700
800
900
1000
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 42
Protein Exhibit 46: Protein – Rel Val to Leverage Exhibit 47: Arroba Prices vs. USD/BRL
BEEFBZ 23
BEEFBZ Perp c-19
BRFSBZ 22
BRFSBZ 23
BRFSBZ 24
JBSSBZ 20*
JBSSBZ 21*
JBSSBZ 23
JBSSBZ 20
JBSSBZ 24
JBSSBZ 24*
MRFGBZ 18
MRFGBZ 20
MRFGBZ 19
JBSSBZ 25
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
Yie
ld-t
o-W
ors
t (%
)
Net Leverage
2.10
2.60
3.10
3.60
4.10
115
120
125
130
135
140
145
150
155
160
165
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Sep-1
5
Oct-15
BR
L p
er U
S$
Arr
ob
a P
rice
s (B
RL
/15k
g)
Arroba BRLUSD
Source: Credit Suisse. * Bonds issued under JBS USA LLC. Source: Credit Suisse.
Exhibit 48: Yield-to-Worst Levels LTM*
LTM as of October 29, 2015
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Yie
ld to
Wo
rst (%
)
Minerva (4.0x)
JBS (2.2x)
Marfrig (5.3x)
High
Last
Low
Avg
Brasil Foods (1.0x)
JBS USA (2.9x)
Source: Credit Suisse.Levels are for the LTM period, when available .
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Energy
Exhibit 49: CS-LACI HG Energy vs. LUCI Energy Exhibit 50: CS-LACI HY Energy vs. CS-LACI HG Energy
90
120
150
180
210
240
270
300
330
360
390
420
450
50
100
150
200
250
300
350
400
450
500
550
600
650
700
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)B
en
ch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI HG ENERGY
LUCI ENERGY
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
2800
100
400
700
1000
1300
1600
1900
2200
2500
2800
3100
3400
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps
)
Basis Dif f. (RHS)
CS-LACI HY ENERGY
CS-LACI HG ENERGY
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 51: Energy Corps. vs. Quasi-Sovereign HG vs. Oil Prices Exhibit 52: Latam Energy – Rel Val to Duration
30
40
50
60
70
80
90
100
110
120100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
US
$/ b
arre
l (Inve
rted
scale
)
Be
nch
Sp
rd (
bp
s)
Energy Corps (LHS)
Energy Quasi-Sovereign HG (LHS)
Oil Price
CAPEX 18 [1309bps]
PETRTT 19
PRECN 23 [2143bps]LATOFF 18 [1296bps]
CONSEN 19
CONSEN 19
ECOPET 19
ECOPET 23
ECOPET 43
ECOPET 18
ECOPET 45
ECOPET 26
YPFDAR 25
ECOPET 25
ENAP 19ENAP 20 ENAP 21 ENAP 24
NBLSOV 19 [2003bps]
GPKLN 20 [1585bps]
ODEBRE 21 [3125bps]
ODEBRE 22 [3911bps]
ODEBRE 22 [4029bps]
OOGCOR perp [2935bps]
ODHGPR 20 [1203bps]
INTSPN 19 [2089bps]
PRECN 25 [1934bps]
PRECN 19 [3687bps]
PRECN 21 [2625bps]
PANAME 21
PDVSA 16 [3748bps]PDVSA 21 [3309bps]
PDVSA 17 [5352bps]PDVSA 17 [4924bps]
PDVSA 27 [1842bps]
PDVSA 37 [1502bps]
PDVSA 22 [3308bps]
PDVSA 26 [2101bps]
PESAAR 17
NGCTT 36
PETRTT 22
QGOGBZ 18 [3773bps]
QGOGCO 19 [2829bps]
YPFDAR 18
YPFDAR 24
0
100
200
300
400
500
600
700
800
900
0 2 4 6 8 10 12 14
Z-S
pre
ad (b
ps)
Duration
PEMEX
PETBRA
Source: Credit Suisse. Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 44
Energy
Exhibit 53: Quasi-Sovereign Spread Pick-up to Sovereign Benchmark and LTM Net Leverage
LTM as of October 29, 2015
0
200
400
600
800
1000
Z-s
pre
ad
dif
f. (
Qu
ai-
so
v v
s.
So
v.
Bc
hm
rk)
Pemex (2.2x before govt. take; 8.9x post
govt. take)
Petrobras (4.0x)
Ecopetrol (2.1x)
ENAP (5.1x)
High
Last
Low
Avg
Source: Credit Suisse. Levels are for the LTM period, when available
Exhibit 54: Spread 5s/10s & 10s/30s
LTM as of October 29, 2015
-440
-400
-360
-320
-280
-240
-200
-160
-120
-80
-40
0
40
80
120
160
200
Z-s
pre
ad
dif
fere
nti
al
PemexPetrobras
Ecopetrol
HighLast
LowAvg
Source: Credit Suisse. Levels are for the LTM period, when available
30 October 2015
Latin America Weekly Chartbook 45
Energy
Exhibit 55: Quasi-Sovereign Z-Spread vs. Duration
LTM as of October 29, 2015
PETBRA16 N
PETBRA16 NNN
PETBRA16
PETBRA17
PETBRA 17 NN [617bps]
PETBRA18 [779bps]PETBRA18 N [779bps]
PETBRA19 N [817bps]
PETBRA19 [877bps]
PETBRA20 [904bps]
PETBRA 20 NN [893bps]
PETBRA21 [869bps]PETBRA23 [785bps]
PETBRA24 [792bps]
PETBRA40 [780bps]
PETBRA41 [758bps]PETBRA43 [673bps]
PETBRA44 [775bps]PETBRA15 [776bps]
PEMEX18
PEMEX19PEMEX20 PEMEX21
PEMEX22
PEMEX45
PEMEX18 N
PEMEX20
PEMEX26PEMEX25
PEMEX35
PEMEX38
PEMEX23
PEMEX24 PEMEX25
PEMEX41 PEMEX46
PEMEX44
ENAPCL 19
ENAPCL 20
ENAPCL 21 ENAPCL 24
ECOPET 19
ECOPET 23
ECOPET 43
ECOPET 18
ECOPET 45
ECOPET 25
ECOPET 26
0
100
200
300
400
500
600
0 2 4 6 8 10 12 14 16
Z-S
pre
ad (b
ps)
Duration
Brazil
Mexico
Chile
Colombia
Source: Credit Suisse.
Exhibit 56: Quasi-Sovereign Yield-To-Worst vs. Duration
LTM as of October 29, 2015
PETBRA16 N
PETBRA16 NNN
PETBRA16
PETBRA17
PETBRA 17 NN
PETBRA18 [8.7 YTW]PETBRA18 N [8.9 YTW]PETBRA19 N [9.3 YTW]
PETBRA19 [9.9 YTW]
PETBRA20 [10.4 YTW]PETBRA 20 NN [10.3 YTW]
PETBRA21 [10.2 YTW]
PETBRA23 [9.7 YTW]PETBRA24 [9.8 YTW]
PETBRA40 [10.1 YTW]PETBRA41 [9.9 YTW]
PETBRA43 [9.1 YTW]
PETBRA44 [10.0 YTW]
PETBRA15 [10.1 YTW]
PEMEX18
PEMEX19 PEMEX20
PEMEX21
PEMEX22
PEMEX45
PEMEX18 N
PEMEX20
PEMEX26PEMEX25
PEMEX35
PEMEX38
PEMEX23
PEMEX24
PEMEX25
PEMEX41
PEMEX46
PEMEX44
ENAPCL 19
ENAPCL 20
ENAPCL 21
ENAPCL 24ECOPET 19
ECOPET 23
ECOPET 43
ECOPET 18
ECOPET 45
ECOPET 25
ECOPET 26
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
0 2 4 6 8 10 12 14 16
Yie
ld
Duration
Brazil
Mexico
Chile
Colombia
Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
4
6
Pemex
Exhibit 57: PMX 19 vs. PMX 23 Exhibit 58: PMX 23 vs. PMX 44
0
10
20
30
40
50
60
70
80
80
100
120
140
160
180
200
220
240
260
280
300
320
340
360
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)Z
-Sp
rd (b
ps)
Basis Dif f. (RHS)
PMX 23
PMX 19
50
60
70
80
90
100
110
120
130
140
150
160
170
180
100
150
200
250
300
350
400
450
500
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Z-S
prd
(b
ps)
Basis Dif f. (RHS)
PMX 44
PMX 23
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 59: PMX 23 vs. MEX 23 Exhibit 60: PMX 44 vs. MEX 44
40
50
60
70
80
90
100
110
120
130
140
150
160
50
75
100
125
150
175
200
225
250
275
300
325
350
375
Oct
-14
Nov
-14
Dec
-14
Jan-
15
Feb
-15
Mar
-15
Apr
-15
May
-15
Jun-
15
Jul-1
5
Aug
-15
Sep
-15
Oct
-15
Sp
rd D
iff. (bp
s)Z
-Sp
rd (b
ps)
Basis Dif f. (RHS)
PMX 23
MEX 23
405060708090100110120130140150160170180190200210220230
125
150
175
200
225
250
275
300
325
350
375
400
425
450
475
500
Oct
-14
Nov
-14
Dec
-14
Jan-
15
Feb
-15
Mar
-15
Apr
-15
May
-15
Jun-
15
Jul-1
5
Aug
-15
Sep
-15
Oct
-15
Sp
rd D
iff. (bp
s)
Z-S
prd
(bp
s)
Basis Dif f. (RHS)
PMX 44
MEX 44
Source: Credit Suisse. Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
4
7
Petrobras
Exhibit 61: PBR 19 vs. PBR 24 Exhibit 62: PBR 24 vs. PBR 44
-400
-350
-300
-250
-200
-150
-100
-50
0
50
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd
Diff. (b
ps
)
Z-S
prd
(b
ps
)
Basis Dif f. (RHS)
PBR 24
PBR 19
-150
-130
-110
-90
-70
-50
-30
-10
10
30
50
70
90
200
300
400
500
600
700
800
900
1000
1100
1200
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)Z
-Sp
rd (
bp
s)
Basis Dif f. (RHS)
PBR 44
PBR 24
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 63: PBR 24 vs. BRAZIL 25 Exhibit 64: PBR 44 vs. BRAZIL 45
50
100
150
200
250
300
350
400
450
500
550
600
650
100
200
300
400
500
600
700
800
900
1000
1100
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Z-S
prd
(b
ps)
Basis Dif f. (RHS)
BRA 25
PBR 24
60
90
120
150
180
210
240
270
300
330
360
390
420
450
150200250300350400450500550600650700750800850900950
1000
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Z-S
prd
(b
ps)
Basis Dif f. (RHS)
BRA 45
PBR 44
Source: Credit Suisse. Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
4
8
Industrials
Exhibit 65: CS-LACI Industrials vs. CS-LACI Total Exhibit 66: CS-LUCI vs. LACI – Chemical & Div. Manufacturing
-240
-220
-200
-180
-160
-140
-120
-100
-80
-60
-40
-20
0
20
200
250
300
350
400
450
500
550
600
650
700
750
800
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI Industrial/Petrochemical
CS-LACI Total
150
200
250
300
350
400
450
50
100
150
200
250
300
350
400
450
500
550
600
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI Chemical & Div. Manufacturing
CS-LUCI Chemical & Div. Manufacturing
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 67: Latam Industrials – Rel Val to Duration Exhibit 68: Latam Industrials – Rel Val to Leverage
NEMAK 23ALFAA 24
ALFAA 44
ALPEKA 22
ALPEKA 23
BRASKM 18
BRASKM 20
BRASKM 21
BRASKM 41
BRASKM 24
BRASKM 22
BRASKM Perp c-15
EMBRBZ 17
EMBRBZ 20
EMBRBZ 22
EMBRBZ 23EMBRBZ 25
FERROS 20
IDESA 20
KUOBMM 22
CBCAMO 21
METLSA 23
MXCHF 22
MXCHF 42
MXCHF 44
SQM 23
SQM 16
SQM 25
SQM 20
TUPY 24
VOTORA 19
VOTORA 24
VOTORA 20
VOTORA 21
VOTORA 41
150
200
250
300
350
400
450
500
550
600
650
700
750
800
0 1 2 3 4 5 6 7 8 9 10 11 12
Z-S
pre
ad (b
ps)
Duration
NEMAK 23
ALFAA 24
ALFAA 44
ALPEKA 22
ALPEKA 23
BRASKM 18
BRASKM 20BRASKM 21
BRASKM 41
BRASKM 24
BRASKM 22
BRASKM Perp c-15
EMBRBZ 17
EMBRBZ 20
EMBRBZ 22EMBRBZ 23
EMBRBZ 25
FERROS 20
METLSA 23
MXCHF 22
MXCHF 42
MXCHF 44SQM 23
SQM 16
SQM 25
SQM 20
TUPY 24
VOTORA 19
VOTORA 24
VOTORA 20
VOTORA 21
VOTORA 41
150
200
250
300
350
400
450
500
550
600
650
700
750
800
0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
4
9
Metals & Mining
Exhibit 69: CS-LACI HG Metals & Mining vs. LUCI M&M Exhibit 70: CDEL 35 vs. CDEL 19
40
60
80
100
120
140
100
150
200
250
300
350
400
450
500O
ct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
LACI HG Steel & Metal Products
LUCI Metals
40
60
80
100
120
140
160
180
25
50
75
100
125
150
175
200
225
250
275
300
325
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CDEL 35
CDEL 19
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 71: PCU 42 vs. CVRD 42 Exhibit 72: PCU vs. Mexico vs. Peru
-180
-160
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
200225250275300325350375400425450475500525550575600625
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
PCU 42
CVRD 42
SCCO 20
SCCO 45
SCCO 25
SCCO 22
SCCO 35 SCCO 40
SCCO 42
-
50
100
150
200
250
300
350
400
450
500
- 2 4 6 8 10 12 14
Be
nch
Sp
rd (b
ps)
Duration
Mexico Sovereign
Peru Sovereign
Source: Credit Suisse. Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
5
0
Metals & Mining
Exhibit 73: Latam Metals & Mining – Rel Val to Duration Exhibit 74: Latam Metals & Mining – Rel Val to Leverage
HOCLN 21 [757bps]
MINSUR 24
CDEL 19CDEL 20
CDEL 21
CDEL 22
CDEL 35
CDEL 36
CDEL 42
CDEL 23
CDEL 43
CDEL 25
CDEL 44
CDEL 25N
COBREM 18 [7275bps]
FRESLN 23
CSNABZ 19 [2182bps]CSNABZ 20 [1925bps] CSNABZ Perp c-15
[1317bps]
GGBRBZ 17
GGBRBZ 24
GGBRBZ 20
GGBRBZ 21GGBRBZ 23
GGBRBZ 44 [719bps]
MAGGBZ Perp [1185bps]
MAGGBZ 20 [1287bps]
MILPOC 23
SAMMIN 22
SAMMIN 23
SAMMIN 24
SCCO 20
SCCO 45
SCCO 25
SCCO 22
SCCO 35 SCCO 40
SCCO 42
USIM 18 [1606bps]
VALEBZ 16
VALEBZ 17
VALEBZ 19
VALEBZ 20
VALEBZ 34
VALEBZ 36
VALEBZ 39
VALEBZ 42
VALEBZ 22
VOLCAN 22
50
100
150
200
250
300
350
400
450
500
550
600
650
700
- 2 4 6 8 10 12 14 16
Z S
prd
(b
ps
)
Duration
CDEL 19
CDEL 20CDEL 21CDEL 22
CDEL 35
CDEL 36
CDEL 42
CDEL 23
CDEL 43
CDEL 25
CDEL 44
CDEL 25N
COBREM 18 [7275bps] CSNABZ 19 [2182bps]CSNABZ 20 [1925bps]
CSNABZ Perp c-15 [1317bps]
GGBRBZ 17
GGBRBZ 24
GGBRBZ 20
GGBRBZ 21
GGBRBZ 23
GGBRBZ 44
MAGGBZ Perp [1185bps]
MAGGBZ 20 [1287bps]
SAMMIN 22
SAMMIN 23
SAMMIN 24
SCCO 20
SCCO 45
SCCO 25
SCCO 22
SCCO 35SCCO 40
SCCO 42
USIM 18 [1606bps]
VALEBZ 16
VALEBZ 17
VALEBZ 19VALEBZ 20
VALEBZ 34
VALEBZ 36
VALEBZ 39
VALEBZ 42
VALEBZ 22
VOLCAN 22
50
150
250
350
450
550
650
750
1.5x 2.0x 2.5x 3.0x 3.5x
Z-S
prd
(b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 75: Copper Prices vs. Chilean Peso Exhibit 76: Commodity Chart – Relative Price Performance
210220230240250260270280290300310320330340500
520
540
560
580
600
620
640
660
680
700
720
Oct
-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug
-15
Sep
-15
Oct
-15
US
D / lb
s (in
ve
rted
scale
)
CL
P / U
SD
CLP (LHS)
Copper Prices (RHS)
50
150
250
350
450
550
650
750
850
-
100
200
300
400
500
600
700
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Mo
lyb
den
um
Steel US HRC (LHS)
Copper (LHS)
Molybdenum (RHS)
Source: Credit Suisse and the BLOOMBERG PROFESSIONAL™ service. Source: Credit Suisse and the BLOOMBERG PROFESSIONAL™ service.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
5
1
Pulp & Paper
Exhibit 77: CS-LACI Pulp & Paper vs. CS-LACI Total Exhibit 78: CS-LACI Pulp & Paper vs. LUCI Pulp & Paper
50
100
150
200
250
300
350
400
450
150
200
250
300
350
400
450
500
550
600
650
700
750
800O
ct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI TOTAL
CS-LACI PULP & PAPER
60
85
110
135
160
185
100
150
200
250
300
350
400
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps
)
Basis Dif f. (RHS)
CS-LACI PULP & PAPER
LUCI PULP & PAPER
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 79: Latam Pulp & Paper – Rel Val to Duration Exhibit 80: Latam Pulp & Paper – Rel Val to Leverage
CMPC 19CMPC 18CMPC 22
CMPC 23CMPC 24
KLAB 24 [491bps]
KCMA 25
CELARA 17N
CELARA 17
CELARA 19
CELARA 21
MASISA 19 [1278bps]
CELARA 22
KCMA 24
FIBRBZ 24
SCRIBE 20 [998bps]
SUZANO 21 [427bps]
50
100
150
200
250
300
350
1 2 3 4 5 6 7 8 9
Be
nch
Sp
rd (b
ps)
Duration
CMPC 19CMPC 18
CMPC 22
CMPC 23
CMPC 24
KLAB 24 [491bps]
KCMA 25
CELARA 17N
CELARA 17
CELARA 19
CELARA 21
MASISA 19 [1278bps]
CELARA 22
KCMA 24
FIBRBZ 24
SCRIBE 20 [998bps]
SUZANO 21
50
100
150
200
250
300
350
400
450
1 2 3 4 5 6 7
Be
nch
Sp
rd (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 52
Pulp & Paper
Exhibit 81: CS LACI Pulp & Paper vs. Pulp Prices
As of October 29, 2015
850
900
950
1,000
1,050 200
250
300
350
400
Oct-13
Dec-
13
Feb
-14
Apr-
14
Jun-1
4
Aug-1
4
Oct-14
Dec-
14
Feb
-15
Apr-
15
Jun-1
5
Aug-1
5
Oct-15
US
D / to
n (In
ve
rted
Scale
)B
en
ch
Sp
rd (b
ps
)
LACI P&P Pulp Prices (RHS)
Source: Credit Suisse. Pulp prices from FOEXUSNB Index, from the BLOOMBERG PROFESSIONAL™ service.
Exhibit 82: Benchmark Spread & Net Leverage (1)
As of October 29, 2015
0
100
200
300
400
500
600
Z-s
pre
ad
(b
ps)
High LastLow Avg
CMPC (3.8x)
Fibria (1.4x)
Celulosa Arauco (3.2x)
Klabin (4.7x)
Suzano (2.9x)
KCM (1.0x)
Source: Credit Suisse. (1) Credit Suisse.levels and net leverage metrics are for the LTM period.
30 October 2015
Latin America Weekly Chartbook 53
Telecom & Media – High Grade Exhibit 83: CS-LACI HG Telco/Media vs. LUCI Telco/Media
Exhibit 84: Latam HG Telco/Media – Rel Val to Duration
-40
-20
0
20
40
60
80
0
25
50
75
100
125
150
175
200
225
250
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f (RHS)
LUCI Telecom
LACI HG Telecom
AMXLMM 17
AMXLMM 20
AMXLMM 35
AMXLMM 37
AMXLMM 40
AMXLMM 22
AMXLMM 42
AMXLMM 16
AMXLMM 16N
AMXLMM 19
CTCACI 22
ENTEL 24
ENTEL 26
GLOPAR 22
GLOPAR 25
TELVIS 45
TELVIS 18
TELVIS 40
TELVIS 25
TELVIS 32
-
50
100
150
200
250
300
350
400
0 2 4 6 8 10 12 14 16
Z-S
pre
ad (b
ps)
Duration
Source: Credit Suisse. OIBRBZ 19s, 20s and 22s were removed from the LACI HG Telecom index in September 2014 following the credit's rating downgrade.
Source: Credit Suisse.
Exhibit 85: Z-Spread Levels & Net Leverage (1)
As of October 29, 2015
0
50
100
150
200
250
300
350
400
Z S
pre
ad
(b
ps)
América Móvil (2.0x)
Televisa (1.5x)
High LastLow Avg Entel (3.7x)
Source: Credit Suisse. (1) Credit Suisse.levels and net leverage metrics are for the LTM period.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
5
4
Telecom & Media – High Yield
Exhibit 86: CS-LACI HY Telco/Media vs. US HY Telco/Media Exhibit 87: Latam HY Telecom
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
10.5
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Yie
ld (%
)
CS-LACI HY TELECOM&MEDIA
CS HY INDEX - TELECOM&MEDIA
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Yie
ld (%
)
MAXCOM 20
DLLTD 20
AXTEL 20
MIICF 24(Comcel)
VTR 24
TELEFO 22
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 88: Latam HY Telco/Media – Rel Val to Duration Exhibit 89: Latam HY Telco/Media – Rel Val to Leverage
AXTEL 20
AXTEL 19
DLLTD 22 [911bps]
COLUIF 21
LBTYA 24
MIICF 24 (Comcel)
DLLTD 20DLLTD 23
DLLTD 20 [917bps]
DLLTD 21
MIICF 22 (Paraguay)
OIBRBZ 22 [1432bps]OIBRBZ 20 [1378bps]
MIICF 20
MIICF 25
MIICF 21
TZA 20 [1083bps]
TELEFO 22
TELEFO Perp c-20 [Dur: 10.0]
MAXTEL 20 [2195bps]
TZA 18 [1141bps]
CWCLN 22
300
350
400
450
500
550
600
650
700
750
800
850
0 1 2 3 4 5 6 7
Z-S
pre
ad (b
ps)
Duration
AXTEL 20
AXTEL 19
DLLTD 22 [911bps]
LBTYA 24
MIICF 24 (Comcel)
DLLTD 20
DLLTD 23
DLLTD 20 [917bps]
DLLTD 21
MIICF 20
MIICF 25
MIICF 21
TZA 20 [1083bps]
TELEFO 22
TELEFO Perp c-20
MAXTEL 20 [2195bps]TZA 18 [1141bps]
300
350
400
450
500
550
600
650
700
750
800
850
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse Source: Credit Suisse
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
5
5
Transportation
Exhibit 90: CS-LACI Transportation vs. CS-LACI HY Exhibit 91: Latam HY Transportation
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Yie
ld D
iff. (bp
s)
Yie
ld (%
)
Basis Dif f. (RHS)
CS-LACI TRANSPORTATION
CS-LACI HIGH YIELD
2.0
5.0
8.0
11.0
14.0
17.0
20.0
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Yie
ld-t
o-W
ors
t (%
)
GOL 20 PFAVTA 20 LATAIR 20
Source: Credit Suisse. Source: Credit Suisse. LATAIR 2020 bonds were issued in June 2015.
Exhibit 92: Latam Transportation – Rel Val to Duration Exhibit 93: Latam Transportation – Rel Val to Leverage
AERDOS 19AEROAR 20
ANDINV 20 [1297bps]
AUPIST 22
BMETR 24
ACIAIR 32
GNLQCI 29
GOLLBZ 20 [1820bps] GOLLBZ Perp c-11 [1789bps]
GOLLBZ 22 [2264bps]
JAMAIR 27
NM 22
LATAIR 20
PFAVHC 20 [1229bps]
LIMAMT 34
TAM 17
TAM 21 [1192bps]
KSU 45 [Dur: 15.4]
ULTR 21 [2086bps]
100
200
300
400
500
600
700
800
900
1,000
1,100
- 2 4 6 8 10
Z-S
pre
ad (b
ps)
Duration
AEROAR 20
BMETR 24 [16.5x]
GOLLBZ 20 [1820bps]
GOLLBZ Perp c-11 [1789bps]
GOLLBZ 22 [2264bps]
NM 22
LATAIR 20
PFAVHC 20 [1229bps]
ULTR 21 [2086bps]
100
200
300
400
500
600
700
800
900
1,000
1,100
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
5
6
Utilities
Exhibit 94: CS-LACI HG Utility vs. LUCI Utility Exhibit 95: CS-LACI HY Utility vs. CS-LACI HG Utility
80
100
120
140
160
180
200
50
100
150
200
250
300
350
400
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Dif
f (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI UTILITY HG
LUCI UTILITY
400
450
500
550
600
650
700
750
800
850
150
350
550
750
950
1150
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI UTILITY HY
CS-LACI UTILITY HG
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 96: Latam High Yield Utilities – Rel Val to Duration Exhibit 97: Latam High Grade Utilities – Rel Val to Duration
AES 20
AES 22
AESPAN 16
CAPXAR 18 [1309bps]
AESCH 23
COSICE 21
COSICE 43 [Dr:11]
METROG 18 [1301bps]
EDNAR 22 [1036bps]
AESGEN Perp c-19
INKENE 21
ELEBRA 19
ELEBRA 21
SBSPBZ 16
SBSPBZ 20
TRAGAS 17 TRANAR 21 [1242bps]
200
300
400
500
600
700
800
900
1,000
0 1 2 3 4 5 6 7
Z-S
pre
ad (b
ps)
Duration
ABENGO 43 [428bps]
GENER 21
AESGEN 25CALLAO 23
CFELEC 42 [Dr:13]CFELEC 45 [Dr:13]
CFELEC 21
CFELEC 24
COLBUN 20 ECLCI 21
CONGLO 34 [1898bps]
COLBUN 24
AESGEN 29
TSELEC 25
EEBCB 21EEBCB (TGI) 22
EPM 19
OCENSA 21
FERMCA 38 [463bps]
ENDESA 24
AES (Guacolda) 25
ENDESA 27
ENRSIS 16
TGPERU 28
TRANSM 23
TSELEC 23
75
125
175
225
275
325
375
425
0 2 4 6 8 10 12
Z-S
pre
ad (b
ps)
Duration
Source: Credit Suisse. Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
5
7
Argentina
Exhibit 98: CS-LACI Argentina vs. BONAR 24 Exhibit 99: Argentine Corps
-450
-400
-350
-300
-250
-200
-150
-100
-50
0
50
100
150
200
300
400
500
600
700
800
900
1000
1100O
ct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
rea
d D
iff. (bp
s)B
M S
pre
ad
(b
ps
)
Basis Dif f. (RHS)
CS-LACI ARGENTINA
BONAR 24
5
6
7
8
9
10
11
12
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Yie
ld-t
o-W
ors
t
AEROAR 20 YPFDAR 18 ARCO 23
GALIAR 18 PANAME 21
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 100: CS-LACI Argentina vs. CS-LACI Total Exhibit 101: Latam Distressed – Avg. Price vs. No. of Bonds
100
150
200
250
300
350
400
450
500
200
300
400
500
600
700
800
900
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI ARGENTINA
CS-LACI TOTAL
0
5
10
15
20
25
30
35
40
10
20
30
40
50
60
70
Oct-04
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
No
. of Is
su
es
Pri
ce
Price (LHS)
No. Issues (RHS)
Source: Credit Suisse. Source: Credit Suisse. Includes all Latam Distressed Bonds
30 October 2015
Latin America Weekly Chartbook 58
Argentina
Exhibit 102: Argentina Corporate Bonds
As of October 29, 2015
AEROAR 20
IRCPAR 17
ARCO 23
ARCOR 17
NM 22
CAPXAR 18
EDNAR 22
IRSAAR 17
IRSAAR 20
MASHER 21
PANAME 21
PESAAR 17
TRAGAS 17
TRANAR 21
ULTR 21[YTW:22.5%]
YPFDAR 24YPFDAR 18
YPFDAR 25
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0 1 2 3 4 5 6 7
Yie
ld to
Wo
rst (%
)
Mod Duration
ARG CORP
Source: Credit Suisse. Arcor 2017s are callable beginning November 9, 2014 at 103.625.
Exhibit 103: Argentina Corporate Bonds
As of October 29, 2015
AEROAR 20
IRCPAR 17
ARCO 23
ARCOR 17
NM 22
IRSAAR 17
IRSAAR 20
MASHER 21
PANAME 21
TRAGAS 17
TRANAR 21
ULTR 21[YTW:22.5%]
YPFDAR 24
YPFDAR 18
YPFDAR 25
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x
Yie
ld t
o W
ors
t (%
)
Gross Leverage
MEX HY CORP(for reference)
BRZ HY CORP(for reference)
ARG CORP
Source: Credit Suisse. Arcor 2017s are callable beginning November 9, 2014 at 103.625.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
5
9
Brazil
Exhibit 104: CS-LACI Brazil vs. SBI Brazil Exhibit 105: CS-LACI HG Brazil vs. SBI Brazil
100
125
150
175
200
225
250
275
300
325
350
375
400
425
450
475
500
525
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
950O
ct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI BRAZIL
SBI BRAZIL
75
100
125
150
175
200
225
250
275
300
325
350
375
400
425
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
re
ad
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
SBI BRAZIL
CS-LACI HG BRAZIL
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 106: CS-LACI HY Brazil vs. CS-LACI HG Brazil Exhibit 107: CS-LACI HY Brazil vs. SBI Brazil
200
225
250
275
300
325
350
375
400
425
450
100
200
300
400
500
600
700
800
900
1000
1100
1200
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
CS-LACI HY BRAZIL
CS-LACI HG BRAZIL
300
350
400
450
500
550
600
650
700
750
800
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI HY BRAZIL
SBI BRAZIL
Source: Credit Suisse. Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 60
Brazil
Exhibit 108: Brazil HG Corporate Bonds
As of October 29, 2015
BRASKM 18
BRASKM 20BRASKM 21
BRASKM 22
BRASKM 41 BRASKM Perp c-15
BRASKM 24
BRFSBZ 22
BRFSBZ 23
BRFSBZ 24
CIELBZ 22
EMBRBZ 25
EMBRBZ 17
EMBRBZ 20
EMBRBZ 22
EMBRBZ 23
GGBRBZ 17
GGBRBZ 20
GGBRBZ 24
GGBRBZ 21
GGBRBZ 23
GGBRBZ 44 [719 bps]
GLOPAR 22
GLOPAR 22
GLOPAR 25
ODBR 29 [923 bps]
ODBR 22 [1175 bps] ODBR 23 [1231 bps]
ODBR 25 [917 bps]
ODBR 42 [997 bps] ODBR Perp c-15 [1062 bps]
KLAB 24
RAIZBZ 17
SAMMIN 22
SAMMIN 23
SAMMIN 24
UGPABZ 15
VALEBZ 16
VALEBZ 17
VALEBZ 19VALEBZ 20
VALEBZ 22
VALEBZ 34
VALEBZ 36
VALEBZ 39
VALEBZ 42
VOTORA 19
VOTORA 24
VOTORA 20
VOTORA 21
VOTORA 41
100
150
200
250
300
350
400
450
500
550
600
650
700
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Z-S
pre
ad (b
ps)
Mod Duration
BRAZIL SOV "on-the-run"
LUCI (US HG)*
BRAZIL HG CORP
Source: Credit Suisse. *LUCI excludes financials.
Exhibit 109: Brazil HG Corporate Bonds
As of October 29, 2015
BRASKM 18
BRASKM 20BRASKM 21
BRASKM 22
BRASKM 41
BRASKM Perp c-15
BRASKM 24
BRFSBZ 22
BRFSBZ 23
BRFSBZ 24
EMBRBZ 25
EMBRBZ 17
EMBRBZ 20EMBRBZ 22
EMBRBZ 23
GGBRBZ 17
GGBRBZ 20
GGBRBZ 24
GGBRBZ 21
GGBRBZ 23
GGBRBZ 44 [719 bps]
ODBR 22 [1175 bps]ODBR 23 [1231 bps]
ODBR 25 [917 bps]ODBR 42 [997 bps]
ODBR Perp c-15 [1062 bps]
KLAB 24 [4.7x]
RAIZBZ 17
SAMMIN 22
SAMMIN 23SAMMIN 24
VALEBZ 16
VALEBZ 17
VALEBZ 19
VALEBZ 20
VALEBZ 22
VALEBZ 34VALEBZ 36
VALEBZ 39
VALEBZ 42
VOTORA 19
VOTORA 24
VOTORA 20
VOTORA 21
VOTORA 41
100
200
300
400
500
600
700
0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x
Z-S
pre
ad
(b
ps
)
Net Leverage
BRAZIL HG CORP
MEX HG CORP
(for reference)
Source: Credit Suisse. Odebrecht Engenharia e Construção (ODBR) net leverage was negative at 2Q15.
30 October 2015
Latin America Weekly Chartbook 61
Brazil
Exhibit 110: Brazil HY Corporate Bonds
As of October 29, 2015
ANDRGI 18 [21.5 YTW]
OOGCOR Perp c-24 [28.3 YTW]QGOGCO 19 [29.7 YTW]
ODEBRE 22 [41.7 YTW]
ODEBRE 21 [32.7 YTW]
ODEBRE 22 [40.5 YTW]
QGOGBZ 18 [38.7 YTW]
SCHAHN 22 [41.2 YTW]
BEEFBZ 23
JBSSBZ 24
BEEFBZPERP
BRMLBZ Perp c-16
BRPRSA Perp c-15
CBCAMO 21
CSNABZ 19 [23.2 YTW]CSNABZ 20 [20.7 YTW]
CSNABZ Perp c-15
GOLLBZ 22 [24.3 YTW]
FIBRBZ 24
GOLLBZ 17 [28.1 YTW]
GOLLBZ 20 [19.7 YTW]
GOLLBZ Perp c-11 [19.8 YTW]
GSHPBR Perp c-15 [22.2 YTW]
HYPEBZ 21
INCMBZ 24
CSANBZ 23
CSANBZ Perp c-15
ELEBRA 19
ELEBRA 21
JBSSBZ 20* JBSSBZ 25*
JBSSBZ 21*
JBSSBZ 23
JBSSBZ 20 JBSSBZ 24*
MAGGBZ 20 MAGGBZ Perp c-17
TUPY 24
MRFGBZ 18
MRFGBZ 20
MRFGBZ 19
OIBRBZ 19 [22.4 YTW]
OIBRBZ 20
OIBRBZ 22
PETBRA 16 N
PETBRA 16 NNN
PETBRA 16
PETBRA 17
PETBRA 17 NN
PETBRA 18PETBRA 18
PETBRA 19 N
PETBRA 19
PETBRA 20
PETBRA 20 NN
PETBRA 21
PETBRA 23
PETBRA 24PETBRA 40
PETBRA 41
PETBRA 43
PETBRA 44PETBRA 2115
SBSPBZ 16
SBSPBZ 20
SUZANO 21
TAM 17
TAM 21
TONOBZ 20 [45.3 YTW]
USIM 18
USJACU 19 [42.5 YTW]
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
18.0
0 1 2 3 4 5 6 7 8 9 10 11 12
Yie
ld t
o W
ors
t (%
)
Mod Duration
BRAZIL HY CORP
PETBRA curve
Source: Credit Suisse. * Refer to JBS USA Bonds.
Exhibit 111: Brazil HY Corporate Bonds
As of October 29, 2015
QGOGCO 19 [29.7 YTW]
QGOGBZ 18 [38.7 YTW]
BEEFBZ 23
JBSSBZ 24
BEEFBZPERP
BRPRSA Perp c-15
CSNABZ 19 [23.2 YTW]CSNABZ 20 [20.7 YTW]
CSNABZ Perp c-15
GOLLBZ 22 [24.3 YTW]
FIBRBZ 24
GOLLBZ 17 [28.1 YTW]
GOLLBZ 20 [19.7 YTW]
GOLLBZ Perp c-11 [19.8 YTW]
CSANBZ 23
CSANBZ Perp c-15
JBSSBZ 20*
JBSSBZ 25*
JBSSBZ 21*
JBSSBZ 23
JBSSBZ 20JBSSBZ 24*
MAGGBZ 20
MAGGBZ Perp c-17
TUPY 24
MRFGBZ 18MRFGBZ 20MRFGBZ 19
OIBRBZ 19 [22.4 YTW]
OIBRBZ 20
OIBRBZ 22
PETBRA 16 NPETBRA 16 NNN
PETBRA 16PETBRA 17PETBRA 17 NN
PETBRA 18PETBRA 18
PETBRA 19 N
PETBRA 19
PETBRA 20
PETBRA 20 NN
PETBRA 21
PETBRA 23
PETBRA 24
PETBRA 40
PETBRA 41
PETBRA 43
PETBRA 44PETBRA 2115
SUZANO 21
TONOBZ 20 [45.3 YTW]
USIM 18
USJACU 19 [42.5 YTW]
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x
Yie
ld t
o W
ors
t (%
)
Gross Leverage
BRAZIL HY CORPMEX HY CORP
(f or ref erence)
ARG CORP
(f or ref erence)
Source: Credit Suisse. * Refer to JBS USA Bonds.
30 October 2015
Latin America Weekly Chartbook 62
Chile Exhibit 112: LACI Chile Metals vs. LUCI A Bucket Exhibit 113: CS-LACI Chile vs. LUCI
40
50
60
70
80
90
100
110
120
130
140
150
160
50
75
100
125
150
175
200
225
250
275
300
325
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
re
ad
Diff. (b
ps)
BM
Sp
re
ad
(b
ps)
Basis Dif f. (RHS)
CS-LUCI A Bucket
CS-LACI Chile Metals
50
60
70
80
90
100
110
120
130
140
150
160
170
180
50
75
100
125
150
175
200
225
250
275
300
325
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
re
ad
Diff. (b
ps)
BM
Sp
re
ad
(b
ps)
Basis Dif f. (RHS)
CS-LACI CHILE
LUCI TOTAL
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 114: Chile Corporate Bonds
As of October 29, 2015
AESGEN Perp c-19 [553 bps]
AESGEN 21
AESGEN 25
ANDINA 23
AUPIST 22
GNLQCI 29
AUTGIL 21 [3074 bps] AUTGIL 23 [2345 bps]
ENAPCL 20
CENSUD 45 [492 bps]
CENSUD 25
SQM 23 [392 bps]
TSELEC 23
BFALA 23
CDEL 19
CDEL 20
CDEL 23
CDEL 35
CDEL 36 CDEL 43
CDEL 25
LBTYA 24 [559 bps]
BMETR 24
CELARA 19
CELARA 21
CENSUD 21
CENSUD 23
CMPCCI 23
CMPCCI 18CMPCCI 19
CMPCCI 24CMPCCI 22
COLBUN 20
CTCACI 22
COLBUN 24
SQM 25 [420 bps]
ECLCI 25ENAPCL 24
CDEL 44
BFALA 25ENAPCL 19
ENAPCL 21
ENDESA 24
CORBAN 19 ENDESA 27
ENRSIS 16
ENTEL 24
ENTEL 26
GPKLN 20 [1585 bps]
CELARA 17CELARA 22
CDEL 22
CDEL 42
ECLCI 21
MASISA 19 [1303 bps]SMUSA 20 [1065 bps]
AES (Guacolda) 25
SQM 16
LATAIR 20 [793 bps]
SQM 20
TANNER 18
AESGEN 29 [397 bps]
TSELEC 25
50
100
150
200
250
300
350
400
0 2 4 6 8 10 12 14 16
Z-S
pre
ad
(b
ps
)
Mod Duration
LUCI (US HG)
CDEL "on-the-run"
CHILE CORP
CHL Sov "On-the-run"
Source: Credit Suisse. *LUCI excludes financials.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
6
3
Mexico
Exhibit 115: CS-LACI Mexico vs. SBI Mexico Exhibit 116: CS-LACI HG Mexico vs. SBI Mexico
100
125
150
175
200
225
50
100
150
200
250
300
350
400O
ct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI MEXICO
SBI MEXICO
40
50
60
70
80
90
100
110
120
75
100
125
150
175
200
225
250
275
300
325
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
CS-LACI HG MEXICO
SBI MEXICO
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 117: CS-LACI HY Mexico vs. CS-LACI HG Mexico Exhibit 118: CS-LACI HY Mexico vs. SBI Mexico
200
250
300
350
400
450
500
550
600
100
200
300
400
500
600
700
800
900
Oct-14
Nov-1
4
Dec-1
4
Jan-1
5
Feb-1
5
Mar-
15
Apr-
15
May-1
5
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
re
ad
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
CS-LACI HY MEXICO
CS-LACI HG MEXICO
250
300
350
400
450
500
550
600
650
700
-
100
200
300
400
500
600
700
800
900
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI HY MEXICO
SBI MEXICO
Source: Credit Suisse. Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 64
Mexico
Exhibit 119: Mexico HG Corporate Bonds
As of October 29, 2015
ALFAA 24
ALFAA 44
ALPEKA 22
ALPEKA 23
AMX 19AMX 20
AMX 35 AMX 37 AMX 40
AMX 22
AMX 42
AMX 19
LIVEPL 24
KCMA 25
GRUMAB 24
JBYCMX 25BIMBOA 24
BIMBOA 44
BIMBOA 20
BIMBOA 22
CFELEC 45
CFELEC 21
CFELEC 42
CFELEC 24
FEMSA 23
FEMSA 43
FRESLN 23
FUNO 44
FUNO 24
KOF 43
KOF 23
KOF 18
KOF 20
KCMA 24
MXCHF 42
MXCHF 22
MXCHF 44
PEMEX 18
PEMEX 19
PEMEX 20
PEMEX 21
PEMEX 22
PEMEX 45
PEMEX 18
PEMEX 20
PEMEX 26
PEMEX 46
PEMEX 25
PEMEX 35
PEMEX 38
PEMEX 23
PEMEX 24 PEMEX 25N
PEMEX 41
PEMEX 44
SCCO 42
SCCO 22
SCCO 20
SCCO 35 SCCO 40
SCCO 45
SCCO 25SIGMA 18
SIGMA 19
FERMCA 38
TELVIS 45
TELVIS 18
TELVIS 25
TELVIS 32
TELVIS 40
50
100
150
200
250
300
350
400
450
500
2 4 6 8 10 12 14 16
Z-S
pre
ad
(b
ps)
Mod Duration
PEMEX (for reference)
MEX SOV "on-the-run"
LUCI HG Corp*
MEX HG CORP
Source: Credit Suisse. *LUCI US HG excludes financials.
Exhibit 120: Mexico HG Corporate Bonds
As of October 29, 2015
ALFAA 24
ALFAA 44
ALPEKA 22
ALPEKA 23
AMX 17
AMX 19
AMX 20
AMX 35AMX 37
AMX 40
AMX 16
AMX 22
AMX 42LIVEPL 24
KCMA 25
GRUMAB 24
BIMBOA 24
BIMBOA 44
BIMBOA 20
BIMBOA 22
FEMSA 23
FEMSA 43
FUNO 44
FUNO 24
KOF 43
KOF 23
KOF 18
KOF 20
KCMA 24
MXCHF 42
MXCHF 22
MXCHF 44
SCCO 42
SCCO 22
SCCO 20
SCCO 35
SCCO 40
SIGMA 18
SIGMA 19
TELVIS 45
TELVIS 18
TELVIS 25
TELVIS 32
TELVIS 40
50
100
150
200
250
300
350
400
450
500
550
600
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x
Z-S
pre
ad
(b
ps)
Net Leverage
MEX HG CORP
BRAZIL HG CORP
(f or ref erence)
Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 65
Mexico
Exhibit 121: Mexico HY Corporate Bonds
As of October 29, 2015
NEMAK 23
AXTEL 20
IDESA 20
CEMEX 18
CEMEX 19
CEMEX 19
CEMEX 21CEMEX 22
CEMEX 19
CEMEX 24
CEMEX FRN 18
CEMEX 25CREAL 19
EKT 18FAMSA 20
KIONET 21
ELMTIA 25GCCAMM 20
COBREM 18 [74.1 %]
ICASA 17 [42.7 %]ICASA 21 [38.9 %]
ICASA 24 [33.6 %]INTSPN 19 [22.0 %]
JAVER 21
KUOBMM 22
MABEMX 19
MAXTEL 20 [23.4 %]
METLSA 23
MIFEL 22
ODHGPR 20
OFDMEX 20
LATOFF 18
PLAYRE 20
POSADA 22
CEMEX 25
SCRIBE 20
TZA 18
TZA 20
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0 1 2 3 4 5 6 7 8
Yie
ld t
o W
ors
t (%
)
Mod Duration
MEX HY CORP
Source: Credit Suisse.
Exhibit 122: Mexico HY Corporate Bonds
As of October 29, 2015
NEMAK 23
AXTEL 20
CEMEX 18
CEMEX 19
CEMEX 19
CEMEX 21
CEMEX 22
CEMEX 19
CEMEX 24
CEMEX FRN 18
CEMEX 25
EKT 18FAMSA 20
ELMTIA 25GCCAMM 20
COBREM 18 [74.1 %] ICASA 17 [8.9x] [42.7 %]
ICASA 21 [8.9x] [38.9 %]
ICASA 24 [8.9x] [33.6 %]
JAVER 21
KUOBMM 22
MABEMX 19
MAXTEL 20 [23.4 %]
METLSA 23
ODHGPR 20
OFDMEX 20
LATOFF 18
POSADA 22
CEMEX 25
SCRIBE 20
TZA 18TZA 20
2.0
4.0
6.0
8.0
10.0
12.0
14.0
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x
Yie
ld t
o W
ors
t (%
)
Gross Leverage
MEX HY CORP
BRAZIL HY CORP
(f or ref erence)
ARG CORP
(f or ref erence)
Source: Credit Suisse.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
6
6
Peru
Exhibit 123: CS-LACI Peru vs. SBI Peru Exhibit 124: CS-LACI HG Peru vs. SBI Peru
110
135
160
185
210
235
260
100
150
200
250
300
350
400
450
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis diff. (RHS)
CS LACI Peru
SBI Peru
50
75
100
125
150
175
100
150
200
250
300
350
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
CS LACI Peru HG
SBI Peru
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 125: CS-LACI HY Peru vs. SBI Peru Exhibit 126: CS-LACI HY Peru vs. CS-LACI HG Peru
250
275
300
325
350
375
400
425
450
475
500
525
550
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
Oct-14
Nov-
14
Dec-
14
Jan-1
5
Feb
-15
Mar-
15
Apr-
15
May-
15
Jun-1
5
Jul-15
Aug-1
5
Sep-1
5
Oct-15
Sp
read
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
SBI Peru
CS LACI Peru HY
250
275
300
325
350
375
400
425
150
200
250
300
350
400
450
500
550
600
650
700
750
800
Oct
-14
Nov
-14
Dec
-14
Jan-
15
Feb
-15
Mar
-15
Apr-
15
May
-15
Jun-
15
Jul-15
Aug
-15
Sep-1
5
Oct
-15
Sp
read
Diff. (b
ps)B
M S
pre
ad (b
ps)
Basis Dif f. (RHS)
CS LACI Peru HG
CS LACI Peru HY
Source: Credit Suisse. Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 67
Peru
Exhibit 127: Peru Corporate Bonds
As of October 29, 2015
ABENGO 43
AJECBV 22 [1832 bps]
ALIPE 23
ANDINV 20 [1297 bps]
CALLAO 23CORJRL 21
CORJRL 23
COZCAR 22
CSOLNO 17 [1832 bps]
FERROS 20
ISCORP 21
INRSHM 21
MAESPE 19
MILPOC 23
MINSUR 24
PESEXA 20 [1247 bps]
TGPERU 28
IFHBH 25CPACPE 23
HOCLN 21
INRCON 21
UNACEM 21
CONGLO 34 [1898 bps]
SMIPET 20
TRANSM 23
LIMAMT 34
VOLCAN 22
0
100
200
300
400
500
600
700
800
900
1000
0 1 2 3 4 5 6 7 8 9 10 11
Z-S
pre
ad (b
ps)
Mod Duration
Peru SOV "on-the-run"
Peru CORP
Source: Credit Suisse.
Exhibit 128: Peru Corporate Bonds
As of October 29, 2015
AJECBV 22 [20.1 YTW]
ALIPE 23
CALLAO 23
CORJRL 21
CORJRL 23
CSOLNO 17 [7.4x] [13.8 YTW]
FERROS 20
ISCORP 21
INRSHM 21
TGPERU 28
IFHBH 25
CPACPE 23
INRCON 21
UNACEM 21
VOLCAN 22
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x
Yie
ld t
o W
ors
t (%
)
Net Leverage
Peru CORP
Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 68
Perpetual Bonds
Exhibit 129: Perpetual Bonds Calculated to Worst
As of October 29, 2015
BANBRA Perp c-20
AESGEN Perp c-19
MAGGBZ Perp c-17 [14.3 YTW]
BANBRA Perp c-23
BRASKM Perp c-15
BRMLBZ Perp c-16
BRPRSA Perp c-15
CEMEX Perp c-16
TELEFO Perp c-20
CSNABZ Perp c-15 [15.6 YTW]
GOLLBZ Perp c-11 [20.4 YTW]
OOGCOR Perp c-24 [28.8 YTW]
GSHPBR Perp c-15 [22.9 YTW]
BINTPE Perp c-20
ODBR Perp c-15
BCP Perp c-19
PEMEX Perp c-15
BANBRA Perp c-24
BANBRA Perp c-24N
BTGPBZ Perp c-19
4.0
6.0
8.0
10.0
12.0
14.0
- 2 4 6 8 10 12 14
Yie
ld t
o W
ors
t (%
)
Duration to Worst
Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 69
Companies on Ratings Watch
Company Name
Date placed
on watch Agency
Outlook/Credit
Watch List
ARGENTINA
Aeropuertos Argentina 9/1/14 S&P NEGATIVE
Alto Palermo SA 8/1/14 Fitch NEGATIVE
Alto Palermo SA 9/1/14 S&P NEGATIVE
Arcor SAIC 8/1/14 Fitch NEGATIVE
Arcos Dorados 6/15/15 Fitch NEGATIVE
Banco de Galicia y Buenos Aires 8/5/14 Moody's NEGATIVE
Banco de Galicia y Buenos Aires 8/19/14 S&P NEGATIVE
Banco Hipotecario SA 8/19/14 S&P NEGATIVE
Banco Hipotecario SA 7/10/15 Moody’s NEGATIVE
Banco Macro SA 8/5/14 Moody's NEGATIVE
Banco Macro SA 8/7/14 Fitch NEGATIVE
Cablevision 8/7/14 Moody's NEGATIVE
Capex SA 9/1/14 S&P NEGATIVE
Capex SA 8/1/14 Fitch NEGATIVE
Cia de Transporte de Energia Electrica (Transener) 9/1/14 S&P NEGATIVE
Cia Latinoamericana de Infraestructura & Servicios SA 6/18/14 S&P NEGATIVE
Cia Latinoamericana de Infraestructura & Servicios SA 8/1/14 Fitch NEGATIVE
Empresa Distribuidora y Comercializadora Norte (Edenor) 9/6/13 Moody’s NEGATIVE
Empresa Distribuidora y Comercializadora Norte (Edenor) 11/2/12 S&P NEGATIVE
IMPSA 9/16/14 S&P NEGATIVE
IRSA Inversiones y Representaciones SA 9/1/14 S&P NEGATIVE
IRSA Inversiones y Representaciones SA 8/1/14 Fitch NEGATIVE
Mastellone Hermanos SA 9/1/14 S&P NEGATIVE
Mastellone Hermanos SA 8/1/14 Fitch NEGATIVE
MetroGas SA 8/7/14 Moody's NEGATIVE
MetroGas SA 9/1/14 S&P NEGATIVE
Pan American Energy LLC 8/1/14 Fitch NEGATIVE
Petrobras Argentina SA 6/18/14 S&P NEGATIVE
Raghsa SA 8/7/14 Moody's NEGATIVE
Raghsa SA 9/1/14 S&P NEGATIVE
Transportadora de Gas del Sur 9/1/14 S&P NEGATIVE
Ultrapetrol 9/14/15 S&P NEGATIVE
YPF 8/7/14 Moody's NEGATIVE
YPF 8/1/14 Fitch NEGATIVE
BRAZIL
Banco ABC Brasil 10/27/15 Moody's NEGATIVE
Banco ABC Brasil 10/22/15 Fitch NEGATIVE
Banco ABC Brasil 9/10/15 S&P NEGATIVE
Banco Bradesco 9/10/15 S&P NEGATIVE
Banco Bradesco 10/22/15 Fitch NEGATIVE
Banco Bradesco 5/11/15 Moody's NEGATIVE
Banco BTG Pactual 10/22/15 Fitch NEGATIVE
Banco BTG Pactual 6/12/15 Moody's NEGATIVE
Banco do Brasil 9/10/15 S&P NEGATIVE
Banco do Brasil 4/13/15 Fitch NEGATIVE
Banco do Brasil 9/9/14 Moody's NEGATIVE
Banco Itau 10/22/15 Fitch NEGATIVE
Banco Itau 7/28/15 S&P NEGATIVE
Banco Itau 5/11/15 Moody's NEGATIVE
Banco Panamericano 10/22/15 Fitch NEGATIVE
Banco Panamericano 6/12/15 Moody's NEGATIVE
Banco Panamericano 11/25/13 S&P NEGATIVE
Banco Pine 4/10/15 Moody’s NEGATIVE
Banco Pine 6/12/15 S&P NEGATIVE
Banco Rio Grande do Sul 7/31/15 Fitch NEGATIVE
Banco Rio Grande do Sul 7/28/15 S&P NEGATIVE
Banco Rio Grande do Sul 10/6/15 Moody’s NEGATIVE
Banco Safra 10/22/15 Fitch NEGATIVE
Banco Safra 9/14/15 S&P NEGATIVE
Banco Safra 9/9/14 Moody's NEGATIVE
30 October 2015
Latin America Weekly Chartbook 70
Company Name
Date placed
on watch Agency
Outlook/Credit
Watch List
Banco Santander Brasil 10/22/15 Fitch NEGATIVE
Banco Santander Brasil 9/10/15 S&P NEGATIVE
Banco Santander Brasil 9/9/14 Moody's NEGATIVE
Banco Votorantim 10/22/15 Fitch NEGATIVE
Banco Votorantim 9/10/15 S&P NEGATIVE
Banco Votorantim 5/11/15 Moody's NEGATIVE
BM&F Bovespa SA 9/11/15 S&P NEGATIVE
BM&F Bovespa SA 9/9/14 Moody's NEGATIVE
BNDES 10/22/15 Fitch NEGATIVE
BNDES 9/10/15 S&P NEGATIVE
BNDES 9/9/14 Moody's NEGATIVE
Brasil Foods 10/15/15 Fitch NEGATIVE
Brasil Foods 5/15/14 S&P POSITIVE
Braskem 7/29/15 S&P NEGATIVE
BR Malls 11/25/14 Fitch POSITIVE
BR Properties 8/28/15 S&P NEGATIVE
BR Properties 5/4/15 Moody's NEGATIVE
Caixa 10/22/15 Fitch NEGATIVE
Caixa 9/10/15 S&P NEGATIVE
Caixa 9/22/14 Moody's NEGATIVE
Centrais Eletricas Brasileiras SA 7/28/15 S&P NEGATIVE
Centrais Eletricas Brasileiras SA 12/19/12 Moody’s NEGATIVE
Centrais Eletricas Brasileiras SA 12/7/12 Fitch NEGATIVE
Cielo SA 10/15/15 Fitch NEGATIVE
Cimentos Tupi 3/27/15 S&P NEGATIVE
Cimentos Tupi 12/22/14 Fitch NEGATIVE
Companhia Siderúrgica Nacional (CSN) 10/27/15 S&P NEGATIVE
Companhia Siderúrgica Nacional (CSN) 9/21/15 Fitch NEGATIVE
Companhia Siderúrgica Nacional (CSN) 4/29/15 Moody's NEGATIVE
Construtora Andrade Gutierrez 8/24/15 Moody’s NEGATIVE
Construtora Andrade Gutierrez 6/30/15 Fitch NEGATIVE
Fibria Celulose SA 5/6/15 Moody’s POSITIVE
General Shopping Brasil 9/22/15 Moody’s NEGATIVE
General Shopping Brasil 10/21/14 Fitch NEGATIVE
Gerdau 10/6/2015 Moody’s NEGATIVE
Globo Comunicacao 10/15/15 Fitch NEGATIVE
Globo Comunicacao 9/10/15 S&P NEGATIVE
GOL 9/28/15 Moody's NEGATIVE
GOL 6/11/15 S&P NEGATIVE
Grupo Virgolino de Oliveira (GVO) 8/27/14 Fitch NEGATIVE
Grupo Virgolino de Oliveira (GVO) 1/31/14 S&P NEGATIVE
Hypermarcas 9/19/14 Fitch POSITIVE
Itau 9/10/15 S&P NEGATIVE
InterCement Brasil 6/26/15 Fitch NEGATIVE
InterCement Brasil 4/1/15 S&P NEGATIVE
InterCement Brasil 2/3/15 Moody’s NEGATIVE
Magnesita 3/31/15 S&P NEGATIVE
Magnesita 2/23/15 Fitch NEGATIVE
Marfrig 10/9/15 Fitch POSITIVE
Minerva 8/6/14 Moody’s POSITIVE
OAS SA 1/5/15 S&P NEGATIVE
Odebrecht Engenharia e Construcao 6/30/15 Fitch NEGATIVE
Odebrecht Engenharia e Construcao 6/23/15 S&P NEGATIVE
Odebrecht Engenharia e Construcao 6/3/15 Fitch NEGATIVE
Odebrecht Offshore Drilling Finance 9/4/15 S&P NEGATIVE
Oi 4/2/15 S&P NEGATIVE
Oi 10/6/15 Moody’s NEGATIVE
Oi 7/15/15 Fitch NEGATIVE
Petrobras 4/24/15 Fitch NEGATIVE
Petrobras 9/10/15 S&P NEGATIVE
Raizen Combustiveis 10/15/15 Fitch NEGATIVE
Raizen Energia 10/15/15 Fitch NEGATIVE
Raizen 9/10/15 S&P NEGATIVE
30 October 2015
Latin America Weekly Chartbook 71
Company Name
Date placed
on watch Agency
Outlook/Credit
Watch List
Rede Energia SA 8/31/12 Moody’s NEGATIVE
SABESP 8/29/14 Moody’s NEGATIVE
SABESP 5/23/14 Fitch NEGATIVE
SABESP 12/23/14 S&P NEGATIVE
Suzano 9/11/15 Fitch POSITIVE
Suzano 3/20/15 Moody’s POSITIVE
USJ Acucar e Alcool 9/24/15 S&P NEGATIVE
Vale 10/15/15 Fitch NEGATIVE
Vale 5/13/15 Moody’s NEGATIVE
Vale 4/30/15 S&P NEGATIVE
Votorantim Industrial 10/15/15 Fitch NEGATIVE
Votorantim Participacoes 10/15/15 Fitch NEGATIVE
Votorantim Participacoes 7/28/15 S&P NEGATIVE
CHILE
Automotores Gildemeister 10/19/15 Moody's NEGATIVE
Automotores Gildemeister 12/5/13 Fitch NEGATIVE
CAP SA 1/30/15 S&P NEGATIVE
Cencosud SA 11/21/12 Moody’s NEGATIVE
CFR Pharmaceuticals 1/29/15 Fitch NEGATIVE
Codelco 9/1/15 S&P NEGATIVE
Codelco 8/1/13 Moody’s NEGATIVE
Codelco 9/1/15 S&P NEGATIVE
Entel 7/16/14 Moody’s NEGATIVE
Entel 7/10/15 S&P NEGATIVE
GeoPark Latin America 1/23/15 Fitch NEGATIVE
GeoPark Latin America 1/21/15 S&P NEGATIVE
Inversiones Alsacia 9/10/14 Moody's NEGATIVE
Masisa 10/23/15 Moody's NEGATIVE
Masisa 5/13/15 S&P NEGATIVE
Masisa 9/17/15 Fitch NEGATIVE
SACI Falabella 4/18/13 S&P POSITIVE
Pampa Calichera 7/8/15 S&P NEGATIVE
SQM 6/19/15 S&P NEGATIVE
COLOMBIA
Avianca 3/26/15 Fitch NEGATIVE
Empresa de Energia de Bogota (EEB) 9/3/15 S&P NEGATIVE
Empresas Publicas de Medellin (EPM) 8/11/14 Moody's POSITIVE
Oleoducto Central SA 4/23/14 Moody's POSITIVE
Pacific Exploration & Production 10/14/15 S&P NEGATIVE
Pacific Exploration & Production 9/16/15 Moody's NEGATIVE
Pacific Exploration & Production 7/10/15 Fitch NEGATIVE
Transportadora de Gas Internacional (TGI) 9/3/15 S&P NEGATIVE
MEXICO
Banca Mifel 5/20/14 S&P NEGATIVE
Banco Ahorro Famsa 8/29/14 S&P NEGATIVE
Banco Mercantil del Norte SA 3/5/13 S&P POSITIVE
BBVA Bancomer 5/23/14 Fitch POSITIVE
Bimbo 2/17/14 Moody’s NEGATIVE
Bio Pappel 8/6/14 Fitch POSITIVE
Cemex 3/5/15 S&P POSITIVE
Coca-Cola Femsa SAB de CV 9/4/13 Moody’s NEGATIVE
Comision Federal de Electricidad 3/12/13 S&P POSITIVE
Controladora Mabe 9/18/15 S&P POSITIVE
El Puerto de Liverpool 9/1/15 Fitch POSITIVE
Empresas ICA 10/2/15 Moody’s NEGATIVE
GEO 3/20/13 Moody’s NEGATIVE
Grupo Cementos de Chihuahua 12/17/14 S&P POSITIVE
Grupo Famsa 8/29/14 S&P NEGATIVE
Grupo Idesa 10/5/2015 Moody’s NEGATIVE
Grupo Kuo 7/31/15 S&P NEGATIVE
Javer 3/18/13 Moody’s NEGATIVE
Kansas City Southern de Mexico 9/12/14 Fitch POSITIVE
Nemak 2/5/15 Fitch POSITIVE
30 October 2015
Latin America Weekly Chartbook 72
Company Name
Date placed
on watch Agency
Outlook/Credit
Watch List
Offshore Drilling Holding 8/25/15 Fitch NEGATIVE
Satmex 2/11/14 S&P NEGATIVE
Scribe 8/6/14 S&P NEGATIVE
Sigma 4/3/14 S&P NEGATIVE
Sigma 11/15/13 Moody’s NEGATIVE
PERU
Alicorp 3/3/15 Fitch NEGATIVE
Andino Investment Holding 10/15/15 Fitch NEGATIVE
Banco de Credito del Peru 9/8/15 S&P NEGATIVE
Banco Internacional del Peru 9/8/15 S&P NEGATIVE
BBVA Banco Continental 9/8/15 S&P NEGATIVE
Coazucar 6/30/15 S&P NEGATIVE
Coazucar 7/14/14 Fitch NEGATIVE
Compania Minera Milpo 9/11/15 S&P NEGATIVE
Copeinca 8/15/14 S&P NEGATIVE
Corp Lindley SA 9/11/15 Fitch POSITIVE
Gas Natural de Lima y Callao 9/3/15 S&P NEGATIVE
Inkia 7/4/14 Fitch NEGATIVE
InRetail Consumer 9/29/14 S&P POSITIVE
Intercorp 8/25/14 S&P POSITIVE
Pesquera Exalmar 1/5/15 S&P NEGATIVE
Volcan 12/17/14 Fitch NEGATIVE
OTHER
AES Panama 7/17/14 S&P NEGATIVE
Air Jamaica 2/12/14 Moody’s POSITIVE
Banco de Costa Rica 1/28/15 Fitch NEGATIVE
Banco Industrial Guatemala 6/3/15 Moody’s NEGATIVE
CAF 10/16/14 S&P NEGATIVE
Millicom 7/28/13 Moody’s NEGATIVE
National Gas Company of Trinidad & Tobago 5/1/15 Moody’s NEGATIVE
Petroleos de Venezuela SA 3/25/14 Fitch NEGATIVE
Petroleos de Venezuela SA 2/10/15 S&P NEGATIVE
Petrotrin 5/1/15 Moody’s NEGATIVE
Source: Moody’s, S&P, Fitch.
30 October 2015
Latin America Weekly Chartbook 73
Latin American LTM Credit Metrics LTM LTM LTM LTM LTM LTM LTM LTM
Country/IssuerFoot
note Filing Sector Revenue EBITDA Int Exp Cash ST Debt LT Debt Total Debt Net Debt Margin D / E ND / E Int Cov Liq Ratio
Argentina
Aeropuertos Argentina 2Q15 Transportation 613 230 33 46 54 214 268 222 37.5% 1.2 1.0 7.0 3.2
Arcor 2Q15 Food & Bev 2,992 304 122 182 160 431 590 408 10.1% 1.9 1.3 2.5 1.7
Arcos Dorados 1 2Q15 Food & Bev 3,352 242 70 83 54 702 755 672 7.2% 3.1 2.8 3.5 2.6
IRSA 4Q15 Real Estate 395 190 74 41 137 411 548 507 48.1% 2.9 2.7 2.6 1.1
IRSA CP 2 4Q15 Real Estate 320 178 38 33 52 366 417 384 55.4% 2.4 2.2 4.6 2.3
Mastellone Hermanos ** 2Q15 Food & Bev 1,555 29 39 36 49 193 242 205 1.9% 8.3 7.0 0.8 0.7
Navios South American Logistics 3 2Q15 Transportation 285 72 28 72 10 386 395 323 25.2% 5.5 4.5 2.6 3.8
Pan American Energy 2Q15 Energy 2,884 1,315 165 37 955 1,152 2,107 2,070 45.6% 1.6 1.6 8.0 1.2
TGN 4 2Q15 Utilities 76 (7) 15 43 - 214 214 171 nmf nmf nmf nmf nmf
TGS 2Q15 Utilities 471 118 34 64 35 221 256 192 25.1% 2.2 1.6 3.4 2.6
Transener 2Q15 Utilities 194 41 14 47 19 110 129 82 21.3% 3.1 2.0 2.9 2.6
Ultrapetrol 5 2Q15 Transportation 359 50 35 41 56 413 469 428 14.0% 9.4 8.5 1.5 1.0
YPF 6 2Q15 Energy 17,451 4,999 981 1,567 1,557 6,030 7,587 6,020 28.6% 1.5 1.2 5.1 2.6
Brazil
BR Properties 7 2Q15 Real Estate 280 251 307 136 94 1,295 1,389 1,253 89.7% 5.5 5.0 0.8 1.0
Brasil Foods 8 2Q15 Food & Bev 11,370 1,969 334 1,705 671 2,989 3,659 1,955 17.3% 1.9 1.0 5.9 3.7
Braskem 9 2Q15 Other Basic Ind 17,037 2,557 543 1,596 620 6,707 7,327 5,731 15.0% 2.9 2.2 4.7 3.6
Cosan 10 2Q15 Sugar & Ethanol 15,192 1,421 629 1,277 582 4,041 4,623 3,346 9.4% 3.3 2.4 2.3 2.2
CSN 2Q15 Metals & Mining 5,804 1,404 1,192 2,528 501 9,336 9,836 7,308 24.2% 7.0 5.2 1.2 2.3
Embraer 2Q15 Manufacturing 5,854 744 143 3,019 340 3,190 3,529 511 12.7% 4.7 0.7 5.2 7.8
Fibria 11 3Q15 Pulp & Paper 3,021 1,521 149 982 273 2,900 3,173 2,191 50.4% 2.1 1.4 10.2 5.9
Gerdau 12 3Q15 Metals & Mining 14,767 1,615 552 1,706 540 6,443 6,983 5,277 10.9% 4.3 3.3 2.9 3.0
Globo 2Q15 Telco & Media 5,815 1,497 246 2,353 15 897 913 (1,440) 25.7% 0.6 nmf 6.1 14.7
GOL Airlines 13 2Q15 Transportation 3,720 585 580 553 374 3,441 3,815 3,262 15.7% 6.5 5.6 1.0 1.2
JBS 14 2Q15 Food & Bev 51,442 5,007 1,268 4,482 5,151 10,554 15,705 11,223 9.7% 3.1 2.2 3.9 1.5
Klabin 15 3Q15 Pulp & Paper 1,794 621 283 1,497 512 3,928 4,439 2,942 34.6% 7.1 4.7 2.2 2.7
Magnesita 16 2Q15 Basic Industries 1,134 152 63 270 87 734 821 551 13.4% 5.4 3.6 2.4 2.8
Marfrig 17 2Q15 Food & Bev 6,510 570 na 826 631 3,216 3,847 3,020 8.8% 6.7 5.3 nmf nmf
Minerva ** 2Q15 Food & Bev 3,104 291 236 860 364 1,660 2,025 1,165 9.4% 7.0 4.0 1.2 1.9
Odebrecht Engenharia e Construção 18 2Q15 Construction 13,805 1,360 28 3,893 151 3,167 3,318 (575) 9.8% 2.4 nmf 49.0 29.4
Odebrecht Oil & Gas - Consolidated 2Q15 Energy 1,228 582 325 394 281 4,392 4,673 4,280 47.4% 8.0 7.4 1.8 1.6
Odebrecht Oil & Gas - Guarantor I 19 2Q15 Energy 265 215 84 49 103 1,116 1,218 1,169 81.3% 5.7 5.4 2.5 1.4
Odebrecht Oil & Gas - Guarantor II 20 2Q15 Energy 398 268 168 78 113 1,885 1,999 1,921 67.4% 7.5 7.2 1.6 1.2
Oi S.A. 21 2Q15 Telco & Media 10,575 2,797 2,272 5,361 2,450 14,076 16,526 11,165 26.5% 5.9 4.0 1.2 1.7
Petrobras 22 2Q15 Energy 124,158 26,072 6,759 29,536 14,393 119,543 133,936 104,400 21.0% 5.1 4.0 3.9 2.6
QGOG Constellation 23 2Q15 Energy 1,073 652 110 403 371 2,437 2,808 2,405 60.8% 4.3 3.7 5.9 2.2
QGOG Atlantic/Alaskan 24 2Q15 Energy 178 146 22 12 115 200 315 304 82.2% 2.2 2.1 6.5 1.1
Raízen Energia 25 1Q16 Energy 3,671 897 274 1,209 417 3,073 3,490 2,281 24.4% 3.9 2.5 3.3 3.1
Samarco 2Q15 Metals & Mining 2,735 1,317 221 711 485 3,853 4,338 3,627 48.1% 3.3 2.8 6.0 2.9
Suzano ** 2Q15 Pulp & Paper 3,248 1,222 460 933 489 3,992 4,481 3,548 37.6% 3.7 2.9 2.7 2.3
Tonon 26 1Q16 Sugar & Ethanol 281 107 65 7 74 574 648 641 38.2% 6.0 6.0 1.6 0.8
Tupy 2Q15 Manufacturing 1,218 216 60 441 243 488 731 290 17.8% 3.4 1.3 3.6 2.2
Usiminas 27 2Q15 Metals & Mining 4,098 356 182 931 556 1,895 2,451 1,520 8.7% 6.9 4.3 2.0 1.7
USJ 28 1Q16 Sugar & Ethanol 138 71 98 35 87 334 421 387 51.6% 5.9 5.5 0.7 0.6
Vale 29 3Q15 Metals & Mining 28,782 7,899 1,481 4,462 3,030 25,645 28,675 24,213 27.4% 3.6 3.1 5.3 2.7
Votorantim 30 2Q15 Other Basic Ind 11,098 2,797 1,001 2,339 481 7,664 8,144 5,805 25.2% 2.9 2.1 2.8 3.5
Chile
AES Gener 2Q15 Utilities 2,217 696 143 199 161 3,251 3,412 3,214 31.4% 4.9 4.6 4.9 2.9
Automotores Gildemeister 31 1Q15 Retail 1,378 32 70 55 159 767 926 871 2.3% 28.7 27.0 0.5 0.4
Celulosa Arauco 2Q15 Pulp & Paper 5,375 1,285 268 512 691 3,988 4,680 4,168 23.9% 3.6 3.2 4.8 1.9
Cencosud 32 2Q15 Retail 18,058 1,352 655 453 501 6,361 6,861 6,408 7.5% 5.1 4.7 2.1 1.6
CMPC 33 2Q15 Pulp & Paper 4,787 946 174 604 278 3,937 4,215 3,611 19.8% 4.5 3.8 5.4 3.4
Codelco 34 2Q15 Metals & Mining 13,116 4,981 464 638 1,106 12,854 13,960 13,322 38.0% 2.8 2.7 10.7 3.6
ENAP 35 2Q15 Energy 7,973 727 188 115 478 3,323 3,802 3,687 9.1% 5.2 5.1 3.9 1.3
Enersis 2Q15 Utilities 12,607 3,935 773 1,512 954 4,830 5,784 4,271 31.2% 1.5 1.1 5.1 3.2
Endesa Chile 2Q15 Utilities 4,315 1,889 234 95 976 2,802 3,778 3,683 43.8% 2.0 1.9 8.1 1.6
Entel 2Q15 Telco & Media 2,823 565 110 269 33 2,348 2,381 2,112 20.0% 4.2 3.7 5.1 5.8
Latam Airlines 36 2Q15 Transportation 11,450 2,118 909 1,610 1,542 10,918 12,460 10,850 18.5% 5.9 5.1 2.3 1.5
Masisa 37 2Q15 Pulp & Paper 1,263 197 53 54 139 676 815 761 15.6% 4.1 3.9 3.7 1.3
Metro de Santiago 2Q15 Transportation 481 122 83 363 157 2,213 2,370 2,006 25.3% 19.4 16.5 1.5 2.0
SMU 38 2Q15 Retail 3,378 239 197 67 249 1,716 1,965 1,898 7.1% 8.2 7.9 1.2 0.7
SQM 2Q15 Other Basic Ind 1,830 758 67 473 419 1,351 1,770 1,297 41.4% 2.3 1.7 11.2 2.5
VTR ** 2Q15 Telco & Media 873 333 107 95 0 1,400 1,400 1,305 38.2% 4.2 3.9 3.1 4.0
Colombia
Avianca Holdings 39 2Q15 Transportation 4,636 803 157 722 416 5,155 5,571 4,848 17.3% 6.9 6.0 5.1 2.7
Colombia Telecomunicaciones 40 2Q15 Telco & Media 2,081 745 323 32 241 3,029 3,270 3,238 35.8% 4.4 4.3 2.3 1.4
Ecopetrol 41 2Q15 Energy 26,318 6,861 978 3,563 1,619 16,023 17,642 14,079 26.1% 2.6 2.1 7.0 4.0
Pacific Exploration and Production 42 2Q15 Energy 3,825 1,631 292 725 18 5,325 5,343 4,618 42.7% 3.3 2.8 5.6 7.6 Values are expressed in USD millions. Financial ratios are annualized. Margin = EBITDA Margin (EBITDA / Net Revenue). D / E = Total Debt / EBITDA. ND / E = Net Debt / EBITDA.
Int Cov = EBITDA / Interest Expense. Liq Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense). Footnotes on the next page. Source: Company data, Credit Suisse
30 October 2015
Latin America Weekly Chartbook 74
Latin American LTM Credit Metrics (continued) LTM LTM LTM LTM LTM LTM LTM LTM
Country/IssuerFoot
note Filing Sector Revenue EBITDA Int Exp Cash ST Debt LT Debt Total Debt Net Debt Margin D / E ND / E Int Cov Liq Ratio
Mexico
Altos Hornos de Mexico 43 2Q15 Metals & Mining 3,092 97 29 70 948 225 1,173 1,103 3.1% 12.1 11.4 3.3 0.2
Alfa 44 3Q15 Other Basic Ind 17,014 2,259 497 1,406 599 5,692 6,292 4,885 13.3% 2.8 2.2 4.5 3.3
Alpek 45 3Q15 Other Basic Ind 5,697 614 58 454 44 1,048 1,092 638 10.8% 1.8 1.0 10.5 10.5
América Móvil 3Q15 Telco & Media 59,176 17,953 2,484 7,384 7,332 35,432 42,764 35,380 30.3% 2.4 2.0 7.2 2.6
Axtel 46 3Q15 Telco & Media 642 209 79 147 30 743 774 627 32.5% 3.7 3.0 2.6 3.2
Cementos Chihuahua 47 2Q15 Building Materials 763 163 41 46 62 373 435 389 21.3% 2.7 2.4 3.9 2.0
Cemex 3Q15 Building Materials 14,728 2,690 1,310 457 303 15,278 15,581 15,124 18.3% 5.8 5.6 2.1 2.0
Cobre del Mayo 48 2Q15 Metals & Mining 206 54 15 16 9 230 239 223 26.0% 4.5 4.2 3.6 2.9
Controladora Mabe 2Q15 Household Prod 2,863 288 64 70 138 730 868 798 10.1% 3.0 2.8 4.5 1.8
Coca-Cola Femsa 49 3Q15 Food & Bev 9,821 1,976 367 1,030 323 4,068 4,391 3,361 20.1% 2.2 1.7 5.4 4.4
CP Latina 50 2Q15 Energy 76 70 34 30 30 308 338 308 92.3% 4.9 4.4 2.0 1.6
Empresas ICA 51 3Q15 Construction 2,440 383 365 401 306 3,118 3,424 3,023 15.7% 8.9 7.9 1.1 1.2
Elementia 3Q15 Construction 1,108 194 56 429 181 488 670 241 17.5% 3.5 1.2 3.4 2.6
El Puerto de Liverpool 2Q15 Retail 5,971 972 75 28 - 866 866 838 16.3% 0.9 0.9 12.9 13.3
Femsa 3Q15 Food & Bev 19,100 2,925 453 2,564 803 5,498 6,301 3,737 15.3% 2.2 1.3 6.5 4.4
Fibra Uno 52 3Q15 Real Estate 619 498 154 306 426 2,371 2,797 2,492 80.4% 5.6 5.0 3.2 1.4
Grupo Bimbo 3Q15 Food & Bev 13,895 1,433 278 237 259 3,443 3,702 3,465 10.3% 2.6 2.4 5.1 3.1
Grupo Elektra 3Q15 Retail 5,059 673 97 1,206 499 672 1,171 (35) 13.3% 1.7 nmf 6.9 3.2
Grupo Famsa 53 3Q15 Retail 1,062 112 51 73 268 250 518 446 10.5% 4.6 4.0 2.2 0.6
Grupo Kuo 3Q15 Manufacturing 1,860 172 111 106 12 506 518 412 9.2% 3.0 2.4 1.5 2.3
Grupo Posadas 3Q15 Real Estate 444 88 32 119 47 361 408 289 19.8% 4.6 3.3 2.8 2.6
Gruma 54 3Q15 Food & Bev 3,696 569 45 146 126 625 752 605 15.4% 1.3 1.1 12.6 4.2
Javer 3Q15 Construction 409 56 43 68 2 283 284 216 13.6% 5.1 3.9 1.3 2.8
Kimberly Clark de Mexico 3Q15 Pulp & Paper 2,075 550 52 578 136 1,011 1,147 568 26.5% 2.1 1.0 10.5 6.0
Maxcom 55 3Q15 Telco & Media 164 28 10 30 2 138 141 111 17.2% 5.0 3.9 2.8 4.6
Mexichem 56 3Q15 Other Basic Ind 5,778 838 266 538 48 2,302 2,350 1,812 14.5% 2.8 2.2 3.1 4.4
Metalsa 57 2Q15 Manufacturing 2,389 222 34 58 46 321 367 310 9.3% 1.7 1.4 6.5 3.5
Nemak 3Q15 Manufacturing 4,515 759 71 102 404 901 1,305 1,203 16.8% 1.7 1.6 10.7 1.8
Office Depot de Mexico 2Q15 Retail 1,211 127 40 36 5 350 355 320 10.5% 2.8 2.5 3.2 3.6
Offshore Drilling Holding 58 2Q15 Energy 418 358 113 194 98 1,215 1,314 1,013 85.7% 3.7 2.8 3.2 2.6
Pemex 59 3Q15 Energy 84,532 9,144 4,412 6,557 11,752 76,028 87,780 81,222 10.8% 9.6 8.9 2.1 1.0
Scribe 60 2Q15 Pulp & Paper 442 44 28 41 8 297 305 264 10.1% 6.9 5.9 1.6 2.4
Sigma 61 3Q15 Food & Bev 6,061 707 103 367 82 2,335 2,417 2,050 11.7% 3.4 2.9 6.8 5.8
Southern Copper 3Q15 Metals & Mining 5,263 2,279 171 1,387 - 5,951 5,951 4,564 43.3% 2.6 2.0 13.3 21.4
Televisa 2Q15 Telco & Media 5,937 2,293 415 2,245 35 5,713 5,748 3,504 38.6% 2.5 1.5 5.5 10.1
TV Azteca 3Q15 Telco & Media 832 177 80 240 - 880 880 640 21.3% 5.0 3.6 2.2 5.2
Peru
Alicorp 62 2Q15 Food & Bev 2,173 230 105 44 89 699 788 744 10.6% 3.4 3.2 2.2 1.4
Camposol 63 3Q15 Food & Bev 276 30 25 34 53 205 258 224 11.0% 8.5 7.4 1.2 0.8
Cementos Pacasmayo 64 2Q15 Building Materials 405 127 10 135 - 296 296 161 31.4% 2.3 1.3 12.8 26.4
Corporacion Lindley 2Q15 Food & Bev 780 140 28 20 26 579 606 586 17.9% 4.3 4.2 4.9 2.9
Ferreycorp 65 2Q15 Manufacturing 1,686 180 33 43 222 439 660 617 10.7% 3.7 3.4 5.4 0.9
Inkia 66 2Q15 Utilities 996 249 86 243 140 1,840 1,980 1,737 25.0% 7.9 7.0 2.9 2.2
InRetail Consumer 67 2Q15 Retail 2,163 147 34 43 22 400 421 378 6.8% 2.9 2.6 4.4 3.4
InRetail Shopping Malls 68 2Q15 Real Estate 138 84 34 29 3 352 355 325 61.0% 4.2 3.9 2.5 3.0
Milpo 69 2Q15 Metals & Mining 729 251 20 446 9 350 358 (88) 34.5% 1.4 nmf 12.9 24.9
Volcan 70 2Q15 Metals & Mining 949 263 41 189 257 617 875 685 27.8% 3.3 2.6 6.4 1.5
Other
Comcel 2Q15 Telco & Media 1,272 653 58 155 - 908 908 753 51.3% 1.4 1.2 11.3 14.0
Digicel Group Limited 1Q16 Telco & Media 2,760 1,178 543 303 191 6,292 6,483 6,180 42.7% 5.5 5.2 2.2 2.0
Digicel Limited 1Q16 Telco & Media 2,123 920 268 257 86 3,271 3,357 3,101 43.3% 3.6 3.4 3.4 3.3
Millicom 3Q15 Telco & Media 6,913 2,274 452 854 191 4,931 5,122 4,268 32.9% 2.3 1.9 5.0 4.9
Petrotrin 4Q15 Energy 3,110 (13) 145 265 848 1,217 2,065 1,800 nmf nmf nmf nmf nmf
Companies
Latam (simple mean) 116 26.7% 3.1 2.6 4.8 3.8
Metals & Mining 11 26.6% 4.7 4.1 6.1 6.1
Food & Bev 15 11.8% 4.0 3.2 4.5 2.8
Utilities 7 29.6% 3.6 3.0 4.5 2.5
Transportation 7 21.9% 7.8 6.7 3.0 2.2
Telco & Media 14 32.6% 3.6 3.2 4.3 5.5
Pulp & Paper 8 27.3% 4.3 3.4 5.1 3.2
Construction 4 14.2% 5.0 4.3 13.7 9.0
Real Estate 6 59.1% 4.2 3.7 2.8 1.9
Energy 16 45.3% (5.4) (4.6) 3.9 2.2
Sugar & Ethanol 3 33.1% 5.1 4.6 1.5 1.2
Other Sectors 25 14.6% 4.3 3.6 5.2 4.3
Argentina 13 26.7% 3.6 3.0 3.7 2.1
Brazil 32 31.9% 4.7 3.7 4.9 3.7
Chile 16 23.3% 6.7 6.1 4.6 2.4
Colombia 4 30.5% 4.3 3.8 5.0 3.9
Mexico 36 23.1% 3.9 3.3 5.0 4.1
Peru 10 23.7% 4.2 3.9 5.6 6.7
Other Countries 5 34.0% (28.5) (24.8) 4.4 4.9
30 October 2015
Latin America Weekly Chartbook 75
Values are expressed in USD millions. Financial ratios are annualized. Margin = EBITDA Margin (EBITDA / Net Revenue). D / E = Total Debt / EBITDA. ND / E = Net Debt / EBITDA.
Int Cov = EBITDA / Interest Expense. Liq Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).
Figures for country and sector aggregations are simple averages for the constituent companies. Footnotes below.
Source: Company data, Credit Suisse
(11) Adjusted EBITDA adds back: non-recurring/non-cash restructuring expenses, accrual and accounting adjustments, asset disposals, change in FV of biological assets, and excludes EBITDA contribution from discontinued
operations.
(1) Arcos Dorados' adjusted EBITDA excludes other operating expenses such as equity compensation. Total financial debt includes short-term debt, long-term debt and derivative instruments, as reported by the company.
(2) CS EBITDA is calculated by adding EBIT and Depreciation. It may not match with the company's reported numbers. Total Debt Includes US$249mn in additional debt related to the transfer of assets from IRSA to APSA in
December 2014. Debt in 4Q15 Includes US$246.5mn in additional debt related to the transfer of assets from IRSA.
(3) Debt includes capital lease obligations and intercompany loans
(4) Adjusted EBITDA as calculated by CS excludes other income (expenses), provisions and other non-cash charges.
(5) Segment EBITDA differs from press release as CS excludes investments in affiliates, income from non-controlling interests, non-cash derivatives effects and discontinued operations. Adjusted EBITDA in 3Q14 and FY2014
excludes US$5.6mn in expenses from severance packages to former CEO and Executive VP. Cash includes restricted cash in the amounts of us$11mn in 1Q15, US$11mn in 4Q14, and US$11mn in 3Q14.
(6) CS EBITDA excludes other operating income (expenses) and other one-time items. Reported EBITDA includes inflows related to FX impacts and other operating income (expenses). LTM Reported EBITDA includes ARS2bn,
and ARS500mn in insurance compensation received from the damaged suffered at the La Plata Refinery fire in 4Q14 and 1Q15, respectively. CS COGS and Adjusted EBITDA exclude these amounts. LTM CS Adjusted EBITDA
also excludes ARS1.2bn in legal claims in 4Q14.
(7) CS EBITDA differs from Company's Adjusted EBITDA as it excludes employees bonus provisions and vacancy expenses. Debt figures differ from company values. CS includes perpetual bond issuance and derivative positions,
but excludes payables for acquisition of Real Estate (~BRL9mn in 2Q15, ~BRL15mn and BRL19mn in 2Q15, 1Q15 and 2Q14, respectively).
(8) Historical data was re-stated to exclude contributions from the Dairy segment (divested in 4Q14).
(9) LTM EBITDA includes refund of BRL220mn from amendment signed with Petrobras for the naphtha supply in 1Q15, recorded in the quarter COGS, and excludes non-recurring tax expense of BRL34mn and -BRL40mn related to
Refis program in 3Q14 and 4Q14, respectively . LTM EBITDA also includes BRL1mn and -BRL4mn in 3Q14 and 4Q14, respectively, of provisions related to fixed assets.
(10) Adjusted EBITDA excludes changes in FV of biological assets (non-cash) and non-recurring revenues/expenses. Cosan's cash balance excludes restricted cash, but includes derivatives. Total debt is from company's press
release and is pro-rata for JVs and excludes portion from PESA debt.
(23) Refers to QGOGCO 6.25% secured notes due 2019 (guaranteed by QGOG Constellation). Cash Includes Short-term investments and restricted cash (US$12mn as of 2Q15).
(12) LTM EBITDA excludes the gain of BRL12mn from the divestment of Forjanor in Special Steel Segment in 3Q14. Also excludes impairment of assets and gains in JV operations in 4Q14. Cash and equivalents includes short-
term investments held for trading and available for sale.
(13) Debt figures are pro forma including operating leases reported by the company. EBITDA is before Rentals (EBITDAR). Coverage is EBITDAR / (Interest + Rentals).
(14) Adjusted EBITDA excludes non-recurring items. Segment EBITDA may not sum up to consolidated figures because of inter-company eliminations. Leverage ratios differ slightly due to different FX rates. Debt includes PPC
debt.
(15) Adjusted EBITDA excludes change in fair value of biological assets, equity pick-up and other operating income (expenses). Cash includes marketable securities and short term investments (mainly CDs).
(16) Adjusted EBITDA in 4Q14 and FY2014 excludes the impact of write-off of assets related to exploration and development of new mining resources of BRL20.7mn, write-off of goodwill at Magnesita Finance of BRL20.4mn, write-
off of out-of-spec inventories and provisions for losses with obsolete inventories of BRL12.1mn, write-off of receivables of BRL30.3mn, Periodic re-evaluation of the fair value of the land for sale in Suzano of BRL6.7mn.
(17) In June 2015, Marfrig announced that it reached an agreement for the sale of Moy Park to JBS. As a result, the company restated 1Q15 and 2Q14 income statements to exclude Moy Park contributions (now classified as
discontinued operations). The company did not reclassify balance sheet items prior to 2Q15. Debt figures are as reported by the company.
(18) Total debt includes principal and interest portion of bonds issued by Odebrecht Finance (guaranteed by CNO). In 2Q15, 1Q15 and 2Q14 Odebrecht Finance guaranteed debt totaled US$3,100mn, US$3,130mn and
US$3,167mn, respectively.
(19) Refers to ODEBRE 6.35% secured notes due 2021 (consisting of the Norbe VIII and Norbe IX drilling rigs). The financial statements for this guarantor group were derived from adding the individual financial results of the Norbe
VIII and Norbe IX rigs. Combined results are not adjusted for the effects of intercompany transactions. Cash includes short-term investments.
(20) Refers to ODEBRE 6.750% secured notes due 2022 and 6.625% secured notes due 2022 (consisting of Norbe VI and ODNs I, II and ODN Tay IV). Cash includes short-term investments.
(21) Data is pro-forma and excludes: (i) contributions from Portugal Telecom; and (ii) non-recurring items.
(22) Reported EBITDA excludes the impact from impairments charges on PP&E and write-downs related to the Car Wash scandal. LTM CS EBITDA includes US$70mn non-cash items primarily related to the writedown of assets in
2Q15 but excludes US$140mn in 1Q15. LTM CS EBITDA also excludes US$1.2bn in gains related to the sale of the company's stake in Petrobras Peru, along with non-cash losses related to returned E&P fields (US$46mn) in
4Q14.
(35) CS Adjusted EBITDA excludes impact from dry wells and other non-cash/non-recurring items.
(24) Refers to QGOGBZ 5.25% secured notes due 2018 (consisting of the Atlantic Star and Alaskan Star rigs). Financial results for this guarantor group were derived from adding the individual financial results of each rig.
(25) (1) Adjusted EBITDA excludes Equity Pick-up and changes in fair value of biological assets.
(26) Adjusted EBITDA is calculated as EBIT plus depreciation and amortization. Additionally, it includes the impact of: (i) Change in Fair Value of Biological Assets; (ii) equity pick-up; and (iii) non-recurring items (as classified by
Tonon). Value differs from reported EBITDA, as Tonon excludes the impact of the variation of biological assets.
(27) Adjusted EBITDA (as calculated by Credit Suisse) excludes non-recurring asset sales and proceeds from the sale of surplus energy. Adjusted EBITDA (as reported by Usiminas) was BRL227mn, BRL380mn and BRL549mn in
2Q15, 1Q15 and 2Q14, respectively. Adjusted EBITDA in 2Q15 excludes charges for impairment of assets (mining rights) of R$985mn due to the adverse industry outlook.
(28) Cash includes interest earning bank deposits. EBITDA and debt used to calculate leverage metrics exclude JV contributions.
(29) Adjusted EBITDA differs from reported EBITDA, as CS excludes dividends received and other non-recurring items. Adjusted EBITDA in 4Q14 excludes: (i) US$98mnn related to the write-down of thermal coal inventory; (ii)
US$90mn due to the write-down of ICMS tax credits; (iii) US$107mn due to provision for current and long term environmental obligations; and (iv) US$48mn of inventory adjustments and the opening of N4WS at Carajás. Vale's
short-term debt excludes loans from related parties.
(30) Adjusted EBITDA excludes MTM of derivatives, asset sales and other one-time items.
(31) Adjusted EBITDA is equal to reported EBITDA, adjusted for: (i) the portion of financial income related to interest on financial investments; (ii) earnings from equity in investees; (iii) other income (expenses); and (iv) results for
indexation units. Cash and Equivalents includes marketable securities and time deposits.
(32) Credit metrics are calculated using Adjusted EBITDAR. Results exclude the results from the Chilean financial retail business operations after an agreement was reached in June 2014 to form a JV with Scotiabank. All Assets
and Liabilities related to this business were reclassified as held for sale. Adjusted EBITDAR includes exchange differences and gain/losses from indexation but excludes investment properties revaluations. In Addition, in 2Q15,
Adjusted EBITDAR also includes CLP116.7bn related to an asset-writedown in Brazil, CLP15.2 in non-recurring severance charges and a non-recurring profit of CLP61.4BN resulting from the completion of the transaction with
Scotiabank. Excluding this one offs Adj. EBITDARtotaled ~US$352mn.
(33) Sum of segment EBITDA may not match consolidated amount, as consolidated amount includes intersegment operations. Excludes term deposits with greater than 90 to 360 days until maturity. Excludes hedging and derivative
liabilities.
(34) EBITDA as calculated by Codelco. Debt includes bank loans, bond obligations and capital leases.
(47) Reported EBITDA excludes other operating income/expenses, but includes non-recurring impact of provisions.
(36) Leverage metrics calculated using EBITDAR. Cash as reported by LATAM (includes certain liquid instruments). Debt figure includes operating lease expense for the last twelve months multiplied by 7.
(37) In 4Q14 and 1Q15 Masisa implemented a "mixed exchange rate" to translate its Venezuela segment results (in accordance with IFRS). For conversion purposes of their accounting books they used SICAD I (VEF12/US$) and
to account exports, imports and the corresponding receivables and payables they used SICAD2 (VEF52/US$). As a result, comparisons vs. previous historical periods is biased downward. Adjusted EBITDA excludes: (i) non-
recurring gains (losses); and (ii) gains (losses) from fair value adjustments to biological assets. LTM revenues and EBITDA excludes contributions from the sale of biological assets to the Hancock JV. Revenues in 2Q15 include
adjustments to Venezuelan operations carried out on 1Q15 due to a change in the exchange rate regime (-US$105mn). Consolidated revenues excluding Venezuelan operations are US$253mn
(38) Calculated EBITDAR excludes other income (expenses) and rent expense. Debt figures include obligations from financial leases, but exclude derivatives.
(39) Avianca total debt is adjusted to include lease expense (estimated as 7 times annualized rent expense). LTM EBITDAR and EBITDAR in 1Q15 excludes one-time expenses of: (i) US$10.1mn associated to extraordinary A330
return conditions expenses; and (ii) US$1.3mn of non-usable aircraft spare parts.
(40) Debt figures includes obligations under the Parapat Agreement (US$1.35bn) and ColTel's prepetual hybrid bond issuance (US$500mn). On January 31, 2015, ColTel adopted IFRS which resulted in the Parapat obligation being
reported as a financial lease (vs. an operational lease under Colombian GAAP). However, under the covenants governing ColTel's 2022 bonds, net leverage is calculated under Colombian GAAP. Net leverage figures are reported
on LTM basis.
(41) Cash balance includes short-term investments, but excludes portfolio investments. Results from and 1Q15 were restated due to the adoption of IFRS in 1Q15.
(42) EBITDA in 2Q15, 1Q15 and 2Q14 includes US$27mn, US$3mn and US$25mn, respectively in take-or-pay fees on disrupted transport capacity of the Bicentenario pipeline. Short-term debt and long-term debt include
obligations under financials leases (US$18mn and US$26mn in 2Q15, respectively).
(43) Cash costs per ton (and consequently EBITDA per ton) use total cash costs (including thermal coal costs) divided by steel volumes only, and therefore do not reflect actual steel cash costs per ton. Cash includes short-term
investments.
(44) 2Q15 EBITDA excludes US$22mn related to non-cash inventory revaluations in Alpek’s books. EBITDA in 2Q15 also excludes US$28mn related to insurance payments at Sigma following a fire in its Spanish operations (in
November 2014). EBITDA in 1Q15 excludes US$20mn related to an inventory write-off at Alpek and a non-recurring profit of US$26mn arising from the sale of Polioles’ polyurethane business.
(45) Adjusted Ebitda is Alpek´s reported EBITDA excluding non-recurring items. EBITDA excludes the impact of non-cash inventory revaluations of US$22mn in 2Q15. EBITDA in 1Q15 excludes US$20mn related to inventory write-
offs and a non-recurring profit arising from the sale of Polioles’ polyurethane business in 1Q15.
(46) Short term debt includes current portion of long-term debt. May not match debt as specified by the company as CS excludes employee benefits, deferred revenue and asset retirement obligations. Net debt is calculated using
total cash and CS net debt excludes FV option of convertible bond.
(59) Gross Revenue includes IEPS credits.
(48) Reported EBITDA excludes the impact of asset retirement obligation accretion, non-cash changes in inventory, gain (loss) on disposal of fixed assets, non-capitalized exploration costs and labor obligations. ST Debt includes
Interest on notes payable, bank loans, bank credit lines and short-term capital leases.
(49) EBITDA is as reported by the company, and adds back non-cash charges.
(50) Santa Maria started operations on February 15, 2014, while La Covadonga started operations on May 28, 2014. Under the indenture, the Parent company (CP Latina) is obliged to pay the Issuing entity (Latina Offshore Limited)
the bareboat charter rate regardless of the rigs operating performance.
(51) Cash figure includes ST portion of restricted cash. In 3Q15, 2Q15, and 3Q14, ST restricted cash totaled US$173mn, US$203mn and US$188mn, respectively.
(52) Net Operating Income is calculated as Total Revenues less Operating, Maintenance and Insurance Expense. Cash includes ST investments. Leverage and coverage ratios are calculated using Net Operating Income.
(53) As part of the company’s transition to IFRS, FAMSA stated that they are required to register interest expense on bank deposits under CoGS . Restated results exclude Discontinued Operations in USA-West region.
(54) Excludes results from Gruma Venezuela. 1Q15 and 2Q14 results were re-stated to exclude Molinera de Mexico and GIMSA's corn flour operations after they were re-classified as held for sale in 2Q14 and 3Q14 respectively.
CS EBITDA excludes the impact from other non cash items.
(55) Total debt is as reported by Maxcom.
(56) LTM EBITDA excludes one-time non-recurring earnings of US$16.8mn in Fluorine related to a legal settlement in 4Q14.
(57) Total debt includes capital leases and derivatives. Interest expense is comprehensive financial results, as reported by the company.
(58) ODH revenue, EBITDA and gross leverage are for the Consolidated entity. Guarantor group LTM revenue, EBITDA and gross leverage were US$275mn, US$231mn and 4.0x at 1Q15, respectively.
(60) All ratios are calculated using LTM figures in view of the company's seasonal exposure. Includes MXN 44.9mn of non-recurring expenses associated with the sale of Scribe to Bio Pappel in 2Q15 and MXN 0.55mn in the 1Q15.
(61) Adjusted EBITDA is calculated as reported EBITDA less non-recurring items. Non-recurring items totaled US$44mn and US$28mn in 3Q15 and 2Q15, respectively.
(62) Adjusted EBITDA excludes equity in investees and other income/expenses.
(63) Adjusted EBITDA is EBITDA before fair value adjustments (b.f.v.a) to biological assets and stock option costs. Cash cost calculation differs from Camposol's reported figure, as CS excludes depreciation and amortization.
Including D&A, cash costs would have increased 38% yoy to US$2.02/kg in 2Q15.
(64) Adjusted EBITDA reflects expenses related to the Fosfatos del Pacifico and Salmueras Sudamericanas projects which are not linked to the cement business and are currently in pre-operating stages, and therefore not
generating revenues. 2Q15 adjusted EBITDA includes an income of PEN8.9mn (US$2.8mn) for the sale of a real estate asset. Cash includes short term bank deposits.
(65) Ferreycorp debt includes Caterpillar financing.
(66) Credit Suisse EBITDA excludes dividends received from subsidiaries. Dividends received were US$0.4mn, US$0.6mn and US$12mn in 2Q15, 1Q15 and 2Q14, respectively.
(67) Debt figures exclude operational leases.
(68) Adjusted EBITDA excludes MTM of investment properties.
(69) The company calculates EBITDA as operating profit plus: (i) depreciation; and (ii) amortization not related to operational activities.
(70) Silver sales volume is not meaningful due to hedging liquidation. LTM EBITDA excludes US$11.7mn from gains related to the sale of the Belo Horizonte hydroelectric project in 2Q14.
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Latin America Bond Pricing Sheet 22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15
ARGENTINA 4.1 358 1.94% 3.48% 3.00 969 894 -75 10.15 AEROAR 10.75 '20 Transportation 10.75% 01-Dec-20 2.5 221 Caa1 / CCC- / nr CCC 101.199 102.812 1.80% 9.24% 2.10 5yr UST 951 858 -93 9.44
APSAAR 7.875 '17 Real Estate 7.875% 11-May-17 1.5 110 nr / CCC- / B- CCC+ 98.375 97.500 -0.73% 7.23% 1.34 2yr UST 841 895 54 9.68
ARCO 6.625 '23 Consumer Products 6.625% 27-Sep-23 7.9 474 Ba3 / nr / BB+ BB 82.625 83.750 1.52% -8.93% 5.77 10yr UST 807 771 -36 9.60
ARCOR 7.25 '17 Consumer Products 7.25% 09-Nov-17 1.0 200 B2 / nr / B- B 102.250 103.000 0.87% 6.34% 0.95 2yr UST 452 366 -86 4.20
BHIP 9.75 '16 Financials 9.75% 27-Apr-16 0.5 225 Caa1 / CCC- / NR CCC 99.875 100.250 0.57% 7.21% 0.46 2yr UST 962 878 -84 9.19
BMAAR 8.5 '17 Financials 8.5% 01-Feb-17 1.2 106 Caa1 / nr / CCC CCC+ 98.875 99.500 0.80% 8.21% 1.13 2yr UST 889 826 -63 8.91
BMAAR 9.75 '36 Financials 9.75% 18-Dec-36 7.6 149 Ca / nr / CC CC 97.875 97.875 0.19% 18.26% 5.25 10yr UST 800 798 -2 9.67
CAPEX 10 '18 Utilities 10% 10-Mar-18 2.4 200 nr / CCC- / CCC CCC 91.625 93.125 1.85% 11.79% 1.98 2yr UST 1343 1251 -92 13.49
EDNAR 9.75 '22 Utilities 9.75% 25-Oct-22 7.0 176 Caa3 / CCC- / nr CCC- 85.000 89.500 5.52% 41.12% 4.81 10yr UST 1145 1024 -121 12.01
GALIAR 8.75 '18 Financials 8.75% 04-May-18 1.5 300 Caa1 / CCC- / nr CCC 101.875 103.500 1.76% 10.60% 1.36 2yr UST 694 568 -126 6.32
IRSAAR 8.5 '17 Real Estate 8.5% 02-Feb-17 1.3 150 nr / CCC- / B- CCC+ 98.750 100.000 1.43% 8.48% 1.14 2yr UST 899 783 -116 8.48
IRSAAR 11.5 '20 Real Estate 11.5% 20-Jul-20 4.7 150 nr / CCC- / B- CCC+ 104.750 106.625 2.00% 3.31% 3.52 5yr UST 890 826 -64 9.71
MASHER 12.625 '21 Consumer Products 12.625% 03-Jul-21 5.7 200 nr / CCC- / CCC- CCC- 89.875 92.125 2.78% 9.91% 3.70 5yr UST 1387 1309 -78 14.71
NM 7.25 '22 Transportation 7.25% 01-May-22 6.5 375 B2 / B+ / nr B+ 84.000 83.875 0.02% -10.35% 4.90 10yr UST 912 902 -10 10.76
PANAME 7.875 '21 Energy 7.875% 07-May-21 4.5 500 B2 / nr / B B 99.000 99.875 1.04% 4.70% 3.58 5yr UST 686 648 -38 7.91
PESAAR 5.875 '17 Energy 5.875% 15-May-17 1.5 300 Ba2 / BB / BBB- BB+ 94.500 97.625 3.43% 2.32% 1.40 2yr UST 915 681 -234 7.54
TRAGAS 7.875 '17 Utilities 7.875% 14-May-17 1.0 123 Caa1 / CCC- / nr CCC 96.731 97.733 1.19% 7.29% 0.91 2yr UST 1069 957 -112 10.27
TRANAR 9.75 '21 Utilities 9.75% 15-Aug-21 5.8 101 nr / CCC- / nr CCC- 83.125 83.375 0.53% 20.67% 4.03 5yr UST 1260 1240 -21 14.03
ULTR 8.875 '21 Transportation 8.875% 15-Jun-21 5.6 225 Caa1 / B- / nr B- 57.750 57.750 0.30% -39.41% 3.52 5yr UST 2093 2081 -12 22.47
YPF 8.875 '18 Energy 8.875% 19-Dec-18 3.1 762 Caa1 / nr / CCC CCC+ 101.125 103.125 2.15% 6.94% 2.62 2yr UST 745 658 -87 7.73
YPF 8.75 '24 Energy 8.75% 04-Apr-24 7.5 1,325 Caa1 / nr / CCC CCC+ 95.250 101.125 6.35% 7.18% 5.39 10yr UST 795 672 -124 8.54
YPF 8.5 '25 Energy 8.5% 28-Jul-25 9.7 1,500 Caa1 / nr / CCC CCC+ 92.125 98.625 7.24% 1.31% 6.24 10yr UST 787 670 -117 8.70
BRAZIL 6.7 878 1.06% -8.25% 4.47 873 832 -41 9.81 ANDRGI 4 ´18 Construction 4% 30-Apr-18 2.5 500 B1 / nr / BB+ BB 65.500 68.375 4.51% -17.38% 2.15 2yr UST 2189 1986 -203 20.93
ARALCO 10.125 '20 Agribusiness 10.125% 07-May-20 na 250 nr / nr / nr nr 2.579 1.433 -44.42% -82.88% nmf 2yr UST nmf nmf nmf nmf
BANBRA 3.875 '17 Financials 3.875% 23-Jan-17 1.2 500 Baa3 / nr / nr BBB- 100.000 100.750 0.83% 1.16% 1.17 2yr UST 333 261 -72 3.24
BANBRA 6 '20 Financials 6% 22-Jan-20 4.2 500 Baa3 / BB+ / BBB- BBB- 100.250 101.250 1.11% 0.42% 3.63 5yr UST 471 429 -41 5.66
BANBRA 5.375 '21 Financials 5.375% 15-Jan-21 5.2 660 Ba1 / nr / nr BB+ 93.000 94.000 1.19% -1.34% 4.36 5yr UST 559 521 -38 6.76
BANBRA 5.875 '22 Financials 5.875% 26-Jan-22 6.2 1,500 Ba1 / nr / nr BB+ 87.250 89.750 3.00% -3.21% 4.96 10yr UST 698 629 -69 7.99
BANBRA 3.875 '22 Financials 3.875% 10-Oct-22 6.9 1,925 Baa3 / BB+ / BBB- BBB- 82.375 83.625 1.61% -6.19% 5.84 10yr UST 545 507 -38 6.88
BANBRA 5.875 '23 Financials 5.875% 19-Jan-23 7.2 750 Ba1 / B+ / nr BB 86.250 87.750 1.87% -7.19% 5.55 10yr UST 676 633 -43 8.15
BANBRA 6.250 Perp Financials 6.25% Perp nmf 2,000 nr / B / nr B 49.500 53.375 8.07% -21.10% 8.41 30yr UST 1095 994 -101 12.41
BANBRA 8.5 Perp Financials 8.5% Perp nmf 1,500 Ba2 / nr / nr BB 91.000 90.250 -0.64% -10.86% 9.76 30yr UST 832 835 2 10.84
BANBRA 9.25 Perp Financials 9.25% Perp nmf 1,750 Baa1 / B / nr BB+ 68.000 70.625 4.12% -19.18% 7.53 30yr UST 1177 1118 -59 13.62
BANBRA 9 Perp Financials 9% Perp nmf 2,500 Ba3 / B / nr B+ 66.375 68.375 3.28% -19.51% 7.22 30yr UST 1134 1085 -48 13.28
BANSAF 6.75 '21 Financials 6.75% 27-Jan-21 5.2 500 Ba1 / nr / nr BB+ 103.875 103.875 0.13% 1.33% 4.31 5yr UST 448 434 -14 5.88
BANVOR 5.25 '16 Financials 5.25% 11-Feb-16 0.3 1,250 Baa3 / BB+ / nr BBB- 100.000 100.000 0.10% 2.40% 0.27 2yr UST 488 487 -1 5.19
BANVOR 7.375 '20 Financials 7.375% 21-Jan-20 4.2 867 Ba1 / nr / nr BB+ 99.375 99.500 0.27% -0.76% 3.49 5yr UST 632 614 -18 7.51
BCOABC 7.875 '20 Financials 7.875% 08-Apr-20 4.4 400 Ba1 / nr / nr BB+ 89.750 90.250 0.73% -6.48% 3.58 5yr UST 956 927 -29 10.69
BCOBMG 9.625 '17 Financials 9.625% 27-Mar-17 1.4 139 B1 / nr / nr B+ 95.125 95.500 0.59% -1.70% 1.25 2yr UST 1290 1252 -37 13.23
BCOBMG 8 '18 Financials 8% 15-Apr-18 1.4 278 B1 / nr / nr B+ 93.375 94.000 0.84% -0.97% 1.26 2yr UST 1250 1191 -59 12.78
BCOBMG 9.95 '19 Financials 9.95% 05-Nov-19 4.0 253 B2 / nr / B- B 92.125 93.625 1.84% -0.08% 3.03 5yr UST 1131 1066 -65 12.00
BCOBMG 8.875 '20 Financials 8.875% 05-Aug-20 4.8 170 B2 / nr / B- B 88.500 88.500 0.19% -3.81% 3.62 5yr UST 1078 1064 -14 12.12
BCOPAN 8.5 '20 Financials 8.5% 23-Apr-20 4.5 500 Ba3 / CCC+ / nr B 91.125 91.125 0.18% -4.94% 3.57 5yr UST 978 964 -14 11.07
BIC 8.5 '20 Financials 8.5% 27-Apr-20 4.5 300 Ba1 / nr / nr BB+ 95.375 96.875 1.75% -1.79% 3.63 5yr UST 852 795 -57 9.37
BNDES 3.375 '16 Financials 3.375% 26-Sep-16 0.9 1,250 Baa3 / BB+ / BBB- BBB- 99.500 99.874 0.44% 2.33% 0.87 2yr UST 347 298 -49 3.52
BNDES 6.369 '18 Financials 6.369% 16-Jun-18 2.6 1,000 Baa3 / BB+ / nr BBB- 99.403 101.805 2.54% 0.51% 2.33 2yr UST 572 458 -114 5.62
BNDES 4 '19 Financials 4% 14-Apr-19 3.4 1,000 Baa3 / BB+ / nr BBB- 92.149 93.305 1.34% -2.39% 3.14 5yr UST 549 495 -53 6.19
BNDES 6.5 '19 Financials 6.5% 10-Jun-19 3.6 1,000 Baa3 / BB+ / BBB- BBB- 98.305 100.021 1.88% -1.89% 3.09 5yr UST 593 524 -69 6.49
BNDES 5.5 '20 Financials 5.5% 12-Jul-20 4.7 1,000 Baa3 / BB+ / nr BBB- 93.035 93.640 0.76% -5.05% 3.97 5yr UST 595 565 -30 7.12
BNDES 5.75 '23 Financials 5.75% 26-Sep-23 7.9 1,750 Baa3 / BB+ / nr BBB- 88.846 87.631 -1.24% -10.56% 6.06 10yr UST 589 599 10 7.88
BRADES 4.125 '16 Financials 4.125% 16-May-16 0.5 500 Baa3 / BB+ / nr BBB- 100.625 101.000 0.45% 1.58% 0.52 2yr UST 259 181 -77 2.24
BRADES 4.5 '17 Financials 4.5% 12-Jan-17 1.2 800 Baa3 / BB+ / nr BBB- 100.500 100.875 0.46% 0.84% 1.14 2yr UST 354 312 -42 3.74
BRADES 6.75 '19 Financials 6.75% 29-Sep-19 3.9 750 Ba1 / nr / BB+ BB+ 104.375 104.750 0.49% 0.13% 3.40 5yr UST 434 408 -26 5.38
BRADES 5.9 '21 Financials 5.9% 16-Jan-21 5.2 1,600 Ba1 / nr / BB+ BB+ 99.625 100.000 0.49% 0.67% 4.35 5yr UST 458 436 -22 5.90
BRADES 5.75 '22 Financials 5.75% 01-Mar-22 6.3 1,100 Ba1 / nr / BB+ BB+ 96.875 96.875 0.12% -1.09% 5.16 10yr UST 478 465 -13 6.36
BRASKM 7.25 '18 Chemicals 7.25% 05-Jun-18 2.6 234 Baa3 / BBB- / BBB- BBB- 100.165 100.726 0.70% -5.03% 2.26 2yr UST 630 592 -38 6.94
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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BRASKM 7 '20 Chemicals 7% 07-May-20 4.5 400 Baa3 / BBB- / BBB- BBB- 99.491 100.162 0.81% -1.82% 3.69 5yr UST 586 554 -32 6.96
BRASKM 5.75 '21 Chemicals 5.75% 15-Apr-21 5.4 1,000 Baa3 / BBB- / BBB- BBB- 91.804 93.547 2.02% -3.01% 4.55 5yr UST 616 562 -55 7.20
BRASKM 5.375 '22 Chemicals 5.375% 02-May-22 6.5 500 Baa3 / BBB- / BBB- BBB- 86.756 87.588 1.08% -5.90% 5.28 10yr UST 641 611 -31 7.85
BRASKM 6.45 '24 Chemicals 6.45% 03-Feb-24 8.3 750 Baa3 / BBB- / BBB- BBB- 89.083 89.976 1.14% -4.95% 6.06 10yr UST 650 622 -28 8.14
BRASKM 7.125 '41 Chemicals 7.125% 22-Jul-41 25.7 750 Baa3 / BBB- / BBB- BBB- 76.977 79.463 3.41% -13.40% 9.95 30yr UST 725 684 -41 9.22
BRASKM 7.375 Perp Chemicals 7.375% Perp nmf 700 Baa3 / BBB- / BBB- BBB- 78.684 81.098 3.25% -9.13% 10.92 30yr UST 712 674 -38 9.09
BRFSBZ 6.875 '17 Food & Beverage 6.875% 24-May-17 1.6 113 Baa2 / BBB / BBB BBB 103.771 103.982 0.33% 2.14% 1.43 2yr UST 375 348 -27 4.21
BRFSBZ 7.25 '20 Food & Beverage 7.25% 28-Jan-20 4.2 118 Baa2 / BBB / BBB BBB 105.823 106.724 0.99% -0.14% 3.58 5yr UST 447 409 -38 5.45
BRFSBZ 5.875 '22 Food & Beverage 5.875% 06-Jun-22 6.6 173 Baa2 / BBB / BBB BBB 104.824 104.665 -0.04% 2.98% 5.33 10yr UST 341 330 -11 5.03
BRFSBZ 3.95 '23 Food & Beverage 3.95% 22-May-23 7.6 500 Baa2 / BBB / BBB BBB 93.494 95.436 2.16% 6.32% 6.31 10yr UST 325 281 -44 4.67
BRFSBZ 4.75 '24 Food & Beverage 4.75% 22-May-24 8.6 750 Baa2 / BBB / BBB BBB 97.152 99.667 2.68% 6.71% 6.81 10yr UST 333 284 -49 4.80
BRMLBZ 8.5 Perp Real Estate 8.5% Perp nmf 383 Ba1 / nr / BB+ BB+ 86.125 88.000 2.37% -6.96% 10.32 30yr UST 764 733 -31 9.66
BRPRSA 9 Perp Real Estate 9% Perp nmf 285 Ba3 / nr / BB BB 73.875 73.750 0.07% -19.96% 8.13 30yr UST 1005 997 -8 12.20
BRSRBZ 7.375 '22 Financials 7.375% 02-Feb-22 6.3 523 Ba2 / nr / B+ BB- 82.250 83.125 1.24% -12.99% 4.62 10yr UST 984 949 -35 11.20
BVMFBZ 5.5 '20 Financials 5.5% 16-Jul-20 4.7 612 Baa2 / BBB- / nr BBB 101.827 101.954 0.23% 0.23% 4.05 5yr UST 375 357 -17 5.03
BTGPBZ 4.875 '16 Financials 4.875% 08-Jul-16 0.7 500 Baa3 / nr / BBB- BBB- 99.288 99.546 0.36% 2.88% 0.65 2yr UST 550 508 -42 5.55
BTGPBZ 4.5 '18 Financials 4.5% 17-Apr-18 2.5 700 nr / nr / BBB- BBB- 89.677 89.424 -0.18% -0.14% 2.24 2yr UST 840 842 1 9.42
BTGPBZ 4 '20 Financials 4% 16-Jan-20 4.2 1,000 Baa3 / nr / BBB- BBB- 85.736 85.009 -0.76% -1.66% 3.68 5yr UST 681 690 9 8.29
BTGPBZ 5.75 '22 Financials 5.75% 28-Sep-22 6.9 800 Ba1 / nr / BB BB+ 83.500 83.500 0.13% -2.26% 5.39 10yr UST 734 721 -13 9.01
BTGPLU 8.75 Perp Financials 8.75% Perp nmf 1,300 Ba3 / nr / B+ BB- 89.250 90.125 1.17% -3.04% 9.66 30yr UST 818 803 -16 10.51CAIXBR 2.375 '17 Financials 2.375% 06-Nov-17 2.0 1,000 Baa3 / nr / BBB- BBB- 92.750 93.875 1.26% 1.36% 1.89 2yr UST 550 478 -72 5.64
CAIXBR 4.5 '18 Financials 4.5% 03-Oct-18 2.9 1,250 Baa3 / BB+ / BBB- BBB- 94.125 95.875 1.95% 0.88% 2.67 2yr UST 578 496 -82 6.06
CAIXBR 4.25 '19 Financials 4.25% 13-May-19 3.5 1,300 Baa3 / BB+ / BBB- BBB- 91.125 92.125 1.19% -2.28% 3.13 5yr UST 603 555 -48 6.80
CAIXBR 3.5 '22 Financials 3.5% 07-Nov-22 7.0 500 Baa3 / nr / BBB- BBB- 81.125 81.125 0.08% -3.52% 5.85 10yr UST 524 512 -12 6.95
CAIXBR 7.25 '24 Financials 7.25% 23-Jul-24 8.7 500 Ba3 / nr / BB BB 77.625 79.125 2.11% -12.15% 5.78 10yr UST 991 951 -40 11.61
CBCAMO 7.25 '21 Basic Industries 7.25% 15-Nov-21 6.0 250 B1 / BB- / nr BB- 93.125 93.625 0.69% 6.18% 4.58 5yr UST 721 696 -25 8.63
CEAGRO 10.75 '16 Agribusiness 10.75% 16-May-16 na 100 nr / D / C D 17.875 17.750 0.47% -82.72% nmf 2yr UST nmf nmf nmf nmf
CIELBZ 3.75 '22 Financials 3.75% 16-Nov-22 7.0 875 Baa2 / nr / BBB BBB 87.555 88.292 0.93% -0.37% 5.90 10yr UST 424 398 -26 5.80
CIMTUP 9.75 '18 Cement 9.75% 11-May-18 na 185 nr / D / C D 27.500 27.000 -1.13% -70.16% nmf 2yr UST nmf nmf nmf nmf
CSANBZ 7 '17 Agribusiness 7% 01-Feb-17 1.2 400 Baa3 / BBB / BBB BBB 102.534 102.123 -0.27% 2.10% 1.16 2yr UST 435 457 22 5.21
CSANBZ 5 '23 Agribusiness 5% 14-Mar-23 7.4 500 Ba2 / BB / BB+ BB 84.875 84.875 0.11% -0.28% 5.86 10yr UST 600 588 -12 7.73
CSANBZ 8.25 Perp Agribusiness 8.25% Perp nmf 500 Ba2 / BB / BB+ BB 85.000 84.750 -0.11% -9.04% 10.04 30yr UST 747 741 -6 9.73
CSNABZ 6.875 '19 Metals & Mining 6.875% 21-Sep-19 3.9 750 Ba2 / BB- / B+ BB- 56.750 59.875 5.74% -28.72% 2.95 5yr UST 2352 2163 -189 23.05
CSNABZ 6.5 '20 Metals & Mining 6.5% 21-Jul-20 4.7 1,200 Ba2 / BB- / B+ BB- 55.750 58.375 4.94% -31.64% 3.44 5yr UST 2061 1920 -140 20.74
CSNABZ 7 Perp (2)
Metals & Mining 7% Perp nmf 1,000 Ba2 / BB- / B+ BB- 44.000 46.000 4.85% -31.00% 6.47 30yr UST 1392 1310 -82 15.21
DAYCOV 5.75 '19 Financials 5.75% 19-Mar-19 3.4 500 Baa3 / BB+ / BBB- BBB- 96.250 96.750 0.64% 1.79% 2.99 5yr UST 595 564 -31 6.84
ELEBRA 6.875 '19 Utilities 6.875% 30-Jul-19 3.7 1,000 nr / BB+ / BB BB+ 89.500 89.125 -0.27% -8.01% 3.11 5yr UST 917 916 -1 10.45
ELEBRA 5.75 '21 Utilities 5.75% 27-Oct-21 6.0 1,750 Ba2 / BB+ / BB BB 80.375 79.875 -0.48% -12.04% 4.77 5yr UST 866 866 0 10.34
EMBRA 6.375 '17 Manufacturing 6.375% 24-Jan-17 1.2 230 Baa3 / BBB / nr BBB 103.699 103.497 -0.07% 2.30% 1.16 2yr UST 277 280 3 3.43
EMBRA 6.375 '20 Manufacturing 6.375% 15-Jan-20 4.2 163 Baa3 / BBB / nr BBB 107.456 107.464 0.12% 2.31% 3.67 5yr UST 321 306 -15 4.41
EMBRA 5.150 '22 Manufacturing 5.15% 15-Jun-22 6.6 500 Baa3 / BBB / nr BBB 100.199 100.584 0.48% -0.82% 5.45 10yr UST 350 330 -20 5.04
EMBRA 5.696 '23 Manufacturing 5.696% 16-Sep-23 7.9 541 Baa3 / BBB / nr BBB 101.916 101.666 -0.14% 0.09% 6.25 10yr UST 363 355 -9 5.43
EMBRA 5.050 '25 Manufacturing 5.05% 15-Jun-25 9.6 1,000 Baa3 / BBB / nr BBB 96.527 96.173 -0.27% -2.13% 7.34 10yr UST 359 353 -6 5.57
FIBRA 4.5 '16 Financials 4.5% 19-Apr-16 0.5 150 B3 / nr / nr B- 93.250 93.625 0.50% -0.18% 0.42 2yr UST 1959 1917 -42 19.54
FIBRBZ 5.25 '24 Pulp & Paper 5.25% 12-May-24 8.5 600 Ba1 / BBB- / BBB- BBB- 98.750 99.000 0.36% 3.38% 6.62 10yr UST 361 345 -16 5.40
GGBRBZ 7.25 '17 Metals & Mining 7.25% 20-Oct-17 2.0 871 nr / BBB- / BBB- BBB- 102.935 102.703 -0.09% 0.25% 1.81 2yr UST 494 493 -1 5.77
GGBRBZ 5.75 '21 Metals & Mining 5.75% 30-Jan-21 5.2 1,250 nr / BBB- / BBB- BBB- 91.852 91.558 -0.20% -5.40% 4.33 5yr UST 624 617 -6 7.74
GGBRBZ 4.75 '23 Metals & Mining 4.75% 15-Apr-23 7.5 750 Baa3 / BBB- / BBB- BBB- 82.322 82.306 0.09% -7.52% 5.97 10yr UST 619 607 -12 7.94
GGBRBZ 5.893 '24 Metals & Mining 5.893% 29-Apr-24 8.5 1,166 Baa3 / BBB- / BBB- BBB- 84.777 83.861 -0.94% -8.62% 6.34 10yr UST 661 666 5 8.61
GGBRBZ 7.25 '44 Metals & Mining 7.25% 16-Apr-44 28.5 500 Baa3 / BBB- / BBB- BBB- 77.580 75.828 -2.08% -14.78% 9.90 30yr UST 726 740 14 9.78
GLOPAR 4.875 '22 Telecom & Media 4.875% 11-Apr-22 6.4 300 Baa2 / BBB / BBB BBB 99.250 99.500 0.35% 0.39% 5.45 10yr UST 342 324 -18 4.97
GLOPAR 4.843 '25 Telecom & Media 4.843% 08-Jun-25 9.6 325 Baa2 / nr / BBB BBB 92.000 92.500 0.65% -5.17% 7.37 10yr UST 402 384 -18 5.88
GOL 9.25 '20 Transportation 9.25% 20-Jul-20 4.7 158 nr / B- / B- B- 70.125 68.875 -1.53% -24.53% 3.28 5yr UST 1775 1815 40 19.66
GOL 8.875 '22 Transportation 8.875% 24-Jan-22 6.2 325 nr / B- / B- B- 52.125 51.375 -1.11% -39.84% 3.67 10yr UST 2246 2271 26 24.46
GOL 8.75 Perp Transportation 8.75% Perp nmf 200 B3 / nr / B- B- 44.250 44.125 0.10% -42.39% 5.00 30yr UST 1794 1788 -6 19.86
GSHPBR 10 Perp Real Estate 10% Perp nmf 164 B2 / BB- / B- B 44.750 45.000 0.99% -41.75% 4.28 30yr UST 2056 2032 -25 22.22
GVOBR 10.5 '18 Agribusiness 10.5% 28-Jan-18 na 300 C / nr / nr C 1.023 1.023 -0.02% -77.78% nmf 2yr UST nmf nmf nmf nmf
GVOBR 10.875 '20 Agribusiness 10.875% 13-Jan-20 na 135 Ca / nr / C CC 17.500 17.500 0.00% -66.27% nmf 2yr UST nmf nmf nmf nmf
GVOBR 11.75 '22 Agribusiness 11.75% 09-Feb-22 na 300 C / nr / C CC 1.091 1.069 -1.97% -86.90% nmf 2yr UST nmf nmf nmf nmf
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
7
8
22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15
HYPER 6.5 '21 Retail 6.5% 20-Apr-21 3.5 323 Ba2 / BB / BB+ BB 98.500 100.000 1.65% -0.18% 3.05 5yr UST 600 535 -65 6.50
HSBC 4 '16 Financials 4% 11-May-16 0.5 500 Baa2 / BB+ / nr BBB- 100.124 100.190 0.14% 1.36% 0.50 2yr UST 338 321 -17 3.63
INCMBZ 5.75 '24 Cement 5.75% 17-Jul-24 8.7 750 nr / BB- / BB BB 68.625 67.000 -2.21% -17.62% 5.99 10yr UST 969 996 27 11.95
ITAU 2.850 '18 Financials 2.85% 26-May-18 2.6 1,050 Ba1 / BB+ / BBB BBB- 95.500 97.125 1.76% -2.05% 2.41 2yr UST 385 303 -82 4.04
ITAU 6.2 '20 Financials 6.2% 15-Apr-20 4.4 1,000 Ba1 / nr / BB+ BB+ 102.000 102.875 0.98% 1.18% 3.85 5yr UST 442 406 -37 5.46
ITAU 5.75 '21 Financials 5.75% 22-Jan-21 5.2 1,250 Ba1 / nr / BB+ BB+ 98.625 99.375 0.87% 0.20% 4.38 5yr UST 465 435 -31 5.89
ITAU 6.2 '21 Financials 6.2% 21-Dec-21 6.1 1,050 Ba1 / nr / BB+ BB+ 99.875 100.250 0.50% 0.25% 4.93 5yr UST 468 447 -21 6.15
ITAU 5.5 '22 Financials 5.5% 06-Aug-22 6.8 1,375 Ba1 / nr / BB+ BB+ 92.500 93.125 0.79% -3.37% 5.43 10yr UST 526 501 -25 6.78
ITAU 5.65 '22 Financials 5.65% 19-Mar-22 6.4 1,250 Ba1 / nr / BB+ BB+ 94.000 94.500 0.65% -2.01% 5.20 10yr UST 523 500 -23 6.72
ITAU 5.125 '23 Financials 5.125% 13-May-23 7.5 1,870 Ba1 / nr / BB+ BB+ 88.375 89.875 1.81% -5.83% 5.89 10yr UST 540 500 -40 6.87
JBSSBZ 10.5 '16 Food & Beverage 10.5% 04-Aug-16 0.8 184 Ba2 / BB+ / BB+ BB+ 104.375 104.375 0.20% 3.24% 0.71 2yr UST 420 401 -18 4.50
JBSSBZ 10.25 '16 Food & Beverage 10.25% 05-Oct-16 0.9 202 Ba2 / BB+ / nr BB+ 105.250 105.125 0.07% 4.10% 0.88 2yr UST 401 397 -4 4.51
JBSSBZ 8.25 '20 Food & Beverage 8.25% 01-Feb-20 2.2 700 Ba2 / BB+ / BB+ BB+ 104.875 105.000 0.27% 6.63% 2.00 2yr UST 517 496 -20 5.83
JBSSBZ 7.25 '21 Food & Beverage 7.25% 01-Jun-21 3.6 1,150 Ba2 / BB+ / BB+ BB+ 104.250 104.375 0.26% 7.02% 3.04 5yr UST 488 469 -19 5.87
JBSSBZ 6.25 '23 Food & Beverage 6.25% 05-Feb-23 7.3 775 nr / BB+ / BB+ BB+ 96.750 97.375 0.77% 7.89% 5.64 10yr UST 513 489 -24 6.71
JBSSBZ 7.75 '20 Food & Beverage 7.75% 28-Oct-20 4.0 1,000 nr / BB+ / BB+ BB+ 105.250 106.125 0.97% 9.42% 3.42 5yr UST 514 474 -40 6.00
JBSSBZ 5.875 '24 Food & Beverage 5.875% 15-Jul-24 8.7 750 Ba2 / BB+ / nr BB+ 97.625 98.375 0.89% 4.65% 6.60 10yr UST 439 416 -23 6.12
JBSSBZ 7.25 '24 Food & Beverage 7.25% 03-Apr-24 8.4 750 nr / BB+ / BB+ BB+ 102.125 103.250 1.24% 10.62% 6.23 10yr UST 512 482 -30 6.74
JBSSBZ 5.75 '25 Food & Beverage 5.75% 15-Jun-25 9.6 900 Ba2 / BB+ / nr BB+ 95.375 96.625 1.43% -0.34% 7.08 10yr UST 448 419 -29 6.22
KLAB 5.25 '24 Pulp & Paper 5.25% 16-Jul-24 8.7 500 nr / BBB- / BBB- BBB- 87.985 89.990 2.39% -2.99% 6.65 10yr UST 527 482 -45 6.79
MAGGBZ 7.875 '20 Capital Goods 7.875% 30-Mar-20 4.4 178 B1 / BB / nr BB- 79.250 80.500 1.77% -12.17% 3.46 5yr UST 1308 1250 -58 13.94
MAGGBZ 8.625 Perp Capital Goods 8.625% Perp nmf 250 nr / BB / BB BB 62.500 61.875 -0.73% -28.73% 7.10 30yr UST 1173 1177 4 13.94
MARFRI 9.625 '16 Food & Beverage 9.625% 16-Nov-16 1.0 184 B2 / B+ / B+ B+ 101.875 102.000 0.31% 5.76% 0.93 2yr UST 723 699 -23 7.58
MARFRI 9.875 '17 Food & Beverage 9.875% 24-Jul-17 1.7 155 B2 / B+ / B+ B+ 98.625 99.750 1.34% 2.78% 1.51 2yr UST 1007 923 -84 10.02
MARFRI 8.375 '18 Food & Beverage 8.375% 09-May-18 2.5 574 B2 / B+ / B+ B+ 97.250 97.625 0.55% 5.66% 2.13 2yr UST 876 845 -31 9.46
MARFRI 6.875 '19 Food & Beverage 6.875% 24-Jun-19 3.6 711 B2 / B+ / B+ B+ 89.625 91.250 1.96% 3.57% 3.03 5yr UST 922 851 -71 9.78
MARFRI 9.5 '20 Food & Beverage 9.5% 04-May-20 4.5 680 B2 / B+ / B+ B+ 99.375 100.500 1.32% 6.69% 3.44 5yr UST 840 794 -46 9.36
MINERV 12.25 '22 Food & Beverage 12.25% 10-Feb-22 2.3 130 B1 / BB- / BB- BB- 108.125 108.000 0.10% 2.99% 1.92 2yr UST 918 910 -8 9.86
MINERV 7.75 '23 Food & Beverage 7.75% 31-Jan-23 7.2 1,050 B1 / BB- / BB- BB- 97.250 98.750 1.70% 7.35% 5.34 10yr UST 658 617 -41 7.98
MINERV 8.75 Perp Food & Beverage 8.75% Perp nmf 300 nr / BB- / BB- BB- 93.625 93.125 -0.35% 3.83% 10.56 30yr UST 709 706 -4 9.40
NORBRA 4.375 '19 Financials 4.375% 03-May-19 3.5 300 Baa3 / BB+ / nr BBB- 91.000 91.125 0.23% -3.70% 3.16 5yr UST 623 605 -18 7.29
OAS 8.25 '19 Construction 8.25% 19-Oct-19 na 875 WR / nr / nr nr 6.375 7.125 11.76% -81.13% nmf 2yr UST nmf nmf nmf nmf
OAS 8.875 Perp Construction 8.875% Perp nmf 500 WR / nr / nr nr 8.875 8.500 -4.23% -74.34% nmf 2yr UST nmf nmf nmf nmf
ODBR 4.375 '25 Construction 4.375% 25-Apr-25 9.5 519 Baa3 / BBB- / BBB- BBB- 61.015 61.375 0.73% -23.89% 6.91 10yr UST 918 899 -19 11.05
ODBR 5.25 '29 Construction 5.25% 27-Jun-29 13.7 500 Baa3 / BBB- / BBB- BBB- 57.764 57.899 0.41% -29.44% 7.84 30yr UST 928 915 -13 11.40
ODBR 7.125 '42 Construction 7.125% 26-Jun-42 26.7 850 Baa3 / BBB- / BBB- BBB- 59.439 60.127 1.39% -22.95% 8.02 30yr UST 1013 989 -24 12.21
ODBR 7.5 Perp Construction 7.5% Perp nmf 750 Baa3 / BBB- / BBB- BBB- 58.616 60.202 2.95% -29.47% 7.90 30yr UST 1069 1024 -45 12.46
ODEBRE 6.35 '21 Energy 6.35% 30-Jun-21 4.1 1,230 B2 / nr / B B 44.750 47.125 5.58% -45.14% 2.21 5yr UST 3350 3121 -229 32.71
ODEBRE 6.625 '22 Energy 6.625% 01-Oct-22 5.2 542 Caa1 / B+ / B- B- 31.250 32.375 4.01% -60.18% 2.20 10yr UST 4182 4026 -156 41.72
ODEBRE 6.75 '22 Energy 6.75% 01-Oct-22 5.3 1,531 Caa1 / B+ / B- B- 32.125 33.000 3.13% -60.24% 2.35 10yr UST 3973 3860 -113 40.09
ODEBRE 7 Perp Energy 7% Perp nmf 550 nr / B / nr B 26.500 25.000 -5.15% -57.10% 3.54 30yr UST 2711 2892 181 28.00
OGXPBZ 8.5 '18 Energy 8.5% 01-Jun-18 na 2,563 nr / nr / nr nr 0.001 0.001 nmf nmf nmf 2yr UST nmf nmf nmf nmf
OGXPBZ 8.375 '22 Energy 8.375% 01-Apr-22 na 1,063 nr / nr / nr nr 0.001 0.001 nmf nmf nmf 2yr UST nmf nmf nmf nmf
OIBRBZ 5.5 '20 Telecom & Media 5.5% 23-Oct-20 5.0 1,787 Ba3 / BB+ / BB BB 60.875 67.750 11.47% -22.74% 3.97 5yr UST 1618 1336 -282 14.91
OIBRBZ 5.75 '22 Telecom & Media 5.75% 10-Feb-22 6.3 1,500 B1 / BB+ / BB BB 52.625 61.000 16.13% -29.16% 4.57 10yr UST 1732 1400 -332 15.76
PETBRA 3.875 '16 Energy 3.875% 27-Jan-16 0.2 2,500 Ba2 / BB / BBB- BB+ 99.500 99.750 0.33% 4.51% 0.23 2yr UST 555 460 -95 4.91
PETBRA 6.125 '16 Energy 6.125% 06-Oct-16 0.9 899 Ba2 / BB / BBB- BB+ 100.125 100.375 0.37% 4.34% 0.88 2yr UST 551 515 -36 5.70
PETBRA 2 '16 Energy 2% 20-May-16 0.5 1,250 Ba2 / BB / BBB- BB+ 97.875 98.250 0.42% 4.58% 0.53 2yr UST 549 485 -64 5.28
PETBRA 3.5 '17 Energy 3.5% 06-Feb-17 1.3 1,750 Ba2 / BB / BBB- BB+ 94.750 96.375 1.79% 3.87% 1.19 2yr UST 734 589 -145 6.54
PETBRA 3.25 '17 Energy 3.25% 17-Mar-17 1.4 1,600 Ba2 / BB / BBB- BB+ 94.125 95.500 1.53% 3.76% 1.30 2yr UST 721 605 -115 6.73
PETBRA 5.875 '18 Energy 5.875% 01-Mar-18 2.3 1,750 Ba2 / BB / BBB- BB+ 92.375 94.125 2.02% 0.28% 2.09 2yr UST 875 775 -100 8.71
PETBRA 8.375 '18 Energy 8.375% 10-Dec-18 3.1 577 Ba2 / BB / BBB- BB+ 97.250 98.875 1.84% -0.59% 2.59 2yr UST 841 765 -76 8.79
PETBRA 7.875 '19 Energy 7.875% 15-Mar-19 3.4 2,750 Ba2 / BB / BBB- BB+ 92.625 94.375 2.05% -3.46% 2.84 5yr UST 945 867 -79 9.87
PETBRA 3 '19 Energy 3% 15-Jan-19 3.2 2,000 Ba2 / BB / BBB- BB+ 80.625 82.875 2.86% -3.98% 2.89 5yr UST 917 811 -105 9.31
PETBRA 5.75 '20 Energy 5.75% 20-Jan-20 4.2 2,500 Ba2 / BB / BBB- BB+ 82.750 84.750 2.55% -8.60% 3.51 5yr UST 970 890 -80 10.30
PETBRA 4.875 '20 Energy 4.875% 17-Mar-20 4.4 1,500 Ba2 / BB / BBB- BB+ 80.000 81.500 1.99% -8.14% 3.72 5yr UST 942 880 -62 10.22
PETBRA 5.375 '21 Energy 5.375% 27-Jan-21 5.2 5,250 Ba2 / BB / BBB- BB+ 78.000 81.375 4.46% -7.75% 4.26 5yr UST 956 846 -110 10.03
PETBRA 4.375 '23 Energy 4.375% 20-May-23 7.5 3,500 Ba2 / BB / BBB- BB+ 69.625 72.750 4.61% -11.90% 5.84 10yr UST 847 762 -85 9.52
PETBRA 6.25 '24 Energy 6.25% 17-Mar-24 8.4 2,500 Ba2 / BB / BBB- BB+ 77.500 80.125 3.54% -10.56% 6.05 10yr UST 850 783 -66 9.78
PETBRA 6.875 '40 Energy 6.875% 20-Jan-40 24.2 1,500 Ba2 / BB / BBB- BB+ 69.375 71.250 2.90% -18.04% 9.34 30yr UST 807 770 -38 10.06
PETBRA 6.75 '41 Energy 6.75% 27-Jan-41 25.3 2,250 Ba2 / BB / BBB- BB+ 69.375 71.000 2.53% -17.51% 9.57 30yr UST 785 752 -33 9.89
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
7
9
22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15
PETBRA 5.625 '43 Energy 5.625% 20-May-43 27.6 1,750 Ba2 / BB / BBB- BB+ 64.000 65.500 2.51% -14.98% 10.50 30yr UST 693 663 -30 9.04
PETBRA 7.25 '44 Energy 7.25% 17-Mar-44 28.4 1,000 Ba2 / BB / BBB- BB+ 72.125 74.250 3.14% -18.09% 9.67 30yr UST 802 762 -40 9.99
PETBRA 6.85 2115 Energy 6.85% 05-Jun-15 99.7 2,500 Ba2 / BB / BBB- BB+ 67.000 68.375 2.25% -14.26% 9.59 30yr UST 795 765 -30 10.02
QGOGBZ 5.25 '18 Energy 5.25% 30-Jul-18 1.4 316 B1 / nr / BB BB- 66.625 69.625 4.66% -22.17% 0.87 2yr UST 4232 3778 -454 38.76
QGOGCO 6.25 '19 Energy 6.25% 09-Nov-19 4.0 700 nr / B+ / BB- BB- 45.625 47.000 3.28% -17.72% 2.77 5yr UST 2932 2824 -108 29.70
SABESP 7.5 '16 Utilities 7.5% 03-Nov-16 1.0 140 nr / BB / BB BB 99.125 99.375 0.40% 2.98% 0.94 2yr UST 792 759 -33 8.16
SABESP 6.25 '20 Utilities 6.25% 16-Dec-20 5.1 350 nr / BB / BB BB 86.875 86.750 0.00% -5.70% 4.09 5yr UST 814 804 -10 9.58
SAMMIN 4.125 '22 Metals & Mining 4.125% 01-Nov-22 7.0 1,000 Baa3 / BB+ / BBB BBB- 82.375 82.750 0.55% -2.19% 5.83 10yr UST 570 550 -20 7.32
SAMMIN 5.75 '23 Metals & Mining 5.75% 24-Oct-23 8.0 700 Baa3 / BB+ / BBB BBB- 89.500 89.125 -0.29% -2.44% 6.16 10yr UST 575 569 -6 7.59
SAMMIN 5.375 '24 Metals & Mining 5.375% 26-Sep-24 8.9 500 Baa3 / BB+ / BBB BBB- 85.500 86.750 1.58% -0.71% 6.74 10yr UST 578 545 -33 7.44
SANBBZ 4.25 '16 Financials 4.25% 14-Jan-16 0.2 850 Baa2 / BB+ / nr BBB- 100.292 100.318 0.11% 2.16% 0.20 2yr UST 252 229 -24 2.60
SANBBZ 4.625 '17 Financials 4.625% 13-Feb-17 1.3 1,350 Baa2 / BB+ / BBB BBB- 100.796 101.144 0.43% 0.91% 1.22 2yr UST 343 305 -38 3.70
SANBBZ 6 '24 Financials 6% 29-Jan-24 8.2 1,248 nr / B+ / nr B+ 97.750 97.375 -0.26% 5.01% 6.29 10yr UST 456 450 -6 6.41
SCHAHN 5.875 '22 Energy 5.875% 25-Sep-22 nmf 652 C / nr / D CI 21.000 22.750 8.33% -70.56% nmf 10yr UST nmf nmf nmf nmf
SUZANO 5.875 '21 Pulp & Paper 5.875% 23-Jan-21 5.2 646 Ba2 / BB+ / BB BB 100.250 100.625 0.49% 3.45% 4.38 5yr UST 442 419 -22 5.73
TAM 7.375 '17 Transportation 7.375% 25-Apr-17 1.5 298 nr / BB- / BB- BB- 97.000 96.125 -0.75% 0.02% 1.35 2yr UST 897 954 58 10.26
TAM 8.375 '21 Transportation 8.375% 03-Jun-21 5.6 500 nr / BB- / BB- BB- 80.625 80.250 -0.26% -15.97% 3.98 5yr UST 1192 1190 -2 13.52
TONOBZ 10.5 '24 Agribusiness 10.5% 14-May-24 na 230 nr / CCC- / CC CC 51.375 62.875 22.78% -18.23% nmf 2yr UST nmf nmf nmf nmf
TUPY 6.625 '24 Basic Industries 6.625% 17-Jul-24 8.7 350 nr / BB- / BB BB 89.125 89.500 0.57% -1.94% 6.22 10yr UST 657 639 -19 8.34
UGPABZ 7.25 '15 Chemicals 7.25% 20-Dec-15 0.1 246 nr / BBB- / nr BBB- 100.080 100.250 0.31% 1.66% 0.13 2yr UST 630 495 -135 5.18
USIM 7.25 '18 Metals & Mining 7.25% 18-Jan-18 2.2 180 Ba3 / B+ / BB BB- 80.000 78.875 -1.23% -21.99% 1.83 2yr UST 1778 1847 69 19.44
USJACU 9.875 '19 Agribusiness 9.875% 09-Nov-19 4.0 275 nr / B- / CC CCC 38.375 39.500 3.43% -32.87% 2.19 5yr UST 4229 4106 -122 42.55
VALEBZ 6.25 '16 Metals & Mining 6.25% 11-Jan-16 0.2 1,000 Baa2 / BBB / BBB+ BBB 100.737 100.697 0.08% 1.97% 0.19 2yr UST 228 218 -10 2.49
VALEBZ 6.25 '17 Metals & Mining 6.25% 23-Jan-17 1.2 1,250 Baa2 / BBB / BBB+ BBB 102.268 102.132 -0.02% 0.55% 1.15 2yr UST 380 380 0 4.43
VALEBZ 5.625 '19 Metals & Mining 5.625% 15-Sep-19 3.9 1,000 Baa2 / BBB / BBB+ BBB 101.464 101.399 0.04% -0.21% 3.42 5yr UST 405 392 -13 5.22
VALEBZ 4.625 '20 Metals & Mining 4.625% 15-Sep-20 4.9 1,000 Baa2 / BBB / BBB+ BBB 97.137 96.929 -0.12% 0.09% 4.26 5yr UST 395 386 -9 5.35
VALEBZ 4.375 '22 Metals & Mining 4.375% 11-Jan-22 6.2 2,250 Baa2 / BBB / BBB+ BBB 90.896 91.422 0.67% -1.02% 5.21 10yr UST 459 435 -24 6.06
VALEBZ 8.25 '34 Metals & Mining 8.25% 17-Jan-34 18.2 800 Baa2 / BBB / BBB+ BBB 96.334 95.351 -0.85% -14.13% 8.90 30yr UST 644 646 2 8.76
VALEBZ 6.875 '36 Metals & Mining 6.875% 21-Nov-36 21.1 2,500 Baa2 / BBB / BBB+ BBB 81.635 81.151 -0.43% -17.68% 9.58 30yr UST 653 650 -3 8.87
VALEBZ 6.875 '39 Metals & Mining 6.875% 10-Nov-39 24.0 1,750 Baa2 / BBB / BBB+ BBB 80.740 80.210 -0.49% -18.99% 9.91 30yr UST 652 650 -2 8.88
VALEBZ 5.625 '42 Metals & Mining 5.625% 11-Sep-42 26.9 1,500 Baa2 / BBB / BBB+ BBB 71.593 70.857 -0.87% -19.06% 11.28 30yr UST 593 594 1 8.37
VOTORA 6.625 '19 Conglomerates 6.625% 25-Sep-19 3.9 281 nr / BBB- / BBB BBB 99.781 99.235 -0.42% -1.63% 3.36 5yr UST 553 554 1 6.85
VOTORA 7.75 '20 Conglomerates 7.75% 24-Jun-20 4.6 205 nr / BBB- / BBB BBB 100.889 100.049 -0.68% -6.13% 3.74 5yr UST 622 629 7 7.73
VOTORA 6.75 '21 Conglomerates 6.75% 05-Apr-21 5.4 340 Baa3 / BBB- / BBB BBB- 100.863 100.848 0.12% -3.86% 4.46 5yr UST 513 499 -14 6.56
VOTORA 4.75 '24 Conglomerates 4.75% 17-Jun-24 8.6 400 Baa3 / BBB- / BBB BBB- 85.039 85.979 1.21% -8.09% 6.66 10yr UST 524 496 -28 6.94
VOTORA 7.25 '41 Conglomerates 7.25% 05-Apr-41 25.4 1,250 Baa3 / BBB- / BBB BBB- 82.707 83.354 0.95% -13.28% 10.28 30yr UST 669 653 -17 8.91
CHILE 7.5 557 0.49% 2.04% 5.50 393 373 -20 5.36 AESGEN 4.56 '25 Utilities 4.56% 30-Apr-25 9.5 500 nr / BBB- / BBB- BBB- 95.669 96.877 1.36% -0.43% 7.59 10yr UST 322 294 -28 4.98
AESGEN 4.875 '29 Utilities 4.875% 25-May-29 8.1 800 Baa3 / nr / BBB- BBB- 93.910 93.879 0.07% -1.11% 6.13 30yr UST 405 394 -11 5.87
AUPIST 7.373 '22 Transportation 7.373% 15-Jun-22 3.4 311 Baa3 / BBB- / nr BBB- 109.597 109.452 0.00% 4.97% 2.94 10yr UST 305 294 -11 4.30
AUTGIL 8.25 '21 Consumer Products 8.25% 24-May-21 5.6 400 Caa1 / nr / C CCC 39.750 39.500 -0.23% 0.77% 3.04 5yr UST 3059 3069 9 32.38
AUTGIL 6.75 '23 Consumer Products 6.75% 15-Jan-23 7.2 300 Caa1 / nr / C CCC 39.750 39.750 0.33% 0.00% 4.08 10yr UST 2358 2346 -11 25.34
ANDINA 5.0 '23 Consumer Products 5% 01-Oct-23 7.9 575 nr / BBB / A- BBB+ 106.673 107.372 0.75% 6.80% 6.53 10yr UST 224 202 -22 3.91
BANCO 2.0 '17 Financials 2% 09-Nov-17 2.0 700 Aa3 / AA- / A+ AA- 100.078 100.043 0.00% 1.75% 1.95 2yr UST 123 112 -11 1.98
BANCO 4.125 '20 Financials 4.125% 07-Oct-20 4.9 500 Aa3 / AA- / A+ AA- 105.358 105.080 -0.19% 2.65% 4.44 5yr UST 160 152 -8 3.01
BANCO 3.875 '22 Financials 3.875% 08-Feb-22 6.3 500 Aa3 / AA- / A+ AA- 101.551 101.610 0.13% 3.34% 5.48 10yr UST 203 188 -14 3.58
BCENC 5.5 '21 Retail 5.5% 20-Jan-21 5.2 750 Baa3 / nr / BBB- BBB- 103.860 104.703 0.91% 4.90% 4.45 5yr UST 326 294 -32 4.48
BCENC 4.875 '23 Retail 4.875% 20-Jan-23 7.2 1,200 Baa3 / nr / BBB- BBB- 96.650 98.820 2.34% 4.38% 5.93 10yr UST 375 325 -50 5.07
BCENC 5.150 '25 Retail 5.15% 12-Feb-25 9.3 650 Baa3 / nr / BBB- BBB- 96.158 98.414 2.45% 0.62% 7.19 10yr UST 379 336 -43 5.37
BCENC 6.625 '45 Retail 6.625% 12-Feb-45 29.3 350 Baa3 / nr / BBB- BBB- 90.597 91.280 0.90% -3.90% 11.98 30yr UST 506 491 -15 7.35
BFALA 3.75 ´23 Retail 3.75% 30-Apr-23 7.5 500 nr / BBB+ / BBB+ BBB+ 97.887 98.763 0.97% 5.93% 6.46 10yr UST 234 208 -26 3.94
BFALA 4.375 ´25 Retail 4.375% 27-Jan-25 9.2 400 nr / BBB+ / BBB+ BBB+ 100.225 101.019 0.88% 7.33% 7.46 10yr UST 245 223 -22 4.24
BMETR 4.75 '24 Transportation 4.75% 04-Feb-24 8.3 500 nr / A+ / A A+ 103.857 104.671 0.87% 2.87% 6.75 10yr UST 239 215 -24 4.08
BNCHIL 6.25 '16 Financials 6.25% 15-Jun-16 0.6 200 A3 / A / nr A 102.373 102.262 0.01% 0.99% 0.59 2yr UST 205 208 3 2.52
BCRINV 3.0 '17 Financials 3% 13-Sep-17 1.9 600 A1 / A / nr A+ 101.289 101.465 0.23% 1.92% 1.80 2yr UST 160 138 -22 2.19
BCRINV 4.0 '23 Financials 4% 11-Feb-23 7.3 500 A1 / A / A- A 99.652 100.287 0.71% 4.95% 6.20 10yr UST 235 212 -23 3.95
CDEL 7.5 '19 Metals & Mining 7.5% 15-Jan-19 3.2 600 A1 / AA- / A+ A+ 114.864 114.585 -0.12% 2.10% 2.83 5yr UST 165 157 -8 2.71
CDEL 3.75 '20 Metals & Mining 3.75% 04-Nov-20 5.0 1,000 A1 / AA- / A+ A+ 102.447 102.170 -0.20% 3.14% 4.46 5yr UST 185 177 -8 3.28
CDEL 3.875 '21 Metals & Mining 3.875% 03-Nov-21 6.0 1,150 A1 / AA- / A+ A+ 101.325 101.379 0.13% 2.38% 5.32 5yr UST 210 195 -15 3.62
CDEL 3.0 '22 Metals & Mining 3% 17-Jul-22 6.7 1,250 A1 / AA- / A+ A+ 94.561 94.518 0.02% 1.21% 5.93 10yr UST 228 216 -12 3.94
CDEL 4.50 '23 Metals & Mining 4.5% 13-Aug-23 7.8 750 A1 / AA- / A+ A+ 102.260 102.270 0.09% 0.46% 6.47 10yr UST 240 227 -13 4.15
CDEL 4.50 '25 Metals & Mining 4.5% 16-Sep-25 10.0 2,000 A1 / AA- / A+ A+ 98.677 98.725 0.14% 3.12% 7.83 10yr UST 272 260 -12 4.66
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
8
0
22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15
CDEL 5.625 '35 Metals & Mining 5.625% 21-Sep-35 19.9 500 A1 / AA- / A+ A+ 101.932 103.092 1.25% -4.30% 11.94 30yr UST 315 297 -18 5.37
CDEL 6.15 '36 Metals & Mining 6.15% 24-Oct-36 21.0 500 A1 / AA- / A+ A+ 106.817 106.614 -0.08% -6.32% 11.99 30yr UST 327 320 -7 5.61
CDEL 4.250 '42 Metals & Mining 4.25% 17-Jul-42 26.7 750 A1 / AA- / A+ A+ 81.214 81.167 0.04% -8.49% 14.36 30yr UST 320 312 -7 5.62
CDEL 5.625 '43 Metals & Mining 5.625% 18-Oct-43 28.0 950 A1 / AA- / A+ A+ 99.250 99.450 0.31% -7.48% 13.94 30yr UST 328 319 -9 5.66
CDEL 4.875 '44 Metals & Mining 4.875% 04-Nov-44 29.0 980 A1 / AA- / A+ A+ 88.860 89.577 0.91% -7.73% 14.27 30yr UST 324 311 -13 5.61
CELARA 7.5 '17 Pulp & Paper 7.5% 15-Sep-17 1.9 125 Baa3 / BBB- / BBB BBB- 108.352 108.759 0.51% 2.65% 1.74 2yr UST 222 185 -37 2.66
CELARA 7.25 '19 Pulp & Paper 7.25% 29-Jul-19 3.7 499 Baa3 / BBB- / BBB BBB- 114.185 114.197 0.13% 2.80% 3.27 5yr UST 210 194 -16 3.19
CELARA 5 '21 Pulp & Paper 5% 21-Jan-21 5.2 395 Baa3 / BBB- / BBB BBB- 105.224 106.686 1.48% 5.72% 4.54 5yr UST 249 205 -44 3.58
CELARA 4.75 '22 Pulp & Paper 4.75% 11-Jan-22 5.9 497 Baa3 / BBB- / BBB BBB- 102.656 103.418 0.83% 4.52% 5.08 5yr UST 274 246 -28 4.10
CELARA 4.5 '24 Pulp & Paper 4.5% 01-Aug-24 8.8 500 Baa3 / BBB- / BBB BBB- 100.212 100.456 0.33% 4.86% 7.09 10yr UST 262 246 -15 4.44
CMPCCI 4.75 '18 Pulp & Paper 4.75% 19-Jan-18 2.0 495 Baa3 / BBB- / BBB+ BBB 103.938 103.877 0.03% 2.82% 1.85 2yr UST 199 188 -11 2.71
CMPCCI 6.125 '19 Pulp & Paper 6.125% 05-Nov-19 4.0 499 Baa3 / BBB- / BBB+ BBB 110.592 110.522 0.04% 3.70% 3.48 5yr UST 212 199 -14 3.30
CMPCCI 4.5 '22 Pulp & Paper 4.5% 25-Apr-22 6.5 500 Baa3 / BBB- / BBB+ BBB 100.795 100.953 0.24% 4.30% 5.57 10yr UST 276 260 -16 4.33
CMPCCI 4.375 '23 Pulp & Paper 4.375% 15-May-23 7.5 500 nr / BBB- / BBB+ BBB 99.320 99.845 0.61% 5.09% 6.23 10yr UST 275 254 -21 4.40
CMPCCI 4.750 '24 Pulp & Paper 4.75% 15-Sep-24 8.9 500 Baa3 / BBB- / BBB+ BBB 101.265 101.242 0.07% 4.84% 7.14 10yr UST 271 260 -11 4.58
COLBUN 6 '20 Utilities 6% 21-Jan-20 4.2 500 nr / BBB- / BBB BBB 110.657 110.982 0.40% 5.25% 3.70 5yr UST 207 184 -23 3.19
COLBUN 4.5 '24 Utilities 4.5% 10-Jul-24 8.7 500 nr / BBB- / BBB BBB 100.338 100.457 0.21% 3.49% 7.03 10yr UST 260 247 -14 4.44
CORBAN 3.125 '18 Financials 3.125% 15-Jan-18 2.2 800 Baa3 / BBB / nr BBB 100.413 100.556 0.20% 3.16% 2.09 2yr UST 215 195 -20 2.86
CORBAN 3.875 '19 Financials 3.875% 22-Sep-19 3.9 750 Baa3 / BBB / nr BBB 101.313 101.728 0.48% 4.59% 3.57 5yr UST 235 209 -26 3.40
BCGBK 6.75 '23 Financials 6.75% 15-Mar-23 7.4 500 B1 / BB- / nr BB- 95.625 96.000 0.53% 3.02% 5.63 10yr UST 583 564 -20 7.46
CTCACI 3.875 '22 Telecom & Media 3.875% 12-Oct-22 6.9 500 nr / BBB / BBB+ BBB+ 98.834 100.354 1.61% 5.81% 6.03 10yr UST 240 202 -38 3.82
ECLCI 5.625 '21 Utilities 5.625% 15-Jan-21 5.2 400 nr / BBB / BBB BBB 110.495 110.478 0.08% 6.37% 4.47 5yr UST 202 188 -14 3.41
ECLCI 4.5 '25 Utilities 4.5% 29-Jan-25 9.2 350 nr / BBB / BBB BBB 100.553 101.325 0.85% 4.51% 7.43 10yr UST 253 231 -22 4.32
ENAPCL 6.25 '19 Energy 6.25% 08-Jul-19 3.7 300 Baa3 / BBB- / A BBB 110.081 110.181 0.20% 4.46% 3.25 5yr UST 223 204 -19 3.29
ENAPCL 5.25 '20 Energy 5.25% 10-Aug-20 4.8 500 Baa3 / BBB- / A BBB 106.156 106.868 0.77% 5.40% 4.18 5yr UST 251 221 -30 3.67
ENAPCL 4.75 '21 Energy 4.75% 06-Dec-21 6.1 500 Baa3 / BBB- / A BBB 103.536 103.789 0.33% 5.68% 5.17 5yr UST 255 237 -18 4.04
ENAPCL 4.375 '24 Energy 4.375% 30-Oct-24 9.0 600 Baa3 / BBB- / A BBB 98.887 99.808 1.02% 5.54% 7.36 10yr UST 265 241 -24 4.40
ENDESA 4.25 '24 Utilities 4.25% 15-Apr-24 8.5 400 Baa2 / BBB+ / BBB+ BBB+ 101.597 101.840 0.32% 4.47% 7.05 10yr UST 220 204 -15 3.99
ENDESA 7.875 '27 Utilities 7.875% 01-Feb-27 11.3 206 Baa2 / BBB+ / NR BBB+ 130.864 128.847 -1.42% 5.23% 7.83 10yr UST 238 247 8 4.57
ENRSIS 7.4 '16 Utilities 7.4% 01-Dec-16 1.1 250 Baa2 / BBB+ / BBB+ BBB+ 105.909 105.643 -0.11% 2.45% 1.02 2yr UST 142 150 8 2.08
ENTEL 4.875 '24 Telecom & Media 4.875% 30-Oct-24 8.0 1,000 Baa2 / BBB / nr BBB 100.228 100.702 0.57% 3.39% 6.55 10yr UST 306 287 -19 4.77
ENTEL 4.75 '26 Telecom & Media 4.75% 01-Aug-26 10.2 800 Baa2 / BBB / BBB+ BBB 97.033 96.833 -0.11% 1.50% 7.88 10yr UST 315 307 -8 5.15
GENER 5.25 '21 Utilities 5.25% 15-Aug-21 5.8 402 Baa3 / BBB- / BBB- BBB- 104.932 105.781 0.91% 5.08% 4.93 5yr UST 279 249 -30 4.12
GENER 8.375 '73 Utilities 8.375% 18-Dec-73 3.6 450 Ba2 / BB / BB BB 105.625 105.500 0.04% 3.82% 3.02 5yr UST 558 547 -12 6.64
GPKLN 7.5 '20 Energy 7.5% 11-Feb-20 4.3 300 nr / B / B B 68.875 71.375 3.84% -11.37% 3.25 5yr UST 1698 1579 -119 17.22
LATAIR 7.25 '20 Transportation 7.25% 09-Jun-20 4.6 500 Ba3 / BB- / BB- BB- 91.875 92.625 0.97% -7.80% 3.68 5yr UST 816 780 -35 9.25
LBTYA 6.875 '24 Telecom & Media 6.875% 15-Jan-24 8.2 1,400 B1 / B+ / nr B+ 96.000 96.500 0.66% -0.41% 6.01 10yr UST 575 554 -21 7.45
MASISA 9.5 '19 Pulp & Paper 9.5% 05-May-19 3.5 300 nr / B+ / B+ B+ 87.250 87.250 0.21% -0.47% 2.68 5yr UST 1311 1298 -13 14.25
SANT 1.124 '17 Financials 1.221% 11-Apr-17 1.4 500 Aa3 / A / A+e A+ 99.155 98.739 -0.40% 0.99% 1.43 2yr UST 166 199 33 2.64
SANT 2.133 '18 Financials 2.209% 07-Jun-18 2.6 250 Aa3 / A / A+ A+ 99.872 100.047 0.22% 0.84% 2.52 2yr UST 212 207 -5 3.03
SANT 3.875 '22 Financials 3.875% 20-Sep-22 6.9 750 Aa3 / A / A+ A+ 100.742 100.926 0.26% 4.40% 5.97 10yr UST 210 194 -16 3.72
SQM 6.125 '16 Chemicals 6.125% 15-Apr-16 0.4 200 Baa1 / BBB / nr BBB+ 101.412 101.743 0.44% 1.94% 0.45 2yr UST 268 181 -87 2.21
SQM 5.5 '20 Chemicals 5.5% 21-Apr-20 4.5 250 Baa1 / BBB / nr BBB+ 101.334 102.154 0.92% -1.15% 3.92 5yr UST 390 354 -35 4.96
SQM 3.625 '23 Chemicals 3.625% 03-Apr-23 7.4 300 Baa1 / BBB / nr BBB+ 86.869 87.562 0.88% -5.02% 6.30 10yr UST 409 384 -25 5.70
SQM 4.375 '25 Chemicals 4.375% 28-Jan-25 9.2 250 Baa1 / BBB / nr BBB+ 87.328 87.623 0.43% -7.20% 7.25 10yr UST 429 413 -16 6.15
SMUSA 7.75 '20 Retail 7.75% 08-Feb-20 4.3 300 Caa1 / CCC+ / nr CCC+ 86.250 86.125 0.03% 24.08% 3.39 5yr UST 1069 1059 -10 11.99
SUAMBV 4.875 '24 Financials 4.875% 17-Apr-24 8.5 500 Baa1 / nr / BBB+ BBB+ 102.474 103.296 0.89% 6.91% 6.89 10yr UST 270 246 -24 4.40
TANNER 4.375 '18 Financials 4.375% 13-Mar-18 2.4 250 nr / BBB- / BBB- BBB- 100.744 100.778 0.12% 5.97% 2.21 2yr UST 323 308 -15 4.02
TSELEC 4.625 '23 Utilities 4.625% 26-Jul-23 7.7 300 Baa1 / nr / BBB BBB+ 102.953 103.722 0.83% 3.69% 6.41 10yr UST 243 219 -24 4.06
COLOMBIA 6.9 790 -0.53% -5.89% 4.91 658 665 7 8.24 AVALCB 5.25 '17 Financials 5.25% 01-Feb-17 1.2 600 Ba1 / nr / BBB BBB- 102.683 102.558 -0.02% 2.18% 1.19 2yr UST 252 250 -2 3.13
AVALCB 4.75 '22 Financials 4.75% 26-Sep-22 6.9 1,000 Ba1 / nr / BBB BBB- 96.022 97.158 1.28% 4.17% 5.77 10yr UST 379 346 -33 5.25
BANBOG 5 '17 Financials 5% 15-Jan-17 1.2 600 Baa2 / BBB- / BBB+ BBB 103.773 103.315 -0.35% 3.15% 1.15 2yr UST 132 156 24 2.18
BANBOG 5.375 '23 Financials 5.375% 19-Feb-23 7.3 500 Ba1 / nr / BBB BBB- 98.621 99.417 0.91% 3.47% 5.90 10yr UST 390 364 -26 5.47
BANCOL 6.875 '17 Financials 6.875% 25-May-17 1.6 200 Ba1 / nr / BBB BBB- 105.746 106.112 0.47% 4.85% 1.45 2yr UST 250 212 -38 2.84
BANCOL 6.125 '20 Financials 6.125% 26-Jul-20 4.7 620 Ba1 / nr / BBB BBB- 105.503 106.297 0.87% 5.92% 4.04 5yr UST 350 317 -33 4.63
BANCOL 5.95 '21 Financials 5.95% 03-Jun-21 5.6 996 Baa2 / nr / BBB+ BBB+ 107.944 108.711 0.82% 5.97% 4.66 5yr UST 289 260 -29 4.18
BANCOL 5.125 '22 Financials 5.125% 11-Sep-22 6.9 1,425 Ba1 / nr / BBB BBB- 98.742 99.589 0.96% 4.59% 5.67 10yr UST 370 342 -28 5.20
BANGAN 4.875% '25 Financials 4.875% 21-Apr-25 9.5 400 Baa3 / nr / BBB BBB 97.817 97.930 0.21% -0.75% 7.47 10yr UST 326 313 -13 5.15
COLTEL 5.375 '22 Telecom & Media 5.375% 27-Sep-22 6.9 750 nr / BB / BB BB 89.000 89.000 0.12% -4.32% 5.54 10yr UST 578 565 -13 7.44
COLTEL 8.5 Perp Telecom & Media 8.5% Perp nmf 500 nr / B / B+ B+ 90.125 90.250 0.32% -4.99% 9.92 30yr UST 794 787 -7 10.36
DAVIVI 2.95 '18 Financials 2.95% 29-Jan-18 2.2 500 Baa3 / BBB- / BBB BBB- 99.396 99.746 0.41% 4.25% 2.13 2yr UST 244 215 -29 3.07
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
30 O
cto
be
r 201
5
Latin
Am
eric
a W
eekly
Cha
rtbook
8
1
22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15
DAVIVI 5.875 '22 Financials 5.875% 09-Jul-22 6.7 500 Ba2 / nr / BBB- BB+ 99.750 101.875 2.24% 6.44% 5.39 10yr UST 430 379 -51 5.53
ECOPET 4.25 '18 Energy 4.25% 18-Sep-18 2.9 350 Baa2 / BBB / BBB BBB 101.823 102.120 0.37% 1.79% 2.68 2yr UST 264 239 -26 3.47
ECOPET 7.625 '19 Energy 7.625% 23-Jul-19 3.7 1,497 Baa2 / BBB / BBB BBB 112.059 112.232 0.29% 2.85% 3.21 5yr UST 300 280 -21 4.05
ECOPET 5.875 '23 Energy 5.875% 18-Sep-23 7.9 1,300 Baa2 / BBB / BBB BBB 100.420 100.504 0.20% -0.75% 6.20 10yr UST 405 391 -14 5.79
ECOPET 4.125 '25 Energy 4.125% 16-Jan-25 9.2 1,200 Baa2 / BBB / BBB BBB 88.005 87.992 0.08% -2.60% 7.32 10yr UST 392 380 -11 5.83
ECOPET 5.375 '26 Energy 5.375% 26-Jun-26 10.7 1,500 Baa2 / BBB / BBB BBB 93.065 92.924 -0.04% -4.06% 7.73 10yr UST 428 419 -9 6.30
ECOPET 7.375 '43 Energy 7.375% 18-Sep-43 27.9 850 Baa2 / BBB / BBB BBB 95.788 95.342 -0.32% -6.02% 11.31 30yr UST 541 537 -4 7.79
ECOPET 5.875 '45 Energy 5.875% 28-May-45 29.6 2,000 Baa2 / BBB / BBB BBB 82.005 81.839 -0.06% -7.16% 12.06 30yr UST 501 494 -6 7.40
EEBCB 6.125 '21 Utilities 6.125% 10-Nov-21 4.0 749 Baa2 / BBB- / BBB BBB 104.402 104.659 0.36% 2.55% 3.45 5yr UST 376 354 -22 4.84
EEBCB 5.7 '22 Utilities 5.7% 20-Mar-22 4.4 750 Baa3 / BBB- / BBB BBB- 103.259 103.258 0.11% 2.60% 3.83 5yr UST 365 350 -15 4.86
EEPPME 7.625 '19 Utilities 7.625% 29-Jul-19 3.7 500 Baa3 / nr / BBB+ BBB 113.985 114.297 0.40% 2.51% 3.24 5yr UST 250 226 -24 3.51
GNBSUD 7.5 '22 Financials 7.5% 30-Jul-22 6.7 250 B1 / nr / nr B+ 101.875 103.375 1.62% 2.75% 5.16 10yr UST 553 512 -41 6.86
GNBSUD 3.875 ´18 Financials 3.875% 02-May-18 2.5 300 Ba1 / nr / nr BB+ 97.750 98.125 0.46% 4.59% 2.35 2yr UST 398 369 -30 4.68
GRUPOS 5.7 '21 Financials 5.7% 18-May-21 5.5 300 nr / BBB / BBB- BBB 105.002 105.062 0.16% 3.42% 4.63 5yr UST 322 307 -15 4.65
OCENSA 4 ´21 Utilities 4% 07-May-21 5.5 500 Baa3 / BBB / nr BBB 98.003 97.850 -0.08% 5.50% 4.79 5yr UST 295 285 -10 4.44
PFAVTA 8.375 '20 Transportation 8.375% 10-May-20 4.5 550 nr / B / B+ B+ 82.750 82.500 -0.11% -13.14% 3.37 5yr UST 1228 1223 -5 13.69
PRECN 5.375 '19 Energy 5.375% 26-Jan-19 3.2 1,300 B3 / BB- / B+ B+ 45.000 41.625 -7.27% -47.80% 2.32 5yr UST 3379 3696 317 38.36
PRECN 7.25 '21 Energy 7.25% 12-Dec-21 6.1 691 B3 / BB- / B+ B+ 42.250 40.750 -3.22% -47.79% 3.53 5yr UST 2543 2627 84 28.03
PRECN 5.125 ´23 Energy 5.125% 28-Mar-23 7.4 1,000 B3 / BB- / B+ B+ 40.000 37.000 -7.25% -47.84% 4.69 10yr UST 2000 2151 150 23.43
PRECN 5.625 ´25 Energy 5.625% 19-Jan-25 9.2 1,114 B3 / BB- / B+ B+ 42.375 37.625 -10.95% -46.61% 5.06 10yr UST 1725 1934 209 21.38
MEXICO 9.8 797 1.30% -0.85% 6.17 544 548 4 7.17 ALFAA 5.25 '24 Conglomerates 5.25% 25-Mar-24 8.1 500 Baa3 / BBB- / BBB- BBB- 104.346 104.724 0.46% 5.04% 6.58 10yr UST 284 266 -18 4.55
ALFAA 6.875 '44 Conglomerates 6.875% 25-Mar-44 28.4 500 Baa3 / nr / BBB- BBB- 99.426 100.136 0.85% -2.74% 12.34 30yr UST 456 442 -14 6.86
ALPEKA 4.5 '22 Chemicals 4.5% 20-Nov-22 7.1 650 Baa3 / BBB- / BBB- BBB- 99.997 100.265 0.36% 3.08% 5.87 10yr UST 282 265 -17 4.46
ALPEKA 5.375 '23 Chemicals 5.375% 08-Aug-23 7.8 300 Baa3 / BBB- / BBB- BBB- 105.366 105.508 0.23% 4.95% 6.27 10yr UST 280 266 -15 4.52
AMXLMM 2.375 '16 Telecom & Media 2.375% 08-Sep-16 0.8 2,000 A2 / A- / A A 100.867 100.741 -0.08% 0.90% 0.84 2yr UST 92 98 6 1.49
AMXLMM 5.625 '17 Telecom & Media 5.625% 15-Nov-17 2.0 600 A2 / A- / A A 108.184 107.868 -0.19% 1.82% 1.89 2yr UST 83 82 -1 1.67
AMXLMM 5 '20 Telecom & Media 5% 30-Mar-20 4.4 2,125 A2 / A- / A A 110.573 110.232 -0.22% 3.55% 3.97 5yr UST 122 114 -8 2.53
AMXLMM 3.125 '22 Telecom & Media 3.125% 16-Jul-22 6.7 1,600 A2 / A- / A A 99.141 98.532 -0.55% 2.66% 5.94 10yr UST 163 160 -3 3.37
AMXLMM 6.375 '35 Telecom & Media 6.375% 01-Mar-35 19.3 1,000 A2 / A- / A A 117.075 116.585 -0.31% -1.44% 11.59 30yr UST 269 264 -5 5.02
AMXLMM 6.125 '37 Telecom & Media 6.125% 15-Nov-37 22.0 400 A2 / A- / A A 114.465 113.242 -0.96% -1.35% 12.34 30yr UST 269 269 0 5.12
AMXLMM 6.125 '40 Telecom & Media 6.125% 30-Mar-40 24.4 2,000 A2 / A- / A A 114.066 113.866 -0.07% -0.32% 13.28 30yr UST 274 267 -7 5.12
AMXLMM 4.375 '42 Telecom & Media 4.375% 16-Jul-42 26.7 1,150 A2 / A- / A A 94.549 92.054 -2.55% -0.42% 14.94 30yr UST 231 241 10 4.91
ARRUNI 6.250 '19 Financials 6.25% 22-Jul-19 3.7 400 nr / BB / BB BB 95.250 96.625 1.57% 11.70% 3.19 5yr UST 660 602 -58 7.30
AXTEL 9 '19 Telecom & Media 9% 22-Sep-19 3.9 102 Caa1 / nr / B- B- 97.375 100.125 3.00% 14.76% 3.19 5yr UST 865 764 -101 8.96
AXTEL 7 '20 Telecom & Media 9% 31-Jan-20 4.2 545 nr / B- / B+ B 102.375 102.750 0.54% 14.81% 3.41 5yr UST 709 684 -25 8.21
BANORT 6.862 '21 Financials 6.862% 13-Oct-21 2.2 200 Baa3 / nr / nr BBB- 101.625 101.875 0.38% 2.65% 3.00 2yr UST 358 341 -17 4.31
BBVASM 4.5 '16 Financials 4.5% 10-Mar-16 0.4 750 A3 / nr / A- A- 101.029 100.987 0.04% 1.39% 0.35 2yr UST 134 131 -3 1.68
BBVASM 7.25 '20 Financials 7.25% 22-Apr-20 4.5 1,000 Baa3 / nr / BB+ BBB- 110.875 111.375 0.58% 6.42% 3.84 5yr UST 329 302 -27 4.42
BBVASM 6.5 '21 Financials 6.5% 10-Mar-21 5.4 1,250 Baa2 / nr / BBB- BBB 110.875 110.750 0.00% 7.22% 4.52 5yr UST 281 269 -12 4.23
BBVASM 6.008 '22 Financials 6.008% 17-May-22 4.5 500 Baa3 / nr / BB+ BBB- 101.500 102.375 0.98% 5.06% 6.42 5yr UST 276 250 -26 3.91
BBVASM 6.75 '22 Financials 6.75% 30-Sep-22 6.9 1,500 Baa2 / nr / BBB- BBB 111.375 112.000 0.68% 6.63% 5.56 10yr UST 317 293 -23 4.69
BBVASM 4.375 '24 Financials 4.375% 10-Apr-24 8.4 750 A3 / nr / A- A- 102.117 102.742 0.70% 5.79% 7.01 10yr UST 225 205 -21 3.99
BIMBO 4.875 '20 Food & Beverage 4.875% 30-Jun-20 4.7 800 Baa2 / nr / BBB BBB 108.132 107.656 -0.44% 3.10% 4.12 5yr UST 170 166 -4 3.10
BIMBO 4.5 '22 Food & Beverage 4.5% 25-Jan-22 6.2 800 Baa2 / nr / BBB BBB 104.939 104.201 -0.70% 2.46% 5.36 10yr UST 205 204 -1 3.74
BIMBO 3.875 '24 Food & Beverage 3.875% 27-Jun-24 8.7 800 nr / BBB / BBB BBB 99.625 98.915 -0.71% 1.88% 7.18 10yr UST 207 205 -2 4.02
BIMBO 4.875 '44 Food & Beverage 4.875% 27-Jun-44 28.7 500 nr / BBB / BBB BBB 91.427 90.117 -1.43% -6.86% 14.36 30yr UST 305 308 2 5.57
BINBUR 4.125 '24 Financials 4.125% 06-Jun-24 8.6 1,000 nr / BBB+ / BBB+ BBB+ 98.254 97.889 -0.37% 3.59% 7.03 10yr UST 253 246 -7 4.42
BSANTM 4.125 '22 Financials 4.125% 09-Nov-22 7.0 1,000 A3 / nr / BBB+ A- 101.653 101.870 0.21% 6.25% 5.94 10yr UST 218 202 -16 3.82
BSANTM 5.950 '24 Financials 5.95% 30-Jan-24 3.2 1,300 Baa3 / nr / BB+ BBB- 103.750 104.250 0.48% 4.96% 2.89 5yr UST 370 339 -32 4.53
CEMEX Float '18 Cement 5.071% 15-Oct-18 2.7 500 nr / B+ / BB- BB- 102.750 102.750 0.10% 3.83% 2.52 2yr UST 395 395 0 4.85
CEMEX 9.5 '18 Cement 9.5% 15-Jun-18 0.6 500 nr / B+ / BB- BB- 107.875 107.875 0.17% 5.66% 0.58 2yr UST 385 369 -16 4.11CEMEX 5.875 '19 Cement 5.875% 25-Mar-19 3.4 600 nr / B+ / BB- BB- 101.000 101.750 0.86% 5.49% 3.03 5yr UST 449 410 -39 5.30
CEMEX 6.5 '19 Cement 6.5% 10-Dec-19 4.1 1,000 nr / B+ / BB- BB- 102.250 102.000 -0.12% 5.20% 3.48 5yr UST 468 460 -8 5.94
CEMEX 9.875 '19 Cement 9.875% 30-Apr-19 0.5 704 nr / B+ / BB- BB- 107.000 106.625 -0.17% 4.28% 0.48 2yr UST 511 572 61 6.04
CEMEX 7.25 '21 Cement 7.25% 15-Jan-21 4.2 1,000 nr / B+ / BB- BB- 103.000 103.125 0.26% 4.13% 3.52 5yr UST 527 508 -18 6.39
CEMEX 9.375 '22 Cement 9.375% 12-Oct-22 2.9 1,500 nr / B+ / BB- BB- 109.125 109.250 0.28% 4.24% 2.56 2yr UST 578 558 -20 6.60
CEMEX 6 '24 Cement 6% 01-Apr-24 8.4 1,000 nr / B+ / BB- BB- 97.125 96.375 -0.65% 5.20% 6.44 10yr UST 464 463 0 6.57
CEMEX 5.7 '25 Cement 5.7% 11-Jan-25 9.2 1,100 nr / B+ / BB- BB- 93.750 93.375 -0.28% 2.03% 6.84 10yr UST 473 467 -6 6.67
CEMEX 6.125 '25 Cement 6.125% 05-May-25 9.5 750 nr / B+ / BB- BB- 95.875 95.500 -0.27% -1.31% 6.76 10yr UST 482 476 -6 6.77
COBREM 10.75 '18 Metals & Mining 10.75% 15-Nov-18 3.0 225 Caa1 / nr / CCC CCC+ 27.000 27.000 0.77% -63.72% 1.39 2yr UST 7264 7280 16 74.23
CORGEO 9.25 '20 Homebuilders 9.25% 30-Jun-20 na 250 WR / nr / NR nr 1.677 0.938 -44.06% -82.95% nmf 5yr UST nmf nmf nmf nmf
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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CORGEO 8.875 '22 Homebuilders 8.875% 27-Mar-22 na 400 WR / nr / NR nr 0.376 0.331 -12.17% -94.37% nmf 2yr UST nmf nmf nmf nmf
CFELEC 4.875 '21 Utilities 4.875% 26-May-21 5.6 1,000 Baa1 / BBB+ / BBB+ BBB+ 105.052 104.938 -0.11% 2.26% 4.77 5yr UST 241 229 -12 3.88
CFELEC 4.875 '24 Utilities 4.875% 15-Jan-24 8.2 1,250 Baa1 / BBB+ / BBB+ BBB+ 102.758 102.775 0.11% 1.99% 6.64 10yr UST 267 255 -13 4.47
CFELEC 5.75 '42 Utilities 5.75% 14-Feb-42 26.3 750 Baa1 / BBB+ / BBB+ BBB+ 93.907 94.052 0.16% -6.61% 12.90 30yr UST 385 375 -9 6.21
CFELEC 6.125 '45 Utilities 6.125% 16-Jun-45 29.6 700 Baa1 / BBB+ / BBB+ BBB+ 97.106 97.092 -0.01% -1.98% 13.06 30yr UST 395 388 -8 6.34
CREAL 7.5 '19 Financials 7.5% 13-Mar-19 3.4 425 nr / BB+ / nr BB+ 102.250 103.125 1.00% 7.86% 2.92 5yr UST 570 526 -44 6.45
EKT 7.25 '18 Retail 7.25% 06-Aug-18 2.8 550 nr / nr / BB- BB- 94.875 95.875 1.20% 0.30% 2.40 2yr UST 846 789 -56 8.96
ELMTIA 5.5 '25 Construction 5.5% 15-Jan-25 9.2 425 nr / BB+ / BB+ BB+ 96.750 97.875 1.27% 5.48% 7.00 10yr UST 408 380 -28 5.80
FAMSA 4.25 '20 Retail 7.25% 01-Jun-20 4.6 250 nr / B / B+ B+ 89.250 91.750 2.96% 5.79% 3.65 5yr UST 894 807 -87 9.51
FEMSA 2.875 '23 Food & Beverage 2.875% 10-May-23 7.5 300 nr / A- / A A 95.382 94.450 -0.92% 3.66% 6.57 10yr UST 183 186 2 3.73
FEMSA 4.375 '43 Food & Beverage 4.375% 10-May-43 27.5 700 nr / A- / A A 93.814 92.769 -1.02% 2.84% 15.09 30yr UST 235 235 0 4.85
FERMCA 6.375 '38 Utilities 6.375% 30-Mar-38 13.2 539 Baa2 / BBB- / BBB- BBB- 96.769 96.849 0.21% 0.29% 8.10 30yr UST 467 456 -11 6.76
FINDEP 7.5 '19 Financials 7.5% 03-Jun-19 3.6 200 nr / B+ / BB- BB- 93.125 93.000 0.02% 0.00% 2.94 5yr UST 870 861 -10 9.86
FRES 5.5 '23 Metals & Mining 5.5% 13-Nov-23 8.0 800 Baa2 / BBB / nr BBB 104.308 105.710 1.45% 11.34% 6.34 10yr UST 307 274 -33 4.64
FUNO 5.25 '24 Real Estate 5.25% 15-Dec-24 8.9 600 Baa2 / nr / BBB BBB 103.499 104.045 0.63% 4.82% 6.94 10yr UST 293 273 -19 4.69
FUNO 6.95 '44 Real Estate 6.95% 30-Jan-44 27.8 400 Baa2 / nr / BBB BBB 103.593 104.078 0.60% -1.16% 12.30 30yr UST 435 422 -12 6.63
GCCAMM 8.125 '20 Cement 8.125% 08-Feb-20 3.3 260 nr / BB- / BB- BB- 104.875 104.875 0.15% 5.36% 2.80 5yr UST 548 533 -15 6.44
GEOMAQ 9.625 '21 Construction 9.625% 02-May-21 na 149 nr / nr / nr nr 0.307 0.339 10.26% -94.79% nmf 2yr UST nmf nmf nmf nmf
GRUMA 4.875 '24 Food & Beverage 4.875% 01-Dec-24 8.8 400 nr / BBB- / BBB- BBB- 105.795 105.863 0.15% 7.22% nmf 10yr UST 224 211 -13 4.08
HOMEX 7.5 '15 Homebuilders 7.5% 28-Sep-15 na 250 WR / nr / NR nr 3.099 4.263 37.56% -43.17% nmf 2yr UST nmf nmf nmf nmf
HOMEX 9.5 '19 Homebuilders 9.5% 11-Dec-19 na 250 WR / nr / NR nr 2.763 2.800 1.38% -54.28% nmf 2yr UST nmf nmf nmf nmf
HOMEX 9.75 '20 Homebuilders 9.75% 25-Mar-20 na 400 WR / nr / NR nr 2.740 2.794 1.97% -61.46% nmf 2yr UST nmf nmf nmf nmf
ICASA 8.375 '17 Construction 8.375% 24-Jul-17 1.7 150 B2 / B- / nr B 64.125 60.750 -5.26% -33.44% 1.29 2yr UST 3763 4178 414 42.70
ICASA 8.9 '21 Construction 8.9% 04-Feb-21 5.3 500 B2 / B- / nr B 47.375 34.750 -26.65% -58.36% 2.78 5yr UST 2744 3719 974 38.85
ICASA 8.875 '24 Construction 8.875% 29-May-24 8.6 700 B2 / B- / nr B 43.625 31.500 -27.79% -59.91% 3.14 10yr UST 2340 3170 830 33.60
IDESA 7.875 '20 Chemicals 7.875% 18-Dec-20 4.1 300 nr / BB- / BB- BB- 102.000 102.000 0.00% 5.54% 3.38 5yr UST 619 604 -15 7.30
INTSPN 7.5 '19 Energy 7.5% 24-Jan-19 3.2 701 nr / nr / nr nr 60.500 65.750 8.68% -11.08% 2.48 5yr UST 2523 2187 -336 23.10
JAVER 9.875 '21 Homebuilders 9.875% 06-Apr-21 3.4 320 B2 / B+ / B+ B+ 103.125 102.000 -0.90% 2.86% 2.84 5yr UST 788 813 24 9.18
JBYCMX 9.875 '21 Food & Beverage 3.75% 13-May-25 9.5 500 nr / BBB / BBB BBB 98.696 97.395 -1.24% -0.97% 7.77 10yr UST 198 204 5 4.08
KCMA 3.8 '24 Consumer Products 3.8% 08-Apr-24 8.4 250 nr / A- / A A 102.233 101.350 -0.79% 1.28% 7.15 10yr UST 166 166 0 3.61
KCMA 3.250 '25 Consumer Products 3.25% 12-Mar-25 9.4 250 nr / A- / A A 97.969 96.959 -0.97% 0.00% 7.94 10yr UST 158 160 2 3.64
KOF 2.375 '18 Food & Beverage 2.375% 26-Nov-18 3.1 1,000 A2 / A- / A A 101.291 100.590 -0.65% 2.31% 2.91 2yr UST 96 105 9 2.17
KOF 4.625 '20 Food & Beverage 4.625% 15-Feb-20 4.3 500 A2 / A- / A A 108.664 108.090 -0.44% 2.88% 3.87 5yr UST 126 124 -2 2.62
KOF 3.875 '23 Food & Beverage 3.875% 26-Nov-23 8.1 900 A2 / A- / A A 103.454 102.545 -0.81% 1.00% 6.79 10yr UST 159 160 0 3.51
KOF 5.250 '43 Food & Beverage 5.25% 26-Nov-43 28.1 600 A2 / A- / A A 109.552 108.725 -0.66% -1.94% 14.85 30yr UST 222 219 -2 4.69
KUOBMM 6.25 '22 Conglomerates 6.25% 04-Dec-22 7.1 325 nr / BB / BB BB 92.500 95.750 3.64% 3.04% 5.46 10yr UST 596 522 -74 7.02
LATOFF 8.875 '18 Energy 8.875% 03-Jul-18 2.3 326 nr / nr / nr nr 90.163 90.004 0.01% 3.17% 1.90 2yr UST 1313 1310 -3 14.12
LIVEPL 3.950 '24 Retail 3.95% 02-Oct-24 8.9 300 nr / BBB+ / BBB+ BBB+ 97.902 98.646 0.84% 3.90% 7.41 10yr UST 236 214 -22 4.13
MABEMX 7.875 '19 Durable Goods 7.875% 28-Oct-19 4.0 481 nr / BB+ / BB+ BB+ 108.750 109.500 0.83% 5.24% 3.43 5yr UST 425 389 -36 5.20
MAXTEL 6 '20 Telecom & Media 6% 15-Jun-20 4.6 138 Caa1 / B- / nr B- 56.13 55.375 -1.13% -29.49% 3.27 5yr UST 2160 2190 29 23.43
METLSA 4.9 '23 Basic Industries 4.9% 24-Apr-23 7.5 300 nr / BB+ / BBB- BBB- 87.375 87.375 0.11% 1.75% 6.03 10yr UST 537 525 -12 7.11
MIFEL 9.175 '22 Financials 9.75% 16-May-22 6.5 150 nr / B- / B+ B 110.750 112.250 1.53% 6.45% 4.71 10yr UST 607 565 -41 7.35
MXCHF 4.875 '22 Chemicals 4.875% 19-Sep-22 6.9 750 Baa3 / BBB- / BBB BBB- 104.857 105.063 0.29% 6.04% 5.80 10yr UST 241 225 -16 4.02
MXCHF 6.750 '42 Chemicals 6.75% 19-Sep-42 26.9 400 Baa3 / BBB- / BBB BBB- 98.784 100.749 2.12% 2.40% 12.28 30yr UST 449 425 -24 6.69
MXCHF 5.875 '44 Chemicals 5.875% 17-Sep-44 28.9 750 Baa3 / BBB- / BBB BBB- 89.053 90.951 2.26% 1.37% 13.02 30yr UST 436 411 -24 6.58
ODHGPR 8.375 '20 Energy 8.375% 20-Sep-20 4.9 950 nr / BB- / BB- BB- 82.500 80.500 -2.23% 2.05% 3.70 5yr UST 1199 1251 52 14.02
OFDMEX 6.875 '20 Retail 6.875% 20-Sep-20 3.9 350 nr / BB / BB+ BB+ 100.000 100.000 0.13% -0.68% 3.33 5yr UST 579 564 -15 6.87
PEMEX 5.75 '18 Energy 5.75% 01-Mar-18 2.3 2,484 A3 / BBB+ / BBB+ BBB+ 106.463 106.427 0.07% 2.35% 2.17 2yr UST 208 194 -14 2.87
PEMEX 3.5 '18 Energy 3.5% 18-Jul-18 2.7 1,000 A3 / BBB+ / BBB+ BBB+ 101.519 101.560 0.11% 2.71% 2.55 2yr UST 202 186 -16 2.90
PEMEX 8 '19 Energy 8% 03-May-19 3.5 1,937 A3 / BBB+ / BBB+ BBB+ 114.563 114.799 0.34% 2.53% 3.10 5yr UST 250 227 -23 3.47
PEMEX 3.125 '19 Energy 3.125% 23-Jan-19 3.2 500 A3 / BBB+ / BBB+ BBB+ 99.684 99.246 -0.38% 1.39% 3.01 5yr UST 221 221 0 3.37
PEMEX 3.5 '20 Energy 3.5% 23-Jul-20 4.7 500 A3 / BBB+ / BBB+ BBB+ 99.102 98.902 -0.13% 1.78% 4.27 5yr UST 239 229 -9 3.76
PEMEX 6 '20 Energy 6% 05-Mar-20 4.3 1,000 A3 / BBB+ / BBB+ BBB+ 108.863 108.902 0.14% 1.79% 3.80 5yr UST 254 238 -16 3.76
PEMEX 5.5 '21 Energy 5.5% 21-Jan-21 5.2 2,962 A3 / BBB+ / BBB+ BBB+ 106.662 106.873 0.30% 2.77% 4.47 5yr UST 268 249 -19 4.02
PEMEX 4.875 '22 Energy 4.875% 24-Jan-22 6.2 2,097 A3 / BBB+ / BBB+ BBB+ 102.135 101.935 -0.10% 1.37% 5.26 10yr UST 292 282 -10 4.51
PEMEX 3.5 '23 Energy 3.5% 30-Jan-23 7.2 2,100 A3 / BBB+ / BBB+ BBB+ 92.953 93.042 0.17% 0.60% 6.22 10yr UST 294 280 -14 4.64
PEMEX 4.875 '24 Energy 4.875% 18-Jan-24 8.2 1,499 A3 / BBB+ / BBB+ BBB+ 100.383 100.336 0.05% -0.06% 6.61 10yr UST 302 290 -12 4.82
PEMEX 4.25 '25 Energy 4.25% 15-Jan-25 9.2 1,000 A3 / BBB+ / BBB+ BBB+ 95.487 95.299 -0.11% -0.42% 7.39 10yr UST 296 287 -9 4.89
PEMEX 4.5 '26 Energy 4.5% 23-Jan-26 10.2 1,500 A3 / BBB+ / BBB+ BBB+ 95.914 95.884 0.06% 0.34% 7.95 10yr UST 304 293 -10 5.02
PEMEX 6.625 '35 Energy 6.625% 15-Jun-35 19.6 2,749 A3 / BBB+ / BBB+ BBB+ 98.989 98.793 -0.07% -10.17% 10.57 30yr UST 443 436 -7 6.74
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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PEMEX 6.625 '38 Energy 6.625% 15-Jun-38 22.6 491 A3 / BBB+ / BBB+ BBB+ 97.082 97.164 0.22% -10.79% 11.19 30yr UST 456 447 -9 6.87
PEMEX 6.5 '41 Energy 6.5% 02-Jun-41 25.6 3,000 A3 / BBB+ / BBB+ BBB+ 96.166 96.097 0.06% -12.13% 11.80 30yr UST 447 439 -8 6.82
PEMEX 5.5 '44 Energy 5.5% 27-Jun-44 28.7 2,745 A3 / BBB+ / BBB+ BBB+ 85.107 85.336 0.39% -12.15% 12.91 30yr UST 428 418 -10 6.65
PEMEX 6.375 '45 Energy 6.375% 23-Jan-45 29.2 3,000 A3 / BBB+ / BBB+ BBB+ 94.898 94.926 0.16% -12.00% 12.56 30yr UST 440 432 -8 6.77
PEMEX 5.625 '46 Energy 5.625% 23-Jan-46 30.2 3,000 A3 / BBB+ / BBB+ BBB+ 86.319 86.206 0.00% -8.73% 13.08 30yr UST 429 422 -7 6.69
PLAYRE 8.0 '20 Travel & Lodging 8% 15-Aug-20 3.8 375 Caa1 / B- / nr B- 102.125 101.875 -0.09% 7.56% 3.17 5yr UST 630 623 -7 7.42
POSADA 7.875 '22 Travel & Lodging 7.875% 30-Jun-22 6.7 350 B2 / B / B+ B 94.500 95.625 1.35% -3.74% 4.92 10yr UST 738 701 -37 8.75
SCCO 5.375 '20 Metals & Mining 5.375% 16-Apr-20 4.5 400 Baa2 / BBB / BBB+ BBB 108.038 107.457 -0.44% 3.84% 3.96 5yr UST 216 215 -2 3.55
SCCO 3.5 '22 Metals & Mining 3.5% 08-Nov-22 7.0 300 Baa2 / BBB / BBB+ BBB 95.272 95.326 0.13% 3.03% 6.02 10yr UST 261 247 -14 4.28
SCCO 3.875 '25 Metals & Mining 3.875% 23-Apr-25 9.5 500 Baa2 / BBB / BBB+ BBB 94.376 94.475 0.18% -3.18% 7.78 10yr UST 269 256 -13 4.60
SCCO 7.5 '35 Metals & Mining 7.5% 27-Jul-35 19.7 1,000 Baa2 / BBB / BBB+ BBB 103.454 103.334 0.02% -1.44% 10.18 30yr UST 490 482 -8 7.18
SCCO 6.75 '40 Metals & Mining 6.75% 16-Apr-40 24.5 1,100 Baa2 / BBB / BBB+ BBB 95.020 95.550 0.70% -2.37% 11.58 30yr UST 485 472 -13 7.14
SCCO 5.25 '42 Metals & Mining 5.25% 08-Nov-42 27.0 1,200 Baa2 / BBB / BBB+ BBB 80.747 81.130 0.60% -4.31% 12.55 30yr UST 444 432 -12 6.78
SCCO 8.875 '45 Metals & Mining 5.875% 23-Apr-45 29.5 1,500 Baa2 / BBB / BBB+ BBB 86.664 88.013 1.69% -7.83% 12.95 30yr UST 456 436 -20 6.82
SCRIBE 8.875 '20 Pulp & Paper 8.875% 07-Apr-20 4.4 300 B1 / B / nr B+ 93.375 91.250 -2.09% 1.29% 3.50 5yr UST 952 1003 51 11.44
SIGMA 5.625 '18 Food & Beverage 5.625% 14-Apr-18 2.4 450 Baa3 / BBB / BBB BBB 105.071 105.235 0.26% 1.10% 2.28 2yr UST 263 241 -22 3.38
SIGMA 6.875 '19 Food & Beverage 6.875% 16-Dec-19 4.1 250 Baa3 / BBB / BBB BBB 111.739 112.354 0.67% 2.80% 3.54 5yr UST 259 229 -31 3.62
TELVIS 6 '18 Telecom & Media 6% 15-May-18 2.5 499 Baa1 / BBB+ / BBB+ BBB+ 109.595 109.229 -0.23% 2.69% 2.31 2yr UST 127 125 -2 2.23
TELVIS 6.625 '25 Telecom & Media 6.625% 18-Mar-25 9.4 600 Baa1 / BBB+ / BBB+ BBB+ 119.386 118.922 -0.28% 1.02% 7.15 10yr UST 224 218 -6 4.17
TELVIS 8.5 '32 Telecom & Media 8.5% 11-Mar-32 16.4 300 Baa1 / BBB+ / BBB+ BBB+ 128.519 129.054 0.54% -2.39% 9.63 30yr UST 359 345 -14 5.74
TELVIS 6.625 '40 Telecom & Media 6.625% 15-Jan-40 24.2 598 Baa1 / BBB+ / BBB+ BBB+ 111.364 109.998 -1.11% -6.83% 12.32 30yr UST 340 341 2 5.85
TELVIS 5 '45 Telecom & Media 5% 13-May-45 29.5 1,000 Baa1 / BBB+ / BBB+ BBB+ 91.545 90.142 -1.43% -7.42% 14.22 30yr UST 317 320 3 5.69
TFONY 5.5 '19 Telecom & Media 5.5% 15-Nov-19 4.0 374 A2 / A- / A A 111.577 111.122 -0.31% 2.71% 3.57 5yr UST 131 126 -5 2.58
TNEMAK 5.5 '23 Basic Industries 5.5% 28-Feb-23 7.3 500 Ba1 / BB+ / BB BB+ 101.750 102.375 0.72% 6.64% 5.93 10yr UST 351 328 -23 5.11
TZA 7.5 '18 Telecom & Media 7.5% 25-May-18 2.6 300 nr / nr / BB- BB- 89.750 89.625 0.02% -8.08% 2.15 2yr UST 1136 1131 -5 12.34
TZA 7.625 '20 Telecom & Media 7.625% 18-Sep-20 4.9 500 nr / nr / BB- BB- 83.375 82.250 -1.17% -15.58% 3.79 5yr UST 1087 1109 22 12.60
URBIMM 8.5 '16 Homebuilders 8.5% 19-Apr-16 na 150 WR / nr / nr nr 1.160 1.517 30.81% -85.72% nmf 2yr UST nmf nmf nmf nmf
URBIMM 9.5 '20 Homebuilders 9.5% 21-Jan-20 na 300 WR / nr / nr nr 0.366 0.958 162.07% -91.19% nmf 2yr UST nmf nmf nmf nmfURBIMM 9.75 '22 Homebuilders 9.75% 03-Feb-22 na 500 WR / nr / nr nr 0.446 0.534 19.76% -95.15% nmf 2yr UST nmf nmf nmf nmf
PERU 6.0 411 0.63% 2.32% 4.79 468 447 -21 6.02 ABENGO 6.875 '43 Utilities 6.875% 30-Apr-43 19.3 432 nr / BBB- / BBB- BBB- 103.468 103.946 0.59% -1.29% 10.37 30yr UST 429 416 -14 6.50
AJECBV 6.5 '22 Food & Beverage 6.5% 14-May-22 6.5 450 nr / BB- / B+ BB- 52.125 50.000 -3.83% -34.99% 4.15 10yr UST 1822 1904 82 20.86
ALICORP 3.875 '23 Food & Beverage 3.875% 20-Mar-23 7.4 300 Baa3 / nr / BBB BBB 98.10 98.027 0.00% 6.53% 6.32 10yr UST 246 234 -11 4.19
ANDINV 11 '20 Transportation 11% 13-Nov-20 5.0 115 nr / B / B+ B+ 88.13 88.000 0.10% -7.03% 3.45 5yr UST 1301 1292 -10 14.44
BCOCPE 2.25 '16 Financials 2.25% 29-Jul-16 0.7 300 nr / BBB / A- BBB+ 100.31 100.480 0.21% 2.30% 0.73 2yr UST 141 111 -29 1.59
BCOCPE 3.25 '18 Financials 3.25% 08-Apr-18 0.7 500 nr / BBB / A- BBB+ 101.80 101.785 0.05% 2.98% 0.67 2yr UST 24 15 -9 0.61
BCOCPE 5.00 '22 Financials 5% 26-Aug-22 6.8 500 nr / BBB / A- BBB+ 104.11 104.886 0.84% 4.39% 5.72 10yr UST 266 240 -26 4.17
BCOCPE 5.75 '17 Financials 5.75% 18-Jan-17 1.2 500 nr / BBB / A- BBB+ 104.069 104.034 0.07% 2.59% 1.15 2yr UST 183 172 -11 2.34
BCOCPE 5.5 '20 Financials 5.5% 18-Nov-20 5.0 350 nr / BBB / A- BBB+ 108.020 108.190 0.26% 4.63% 4.32 5yr UST 238 220 -18 3.70
BCOCPE 5.25 '29 Financials 5.25% 22-Sep-29 8.9 300 nr / BBB- / BBB+ BBB 99.000 100.375 1.49% 3.23% 6.99 10yr UST 356 324 -32 5.20
BCOCPE 7.375 '40 Financials 7.375% 07-Oct-40 4.9 200 nr / BB / BB+ BB+ 108.500 109.000 0.59% 4.96% 4.13 5yr UST 409 383 -26 5.28
BCP 5.375 '20 Financials 5.375% 16-Sep-20 4.9 800 Baa1 / BBB / A- BBB+ 107.90 108.419 0.57% 4.29% 4.27 5yr UST 226 201 -26 3.48
BCP 4.25´23 Financials 4.25% 01-Apr-23 7.4 716 Baa1 / BBB / A- BBB+ 100.11 101.302 1.27% 6.03% 6.29 10yr UST 251 220 -31 4.04
BCP 6.125 '27 Financials 6.125% 24-Apr-27 6.5 720 Baa3 / BBB- / BBB+ BBB 106.38 107.250 0.93% 6.27% 5.35 10yr UST 341 312 -29 4.81
BCP 2.75 '18 Financials 2.75% 09-Jan-18 2.2 230 nr / nr / A- A- 99.92 99.92 0.05% 2.44% 2.09 2yr UST 202 188 -13 2.79
BCP 6.875 '26 Financials 6.875% 16-Sep-26 5.9 476 Baa3 / BBB- / BBB+ BBB 110.38 111.38 1.03% 8.04% 4.83 5yr UST 336 303 -33 4.64
BCP 9.75 '69 Financials 9.75% 06-Nov-69 4.0 250 nr / BB / BB BB 117.375 117.000 -0.16% 4.32% 3.25 5yr UST 381 374 -7 5.02
BINTPE 5.75 '20 Financials 5.75% 07-Oct-20 4.9 650 Baa2 / nr / BBB+ BBB+ 108.01 108.192 0.27% 4.50% 4.29 5yr UST 261 242 -18 3.91
BINTPE 6.625 '29 Financials 6.625% 19-Mar-29 8.4 300 Ba1 / BB- / BBB BB+ 101.50 103.000 1.60% 1.92% 6.35 10yr UST 464 428 -36 6.16
BINTPE 8.5 '70 Financials 8.5% 23-Apr-70 4.5 200 Ba3 / nr / BB BB 110.50 111.250 0.83% 6.69% 3.74 5yr UST 461 427 -34 5.62
BNSCN 4.5 '27 Financials 4.5% 13-Dec-27 7.1 400 Baa2 / nr / A- BBB+ 96.67 97.430 0.88% 5.35% 5.90 10yr UST 340 314 -26 4.93
CALLAO 4.75 ´23 Utilities 4.375% 01-Apr-23 7.4 320 Baa3 / BBB- / BBB- BBB- 98.54 99.033 0.59% 5.23% 6.24 10yr UST 289 268 -21 4.53
CAMPSL 9.875 '17 Food & Beverage 9.875% 02-Feb-17 1.3 200 Caa1 / B / B- B- 87.63 86.375 -1.21% -6.89% 1.05 2yr UST 2092 2229 137 22.99
COFIDE 3.25 '19 Financials 3.25% 15-Jul-19 3.7 500 nr / BBB+ / BBB+ BBB+ 99.76 99.848 0.16% 2.06% 3.43 5yr UST 220 203 -17 3.29
COFIDE 4.75 '22 Financials 4.75% 08-Feb-22 6.3 500 nr / BBB+ / BBB+ BBB+ 103.01 103.636 0.69% 3.76% 5.34 10yr UST 263 239 -25 4.09
COFIDE 4.75 '25 Financials 4.75% 15-Jul-25 9.7 600 nr / BBB+ / BBB+ BBB+ 100.12 101.476 1.45% 1.32% 7.62 10yr UST 280 252 -29 4.56
COFIDE 5.25 '29 Financials 5.25% 15-Jul-29 8.7 300 nr / BBB- / BBB BBB 99.25 99.875 0.73% 2.52% 6.81 10yr UST 354 333 -21 5.27
CORJRL 6.75 '21 Food & Beverage 6.75% 23-Nov-21 5.3 320 nr / BB+ / BBB- BBB- 111.00 111.625 0.68% 8.90% 4.38 5yr UST 300 273 -27 4.27
CORJRL 4.625 '23 Food & Beverage 4.625% 12-Apr-23 6.7 260 nr / BB+ / BBB- BBB- 99.63 99.250 -0.29% 5.59% 5.67 10yr UST 306 300 -7 4.76
COZCAR 6.375 '22 Agribusiness 6.375% 02-Aug-22 6.8 325 nr / BB- / BB BB 82.88 83.375 0.75% 2.35% 5.11 10yr UST 826 802 -24 9.80
CPACPE 4.5 '23 Cement 4.5% 08-Feb-23 7.3 300 nr / BB+ / BBB- BBB- 93.00 93.750 0.90% 4.89% 6.00 10yr UST 398 372 -26 5.56
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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FERROS 4.875 ´20 Manufacturing 4.875% 26-Apr-20 4.5 300 Ba1 / BB+ / nr BB+ 94.13 94.875 0.90% 2.03% 3.94 5yr UST 512 478 -34 6.20
HOCLN 7.75 '21 Metals & Mining 7.75% 23-Jan-21 5.2 350 Ba3 / nr / BB+ BB 94.50 94.125 -0.24% -0.39% 4.08 5yr UST 768 764 -4 9.19
IFHBH 5.875 '25 Financials 5.875% 12-Feb-25 9.3 250 Ba2 / BB / BBB- BB+ 95.50 96.375 1.04% 0.72% 6.92 10yr UST 464 439 -25 6.40
INRCON 5.25 '21 Retail 5.25% 10-Oct-21 4.9 300 Ba1 / BB+ / nr BB+ 101.50 100.375 -1.01% 3.24% 4.29 5yr UST 358 370 12 5.16
INRSHM 6.5 '21 Real Estate 6.5% 09-Jul-21 4.7 350 Ba2 / nr / BB+ BB+ 101.88 103.625 1.84% 3.97% 3.94 5yr UST 478 420 -58 5.61
ISCORP 8.375 '21 Utilities 8.375% 04-Apr-21 3.4 450 Ba3 / BB / BB BB 103.63 103.000 -0.45% 3.90% 2.92 5yr UST 620 625 6 7.36
LIMAMT 5.875 '34 Transportation 5.875% 05-Jul-34 12.4 1,155 Baa1 / BBB / BBB BBB 99.38 101.468 2.22% 1.37% 8.50 30yr UST 390 355 -35 5.70
MAESPE 6.75 '19 Retail 6.75% 26-Sep-19 0.9 130 Ba2 / nr / BBB BBB- 105.25 105.250 0.12% 2.40% 0.86 2yr UST 404 394 -10 4.44
MILPO 4.625 '23 Metals & Mining 4.625% 28-Mar-23 7.4 350 nr / BB+ / BBB BBB- 95.03 96.045 1.16% 1.97% 6.14 10yr UST 373 343 -30 5.28
MINSUR 6.25 '24 Metals & Mining 6.25% 07-Feb-24 8.3 450 Ba1 / BBB- / BBB- BBB- 104.34 104.429 0.20% 1.99% 6.35 10yr UST 380 366 -14 5.57
MIVIVI 3.375 '19 Basic Industries 3.375% 02-Apr-19 3.4 300 nr / BBB+ / BBB+ BBB+ 99.90 99.953 0.12% 2.74% 3.19 5yr UST 235 218 -16 3.39
MIVIVI 3.50 '23 Financials 3.5% 31-Jan-23 7.2 500 nr / BBB+ / BBB+ BBB+ 94.21 95.365 1.30% 3.58% 6.24 10yr UST 273 241 -32 4.25
PESEXA 7.375 '20 Food & Beverage 7.375% 31-Jan-20 4.2 200 B2 / B+ / nr B+ 75.50 79.750 5.82% 6.47% 3.33 5yr UST 1415 1242 -173 13.84
SMIPET 7.75 '20 Food & Beverage 7.75% 06-Nov-20 4.0 200 Ba2 / nr / BB BB 102.00 104.125 2.23% 4.72% 3.30 5yr UST 607 530 -77 6.56
TGPERU 4.25 '28 Utilities 4.25% 30-Apr-28 10.5 850 Baa1 / BBB+ / BBB+ BBB+ 95.57 95.874 0.40% 3.58% 8.29 10yr UST 279 265 -14 4.76
TRANSM 4.375 '23 Utilities 4.375% 07-May-23 7.5 450 Baa3 / nr / BBB- BBB- 98.44 98.362 0.00% 3.72% 6.19 10yr UST 289 278 -11 4.64
UNACEM 5.875 '21 Cement 5.875% 30-Oct-21 6.0 625 Ba2 / BB+ / nr BB+ 100.63 100.750 0.24% 4.55% 4.99 5yr UST 423 406 -16 5.73
VOLCAN 5.375 '22 Metals & Mining 5.375% 02-Feb-22 6.3 600 Ba1 / nr / BBB- BBB- 87.50 89.750 2.69% -4.96% 5.06 10yr UST 637 574 -62 7.45
OTHER (2) 5.7 1,008 -0.81% 5.22% 4.00 1284 1255 -28 14.05
AERDOS 9.25 '19 Transportation 9.75% 13-Nov-19 4.0 550 B1 / B / nr B+ 100.125 99.750 -0.19% 11.53% 3.12 5yr UST 853 849 -3 9.82
AES 9.5 '20 Utilities 9.5% 12-Nov-20 3.0 284 nr / B+ / B+ B+ 100.750 100.375 -0.19% 1.90% 2.47 2yr UST 839 839 0 9.35
AES 6 '22 Utilities 6% 25-Jun-22 5.6 300 nr / BB- / BB+ BB 100.625 100.875 0.36% 1.98% 4.64 5yr UST 444 425 -19 5.81
AES 6.75 '23 Utilities 6.75% 28-Mar-23 7.4 310 Ba2 / nr / nr BB 89.625 90.625 1.26% 2.54% 5.58 10yr UST 697 664 -32 8.48
AESCH 6.75 '23 Utilities 6.75% 25-Nov-23 8.1 220 nr / nr / nr nr 90.250 89.625 -0.55% 6.20% 5.81 10yr UST 676 676 -1 8.67
AGROME 6.25 '19 Financials 6.25% 10-Apr-19 3.4 300 nr / BB / nr BB 100.000 100.125 0.25% 3.29% 3.04 5yr UST 518 500 -19 6.21
BACEL 6.750 '20 Financials 6.75% 18-Jun-20 4.6 300 Ba2 / nr / nr BB 99.875 99.750 0.01% 0.00% 3.82 5yr UST 548 537 -11 6.81
BACOPY 8.875 '17 Financials 8.875% 15-Oct-17 1.0 200 Ba2 / BB / nr BB 101.375 101.375 0.17% 3.87% 0.90 2yr UST 694 685 -9 7.34
BANGUA 8.25 '21 Financials 8.25% 27-Jul-21 5.7 150 B1 / nr / BB- BB- 105.000 104.250 -0.56% 2.58% 4.45 5yr UST 570 572 2 7.32
BANGUA 5.5 '22 Financials 5.5% 01-Nov-22 7.0 500 Ba1 / nr / BB BB+ 91.500 91.250 -0.16% -3.94% 5.64 10yr UST 539 531 -8 7.11
BANDCR 5.25 '18 Financials 5.25% 12-Aug-18 2.8 500 Ba1 / nr / BB+ BB+ 100.875 101.000 0.23% 4.92% 2.53 2yr UST 399 379 -19 4.86
BANTRB 9 '20 Financials 9% 14-Nov-20 5.0 150 Ba3 / nr / BB- BB- 100.625 100.000 -0.45% 1.72% 3.82 5yr UST 747 748 1 9.00
BRSVDR 7.0 '23 Financials 7% 01-Feb-23 7.3 300 B2 / nr / B B 99.500 99.625 0.26% 6.92% 5.51 10yr UST 541 525 -15 7.06
CAMEBO 6.75 '22 Food & Beverage 6.75% 09-Feb-22 4.3 300 Ba2 / BB / BB+ BB 103.500 103.625 0.25% 3.29% 3.63 5yr UST 463 444 -18 5.78
CEMPRO 7.125 '23 Cement 7.125% 06-Nov-23 5.5 350 nr / BB / BB+ BB+ 103.500 103.750 0.38% 2.15% 4.38 5yr UST 498 478 -20 6.31
COLUIF 7.375 '21 Telecom & Media 7.375% 30-Mar-21 4.4 1,250 Ba3 / BB- / nr BB- 103.250 103.375 0.26% 4.31% 3.71 5yr UST 533 515 -18 6.48
DLLTD 7 '20 Telecom & Media 7% 15-Feb-20 4.3 250 B1 / nr / B B+ 98.000 98.125 0.27% 4.64% 3.58 5yr UST 631 613 -18 7.52
DLLTD 8.25 '20 Telecom & Media 8.25% 30-Sep-20 4.9 2,000 Caa1 / nr / B- B- 91.250 89.750 -1.47% -1.41% 3.84 5yr UST 922 950 29 11.00
DLLTD 6 '21 Telecom & Media 6% 15-Apr-21 5.4 1,300 B1 / nr / B B+ 92.750 90.000 -2.84% 1.40% 4.48 5yr UST 620 673 53 8.32
DLLTD 7.125 '22 Telecom & Media 7.125% 01-Apr-22 6.4 1,000 Caa1 / nr / B- B- 84.500 83.375 -1.17% -5.23% 4.83 10yr UST 891 905 14 10.78
DLLTD 6.75 '23 Telecom & Media 6.75% 01-Mar-23 7.3 925 B1 / nr / B B+ 92.375 90.125 -2.29% -2.78% 5.50 10yr UST 645 676 31 8.59
ELECAR 8.5 '18 Utilities 8.5% 10-Apr-18 2.4 650 nr / CCC / CCC CCC 41.875 41.500 -0.50% 27.36% 1.66 5yr UST 5282 5346 64 54.64
GLBACO 5.125 '19 Financials 5.125% 30-Oct-19 4.0 550 nr / BBB- / BBB- BBB- 101.785 101.606 -0.08% 4.91% 3.58 5yr UST 346 336 -10 4.68
JAMAIR 8.125 '27 Transportation 8.125% 14-Jun-27 6.6 125 Caa2 / B / nr B- 102.600 102.500 0.06% 13.85% 4.74 10yr UST 595 584 -11 7.61
MIICF 6.750 '22 (Telecel) Telecom & Media 6.75% 13-Dec-22 7.1 300 Ba3 / nr / BB BB 95.000 90.500 -4.60% -8.44% 5.30 10yr UST 600 675 75 8.56
MIICF 6.625 '21 Telecom & Media 6.625% 15-Oct-21 6.0 800 Ba2 / nr / BB+ BB+ 98.500 90.250 -8.24% -6.80% 4.73 5yr UST 542 710 168 8.76
MIICF 6.875 '24 (Comcel) Telecom & Media 6.875% 06-Feb-24 8.3 800 Ba1 / nr / BB+ BB+ 91.750 77.875 -14.98% -21.15% 5.71 10yr UST 648 909 262 11.02MIICF 6.000 '25 Telecom & Media 6% 15-Mar-25 9.4 500 Ba2 / nr / BB+ BB+ 89.000 82.375 -7.31% -14.24% 6.69 10yr UST 577 678 101 8.80
NGCTT 6.05 '36 Energy 6.05% 15-Jan-36 20.2 400 Baa2 / A- / nr BBB+ 107.120 108.391 1.30% 4.11% 11.75 30yr UST 315 296 -19 5.36
PDVSA 5.125 '16 Energy 5.125% 28-Oct-16 1.0 1,000 nr / nr / CCC CCC 72.250 75.250 4.29% 50.47% 0.82 2yr UST 4108 3664 -444 37.29
PDVSA 5.25 '17 Energy 5.25% 12-Apr-17 1.4 3,000 nr / CCC / CCC CCC 51.500 55.875 8.69% 30.20% 1.10 2yr UST 5857 5164 -693 52.49
PDVSA 8.5 '17 Energy 8.5% 02-Nov-17 1.5 6,150 nr / CCC / CCC CCC 71.875 60.625 -15.42% 16.54% 1.06 2yr UST 5269 4909 -360 49.98
PDVSA 12.75 '22 Energy 12.75% 17-Feb-22 5.3 3,000 nr / nr / CCC CCC 48.250 49.250 2.59% 13.76% 2.71 10yr UST 3350 3266 -83 34.28
PDVSA 9 '21 Energy 9% 17-Nov-21 5.0 2,394 nr / CCC / CCC CCC 41.625 41.250 -0.48% 10.83% 2.70 5yr UST 3283 3304 22 34.65
PDVSA 6 '26 Energy 6% 15-Nov-26 10.0 4,500 nr / CCC / CCC CCC 34.750 34.875 0.70% 8.69% 4.73 10yr UST 2091 2073 -18 22.80
PDVSA 5.375 '27 Energy 5.375% 12-Apr-27 11.4 3,000 nr / CCC / CCC CCC 33.875 34.250 1.42% 7.08% 5.72 10yr UST 1858 1828 -30 20.43
PDVSA 5.5 '37 Energy 5.5% 12-Apr-37 21.5 1,500 nr / CCC / CCC CCC 33.750 34.000 1.06% 8.43% 6.42 30yr UST 1516 1494 -22 17.17
PETRTT 9.75 '19 Energy 9.75% 14-Aug-19 3.8 850 Ba1 / BB+ / nr BB+ 105.750 107.250 1.60% -3.14% 3.10 5yr UST 683 623 -60 7.51
PETRTT 6 '22 Energy 6% 08-May-22 3.3 438 Ba1 / BB+ / nr BB+ 94.875 95.250 0.52% -1.59% 2.66 10yr UST 665 638 -27 7.75
PNPYG 8.125 '19 Financials 8.125% 24-Jan-19 3.2 300 Ba1 / BB- / nr BB 101.125 102.500 1.52% 2.50% 2.75 5yr UST 670 607 -63 7.24
TOCLUB 9.5 '17 Real Estate 9.5% 03-Jul-17 0.9 170 nr / nr / D D 40.000 40.000 0.46% 19.00% nmf 2yr UST nmf nmf nmf nmf
TRIINT 10.25 '16 Telecom & Media 10.25% 15-Aug-16 0.8 450 Caa1 / CCC / nr CCC+ 99.000 98.500 -0.30% 7.10% 0.71 2yr UST 1110 1175 65 12.26
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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Supranationals 3.1 677 -0.30% 2.18% 2.74 122 125 2 2.25
BLX 3.75 '17 Financials 3.75% 04-Apr-17 1.4 400 nr / BBB / BBB+ BBB+ 101.722 101.899 0.25% 1.80% 1.38 2yr UST 194 170 -24 2.38
BLX 3.25 '20 Financials 3.25% 07-May-20 4.5 350 Baa2 / nr / BBB+ BBB+ 99.312 99.160 -0.09% 0.30% 4.09 5yr UST 213 203 -11 3.45
CABEI 3.875 '17 Financials 3.875% 09-Feb-17 1.3 250 A1 / A / A A 102.634 101.915 -0.63% 1.63% 1.22 2yr UST 124 169 45 2.33
CAF 3.75 '16 Financials 3.75% 15-Jan-16 0.2 1,100 Aa3 / AA- / AA- AA- 100.613 100.551 0.01% 0.88% 0.20 2yr UST 58 66 8 0.98
CAF 5.75 '17 Financials 5.75% 12-Jan-17 1.2 615 Aa3 / AA- / AA- AA- 105.535 105.297 -0.12% 1.40% 1.14 2yr UST 60 64 4 1.26
CAF FRN '17 Financials 0.579% 02-May-17 1.5 200 nr / nr / nr nr 99.222 99.216 0.01% 0.60% 1.50 2yr UST 95 96 1 1.64
CAF 1.5 '17 Financials 1.5% 08-Aug-17 1.8 1,000 Aa3 / AA- / AA- AA- 99.935 99.968 0.06% 1.25% 1.73 2yr UST 87 74 -13 1.52
CAF FRN '18 Financials 0.874% 29-Jan-18 2.2 1,000 Aa3 / nr / AA- AA- 99.945 99.931 0.00% 0.31% 2.23 2yr UST 76 77 1 1.66
CAF 8.125 '19 Financials 8.125% 04-Jun-19 3.6 734 Aa3 / AA- / AA- AA- 120.438 119.546 -0.61% 2.73% 3.10 5yr UST 112 119 6 2.40
CAF 4.375 '22 Financials 4.375% 15-Jun-22 6.6 1,500 Aa3 / AA- / AA- AA- 108.423 107.365 -0.90% 2.77% 5.67 10yr UST 136 139 4 3.13
CARDEV 4.375 '27 Financials 4.375% 09-Nov-27 10.0 300 Aa1 / AA / nr AA+ 104.471 103.055 -1.27% 4.18% 7.90 10yr UST 187 193 6 4.00
Issue Coupon MaturitySectorAvg
Life
Balance
(US$mn)
Mod
Duration
YTD Total
Ret
Bond Ratings
(Moody's/S&P/Fitch)
Avg
Rating
Bid Price UST
BenchmarkYTW
1wk Total
Ret
Z-Sprd 1wk Z-
Sprd Chg
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch. (1) Duration is for next call date. (2) YTD total return for "Other" is calculated as the simple average of individual constituents. All other YTD Total returns are calculated as per the LACI methodology. . Note: UST Benchmark for perpetual bonds is determined using each respective bond's first call date.
30 October 2015
Latin America Weekly Chartbook 86
New Issues 2010-2015 YTD
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
2010 $69,180
5-Jan-2010 BNDES Brazil Baa3 / BBB- / BBB- 7/12/2020 $1,000.00 5.500% New Issue Finance
7-Jan-2010 Kansas City Southern Mexico Mexico B2 / B+ / BB- 2/1/2018 $300.00 8.000% New Issue Transportation
8-Jan-2010 Grupo Posadas Mexico B2 / B+ / B+ 1/15/2015 $200.00 9.250% New Issue Gaming and Lodging
12-Jan-2010 Banco do Brasil SA Grand Brazil Baa2 / na / na 1/22/2015 $500.00 4.500% New Issue Finance
12-Jan-2010 Banco do Brasil SA Grand Brazil Baa2 / na / na 1/22/2020 $500.00 6.000% New Issue Finance
12-Jan-2010 Banco Votorantim Brazil Baa2 / na / na 1/21/2020 $750.00 7.375% New Issue Finance
12-Jan-2010 Bicbanco Brazil Baa3 / na / na 1/20/2013 $275.00 6.250% New Issue Finance
13-Jan-2010 Cemex Finance LLC Mexico na / B / B+ 12/14/2016 $500.00 9.500% Reopen Construction
13-Jan-2010 Urbi Mexico Ba3 / na / BB 1/21/2020 $300.00 9.500% New Issue Construction
14-Jan-2010 Colbun Chile na / BBB- / BBB- 1/21/2020 $500.00 6.000% New Issue Utilities
19-Jan-2010 Javer Mexico Ba3 / BB- / na 8/4/2014 $30.00 13.000% Reopen Construction
22-Jan-2010 Brasil Foods Brazil Ba1 / BB+ / na 1/28/2020 $750.00 7.250% New Issue Consumer Products
22-Jan-2010 Minerva Brazil B3 / B- / B 11/15/2019 $250.00 10.875% New Issue Consumer Products
28-Jan-2010 Pemex Mexico Baa1 / BBB / BBB 3/5/2020 $1,000.00 6.000% New Issue Energy
1-Feb-2010 Banco Pine Brazil Ba3 / na / B- 1/6/2017 $125.00 8.750% New Issue Finance
2-Feb-2010 Coca-Cola Femsa Mexico A3 / A- / A 2/15/2020 $500.00 4.625% New Issue Consumer Products
2-Feb-2010 Copeinca Peru B2 / na / BB- 2/10/2017 $175.00 9.000% New Issue Basic Industries
5-Feb-2010 Banco Votorantim Brazil Baa2 / na / na 2/8/2013 $500.00 4.250% New Issue Finance
9-Feb-2010 Sable International Finance Limited Caymans Ba2 / BB- / na 2/15/2017 $500.00 7.750% New Issue Media/Telecom
12-Feb-2010 Banco Cruzeiro do Sul SA Brazil Ba2 / na / na 2/20/2015 $250.00 8.500% New Issue Finance
18-Feb-2010 Scotiabank Peru Peru na / A- / A 3/15/2017 $125.00 LIBOR + 275 New Issue Finance
24-Feb-2010 RDS Ultra-Deepwater Ltd Mexico B3 / B- / na 3/15/2017 $270.00 11.875% New Issue Energy
8-Mar-2010 CAF Supranational na / na / na 3/12/2017 $50.00 6M LIBOR + 95 New Issue Finance
9-Mar-2010 Banco Daycoval Brazil na / BB / BB 3/16/2015 $300.00 6.500% New Issue Finance
11-Mar-2010 Axtel Mexico Ba3 / BB- / BB 9/22/2019 $190.00 9.000% Reopen Media/Telecom
12-Mar-2010 CAF Supranational A1 / A+ / A+ 3/18/2014 $100.00 LIBOR + 120 New Issue Finance
16-Mar-2010 Digicel Group Limited Jamaica Caa1 / na / CCC+ 4/15/2018 $775.00 10.500% New Issue Media/Telecom
16-Mar-2010 Banco Bradesco Brazil Baa2 / BBB / na 3/23/2015 $750.00 4.100% New Issue Finance
18-Mar-2010 Besi Brasil Brazil Baa2 / BBB- / na 3/25/2015 $500.00 5.625% New Issue Finance
22-Mar-2010 Independencia Brazil Caa1 / na / na 3/31/2015 $150.00 15.000% Restructuring Consumer Products
23-Mar-2010 America Movil Mexico A2 / A- / A- 3/30/2015 $750.00 3.625% New Issue Media/Telecom
23-Mar-2010 America Movil Mexico A2 / A- / A- 3/30/2020 $2,000.00 5.000% New Issue Media/Telecom
23-Mar-2010 America Movil Mexico A2 / A- / A- 3/30/2040 $1,250.00 6.125% New Issue Media/Telecom
23-Mar-2010 Financiera Independencia Mexico na / BB- / BB- 3/30/2015 $200.00 10.000% New Issue Finance
25-Mar-2010 Magnesita Brazil B1 / BB- / na 3/30/2020 $400.00 7.875% New Issue Basic Industries
25-Mar-2010 Cemex Mexico na / na / na 3/15/2015 $715.00 4.875%
New
Issue/Convertible Construction
26-Mar-2010 Votorantim Brazil Baa3 / BBB / BBB- 4/5/2021 $750.00 6.750% New Issue Basic Industries
26-Mar-2010 Independencia Brazil nr / nr / nr 12/30/2016 $237.38 12.000% Restructuring Consumer Products
30-Mar-2010 Grupo Papelero Scribe Mexico Ba3 / BB- / na 4/7/2020 $300.00 8.875% New Issue Basic Industries
31-Mar-2010 Banco Santander Brasil Brazil Baa2 / BBB- / BBB 4/6/2015 $500.00 4.500% New Issue Finance
31-Mar-2010 Banco ABC Brasil Brazil Ba1 / na / na 4/8/2020 $300.00 7.875% New Issue Finance
8-Apr-2010 Itau Unibanco Brazil Baa2 / na / BBB- 4/15/2020 $1,000.00 6.200% New Issue Finance
8-Apr-2010 Credito Real Mexico nr / BB- / nr 4/14/2015 $150.00 10.250% New Issue Finance
13-Apr-2010 Southern Copper Corporation Mexico Baa2 / BBB- / BBB 4/16/2020 $400.00 5.375% New Issue Basic Industries
13-Apr-2010 Southern Copper Corporation Mexico Baa2 / BBB- / BBB 4/16/2040 $1,100.00 6.750% New Issue Basic Industries
14-Apr-2010 SQM Chile Baa1 / BBB / nr 4/21/2020 $250.00 5.500% New Issue Basic Industries
14-Apr-2010 Pontis Ltd. Caymans nr / BBB- / nr Perpetual $325.00 6.250% New Issue Media/Telecom
15-Apr-2010 BBVA Bancomer SA Mexico A3 / nr / BBB+ 4/22/2020 $1,000.00 7.250% New Issue Finance
15-Apr-2010 Banco Santander Chile Chile Aa3 / nr / A+ 4/20/2012 $500.00 LIBOR + 125 New Issue Finance
15-Apr-2010 Banco Bradesco Brazil Baa2 / BBB / BBB- 4/22/2013 $250.00 3.125% New Issue Finance
19-Apr-2010 Banco Internacional del Peru Peru Ba3 / nr / BB 4/23/2070 $200.00 8.500% New Issue Finance
19-Apr-2010 Banco Panamericano SA Brazil Ba3 / nr / nr 4/23/2020 $500.00 8.500% New Issue Finance
20-Apr-2010 Banco Industrial e Comercial Brazil Ba2 / nr / nr 4/27/2020 $300.00 8.500% New Issue Finance
22-Apr-2010 Banco do Brasil SA Grand Brazil Baa2 / nr / nr 1/22/2015 $500.00 4.500% Reopen Finance
22-Apr-2010 Banco Fibra Brazil Ba2 / nr / nr 4/29/2013 $200.00 5.125% New Issue Finance
26-Apr-2010 Banco Safra Brazil nr / nr / nr 10/29/2013 $200.00 3.500% New issue Finance
28-Apr-2010 Corp Group Internhold SA Chile nr / BB / BBB- 3/30/2015 $130.00 8.000% New Issue Finance
28-Apr-2010 Columbus International Barbados B2 / B / nr 11/20/2014 $190.00 11.500% Reopen Media/Telecom
29-Apr-2010 Fibria Brazil Ba1 / BB / BB 5/4/2020 $750.00 7.500% New Issue Basic Industries
29-Apr-2010 Marfrig Overseas Ltd Brazil B1 / B+ / B+ 5/4/2020 $500.00 9.500% New Issue Consumer Products
30-Apr-2010 Pan American Energy Argentina Ba2 / nr / BB- 5/7/2021 $500.00 7.875% New Issue Energy
30-Apr-2010 Braskem S.A. Brazil Ba1 / BB+ / BB+ 5/7/2020 $400.00 7.000% New Issue Basic Industries
12-May-2010 Cemex Mexico nr / nr / B+ 5/12/2020 $1,067.67 9.250% New Issue Construction
23-Jun-2010 Grupo Bimbo Mexico Baa2 / nr / BBB 6/30/2020 $800.00 4.875% New Issue Consumer Products
25-Jun-2010 Corporacion GEO Mexico Ba3 / BB- / BB- 6/30/2020 $250.00 9.250% New Issue Construction
30-Jun-2010 Banco Cruzeiro do Sul SA Brazil Ba2 / nr / nr 7/8/2013 $200.00 7.000% New Issue Finance Source: Credit Suisse.
30 October 2015
Latin America Weekly Chartbook 87
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
7-Jul-2010 CAF Supranational A1 / A+ / A+ 1/15/2016 $600.00 3.750% New Issue Finance
9-Jul-2010 Banco Mercantil do Brasil Brazil Baa3 / nr / nr 7/16/2020 $200.00 9.625% New Issue Finance
9-Jul-2010 BM&F Bovespa Brazil Baa2 / BBB+ / BBB 7/16/2020 $612.00 5.500% New Issue Finance
13-Jul-2010 GOL Brazil nr / B+ / BB 7/20/2020 $300.00 9.250% New Issue Transportation
13-Jul-2010 PEMEX Mexico Baa1 / BBB / BBB 1/21/2021 $2,000.00 5.500% New Issue Energy
14-Jul-2010 CSN Brazil Ba1 / BB+ / BBB- 7/21/2020 $1,000.00 6.500% New Issue Basic Industries
14-Jul-2010 Banco Mercantil del Norte S.A Mexico A3 / BBB- / BBB 7/19/2015 $300.00 4.375% New Issue Finance
15-Jul-2010 FAMSA Mexico nr / B / B+ 7/20/2015 $200.00 11.000% New Issue Retail
15-Jul-2010 Globo Brazil Baa3 / BBB- / BBB Perpetual $325.00 6.250% New Issue Media/Telecom
16-Jul-2010 IRSA Argentina nr / B- / B 7/20/2020 $150.00 11.500% New Issue Real Estate
19-Jul-2010 Bancolombia Colombia Baa3 / BB+ / BB+ 7/26/2020 $620.00 6.125% New Issue Finance
19-Jul-2010 Banco Votorantim Brazil Baa2 / na / na 1/21/2020 $400.00 7.375% Reopen Finance
21-Jul-2010 Braskem S.A. Brazil Ba1 / BB+ / BB+ 5/7/2020 $350.00 7.000% Reopen Basic Industries
21-Jul-2010 Banco Mercantil do Brasil Brazil Baa3 / nr / nr 7/16/2020 $50.00 9.625% Reopen Finance
29-Jul-2010 JBS Finance II Limited Brazil B1 / BB / BB- 1/29/2018 $700.00 8.250% New Issue Consumer Products
29-Jul-2010 Banco BMG Brazil Ba3 / na / B 8/5/2020 $250.00 8.875% New Issue Finance
28-Jul-2010 Banco Panamericano SA Brazil Ba2 / nr / nr 8/4/2015 $300.00 5.500% New Issue Finance
4-Aug-2010 Trilogy International Partners US Caa1 / CCC+ / nr 8/15/2016 $370.00 10.250% New Issue Media/Telecom
5-Aug-2010 ENAP Chile A3 / BBB- / A 8/10/2020 $500.00 5.250% New Issue Energy
5-Aug-2010 PDVSA Venezuela nr / nr / B+ 10/28/2014 $1,035.55 4.900% Reopen Energy
10-Aug-2010 Banco Bradesco Brazil Baa2 / nr / BBB- 1/16/2021 $1,100.00 5.900% New Issue Finance
25-Aug-2010 Pemex Mexico Baa1 / BBB / BBB 6/15/2035 $1,000.00 6.625% Reopen Energy
1-Sep-2010 Industrias Penoles Mexico nr / BBB- / nr 8/12/2015 $130.00 LIBOR + 170 New Issue Basic Industries
1-Sep-2010 Industrias Penoles Mexico nr / BBB- / nr 9/7/2020 $400.00 5.150% New Issue Basic Industries
7-Sep-2010 Odebrecht Finance Ltd. Brazil Baa3 / BB / BB+ Perpetual $500.00 7.500% New Issue Construction
9-Sep-2010 Vale Brazil Baa2 / BBB+ / BBB+ 9/15/2020 $1,000.00 4.625% New Issue Basic Industries
9-Sep-2010 Vale Brazil Baa2 / BBB+ / BBB+ 11/10/2039 $750.00 6.875% Reopen Basic Industries
9-Sep-2010 Telemar Norte Leste SA Brazil Baa2 / BBB- / BBB- 10/23/2020 $1,000.00 5.500% New Issue Media/Telecom
10-Sep-2010 Grupo Kuo Mexico na / BB- / BB- 10/17/2017 $50.00 9.750% Reopen Basic Industries
10-Sep-2010 JBS Friboi Brazil B1 / BB / BB- 1/29/2018 $200.00 8.250% Reopen Consumer Products
10-Sep-2010 Banco de Credito Del Peru Peru Baa2 / na / BBB 9/16/2020 $800.00 5.375% New Issue Finance
14-Sep-2010 Celulosa Arauco Chile Baa2 / BBB / BBB+ 1/21/2021 $400.00 5.000% New issue Basic Industries
15-Sep-2010 Banco Cruzeiro do Sul SA Brazil Ba3 / nr / nr 9/22/2020 $400.00 8.875% New Issue Finance
15-Sep-2010 Banco Santander de Chile Chile Aa3 / nr / A+ 9/22/2011 $200.00 LIBOR + 100 New Issue Finance
15-Sep-2010 Banco Santander de Chile Chile Aa3 / A+ / A+ 9/22/2015 $500.00 3.750% New Issue Finance
16-Sep-2010 Telemovil Finance Co. Ltd. El Salvador B1 / BB / BB 10/1/2017 $450.00 8.000% New Issue Media/Telecom
16-Sep-2010 Suzano Trading Ltd. Brazil Baa3 / BB+ / nr 1/23/2021 $650.00 5.875% New Issue Basic Industries
16-Sep-2010 Itau Unibanco Brazil Baa2 / nr / BBB- 1/22/2021 $1,000.00 5.750% New Issue Finance
16-Sep-2010 CSN Brazil Ba1 / BB+ / BBB- Perpetual $1,000.00 7.000% New Issue Basic Industries
21-Sep-2010 Credito Real Mexico nr / BB- / nr 4/14/2015 $60.00 10.250% Reopen Finance
21-Sep-2010 Pemex Mexico Baa1 / BBB / BBB Perpetual $750.00 6.625% New Issue Energy
22-Sep-2010 IMPSA Argentina nr / B+ / B+ 9/30/2020 $275.00 10.375% New Issue Basic Industries
23-Sep-2010 Gerdau Trade Inc. Brazil nr / BBB- / BBB- 1/30/2021 $1,250.00 5.750% New Issue Basic Industries
27-Sep-2010 Braskem S.A. Brazil Ba1 / BB+ / BB+ Perpetual $450.00 7.375% New Issue Basic Industries
28-Sep-2010 Banco do Brasil Brazil Baa2 / nr / nr 1/15/2021 $660.00 5.375% New Issue Finance
30-Sep-2010 BBVA Banco Continental Peru nr / BB / BBB- 10/7/2040 $200.00 7.375% New Issue Finance
30-Sep-2010 Banco del Estado de Chile Chile Aa3 / A+ / nr 10/7/2020 $500.00 4.125% New Issue Finance
30-Sep-2010 BR Properties Brazil Ba3 / nr / B+ Perpetual $200.00 9.000% New Issue Real Estate
30-Sep-2010 Banco Internacional del Peru Peru nr / nr / BBB- 10/7/2020 $400.00 5.750% New Issue Finance
8-Oct-2010 IXE Banco Mexico Be / nr / B+ 10/14/2020 $120.00 9.250% New Issue Finance
14-Oct-2010 Pemex Mexico Baa1 / BBB / BBB Perpetual $250.00 6.625% Reopen Energy
15-Oct-2010 IMPSA Argentina nr / nr / B+ 9/30/2020 $50.00 0.027% Reopen Basic Industries
15-Oct-2010 PDVSA Venezuela nr / nr / nr 11/17/2013 $618.68 8.000% New Issue Energy
18-Oct-2010 Edenor Argentina B2 / B- / nr 10/25/2022 $140.00 9.750% New Issue Utilities
20-Oct-2010 Bicbanco Brazil Baa3 / na / na 10/25/2015 $400.00 5.250% New Issue Finance
20-Oct-2010 Ceagro Agricola Ltd Brazil B / B- / nr 5/16/2016 $100.00 10.750% New Issue Basic Industries
25-Oct-2010 PDVSA Venezuela nr / B+ / B+ 11/2/2017 $3,000.00 8.500% New Issue Energy
27-Oct-2010 Banco Bonsucesso Brazil Ba3 / nr / nr 11/3/2020 $125.00 9.250% New Issue Finance
28-Oct-2010 Codelco Chile A1 / A / A 11/4/2020 $1,000.00 3.750% New Issue Basic Industries
29-Oct-2010 Cosan Brazil Ba2 / BB / BB Perpetual $300.00 8.250% New Issue Basic Industries
1-Nov-2010 Banco Santander do Brasil Brazil Baa2 / nr / BBB 4/6/2015 $350.00 4.500% Reopen Finance
3-Nov-2010 Edenor Argentina B2 / B- / nr 10/25/2022 $90.00 9.750% Reopen Utilities
3-Nov-2010 Telefonica Moviles de Chile Chile nr / BBB+ / BBB+ 11/9/2015 $300.00 2.875% New Issue Media/Telecom
4-Nov-2010 Arcor Argentina B1 / nr / B+ 11/9/2017 $200.00 7.250% New Issue Consumer Products
4-Nov-2010 General Shopping Brazil Ba3 / BB- / nr Perpetual $200.00 10.000% New Issue Real Estate
4-Nov-2010 Banco do Nordoeste Brasil Brazil nr / BBB- / nr 11/9/2015 $300.00 3.625% New Issue Finance Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 88
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
5-Nov-2010 AES Dominicana
Dominican
Republic B- / B- / B- 11/12/2020 $284.00 9.500% New Issue Utilities
10-Nov-2010 Odebrecht Drill Brazil Baa3 / nr / BBB 6/20/2021 $1,500.00 6.350% New Issue Basic Industries
11-Nov-2010 Banco Supervielle Argentina B2 / nr / B- 11/11/2017 $50.00 11.375% New Issue Finance
12-Nov-2010 BBVA Banco Continental Peru nr / BBB- / BBB 11/18/2020 $350.00 5.500% New Issue Finance
3-Dec-2010 Digicel Limited Other B1 / nr / B- 9/1/2017 $300.00 8.250% Reopen Media/Telecom
3-Dec-2010 IFH Peru Peru Ba3 / BB- / nr 6/30/2019 $150.00 8.625% Reopen Finance
9-Dec-2010 E-CL Chile nr / BBB- / BBB- 1/15/2021 $400.00 5.625% New Issue Utilities
9-Dec-2010 CIA Saneamento Basic Brazil nr / BB / BB 12/16/2020 $350.00 6.250% New Issue Utilities
14-Dec-2010 Kansas City Southern Mexico Mexico B1 / BB- / nr 12/15/2020 $185.00 6.625% New Issue Transportation
16-Dec-2010 Aeropuertos Argentina Argentina B2 / B / nr 12/1/2020 $300.00 10.750% New Issue Transportation
21-Dec-2010 CAF Supranational A1 / A+ / A+ 12/22/2027 $50.00 0.000% New Issue Finance
2011 $62,012
4-Jan-2011 Cemex Mexico nr / B / B+ 1/11/2018 $1,000.00 9.000% New Issue Construction
5-Jan-2011 Bancolombia Colombia Baa3 / nr / BBB- 1/12/2016 $520.00 4.250% New Issue Finance
6-Jan-2011 Banco Bradesco Brazil Baa2 / nr / BBB- 1/16/2021 $500.00 5.900% Reopen Finance
10-Jan-2011 Banco Santander do Brasil Brazil Baa2 / BBB- / nr 1/14/2016 $650.00 4.250% New Issue Finance
11-Jan-2011 Banco Santander Chile Chile Aa3 / A+ / AA- 1/19/2016 $500.00 L + 160bps New Issue Finance
12-Jan-2011 Banco Cruzeiro do Sul SA Brazil Ba2 / BB- / nr 1/20/2016 $400.00 8.250% New Issue Finance
12-Jan-2011 Cencosud Chile Baa3 / nr / BBB- 1/20/2021 $750.00 5.500% New Issue Retail
13-Jan-2011 CMPC Chile Baa2 / BBB+ / BBB+ 1/19/2018 $500.00 4.750% New Issue Basic Industries
13-Jan-2011 BR Malls Brazil nr / BB- / BB- Perpetual $230.00 8.500% New Issue Real Estate
19-Jan-2011 BR Properties Brazil Ba3 / nr / B+ Perpetual $85.00 9.000% Reopen Real Estate
20-Jan-2011 Petrobras Brazil Baa1 / BBB- / BBB 1/27/2016 $2,500.00 3.875% New Issue Energy
20-Jan-2011 Petrobras Brazil Baa1 / BBB- / BBB 1/27/2021 $2,500.00 5.375% New Issue Energy
20-Jan-2011 Petrobras Brazil Baa1 / BBB- / BBB 1/27/2041 $1,000.00 6.750% New Issue Energy
20-Jan-2011 Energisa Brazil Ba2 / nr / BB- Perpetual $200.00 9.500% New Issue Utilities
20-Jan-2011 Banco Safra Brazil Baa2 / nr / nr 1/27/2021 $500.00 6.750% New Issue Finance
21-Jan-2011 Grupo Virgolino de Oliveira Brazil B3 / B / nr 1/28/2018 $300.00 10.500% New Issue Basic Industries
21-Jan-2011 Banco Daycoval Brazil nr / BB / BB 1/28/2016 $300.00 6.250% New Issue Finance
25-Jan-2011 Itau Unibanco Brazil Baa2 / nr / BBB- 1/22/2021 $250.00 5.750% Reopen Finance
25-Jan-2011 Tarjeta Naranja Argentina nr / nr / B 1/28/2017 $200.00 9.000% New Issue Finance
1-Feb-2011 Empresas ICA Mexico Ba3 / B+ / nr 2/4/2021 $400.00 8.900% New Issue Construction
3-Feb-2011 Banco BVA Brazil B2 / nr / B- 2/7/2014 $45.00 9.125% New Issue Finance
4-Feb-2011 BBVA Paraguay Paraguay Ba3 / B+ / nr 2/11/2016 $100.00 9.750% New Issue Finance
8-Feb-2011 Banco Votorantim Brazil Baa2 / nr / nr 2/11/2016 $750.00 5.250% New Issue Finance
9-Feb-2011 Empresas ICA Mexico Ba3 / B+ / nr 2/4/2021 $100.00 8.900% Reopen Construction
10-Feb-2011 Raghsa Argentina B3 / B- / nr 2/16/2017 $100.00 8.500% New Issue Real Estate
10-Feb-2011 PDVSA Venezuela nr / nr / B+ 2/17/2022 $3,000.00 12.750% New Issue Energy
14-Feb-2011 Inversiones Alsacia Chile Ba2 / BB / BB+ 8/18/2018 $464.00 8.000% New Issue Transportation
28-Feb-2011 Fibria Brazil Ba1 / BB / BB+ 3/3/2021 $750.00 6.750% New Issue Basic Industries
3-Mar-2011 BBVA Bancomer Mexico A2 / / BBB+ 3/10/2021 $1,250.00 6.500% New Issue Finance
3-Mar-2011 Capex Argentina nr / B- / B 3/10/2015 $200.00 10.000% New Issue Utilities
3-Mar-2011 BBVA Bancomer Mexico A1 / nr / A- 3/10/2016 $750.00 4.500% New Issue Finance
3-Mar-2011 Banco BMG Brazil Ba2 / nr / BB- 3/14/2014 $300.00 6.500% New Issue Finance
11-Mar-2011 Banco de Credito Del Peru Peru Baa2 / nr / BBB 3/16/2016 $700.00 4.750% New Issue Finance
18-Mar-2011 Banco Santander do Brasil Brazil nr / BBB-/ nr 3/18/2014 $1,200.00 L + 210bps New Issue Finance
28-Mar-2011 CNO Brazil Baa3 /BB / BBB- 4/5/2023 $500.00 6.000% New Issue Construction
29-Mar-2011 Cemex Mexico nr /B /B+ 3/29/2011 $800.00 L + 500bps New Issue Construction
29-Mar-2011 NII Capital Corp Mexico B2 / B+ / nr 4/1/2021 $750.00 7.625% New Issue Media/Telecom
29-Mar-2011 Inkia Energy Peru B1/ nr/ BB- 3/29/2011 $300.00 8.375% New Issue Utilities
30-Mar-2011 Grupo ACP INVRS & Dessar Peru nr / BB- / BB- 5/30/2021 $85.00 9% New Issue Finance
31-Mar-2011 Votorantim Cimentos Brazil Baa3 / BB /BBB- 4/5/2041 $750.00 7.250% New Issue Basic Industries
1-Apr-2011 Javer Mexico Ba3 / nr /B+ 4/6/2021 $269.14 9.875% New Issue Construction
6-Apr-2011 Navios Argentina B3 / B+ / nr 4/15/2019 $200.00 9.250% New Issue Transportation
6-Apr-2011 Banco Votorantim Brazil Baa2 /nr/nr 2/11/2016 $500.00 5.250% Reopen Finance
6-Apr-2011 Braskem Finance Brazil Baa3 /BBB- /BB+ 4/15/2021 $750.00 5.750% New Issue Basic Industries
7-Apr-2011 Sigma Alimentos Mexico nr /BBB- /BBB 4/12/2018 $450.00 5.625% New Issue Food & Beverage
7-Apr-2011 Mirabela Nickel Brazil B2/ B- /nr 4/15/2018 $395.00 8.750% New Issue Basic Industries
8-Apr-2011 Banco BMG Brazil Ba2 / BB- / nr 4/15/2018 $300.00 8.000% New Issue Finance
14-Apr-2011 Hypermacas SA Brazil Ba2 / BB- / BB 4/20/2021 $750.00 6.500% New Issue Retail
14-Apr-2011 Banco Cruzeiro do Sul SA Brazil Ba2 / BB- / BB 4/21/2014 $150.00 7.625% New Issue Finance
19-Apr-2011 Edenor Argentina B2 / B- / nr 10/25/2022 $69.70 9.75% Reopen Utilities
19-Apr-2011 General Shopping Brazil Ba3 / nr / BB- Perp $50.00 10% Reopen Real Estate
20-Apr-2011 Geo Maquinaria Mexico nr / BB- / BB- 5/2/2021 $160.00 9.625% New Issue Construction
28-Apr-2011 Banco de Galicia Argentina B2 / B / nr 5/4/2018 $300.00 8.750% New Issue Finance
3-May-2011 Satmex Mexico B3 / B / nr 5/15/2017 $325.00 9.500% New Issue Media/Telecom
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 89
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
4-May-2011 Marfrig Brazil B1 / B+ / B+ 5/9/2018 $750.00 8.375% New Issue Consumer Products
4-May-2011 HSBC Brasil Brazil Baa2 / BBB- / nr 5/11/2016 $500.00 4.000% New Issue Finance
6-May-2011 Cimento Tupi Brazil nr/B/B 11/5/2018 $100.00 9.750% New Issue Construction
6-May-2011 Kansas City Southern Mexico Mexico Ba3 / BB / nr 6/15/2021 $200.00 6.125% New Issue Transportation
6-May-2011 Banco Fibra Brazil Ba2 /nr / nr 5/12/2014 $175.00 5.875% New Issue Finance
9-May-2011 Banco Bradesco Brazil Baa2 / BBB / nr 5/16/2014 $850.00 L + 210bps New Issue Finance
9-May-2011 Banco Bradesco Brazil Baa2 / BBB / nr 5/16/2016 $500.00 4.125% New Issue Finance
11-May-2011 Banco Safra Brazil Baa2 / nr/ nr 5/16/2014 $300.00 3.500% New Issue Finance
11-May-2011 Gruposura Finance Colombia nr/ BBB- /BBB- 5/18/2021 $300.00 5.700% New Issue Finance
17-May-2011 Automotores Gildemeister Chile Ba1 / nr/ BB 5/24/2021 $300.00 8.250% New Issue Retail
19-May-2011 TV Azteca Mexico nr / nr/ BB 5/25/2021 $300.00 7.500% New Issue Media/Telecom
19-May-2011 Banco do Brasil Brazil Baa2 / nr/ nr 1/26/2022 $1,500.00 5.875% New Issue Finance
19-May-2011 Comision Federal de Electricidad Mexico Baa1 / BBB / nr 5/26/2021 $1,000.00 4.875% New Issue Utilities
20-May-2011 JBS USA Brazil B1 / BB/ BB- 1/6/2021 $650.00 7.250% New Issue Consumer Products
24-May-2011 Bancolombia S.A Colombia Baa2 / nr / BBB- 6/3/2021 $1,000.00 5.950% New Issue Finance
25-May-2011 Pemex Mexico Baa1 / BBB / BBB 6/2/2041 $1,250.00 6.500% New Issue Energy
26-May-2011 OGX Brazil B1 / B / B+ 6/1/2018 $2,563.00 8.500% New Issue Energy
26-May-2011 TAM Brazil nr / B / B+ 6/3/2021 $500.00 8.375% New Issue Transportation
27-May-2011 Banco Santander do Brasil Brazil Baa2 / BBB- / nr 1/14/2016 $200.00 4.250% Reopen Finance
27-May-2011 CELPA Brazil B3 / nr / B 6/32/2016 $250.00 10.500% New Issue Utilities
14-Jun-2011 Itau Unibanco Brazil Baa1 / nr / BBB 12/21/2021 $500.00 6.200% New Issue Finance
30-Jun-2011 Banco BTG Pactual Brazil Baa3 / nr / BBB- 7/8/2016 $500.00 4.875% New Issue Finance
6-Jul-2011 Cemex Mexico nr / B / B+ 1/11/2018 $650.00 9.000% Reopen Construction
7-Jul-2011 Cosan Brazil Ba2 / BB / BB Perpetual $200.00 8.250% Reopen Basic Industries
8-Jul-2011 CAF Supranational A1 / A+ / A+ 1/15/2016 $500.00 3.750% Reopen Finance
19-Jul-2011 Braskem Brazil Baa3 / BBB- / BB+ 7/22/2041 $500.00 7.125% New Issue Basic Industries
20-Jul-2011 Pemex Mexico Baa1 / nr / BBB 1/21/2021 $1,000.00 5.500% New Issue Energy
20-Jul-2011 QGOG Brazil Baa3 / nr / BBB- 7/30/2018 $700.00 5.250% New Issue Energy
21-Jul-2011 Banco Industrial SA/ Guatemala Guatemala Ba2 / nr / nr 7/27/2021 $150.00 8.250% New Issue Finance
26-Jul-2011 Transener Argentina nr / B- / B- 8/15/2021 $100.00 9.750% New Issue Utilities
28-Jul-2011 Grupo Elektra Mexico nr / nr / BB- 8/6/2018 $400.00 7.250% New Issue Retail
28-Jul-2011 AES Gener Chile Baa3 / BBB- / BBB- 8/15/2021 $400.00 5.258% New Issue Utilities
18-Aug-2011 Ena Sur Panama nr / BBB- / BBB 11/25/2018 $170.00 5.250% New Issue Transportation
18-Aug-2011 Ena Sur Panama nr / nr / BBB 5/25/2025 $225.00 5.750% New Issue Transportation
30-Jun-2011 Grupo Iusacell SA Mexico nr / nr / nr 6/30/2017 $110.69 9.000% New Issue Media/Telecom
28-Jul-2011 Grupo Iusacell SA Mexico nr / nr / nr 6/30/2017 $375.00 9.000% New Issue Media/Telecom
31-Aug-2011 America Movil Mexico A2 / A- / A 3/30/2040 $750.00 6.125% Reopen Media/Telecom
31-Aug-2011 America Movil Mexico A2 / nr / nr 9/8/2016 $2,000.00 2.375% New Issue Media/Telecom
2-Sep-2011 Cresud Argentina nr / nr / B 9/7/2014 $60.00 7.500% New Issue Basic Industries
8-Sep-2011 Banco de Credito Del Peru Peru Baa3 / nr / BBB- 9/16/2026 $476.14 6.875% New Issue Finance
13-Oct-2011 Pemex Mexico Baa1 / nr / BBB 6/2/2041 $1,250.00 6.500% Reopen Energy
20-Oct-2011 Eletrobras Brazil Baa2 / BBB- / BBB 10/27/2021 $1,750.00 5.750% New Issue Utilities
27-Oct-2011 Codelco Chile A1 / A / A+ 11/3/2021 $1,150.00 3.875% New Issue Basic Industries
3-Nov-2011 Empresa de Energia de Bogota Colombia Baa3 / BB+ / BB+ 11/10/2021 $610.00 6.125.% New Issue Utilities
3-Nov-2011 Instituto Costarricense de Electricidad Costa Rica Baa3 / nr / BB+ 11/10/2021 $250.00 6.950% New Issue Utilities
3-Nov-2011 NROCC Jamaica B3 / B- / nr 11/10/2024 $294.14 9.375% New Issue Transportation
4-Nov-2011 Odebrecht Finance Ltd. Brazil Baa3 / BB+ / BBB- Perpetual $250.00 7.500% Reopen Construction
8-Nov-2011 Intercorp Peru B1 / nr /BB- 11/14/2018 $300.00 8.875% New Issue Retail
16-Nov-2011 Banco do Brasil Brasil Baa1 / nr / nr 1/23/2017 $500.00 3.875% New Issue Finance
17-Nov-2011 Corporación Lindley Peru nr / BB+ / BBB- 11/23/2021 $320.00 6.750% New Issue Food & Beverage
23-Nov-2011 Banco Santander Chile Chile Aa3e / A+ / nr 5/29/2012 $135.00 L+80 bps New Issue Finance
1-Dec-2011 ENAP Chile Baa1 / BBB- / A 12/6/2021 $500.00 4.750% New Issue Energy
5-Dec-2011 Pacific Rubiales Colombia Ba2 / BB / BB 12/12/2021 $300.00 7.250% New Issue Energy
12-Dec-2011 Banco de Bogota Colombia Baa2 / BBB- / BBB- 1/15/2017 $600.00 5.000% New Issue Finance
2012 $84,764
4-Jan-2012 Vale Brazil Baa2 / A- / BBB+ 1/11/2022 $1,000.00 4.375% New Issue Basic Industries
4-Jan-2012 Celulosa Arauco Chile Baa2 / BBB / BBB+ 1/11/2022 $500.00 4.750% New issue Basic Industries
5-Jan-2012 Banco Bradesco Brazil Baa1 / BBB / nr 1/12/2017 $800.00 4.500% New Issue Finance
9-Jan-2012 Automotores Gildemeister Chile Ba1 / nr / BB 5/24/2021 $100.00 8.250% New Issue Retail
10-Jan-2012 BBVA Banco Continental Peru nr / BBB / BBB+ 1/18/2017 $500.00 5.750% New Issue Finance
12-Jan-2012 Banco do Brasil Brazil nr / BB / nr Perp $1,000.00 9.250% New Issue Finance
17-Jan-2012 Itau Unibanco Brazil Baa1 / nr / BBB 12/21/2021 $500.00 6.200% Reopen Finance
17-Jan-2012 Pemex Mexico Baa1 / BBB / BBB 1/24/2022 $2,100.00 4.875% New Issue Energy
19-Jan-2012 Grupo Bimbo Mexico Baa2 / nr / BBB 1/25/2022 $800.00 4.500% New Issue Consumer Products
23-Jan-2012 Odebrecht Brazil Baa3 / nr / BBB- 4/5/2023 $300.00 6.000% Reopen Construction
25-Jan-2012 JBS Friboi Brazil B1 / BB / BB- 2/1/2020 $700.00 8.250% New Issue Consumer Products
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 90
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
25-Jan-2012 Grupo Aval Colombia Baa3 / nr / BBB- 2/1/2017 $600.00 5.250% New Issue Finance
26-Jan-2012 Banrisul Brazil Ba1 / nr / BB- 2/2/2022 $500.00 7.375% New Issue Finance
26-Jan-2012 Camposol Peru B3 / B / nr 2/2/2017 $125.00 9.875% New Isusue Food & Beverage
26-Jan-2012 Volcan Peru Baa3 / nr / BBB- 2/2/2022 $600.00 5.375% New Issue Basic Industries
27-Jan-2012 CSN Brazil Ba1 / BBB- / BBB- 7/21/2020 $200.00 6.500% Reopen Basic Industries
27-Jan-2012 Braskem Brazil nr / BBB- / BBB- 4/15/2021 $250.00 5.750% Reopen Basic Industries
27-Jan-2012 Urbi Mexico Ba3e / nr / BB- 2/3/2022 $500.00 9.750% New Issue Construction
31-Jan-2012 Grupo Elektra Mexico nr / nr / BB- 8/6/2018 $150.00 7.250% Reopen Retail
31-Jan-2012 Cimento Tupi Brazil nr / B / B 5/11/2018 $50.00 9.750% Reopen Construction
1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 1/27/2021 $2,750.00 5.375% Reopen Energy
1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 1/27/2041 $1,250.00 6.750% Reopen Energy
1-Feb-2012 Banco del Estado de Chile Chile Aa3 / A+ / nr 2/8/2022 $500.00 3.875% New Issue Finance
1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 2/6/2017 $1,750.00 3.500% New Issue Energy
1-Feb-2012 Cofide Peru nr / BBB / BBB 2/8/2022 $400.00 4.750% New Issue Finance
1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 2/6/2015 $1,250.00 2.875% New Issue Energy
2-Feb-2012 Votarantim Brazil Baa3 / BBB / BBB- 4/5/2041 $500.00 7.250% Reopen Basic Industries
2-Feb-2012 Homex Mexico Ba3 / nr / BB- 3/25/2020 $400.00 9.750% New Issue Construction
2-Feb-2012 Cabcorp Guatemala Ba2 / BB / BB+ 2/9/2022 $200.00 6.750% New Issue Food & Beverage
2-Feb-2012 Grupo Virgolino de Oliveira Brazil B3 / B / B 2/9/2022 $300.00 11.750% New Issue Basic Industries
2-Feb-2012 Cabei Supranational A2 / A- / nr 2/9/2017 $250.00 3.875% New Issue Finance
3-Feb-2012 Minerva Brazil B2 / nr / B+ 2/10/2022 $350.00 12.250% New Issue Food & Beverage
6-Feb-2012 Banco Santander Brasil Brazil Baa1 / nr / BBB+ 2/13/2017 $800.00 4.625% New Issue Finance
6-Feb-2012 Brasil Telecom Brazil Baa2 / nr / BBB 2/10/2022 $1,500.00 5.750% New Issue Media/Telecom
7-Feb-2012 Comision Federal de Electricidad Mexico Baa1 / BBB / BBB 2/14/2042 $750.00 5.750% New Issue Utilities
7-Feb-2012 Digicel Limited Jamaica B1 / nr / B 2/15/2020 $250.00 7.000% New Issue Media/Telecom
9-Feb-2012 Braskem Brazil Baa3 / BBB- / BBB- Perp $250.00 7.375% Reopen Basic Industries
9-Feb-2012 Banco Santander Chile Chile Aa3 / A / nr 2/4/2014 $250.00 Libor + 200 New Issue Finance
24-Feb-2012 Banco Bradesco Brazil Baa1 / nr / BBB 3/1/2022 $1,000.00 5.750% New Issue Finance
27-Feb-2012 Banco do Brasil Brazil nr / BB / nr Perp $750.00 9.250% Reopen Finance
12-Mar-2012 Itau Unibanco Brazil Baa1 / nr / BBB 3/19/2022 $1,250.00 5.650% New Issue Finance
13-Mar-2012 General Shopping Brazil B2e / nr / B Perp $150.00 12.000% New Issue Real Estate
14-Mar-2012 Banco BMG Brazil Ba3 / nr / nr 3/27/2017 $150.00 9.625% New Issue Finance
14-Mar-2012 OSX Brazil nr / nr / nr 3/20/2015 $500.00 9.250% New Issue Energy
15-Mar-2012 TGI Colombia Baa3 / nr / BB+ 3/20/2022 $750.00 5.700% New issue Utilities
20-Mar-2012 Corporacion GEO Mexico (P)Ba3 / BB- / BB- 3/27/2022 $400.00 8.875% New Issue Construction
21-Mar-2012 Schahin Brazil Baa3 / BBB- / BBB- 9/25/2022 $750.00 5.875% New Issue Energy
22-Mar-2012 Minerva Brazil B2 / B+ / B+ 2/10/2022 $100.00 12.250% Reopen Consumer Products
27-Mar-2012 OGX Brazil B1 / B / B+ 4/1/2022 $1,063.00 8.375% New Issue Energy
28-Mar-2012 Bladex Panama nr / BBB / BBB 4/4/2017 $400.00 3.750% New Issue Finance
29-Mar-2012 Vale Brazil Baa2 / A- / BBB+ 1/11/2022 $1,025.00 4.375% Reopen Basic Industries
30-Mar-2012 Magnesita Brazil nr / BB / BB Perp $250.00 8.625% New Issue Basic Industries
2-Apr-2012 Globo Brazil Baa2 / BBB / BBB+ 4/11/2022 $300.00 4.875% New Issue Media/Telecom
18-Apr-2012 Inversiones CMPC Chile Baa2 / BBB+ / BBB+ 4/25/2022 $500.00 4.500% New Issue Basic Industries
19-Apr-2012 Banco de Credito Del Peru Peru Baa3 / nr / BBB 4/24/2027 $350.00 6.125% New Issue Finance
27-Apr-2012 Banco do Nordeste Brasil Brazil Baa2 / BBB / nr 5/3/2019 $300.00 4.375% New Issue Finance
27-Apr-2012 Braskem Finance Ltd Brazil Baa3 / BBB- / BBB- 5/2/2022 $500.00 5.375% New Issue Basic Industries
3-May-2012 Instituto Costarricense de Electricidad Costa Rica Baa3 / nr / BB+ 11/10/2021 $250.00 6.950% Reopen Utilities
8-May-2012 AJECORP Peru nr / nr / BB+ 5/14/2022 $300.00 6.500% New Issue Food & Beverage
10-May-2012 Banca Mifel Mexico nr / B- / B 5/16/2022 $150.00 9.750% New Issue Finance
31-May-2012 Brasil Foods Brazil Baa3 / BBB- / BBB- 6/6/2022 $500.00 5.875% New Issue Consumer Products
7-Jun-2012 CAF Supranational Aa3 / A+ / A+ 6/15/2022 $600.00 4.375% New Issue Finance
12-Jun-2012 Embraer Brazil Baa3 / BBB- / nr 6/15/2022 $500.00 5.150% New Issue Industrials
12-Jun-2012 Banco do Brasil Brazil Baa1 / BB+ / nr 1/19/2023 $750.00 5.875% New Issue Finance
19-Jun-2012 Pemex Mexico Baa1 / BBB / BBB 6/27/2044 $1,750.00 5.500% New Issue Energy
20-Jun-2012 Brasil Foods Brazil Baa3 / BBB- / BBB- 6/6/2022 $250.00 5.875% Reopen Consumer Products
21-Jun-2012 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 6/26/2022 $600.00 5.125% New Issue Construction
21-Jun-2012 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 6/26/2042 $400.00 7.125% New Issue Construction
25-Jun-2012 Banco Davivienda Colombia Ba1 / nr / BB+ 7/9/2022 $500.00 5.875% New Issue Finance
26-Jun-2012 Pemex Mexico nr / nr / nr 12/20/2022 $400.00 2.000% New Issue Energy
28-Jun-2012 Pemex Mexico nr / nr / nr 12/20/2022 $400.00 1.950% New Issue Energy
9-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2022 $1,250.00 3.125% New Issue Media/Telecom
9-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2042 $750.00 4.375% New Issue Media/Telecom
10-Jul-2012 Codelco Chile A1 / A / A+ 7/17/2022 $1,250.00 3.000% New Issue Basic Industries
10-Jul-2012 Codelco Chile A1 / A / A+ 7/17/2042 $750.00 4.250% New Issue Basic Industries
12-Jul-2012 BBVA Bancomer Mexico A3 / nr / BBB 9/30/2022 $1,000.00 6.750% New Issue Finance
17-Jul-2012 Pemex Mexico nr / nr / nr 12/20/2022 $400.00 1.700% New Issue Energy
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 91
Issue Date Issuer Country Ratings MaturityUSD Amt
(MM)Coupon (%) Issue Class Industry
19-Jul-2012 Empresas ICA Mexico B1 / B+ / nr 7/24/2017 $350.00 8.375% New Issue Construction
23-Jul-2012 Braskem Brazil Baa3 / BBB- / BBB- 7/22/2041 $250.00 7.125% Reopen Chemicals
23-Jul-2012 Banco GNB Sudameris Colombia Ba2 / nr / BB 7/30/2022 $250.00 7.500% New Issue Finance
26-Jul-2012 Corporacion Azucarera del Peru Peru nr / BB+ / BB 8/2/2022 $325.00 6.375% New Issue Agribusiness
31-Jul-2012 Itau Unibanco Brazil Baa2 / nr / BBB 8/6/2022 $1,375.00 5.500% New Issue Finance
31-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2022 $350.00 3.125% Reopen Media/Telecom
31-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2042 $400.00 4.375% Reopen Media/Telecom
8-Aug-2012 Oaxaca Mexico nr / BBB- / BBB- 12/31/2031 $148.47 7.250% New Issue Energy
8-Aug-2012 Oaxaca Mexico nr / BBB- / BBB- 12/31/2031 $150.23 7.250% New Issue Energy
23-Aug-2012 BBVA Banco Continental SA Peru nr / BBB / BBB+ 8/26/2022 $500.00 5.000% New Issue Finance
4-Sep-2012 Bancolombia Colombia Baa3 / nr / BBB- 9/11/2022 $1,150.00 5.125% New Issue Finance
4-Sep-2012 Vale Brazil Baa2 / A- / BBB+ 9/11/2042 $1,500.00 5.625% New Issue Basic Industries
5-Sep-2012 Digicel Group Limited Jamaica Caa1 / nr / B- 9/30/2020 $1,500.00 8.250% New Issue Media/Telecom
6-Sep-2012 Banco de Credito e Inversiones Chile A1 / nr / nr 9/13/2017 $600.00 3.000% New Issue Finance
7-Sep-2012 Banco Santander Brasil Brasil Baa1 / BBB / BBB 2/13/2017 $500.00 4.625% Reopen Finance
12-Sep-2012 Mexichem Mexico Ba1 / BBB- / BBB- 9/19/2042 $400.00 6.750% New Issue Basic Industries
12-Sep-2012 Mexichem Mexico Ba1 / BBB- / BBB- 9/19/2022 $750.00 4.875% New Issue Basic Industries
12-Sep-2012 Banco Santander Chile Chile Aa3 / A / A+ 9/20/2022 $750.00 3.875% New Issue Finance
18-Sep-2012 CAF Supranational Aa3 / A+ / A+ 6/15/2022 $407.00 4.375% Reopen Finance
19-Sep-2012 Grupo Aval Colombia Baa3 / nr / BBB- 9/26/2022 $1,000.00 4.750% New Issue Finance
20-Sep-2012 Colombia Telecom Colombia nr / BB / BB 9/27/2022 $750.00 5.375% New Issue Media/Telecom
21-Sep-2012 Maestro Peru Ba2 / nr / nr 9/26/2019 $200.00 6.750% New Issue Basic Industries
21-Sep-2012 Banco BTG Brazil Ba1 / nr / BB 9/28/2022 $800.00 5.750% New Issue Finance
25-Sep-2012 BBVA Bancomer SA Mexico A3 / nr / BBB 9/30/2022 $500.00 6.750% Reopen Finance
27-Sep-2012 Banco ABC Brasil Brazil Ba1 / nr / nr 4/8/2020 $100.00 7.875% Reopen Finance
27-Sep-2012 ENA Norte Trust Panama Baa3 / BBB / BBB 4/25/2023 $600.00 4.950% New Issue Transportation
28-Sep-2012 Global Bank Corporation Panama Baa3 / BBB- / nr 10/5/2017 $200.00 4.750% New Issue Finance
2-Oct-2012 Banco do Brasil Brazil Baa1 / BBB / nr 10/10/2022 $1,925.00 3.875% New Issue Finance
4-Oct-2012 Cemex Mexico nr / B- / B+ 10/12/2012 $1,500.00 9.375% New Issue Construction
4-Oct-2012 Telefonica Chile SA Chile nr / BBB / BBB+ 10/12/2012 $500.00 3.875% New Issue Media/Telecom
11-Oct-2012 Banco Continental S.A.E Paraguay Ba3 / nr / nr 10/15/2017 $200.00 8.875% New Issue Finance
11-Oct-2012 Pemex Mexico Baa1 / BBB / BBB 6/27/2044 $1,000.00 5.500% Reopen Energy
12-Oct-2012 OAS Brazil nr / nr / B 10/19/2019 $500.00 8.250% New Isusue Construction
18-Oct-2012 BR Malls Brazi Ba1/ BB / BB Perp $175.00 8.500% Reopen Real Estate
22-Oct-2012 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 6/26/2042 $450.00 7.125% Reopen Construction
25-Oct-2012 Banco Industrial SA/ Guatemala Guatemala Baa3 / nr / nr 11/1/2022 $500.00 5.500% New Issue Finance
26-Oct-2012 Caixa Brazil Baa1 / nr / BBB 11/6/2017 $1,000.00 2.375% New Issue Finance
26-Oct-2012 Caixa Brazil Baa2 / nr / BBB 11/7/2022 $500.00 3.500% New Issue Finance
26-Oct-2012 Samarco Mineracao SA Brazil nr / BBB / BBB 11/1/2022 $1,000.00 4.125% New Issue Basic Industries
2-Nov-2012 USJ Acucar e Alcool SA Brazil nr/BB-/BB- 11/9/2019 $275.00 9.875% New Issue Basic Industries
5-Nov-2012 AJECORP Peru nr / BB / BB+ 5/14/2022 $150.00 6.500% Reopen Food & Beverage
5-Nov-2012 Southern Copper Corporation Mexico Baa2 / BBB / BBB 11/8/2042 $1,200.00 5.250% New Issue Basic Industries
5-Nov-2012 Banco del Estado de Chile Chile Aa3 / AA- / A+ 11/9/2017 $500.00 2.000% New Issue Finance
5-Nov-2012 QGOG Brazil nr / nr / BB- 11/9/2019 $700.00 6.250% New Issue Energy
5-Nov-2012 Itau Unibanco Brazil Baa2 / nr / BBB 5/13/2023 $1,870.00 5.125% New Issue Finance
5-Nov-2012 Southern Copper Corporation Mexico Baa2 / BBB / BBB 11/8/2022 $300.00 3.500% New Issue Basic Industries
6-Nov-2012 Aeropuertos Dominicanos Dom.Rep Ba3 / nr / nr 11/13/2019 $550.00 9.250% New Issue Transportation
6-Nov-2012 Banco Santander SA Mexico nr / BBB / BBB+ 11/9/2022 $1,000.00 4.125% New Issue Finance
6-Nov-2012 Caribbean Development Bank Supranational Aa1 / AA+ / nr 11/9/2027 $300.00 4.375% New Issue Finance
9-Nov-2012 Cielo SA Brazil Baa2 / nr / BBB+ 11/16/2012 $875.00 3.750% New Issue Finance
15-Nov-2012 Alpek Mexico Baa3 / BBB- / BBB- 11/20/2022 $650.00 4.500% New Issue Basic Industries
27-Nov-2012 Banrisul Brazil Ba1 / nr / BB- 2/2/2022 $275.00 7.375% Reopen Finance
27-Nov-2012 Grupo Posadas Mexico B2 / nr / B+ 11/30/2017 $225.00 7.785% New Issue Gaming and Lodging
27-Nov-2012 Cofide Peru nr / BBB / BBB 2/8/2022 $100.00 4.750% Reopen Finance
29-Nov-2012 CFR Pharmaceuticals Chile nr / nr / BBB- 121/06/2022 $300.00 5.125% New Issue Retail
29-Nov-2012 Cencosud Chile Baa3 / BBB- / BBB- 1/20/2023 $1,200.00 4.875% New Issue Retail
29-Nov-2012 Grupo Kuo Mexico nr / BB / BB 12/4/2022 $325.00 6.250% New Issue Basic Industries
6-Dec-2012 Scotiabank Peru Peru Baa2 / nr / BBB+ 12/13/2027 $400.00 4.500% New Issue Finance
6-Dec-2012 Telefonica Celular de Paraguay Paraguay B1 / nr / BB 12/13/2022 $300.00 6.750% New Issue Media/Telecom
2013 $87,776
9-Jan-2013 Banco BTG Pactual Brazil Baa3 / nr / BBB- 1/16/2020 $1,000.00 4.000% New Issue Finance
10-Jan-2013 Copeinca Peru B2 / B+ / B+ 2/10/2017 $75.00 9.000% Reopen Basic Industries
10-Jan-2013 Corpbanca Chile Baa1 / BBB+ / nr 1/15/2018 $800.00 3.125% New Issue Finance
10-Jan-2013 Automotores Gildemeister Chile Ba2 / nr / BB 1/15/2023 $300.00 6.750% New Issue Retail
16-Jan-2013 Tonon Brazil nr / B / B 1/24/2020 $300.00 9.250% New issue Basic Industries
16-Jan-2013 Marfrig Brazil B2 / B / B 7/24/2017 $600.00 9.875% New Issue Food & Beverage
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 92
Issue Date Issuer Country Ratings MaturityUSD Amt
(MM)Coupon (%) Issue Class Industry
17-Jan-2013 Minerva Brazil B1 / BB- / BB- 1/31/2023 $850.00 7.750% New Issue Food & Beverage
22-Jan-2013 BBVA Banco Continental SA Peru nr / BBB+ / A- 7/29/2016 $300.00 2.250% New Issue Finance
22-Jan-2013 Banco Davivienda SA Colombia Baa3 / BBB- / BBB- 1/29/2018 $500.00 2.950% New Issue Finance
17-Jan-2013 Pemex Mexico A3 / BBB+ / BBB+ 1/30/2023 $2,100.00 3.500% New Issue Energy
24-Jan-2013 El Fondo Mivivienda SA Peru nr / BBB+ / BBB+ 1/31/2023 $500.00 3.500% New Issue Finance
25-Jan-2013 Pesquea Exalmar Peru B2 / B+ / nr 1/31/2020 $200.00 7.375% New Issue Basic Industries
25-Jan-2013 Banco do Brasil Brazil nr / BB / nr Perp $2,000.00 6.250% New Issue Finance
25-Jan-2013 Banreservas Dom. Rep B2 / nr / B- 2/1/2023 $300.00 7.000% New Issue Finance
26-Jan-2013 Grupo Posadas Mexico B2 / B / B+ 11/30/2017 $50.00 7.875% Reopen Gaming and Lodging
29-Jan-2013 CorpGroup Banking SA Chile Ba3 / BB / nr 3/15/2023 $500.00 6.750% New Issue Finance
29-Jan-2013 JBS Friboi Brazil nr / BB / BB- 2/5/2023 $500.00 6.250% New Issue Food & Beverage
30-Jan-2013 CAF Supranational Aa3 / nr / nr 2/18/2016 $100.00 Libor +85 New Issue Supranational
1-Feb-2013 Cementos Pacasmayo S.A.A Peru nr / BB+ / BBB- 2/8/2023 $300.00 4.500% New Issue Construction
1-Feb-2013 Grupo Cementos Chihuahua Mexico nr / B / nr 2/8/2020 $260.00 8.125% New Issue Construction
4-Feb-2013 Geopark Chile nr / B / B 2/11/2020 $300.00 7.500% New Issue Energy
5-Feb-2013 SMU SA Chile B2 / nr / nr 2/8/2020 $300.00 7.750% New Issue Retail
6-Feb-2013 Banco de Credito de Inversiones Chile A1 / A / nr 2/11/02023 $500.00 4.000% New Issue Finance
7-Feb-2013 GOL Brazil nr / B- / nr 2/12/2023 $200.00 10.750% New Issue Transportation
11-Feb-2013 Banco de Bogota Colombia Baa3 / nr / BBB- 2/19/2023 $500.00 5.375% New Issue Finance
11-Feb-2013 NII International Telecom Mexico B2 / B- / nr 8/15/2019 $750.00 11.375% New Issue Media/Telecom
19-Feb-2013 Digicel Limited Jamaica B1 / nr / B 4/15/2021 $1,000.00 6.000% New Issue Media/Telecom
21-Feb-2013 Tenedora Nemak Mexico Ba2 / BB- / BB- 2/28/2023 $500.00 5.500% New Issue Industrials
6-Mar-2013 Tanner Chile nr / BBB- / BBB- 3/13/2018 $250.00 4.375% New Issue Finance
7-Mar-2013 Cosan Brazil Ba2 / BB / BB+ 3/14/2023 $500.00 5.000% New Issue Basic Industries
14-Mar-2013 Cemex Mexico nr / B / B+ 3/25/2019 $600.00 5.875% New Issue Construction
15-Mar-2013 Alicorp Peru Baa2 / nr / BBB 3/20/2023 $450.00 3.875% New Issue Consumer Products
19-Mar-2013 Digicel Jamaica B1 / nr / B 4/15/2021 $300.00 6.000% Reopen Media/Telecom
21-Mar-2013 AES El Salvador El Salvador Ba2 / nr / BB 3/28/2023 $310.00 6.750% New Issue Utilities
21-Mar-2013 Calidda Peru Baa3 / nr / BBB- 4/1/2023 $320.00 4.375% New Issue Utilities
21-Mar-2013 Milpo Peru nr / nr / BBB 3/28/2023 $350.00 4.625% New Issue Basic Industries
22-Mar-2013 Pacific Rubiales Colombia Ba2 / BB+ / BB+ 3/28/2023 $1,000.00 5.125% New Issue Energy
25-Mar-2013 Banco de Credito Del Peru Peru Baa2 / nr / BBB+ 4/1/2023 $350.00 4.250% New Issue Finance
26-Mar-2013 SQM Chile Baa1 / BBB / nr 4/3/2023 $300.00 3.625% New Issue Basic Industries
3-Apr-2013 BBVA Banco Continental SA Peru nr / BBB / BBB+ 4/8/2018 $500.00 3.250% New Issue Finance
5-Apr-2013 Banco de Credito Del Peru Peru Baa3 / nr / BBB 4/24/2027 $170.00 6.125% Reopen Finance
5-Apr-2013 JBS Friboi Brazil nr / BB / BB- 2/5/2023 $275.00 6.250% Reopen Food & Beverage
8-Apr-2013 Gerdau Trade Inc. Brazil Baa3 / BBB- / BBB- 4/15/2023 $750.00 4.750% New Issue Metals
9-Apr-2013 Corporación Lindley Peru nr / BB+ / BBB- 4/12/2023 $260.00 4.625% New Issue Food & Beverage
10-Apr-2013 Banco BTG Pactual Brazil Baa3 / nr / BBB- 4/17/2018 $700.00 4.500% New Issue Finance
10-Apr-2013 NII International Telecom Mexico B2 / B- / nr 8/15/2019 $150.00 11.375% Reopen Media/Telecom
12-Apr-2013 Banco Fibra Brazil Ba3 / nr / nr 4/19/2016 $150.00 4.500% New Issue Finance
17-Apr-2013 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 4/25/2025 $550.00 4.375% New Issue Construction
17-Apr-2013 Metalsa Mexico nr / BB+ / BBB- 4/24/2023 $300.00 4.900% New Issue Industrials
18-Apr-2013 OAS Brazil B1 / nr / B+ Perp $500.00 8.875% New Issue Construction
19-Apr-2013 FerreyCorp Peru Ba1 / nr / nr 4/26/2020 $300.00 4.875% New Issue Industrials
23-Apr-2013 Transportadora de Gas del Peru Peru Baa2 / BBB / BBB 4/30/2028 $850.00 4.250% New Issue Utilities
23-Apr-2013 Andrade Gutierrez Brazil Ba1 / nr / BBB- 4/30/2018 $500.00 4.000% New Issue Construction
24-Apr-2013 Kansas City Southern Mexico Mexico Baa3 / BBB- / BBB- 5/15/2020 $275.00 2.350% New Issue Transportation
24-Apr-2013 Kansas City Southern Mexico Mexico Baa3 / BBB- / BBB- 5/15/2023 $450.00 3.000% New Issue Transportation
25-Apr-2013 Falabella Chile nr / nr / BBB 4/30/2023 $500.00 3.750% New Issue Retail
25-Apr-2013 Banco GNB Sudameris Colombia Ba1 / nr / BB+ 5/2/2018 $300.00 3.875% New Issue Finance
30-Apr-2013 Aralco Finance Brazil nr / B / B 5/7/2020 $250.00 10.125% New Issue Basic Industries
30-Apr-2013 Consorcio Transmantaro Peru Baa3 / nr / BBB- 5/7/2023 $450.00 4.375% New Issue Utilities
3-May-2013 Avianca Holdings Colombia nr / nr / B+ 5/10/2020 $300.00 8.375% New Issue Transportation
7-May-2013 Banco del Estado de Chile Chile Aa3 / AA- / A+ 11/9/2017 $200.00 2.000% Reopen Finance
7-May-2013 Coca-Cola Femsa Mexico nr / nr / A 5/10/2023 $300.00 2.875% New Issue Consumer Products
7-May-2013 Coca-Cola Femsa Mexico nr / nr / A 5/10/2043 $700.00 4.375% New Issue Consumer Products
8-May-2013 Empresas CMPC Chile nr / BBB / BBB+ 5/15/2023 $500.00 4.375% New Issue Basic Industries
13-May-2013 Petrobras Brazil A3 / BBB / BBB 5/20/2016 $1,000.00 Libor + 162 New Issue Energy
13-May-2013 Petrobras Brazil A3 / BBB / BBB 5/20/2016 $1,250.00 2.000% New Issue Energy
13-May-2013 Petrobras Brazil A3 / BBB / BBB 1/15/2019 $2,000.00 3.000% New Issue Energy
13-May-2013 Petrobras Brazil A3 / BBB / BBB 1/15/2019 $1,500.00 Libor + 214 New Issue Energy
13-May-2013 Petrobras Brazil A3 / BBB / BBB 5/20/2023 $3,500.00 4.375% New Issue Energy
13-May-2013 Petrobras Brazil A3 / BBB / BBB 5/20/2043 $1,750.00 5.625% New Issue Energy
15-May-2013 Brasil Foods Brazil Baa3 / nr / BBB- 5/22/2023 $500.00 3.950% New Issue Consumer Products
16-May-2013 NII International Telecom Mexico B2 / B- / nr 8/15/2019 $700.00 7.875% New Issue Media/Telecom
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 93
Issue Date Issuer Country Ratings MaturityUSD Amt
(MM)Coupon (%) Issue Class Industry
17-May-2013 Millicom El Salvador Ba2 / nr / BB+ 5/22/2020 $500.00 4.750% New Issue Media/Telecom
23-May-2013 FAMSA Mexico nr / B / B+ 6/1/2020 $250.00 4.250% New Issue Retail
30-May-2013 Ultrapetrol Argentina B3 / B- / nr 6/15/2021 $200.00 8.875% New Issue Transportation
31-May-2013 Banco Santander de Chile Chile Aa3 / A / A+ 6/7/2018 $250.00 Libor + 187.5 New Issue Finance
3-Jul-2013 Newland International Property Panama nr / nr / nr 7/3/2017 $257.64 9.500% New Issue Real Estate
3-Jul-2013 Santa Maria Offshore Mexico nr / nr / nr 7/3/2018 $175.00 8.875% New Issue Energy
11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 6/2/2041 $500.00 6.500% Reopen Energy
11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 1/18/2024 $1,000.00 4.875% New Issue Energy
11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 7/18/2018 $500.00 Libor + 202 New Issue Energy
11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 7/18/2018 $1,000.00 3.500% New Issue Energy
23-Jul-2013 Transelec SA Chile Baa1 / nr / BBB- 7/26/2023 $300.00 4.625% New Issue Utilities
26-Jul-2013 Odebrecht Offshore Drilling Brazil Baa3 / BBB / BBB 10/1/2022 $1,690.00 6.750% New Issue Energy
5-Aug-2013 Cemex Mexico nr / B / BB- 12/10/2019 $1,000.00 6.500% New Issue Construction
5-Aug-2013 Alpek Mexico Baa3 / BBB- / BBB- 8/8/2023 $300.00 5.375% New Issue Basic Industries
5-Aug-2013 Playa Resorts Mexico Caa1 / B- / nr 8/15/2020 $300.00 8.000% New Issue Travel & Leisure
5-Aug-2013 Banco de Costa Rica Costa Rica Baa3 / nr / BB 8/12/2018 $500.00 5.250% New Issue Finance
6-Aug-2013 Codelco Chile A1 / AA- / A+ 8/13/2023 $750.00 4.500% New Issue Basic Industries
5-Sep-2013 America Movil Mexico A2 / A- / A 9/12/2016 $750.00 Libor + 100 New Issue Media/Telecom
9-Sep-2013 Inkia Energy Peru Ba3 / BB / BB 4/4/2021 $150.00 8.375% Reopen Utilities
10-Sep-2013 TV Azteca Mexico nr / nr / BB- 9/18/2020 $500.00 7.625% New Issue Media/Telecom
10-Sep-2013 Pemex Mexico Baa1 / BBB / BBB+ 2/15/2024 $400.00 2.830% New Issue Energy
11-Sep-2013 Ecopetrol Colombia Baa2 / BBB / BBB- 9/18/2023 $1,300.00 5.875% New Issue Energy
11-Sep-2013 Ecopetrol Colombia Baa2 / BBB / BBB- 9/18/2043 $850.00 7.375% New Issue Energy
11-Sep-2013 Ecopetrol Colombia Baa2 / BBB / BBB- 9/18/2018 $350.00 4.250% New Issue Energy
13-Sep-2013 JBS Friboi Brazil Ba3 / BB / BB- 6/1/2021 $500.00 7.250% Reopen Food & Beverage
13-Sep-2013 Grupo R Mexico nr / BB / BB 9/20/2020 $950.00 8.375% New Issue Energy
13-Sep-2013 Office Depot de Mexico Mexico nr / nr / BB+ 9/20/2020 $350.00 6.875% New Issue Retail
13-Sep-2013 Marfrig Brazil B2 / nr / B 9/20/2021 $400.00 11.250% New Issue Food & Beverage
13-Sep-2013 Embraer Brazil Baa3 / BBB / nr 9/16/2023 $531.85 5.696% New Issue Industrials
19-Sep-2013 BNDES Brazil Baa2 / BBB / nr 9/26/2016 $1,250.00 3.375% New Issue Finance
19-Sep-2013 BNDES Brazil Baa2 / BBB / nr 9/26/2023 $1,250.00 5.750% New Issue Finance
23-Sep-2013 Ultrapetrol Argentina B3 / B- / nr 6/15/2021 $25.00 8.875% Reopen Transportation
24-Sep-2013 Arcos Dorados Argentina Ba2 / nr /BBB- 9/27/2023 $375.00 6.625% New Issue Consumer Products
25-Sep-2013 Cemex Mexico nr / B+ / BB- 1/15/2021 $1,000.00 7.250% New Issue Construction
25-Sep-2013 Cemex Mexico nr / B+ / BB- 10/15/2018 $400.00 Libor + 475 New Issue Construction
26-Sep-2013 Embotelladora Andina SA Chile nr / BBB / A- 10/1/2023 $575.00 5.000% New Issue Food & Beverage
26-Sep-2013 Caixa Brazil Baa2 / BBB / BBB 10/3/2018 $1,250.00 4.500% New Issue Finance
27-Sep-2013 Cemex Mexico nr / B+ / BB- 10/15/2018 $100.00 Libor + 475 Reopen Construction
27-Sep-2013 YPF Argentina nr / nr / B- 8/15/2018 $150.00 Libor + 750 New Issue Energy
1-Oct-2013 Oceanografia Mexico nr / nr / nr 10/9/2018 $160.00 12.000% New Issue Transportation
9-Oct-2013 Millicom Other Ba2 / nr / BB+ 10/15/2021 $800.00 6.625% New Issue Media/Telecom
9-Oct-2013 Aeropuertos Internacional de Tocumen Panama nr / BBB / BBB 10/9/2023 $650.00 5.750% New Issue Transportation
10-Oct-2013 Codelco Chile A1 / AA- / A+ 10/18/2043 $950.00 5.625% New Issue Metals
17-Oct-2013 OAS Brazil B1 / BB- / B+ 10/19/2019 $375.00 8.250% Reopen Construction
17-Oct-2013 CFE Mexico Baa1 / BBB / nr 1/15/2024 $1,250.00 4.875% New Issue Utilities
21-Oct-2013 Samarco Mineracao SA Brazil nr / BBB / BBB 10/24/2023 $700.00 5.750% New Issue Basic Industries
22-Oct-2013 CAF Supranational Aa3 / nr / nr 10/28/2015 $200.00 Libor + 52 New Issue Finance
23-Oct-2013 JBS Friboi Brazil nr / nr / BB- 10/28/2020 $1,000.00 7.750% New Issue Food & Beverage
24-Oct-2013 Entel Chile Baa2 / BBB+ / BBB 10/30/2024 $1,000.00 4.875% New Issue Media/Telecom
24-Oct-2013 Pemex Mexico nr / nr / nr 2/15/2024 $350.00 2.290% New Issue Energy
29-Oct-2013 Cementos Progreso Guatemala nr / BB / BB+ 11/6/2023 $350.00 7.125% New Issue Construction
29-Oct-2013 San Miguel Industrias Peru Ba2 / nr / BB 11/6/2020 $200.00 7.750% New Issue Food & Beverage
31-Oct-2013 PDVSA Venezuela B1 / B / B+ 11/15/2026 $4,500.00 6.000% New Issue Energy
4-Nov-2013 Latam Airlines Chile nr / BBB- / BB+ 12/15/2020 $450.00 6.000% New Issue Transportation
7-Nov-2013 Cobre del Mayo Mexico B3 / nr / B 11/15/2018 $225.00 10.750% New Issue Basic Industries
7-Nov-2013 Andino Investments Peru nr / nr / BB- 11/13/2020 $115.00 11.000% New Issue Transportation
7-Nov-2013 Fresnillo Mexico Baa2 / nr / nr 11/13/2023 $800.00 5.500% New Issue Basic Industries
8-Nov-2013 CBC Brazil Brazil B1 / BB- / nr 11/15/2021 $250.00 7.250% New Issue Basic Industries
14-Nov-2013 Banco de los Trabajadores Guatemala Ba3 / nr / BB- 11/14/2020 $150.00 9.000% New Issue Finance
15-Nov-2013 Empresa de Energia de Bogota Colombia Baa3 / BB+ / BBB- 11/10/2021 $112.00 6.125% Reopen Utilities
18-Nov-2013 Pacific Rubiales Colombia Ba2 / nr / BB+ 1/26/2019 $1,300.00 5.375% New Issue Energy
19-Nov-2013 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2043 $400.00 5.250% New Issue Consumer Products
19-Nov-2013 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2023 $750.00 3.875% New Issue Consumer Products
19-Nov-2013 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2018 $1,000.00 2.375% New Issue Consumer Products
20-Nov-2013 PDVSA Venezuela B1 / B / B+ 10/28/2016 $565.16 5.125% Reopen Energy
25-Nov-2013 AES Changuinola Panama nr / nr / nr 11/25/2013 $220.00 6.750% New Issue Utilities
25-Nov-2013 Pacific Rubiales Colombia Ba2 / BB+ / BB+ 12/12/2021 $300.00 7.250% Reopen Energy
11-Dec-2013 Digicel Group Limited Jamaica Caa1 / nr / CCC+ 9/30/2020 $500.00 8.250% Reopen Media/Telecom
11-Dec-2013 Grupo Idesa Mexico nr / BB- / BB- 12/18/2020 $300.00 7.875% New Issue Basic Industries
11-Dec-2013 AES Gener Chile Ba2 / nr / BB 12/18/2073 $450.00 8.375% New Issue Utilities
16-Dec-2013 YPF Argentina B3 / nr / B- 12/19/2018 $500.00 8.875% New Issue Energy
18-Dec-2013 Empresa de Energia de Bogota Colombia Baa3 / BB+ / BBB- 11/10/2021 $29.00 6.125% Reopen Energy
18-Dec-2013 Banco Santander Mexico nr / BB / BB+ 1/30/2024 $1,300.00 5.950% New Issue Finance
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 94
Issue Date Issuer Country Ratings MaturityUSD Amt
(MM)Coupon (%) Issue Class Industry
2014 $84,920
13-Jan-2014 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2023 $150.00 3.875% Reopen Consumer Products
13-Jan-2014 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2043 $200.00 5.250% Reopen Consumer Products
15-Jan-2014 Pemex Mexico Baa1 / BBB+ / BBB+ 1/18/2024 $500.00 4.875% New Issue Energy
15-Jan-2014 Banco de Credito Del Peru Peru Ba1 / BBB / BBB 4/24/2027 $200.00 6.125% Reopen Finance
15-Jan-2014 Compania Minera Ares Peru Ba1 / nr / BB+ 1/23/2021 $350.00 7.750% New Issue Basic Industries
15-Jan-2014 Pemex Mexico Baa1 / BBB+ / BBB+ 1/23/2045 $3,000.00 6.375% New Issue Energy
15-Jan-2014 Pemex Mexico Baa1 / BBB+ / BBB+ 1/23/2019 $500.00 3.125% New Issue Energy
15-Jan-2014 Oro Negro Mexico nr / nr / nr 1/24/2019 $725.00 7.500% New Issue Energy
16-Jan-2014 Banco Regional SAECA Paraguay Ba2 / BB- / nr 1/24/2019 $300.00 8.125% New Issue Finance
16-Jan-2014 Braskem Brazil Baa3 / BBB- / BBB- 2/3/2024 $500.00 6.450% New Issue Basic Industries
17-Jan-2014 VTR Chile B1 / B+ / nr 1/15/2024 $1,400.00 6.875% New Issue Media/Telecom
23-Jan-2014 Fibra Uno Mexico Baa2 / nr / BBB 1/30/2044 $400.00 6.950% New Issue Real Estate
23-Jan-2014 Fibra Uno Mexico Baa2 / nr / BBB 12/15/2024 $600.00 5.250% New Issue Real Estate
23-Jan-2014 Banco Santander Brasil Brasil nr / BB+ / nr 1/29/2024 $1,247.71 6.000% New Issue Finance
28-Jan-2014 Metro de Santiago Chile nr / AA- / A 2/4/2024 $500.00 4.750% New Issue Transportation
30-Jan-2014 Comcel Guatemala Ba1 / nr / BB+ 2/6/2024 $800.00 6.875% New Issue Media/Telecom
31-Jan-2014 Minsur Peru Baa3 / nr / nr 2/7/2024 $450.00 6.250% New Issue Basic Industries
14-Feb-2014 Playa Resorts Mexico Caa1 / B- / nr 8/15/2020 $75.00 8.000% Reopen Travel & Leisure
14-Feb-2014 Odebrecht Drilling Brazil Baa3 / BBB / BBB 10/1/2022 $580.00 6.625% New Issue Energy
6-Mar-2014 Credito Real Mexico nr / BB / nr 3/13/2019 $350.00 7.500% New Issue Finance
10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2044 $1,000.00 7.250% New Issue Energy
10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2024 $2,500.00 6.250% New Issue Energy
10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2020 $500.00 Libor + 288 New Issue Energy
10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2020 $1,500.00 4.875% New Issue Energy
10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2017 $1,400.00 Libor + 236 New Issue Energy
10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2017 $1,600.00 3.250% New Issue Energy
11-Mar-2014 Banco Internacional del Peru Peru Ba1 / BBB- / BBB- 3/19/2029 $300.00 6.625% New Issue Finance
12-Mar-2014 Credito Real Mexico nr / BB / nr 3/13/2019 $75.00 7.500% Reopen Finance
12-Mar-2014 Banco Daycoval Brazil Baa3 / nr / BBB- 3/19/2019 $500.00 5.750% New Issue Finance
13-Mar-2014 Marfrig Brazil B2 / B / B 5/4/2020 $275.00 9.500% Reopen Food & Beverage
19-Mar-2014 Digicel Group Limited Jamaica Caa1 / nr / B- 4/1/2022 $1,000.00 7.125% New Issue Media/Telecom
20-Mar-2014 Alfa Mexico Baa3 / BBB- / BBB- 3/25/2024 $500.00 5.250% New Issue Basic Industries
20-Mar-2014 Alfa Mexico Baa3 / BBB- / BBB- 3/25/2044 $500.00 6.875% New Issue Basic Industries
24-Mar-2014 Columbus International Barbados B3 / B / nr 3/30/2021 $1,250.00 7.375% New Issue Media/Telecom
25-Mar-2014 Cemex Mexico nr / B+ / BB- 4/1/2024 $1,000.00 6.000% New Issue Construction
26-Mar-2014 El Fondo Mivivienda SA Peru nr / BBB+ / BBB+ 4/2/2019 $300.00 3.375% New Issue Finance
27-Mar-2014 Minerva Brazil nr / BB- / BB- Perp $300.00 8.750% New Issue Food & Beverage
31-Mar-2014 JBS Friboi Brazil nr / nr / BB- 4/3/2024 $750.00 7.250% New Issue Food & Beverage
1-Apr-2014 YPF Argentina Caa1 / nr / B- 4/4/2024 $1,000.00 8.750% New Issue Energy
1-Apr-2014 Avianca Holdings Colombia nr / B / B+ 5/10/2020 $250.00 8.375% Reopen Transportation
3-Apr-2014 Banco Agromercantil Guatemala nr / BB / BB 4/10/2019 $300.00 6.250% New Issue Finance
3-Apr-2014 BBVA Bancomer Mexico A2 / nr / A- 4/10/2024 $750.00 4.375% New Issue Finance
3-Apr-2014 Kimberly Clark de Mexico Mexico nr / nr / A 4/8/2024 $250.00 3.800% New Issue Consumer Products
7-Apr-2014 BNDES Brazil Baa2 / BBB- / BBB 9/26/2023 $500.00 5.750% Reopen Finance
7-Apr-2014 BNDES Brazil Baa2 / BBB- / nr 4/14/2019 $1,000.00 4.000% New Issue Finance
8-Apr-2014 Navios Argentina B2 / B+ / nr 5/1/2022 $375.00 7.250% New Issue Transportation
8-Apr-2014 Abengoa Transmision Peru nr / BBB- / BBB- 4/30/2043 $432.00 6.875% New Issue Utilities
8-Apr-2014 Banco Santander Chile Chile Aa3 / A / A+ 4/11/2017 $500.00 Libor + 90 New Issue Finance
9-Apr-2014 Gerdau Brazil Baa3 / BBB- / BBB- 4/16/2044 $500.00 7.250% New Issue Basic Industries
9-Apr-2014 Sura Chile Baa2 / nr / BBB+ 4/17/2024 $500.00 4.875% New Issue Finance
10-Apr-2014 Endesa Chile Baa2 / BBB+ / BBB+ 4/15/2024 $400.00 4.250% New Issue Utilities
16-Apr-2014 Braskem Brazil Baa3 / BBB- / BBB- 2/3/2024 $250.00 6.450% Reopen Basic Industries
24-Apr-2014 Camposol Peru B3 / B / nr 2/2/2017 $75.00 9.875% Reopen Food & Beverage
24-Apr-2014 Gerdau Brazil Baa3 / BBB- / BBB- 4/29/2024 $1,098.41 5.893% New Issue Basic Industries
25-Apr-2014 CAF Supranational Aa3 / nr / nr 5/2/2017 $200.00 Libor + 25 New Issue Finance
28-Apr-2014 Masisa Chile nr / BB / nr 5/5/2019 $300.00 9.500% New Issue Basic Industries
30-Apr-2014 Oleoducto Central Colombia Baa3 / nr/ nr 5/7/2021 $500.00 4.000% New Issue Utilities
1-May-2014 Fermaca Industries Mexico Baa2 / nr / BBB- 3/30/2038 $550.00 6.375% New Issue Utilities
6-May-2014 Caixa Brazil nr / BBB- / BBB 5/13/2019 $1,300.00 4.250% New Issue Finance
7-May-2014 Fibria Brazil Ba1 / BB+ / BBB- 5/12/2024 $600.00 5.250% New Issue Basic Industries
8-May-2014 Televisa Mexico Baa1 / BBB+ / BBB+ 5/13/2045 $1,000.00 5.000% New Issue Media/Telecom
9-May-2014 Tonon Brazil nr / B / nr 5/14/2024 $230.00 10.500% New Issue Basic Industries
15-May-2014 Brasil Foods Brazil Baa3 / BBB- / BBB- 5/22/2024 $750.00 4.750% New Issue Food & Beverage
20-May-2014 Ecopetrol Colombia Baa2/ BBB- / BBB- 5/28/2045 $2,000.00 5.875% New Issue Energy
21-May-2014 Empresas ICA Mexico B2 / B / nr 5/29/2024 $700.00 8.875% New Issue Construction
28-May-2014 Financiera Independencia Mexico nr / B+ / BB- 6/3/2019 $200.00 7.500% New Issue Finance
29-May-2014 Banco Inbursa Mexico nr / BBB+ / BBB+ 6/6/2024 $1,000.00 4.125% New Issue Finance
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 95
Issue Date Issuer Country Ratings MaturityUSD Amt
(MM)Coupon (%) Issue Class Industry
9-Jun-2014 GVO Brazil B2 / B / B- 1/13/2020 $135.00 10.875% New Issue Basic Industries
10-Jun-2014 Marfrig Brazil B2 / B / B 6/24/2019 $850.00 6.875% New Issue Food & Beverage
10-Jun-2014 Odebrecht Oil & Gas Brazil nr / nr / nr Perp $400.00 7.000% New Issue Energy
11-Jun-2014 JBS Brazil Ba3 / BB / nr 7/15/2024 $750.00 5.875% New Issue Food & Beverage
11-Jun-2014 Votorantim Brazil Baa3 / nr / BBB 6/17/2024 $400.00 4.750% New Issue Basic Industries
11-Jun-2014 Banco do Brasil Brazil Ba3 / nr / nr Perp $2,500.00 9.000% New Issue Finance
12-Jun-2014 Rio Oil Finance Trust Brazil nr / BBB- / BBB 7/6/2024 $2,000.00 6.250% New Issue Energy
19-Jun-2014 Odebrecht Finance Ltd. Brazil Baa3 / BBB / BBB- 6/27/2029 $500.00 5.250% New Issue Construction
23-Jun-2014 Banco de Credito Del Peru Peru nr / nr / A- 1/19/2018 $230.15 2.750% New Issue Finance
24-Jun-2014 Bimbo Mexico nr / BBB / BBB 6/27/2024 $800.00 3.875% New Issue Food & Beverage
24-Jun-2014 Bimbo Mexico nr / BBB / BBB 6/27/2044 $500.00 4.875% New Issue Food & Beverage
25-Jun-2014 OAS Brazil B1 / nr / B+ 7/2/2021 $400.00 8.000% New Issue Construction
26-Jun-2014 Mastellone Hermanos Argentina nr / CCC- / B- 7/3/2021 $200.00 12.625% New Issue Food & Beverage
1-Jul-2014 Odebrecht Oil & Gas Brazil nr / BBB- / nr Perp $150.00 7.000% Reopen Energy
1-Jul-2014 InRetail Shopping Malls Peru Ba2 / nr / BB 7/9/2021 $350.00 6.500% New Issue Real Estate
2-Jul-2014 Colbun Chile nr / BBB- / BBB 7/10/2024 $500.00 4.500% New Issue Utilities
8-Jul-2014 Cofide Peru nr / nr / BBB 7/15/2029 $300.00 5.250% New Issue Finance
8-Jul-2014 Cofide Peru nr / nr / BBB+ 7/15/2019 $300.00 3.250% New Issue Finance
9-Jul-2014 Klabin Brazil nr / BBB- / BBB- 7/16/2024 $500.00 5.250% New Issue Basic Industries
9-Jul-2014 Transelec SA Chile Baa1 / BBB / BBB- 1/14/2025 $375.00 4.250% New Issue Utilities
10-Jul-2014 Intercement Brazil nr / nr / BB 7/17/2024 $750.00 5.750% New Issue Construction
10-Jul-2014 Tupy Brazil nr / nr / BB 7/17/2024 $350.00 6.625% New Issue Industrials
15-Jul-2014 Unifin Financiera Mexico nr / BB- / BB- 7/22/2019 $400.00 6.250% New Issue Finance
15-Jul-2014 Celulosa Arauco Chile Baa3 / nr / BBB 8/1/2024 $500.00 4.500% New Issue Basic Industries
16-Jul-2014 Caixa Brazil Ba3 / nr / nr 7/23/2024 $500.00 7.250% New Issue Finance
17-Jul-2014 Entel Chile Baa2 / BBB / nr 8/1/2026 $800.00 4.750% New Issue Media/Telecom
24-Jul-2014 GNL Quintero Chile Baa2 / BBB / BBB+ 7/31/2029 $1,100.00 4.634% New Issue Transportation
5-Aug-2014 CAF Supranational Aa3 / AA- / AA- 8/8/2017 $1,000.00 1.500% New Issue Finance
11-Aug-2014 Minerva Brazil B1 / BB- / BB- 1/31/2023 $200.00 7.750% Reopen Food & Beverage
4-Sep-2014 Cemex Mexico nr / B+ / BB- 1/11/2025 $1,100.00 5.700% New Issue Construction
9-Sep-2014 Mexichem Mexico Baa3 / BBB- / BBB 9/17/2044 $750.00 5.875% New Issue Basic Industries
9-Sep-2014 Ecopetrol Colombia Baa2 / BBB / BBB 1/16/2025 $1,200.00 4.125% New Issue Energy
10-Sep-2014 Axtel Mexico nr / B- / B+ 1/31/2020 $150.00 8.000% Reopen Media/Telecom
10-Sep-2014 CMPC Chile Baa3 / nr / BBB+ 9/15/2024 $500.00 4.750% New Issue Basic Industries
11-Sep-2014 Banco BTG Brazil Ba3 / nr / B+ Perp $1,300.00 8.750% New Issue Finance
15-Sep-2014 BBVA Banco Continental Peru nr / BBB / BBB+ 9/22/2029 $300.00 5.250% New Issue Finance
15-Sep-2014 Pacific Rubiales Colombia Ba2 / BB+ / BB+ 1/19/2025 $750.00 5.625% New Issue Energy
16-Sep-2014 Corpbanca Chile Baa3 / nr / nr 9/22/2019 $750.00 3.875% New Issue Finance
18-Sep-2014 Gol Brazil nr / nr / B- 1/24/2022 $325.00 8.875% New Issue Transportation
19-Sep-2014 EP PetroEcuador Ecuador nr / B+ / nr 9/24/2019 $1,000.00 Libor + 563 New Issue Energy
23-Sep-2014 Samarco Mineracao SA Brazil nr / BBB- / BBB 9/26/2024 $500.00 5.375% New Issue Basic Industries
25-Sep-2014 Cimentos Tupi Brazil nr / B / B 5/11/2018 $35.00 9.750% Reopen Construction
25-Sep-2014 El Puerto de Liverpool Mexico nr / BBB+ / BBB+ 10/2/2024 $300.00 3.950% New Issue Consumer Products
2-Oct-2014 Consolidated Energy T&T B2 / BB- / nr 10/15/2019 $200.00 Libor + 350 New Issue Energy
2-Oct-2014 Consolidated Energy T&T B2 / BB- / nr 10/15/2019 $1,050.00 6.750% New Issue Energy
2-Oct-2014 Pemex Mexico nr / nr / nr 4/15/2025 $500.00 Libor + 35 New Issue Energy
6-Oct-2014 Pemex Mexico A3 / BBB+ / BBB+ 6/27/2044 $1,500.00 5.500% Reopen Energy
6-Oct-2014 Pemex Mexico A3 / BBB+ / BBB+ 1/15/2025 $1,000.00 4.250% New Issue Energy
7-Oct-2014 InRetail Consumer Peru Ba1 / BB+ / nr 10/10/2021 $300.00 5.250% New Issue Consumer Products
8-Oct-2014 Pemex Mexico nr / nr / nr 4/15/2025 $500.00 2.378% New Issue Energy
22-Oct-2014 Falabella Chile nr / BBB+ / BBB 1/27/2025 $400.00 4.375% New Issue Retail
23-Oct-2014 Sociedad Quimica y Minera de Chile Chile Baa1 / BBB / nr 1/28/2025 $250.00 4.375% New Issue Basic Industries
24-Oct-2014 E-CL Chile nr / BBB / BBB 1/29/2025 $350.00 4.500% New Issue Utilities
27-Oct-2014 ENAP Chile Baa3 / BBB- / A 10/30/2024 $600.00 4.375% New Issue Energy
28-Oct-2014 Union Andina de Cementos Peru Ba2 / BB+ / nr 10/30/2021 $625.00 5.875% New Issue Construction
28-Oct-2014 Global Bank Corporation Panama Ba1 / BBB- / BBB- 10/30/2019 $400.00 5.125% New Issue Finance
28-Oct-2014 Codelco Chile A1 / AA- / A+ 11/4/2044 $980.00 4.875% New Issue Basic Industries
4-Nov-2014 KIO Networks Mexico B1 / BB- / nr 11/7/2021 $500.00 8.250% New Issue Other
6-Nov-2014 BBVA Bancomer Mexico Baa3 / BBB+ / nr 11/12/2019 $200.00 5.350% New Issue Financial
14-Nov-2014 Rio Oil Finance Trust Brazil nr / BBB- / BBB 1/6/2027 $1,100.00 6.750% New Issue Energy
20-Nov-2014 Empresa Electrica Angamos Chile Baa3 / nr / BBB- 5/25/2029 $800.00 4.875% New Issue Utilities
20-Nov-2014 Elementia Mexico nr / BB+ / BB+ 1/15/2025 $425.00 5.500% New Issue Construction
20-Nov-2014 Gruma Mexico nr / BB+ / BBB- 12/1/2024 $400.00 4.875% New Issue Consumer Products
15-Dec-2014 Energia Eolica Peru nr / nr / BBB- 8/30/2034 $204.00 6.000% New Issue Utilities
17-Dec-2014 Inversiones Alsacia Chile nr / nr / nr 12/31/2018 $347.52 8.000% New Issue Transportation
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 96
Issue Date Issuer Country Ratings MaturityUSD Amt
(MM)Coupon (%) Issue Class Industry
2015 $36,116
15-Jan-2015 Pemex Mexico A3 / BBB+ / BBB+ 7/23/2020 $1,500.00 3.500% New Issue Energy
15-Jan-2015 Pemex Mexico A3 / BBB+ / BBB+ 1/23/2026 $1,500.00 4.500% New Issue Energy
15-Jan-2015 Pemex Mexico A3 / BBB+ / BBB+ 1/23/2046 $3,000.00 5.625% New Issue Energy
21-Jan-2015 CAF Supranational Aa3 / nr / AA- 1/29/2018 $1,000.00 Libor + 55 New Issue Finance
4-Feb-2015 YPF Argentina Caa1 / nr / CCC 12/19/2018 $175.00 8.875% Reopen Energy
4-Feb-2015 YPF Argentina Caa1 / nr / CCC 4/4/2024 $325.00 8.750% Reopen Energy
4-Feb-2015 Intercorp Peru Ba2 / nr / BBB- 2/12/2025 $250.00 5.875% New Issue Finance
5-Feb-2015 Cencosud Chile Baa3 / nr / BBB- 2/12/2045 $350.00 6.625% New Issue Retail
5-Feb-2015 Cencosud Chile Baa3 / nr / BBB- 2/12/2025 $650.00 5.150% New Issue Retail
9-Feb-2015 Bladex Panama nr /nr / nr 2/9/2016 $50.00 Libor + 73 New Issue Finance
24-Feb-2015 Digicel Limited Jamaica B1 / nr / B 3/1/2023 $925.00 6.750% New Issue Media/Telecom
24-Feb-2015 Aeromexico Mexico nr /nr / nr 1/14/2027 $195.82 2.329% New Issue Transportation
26-Feb-2015 Cemex Mexico nr / B+ / BB- 5/5/2025 $750.00 6.125% New Issue Construction
5-Mar-2015 Kimberly Clark de Mexico Mexico nr / A- / A 3/12/2025 $250.00 3.250% New Issue Consumer Products
5-Mar-2015 Pilgrim's Pride Other B2 / BB / nr 3/15/2025 $500.00 5.750% New Issue Food & Beverage
10-Mar-2015 Millicom Other Ba2 / nr / BB+ 3/15/2025 $500.00 6.000% New Issue Media/Telecom
25-Mar-2015 Colombia Telecom Colombia nr / B / B+ Perp $500.00 8.500% New Issue Media/Telecom
10-Apr-2015 Red Dorsal Finance Limited Peru Baa1 / nr / BBB 10/12/2031 $274.00 5.875% New Issue Media/Telecom
14-Apr-2015 Global Bank Corporation Panama nr / BBB- / BBB- 10/30/2019 $150.00 5.125% Reopen Finance
16-Apr-2015 BBVA Colombia Colombia Baa3 / nr / BBB 4/21/2025 $400.00 4.875% New Issue Finance
20-Apr-2015 Southern Copper Corporation Mexico Baa2 / BBB / BBB+ 4/23/2045 $1,500.00 5.875% New Issue Basic Industries
20-Apr-2015 Southern Copper Corporation Mexico Baa2 / BBB / BBB+ 4/23/2025 $500.00 3.875% New Issue Basic Industries
23-Apr-2015 YPF Argentina Caa1 / nr / CCC 7/28/2025 $1,500.00 8.500% New Issue Energy
23-Apr-2015 Guacolda Energia Chile nr / nr / nr 4/30/2025 $500.00 4.560% New Issue Utilities
28-Apr-2015 ACI Airport Uruguay nr / BB+ / nr 11/29/2032 $200.00 6.875% New Issue Transportation
30-Apr-2015 Bladex Supranational Baa2 / nr / BBB+ 5/7/2020 $350.00 3.250% New Issue Finance
6-May-2015 Jose Cuervo Mexico nr / BBB / BBB 5/13/2025 $500.00 3.750% New Issue Food & Beverage
14-May-2015 Latam Airlines Chile Baa2 / BBB- / nr 11/15/2023 $175.61 4.500% New Issue Transportation
14-May-2015 Latam Airlines Chile A2 / A- / nr 11/15/2027 $845.21 4.200% New Issue Transportation
19-May-2015 Itau Unibanco Brazil Baa3 / BBB- / nr 5/26/2018 $1,000.00 2.850% New Issue Finance
20-May-2015 JBS USA Brazil Ba2 / BB+ / BB 6/15/2025 $900.00 5.750% New Issue Food & Beverage
1-Jun-2015 Petrobras Brazil Ba2 / BBB- / nr 6/5/2115 $2,500.00 6.850% New Issue Energy
1-Jun-2015 Globo Brazil Baa1 / BBB+ / BBB+ 6/8/2025 $325.00 4.843% New Issue Media/Telecom
4-Jun-2015 Latam Airlines Chile Ba3 / nr / BB- 6/9/2020 $500.00 7.250% New Issue Transportation
8-Jun-2015 Embraer Brazil Baa3 / nr / nr 6/15/2025 $1,000.00 5.050% New Issue Industrials
9-Jun-2015 CFE Mexico Baa1 / BBB+ / BBB+ 6/16/2045 $700.00 6.125% New Issue Utilities
10-Jun-2015 Lima Metro Peru Baa1 / BBB / BBB 7/5/2034 $1,155.00 5.875% New Issue Transportation
11-Jun-2015 Banco Agricola El Salvador Ba2 / nr / BB+ 6/18/2020 $300.00 6.750% New Issue Finance
18-Jun-2015 AES Panama Panama nr / nr / BB+ 6/25/2022 $300.00 6.000% New Issue Utilities
23-Jun-2015 Ecopetrol Colombia Baa2/BBB/BBB 6/26/2026 $1,500.00 5.375% New Issue Energy
25-Jun-2015 Grupo Posadas Mexico B2 / B / B+ 6/30/2022 $350.00 7.875% New Issue Gaming & Lodging
7-Jul-2015 Cofide Peru nr / BBB+ / BBB+ 7/15/2019 $200.00 3.250% Reopen Finance
7-Jul-2015 Cofide Peru nr / BBB+ / BBB+ 7/15/2025 $600.00 4.750% New Issue Finance
9-Jul-2015 AES Gener Chile Baa3 / BBB- / BBB- 7/14/2025 $425.00 5.000% New Issue Utilities
22-Jul-2015 Pemex Mexico nr / nr / nr 12/15/2025 $525.00 2.460% New Issue Energy
31-Jul-2015 Cable and Wireless Panama nr / B / nr 8/1/2022 $750.00 6.875% New Issue Media/Telecom
4-Aug-2015 Sagicor Jamaica nr / nr / nr 8/11/2022 $320.00 8.875% New Issue Finance
9-Sep-2015 Codelco Chile A1/AA-/A+ 9/16/2025 $2,000.00 4.500% New Issue Basic Industries
24-Sep-2015 Autoridad del Canal de Panama Panama nr / A- / A 7/29/2035 $450.00 4.950% New Issue Transportation
6-Oct-2015 Banco Nacional de Comercio Exterior Mexico A3/BBB+/BBB+ 10/14/2025 $1,000.00 4.375% New Issue Finance
Source: Credit Suisse
30 October 2015
Latin America Weekly Chartbook 97
Evolution of Latam Corporate New Issues (1991 – 2015)
Par Amount (US$bn)
48.1
69.2
62.0
84.887.8
84.9
36.1
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service.
Number of Issues
71
143
108
136145
132
50
0
20
40
60
80
100
120
140
160
180
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service.
30 October 2015
Latin America Weekly Chartbook 98
Composition of New Issues 2014 2015
Issues by Country
Argentina2%
Brazil32%
Chile15%Colombia
4%
Mexico27%
Peru13%
Other7%
Argentina6%
Brazil10%
Chile16%
Colombia6%
Mexico26%
Peru10%
Other26%
Issues by Sector
Basic Industries16%
Consumer Products
6%
Construction8%
Utilities7%
Energy20%
Finance23%
Media/Telco5%
Other15%
AA+/AA/AA-
2% A-/A/A+10%
BBB-/BBB/BBB+52%
BB-/BB/BB+16%
B-/B/B+8%
CCC-/CCC/CCC+6%
Not Rated6%
Issues by Ratings Category*
AA+/AA/AA-2% A-/A/A+
6%
BBB-/BBB/BBB+53%
BB-/BB/BB+21%
B-/B/B+16%
Not Rated2%
Basic Industries
10%
Consumer Products
6%
Construction2%
Utilities8%
Energy20%
Finance22%
Media/Telco12%
Other20%
*The ratings reflect the average rating between Moody’s, S&P and Fitch for each bond. Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P and Fitch
30 October 2015
Latin America Weekly Chartbook 99
Current Index Composition
CS-LACI Composition for October 29, 2015
No of
Issues
% Weight of
Index
Daily Mkt Value
(mn)Coupon Remaining
Term
Street
Yield
Bench
SpreadYTD Total
Ret
LACI Index Total 581 100 382,356 5.958 15.81 8.06 614 -2.85%
LACI Index CONGLOMERATES 2 0.14 526 6.272 6.49 6.64 481 -0.38%
FINANCIAL 133 22.45 85,829 5.692 11.72 6.1 437 -0.36%
INDUSTRIAL 391 69.89 267,247 6.096 18 8.96 698 -4.06%
PUBLIC 11 1.88 7,198 3.639 3.73 2.43 110 2.21%
UTILITY 44 5.64 21,557 5.843 9.29 6.58 460 0.82%
LACI Index Conglomerates 2 0.14 526 6.272 6.49 6.64 481 -0.38%
Bank 121 20.86 79,775 5.724 12.22 6.04 429 -0.52%
Finance 10 1.41 5,383 5.053 5.1 7.02 539 1.57%
Insurance 2 0.18 671 7.339 5.76 6.1 457 3.57%
Basic Industries 133 19.3 73,812 6 21.89 7.1 501 -6.09%
Consumer Products 59 7.1 27,152 6.149 20.35 6.19 435 1.95%
Energy 97 29.43 112,534 6.057 15.98 11.52 957 -5.28%
Gaming and Lodging 2 0.19 733 7.94 5.23 8.04 621 8.03%
Manufacturing 12 1.16 4,439 5.619 7.3 5.88 389 0.46%
Media 10 1.25 4,770 6.197 13.94 6.03 390 -4.24%
Real Estate 10 0.68 2,601 7.727 132.49 14.62 1243 -3.27%
Retail 15 1.65 6,300 5.759 7.56 6.99 515 4.08%
Services 4 0.26 989 9.385 6.47 9.65 786 5.54%
Technology 1 0.13 511 8.25 6.11 8.66 713 3.13%
Telecom 34 7.49 28,623 6.058 10.38 7.04 505 -2.23%
Transportation 14 1.25 4,784 7.338 9.56 9.87 781 -8.27%
Agency 2 0.2 782 3.453 5.87 3.92 199 3.26%
Supranational 9 1.68 6,416 3.663 3.47 2.25 99 2.04%
Electric Utilities 35 4.43 16,938 6.032 8.98 6.86 494 0.40%
Gas Pipelines 7 1.09 4,167 4.971 11.1 5.13 289 2.89%
Water 2 0.12 451 6.607 3.95 9.14 786 -3.13%
LACI Index Not Rated 36 1.48 5,658 2.973 7.6 4.78 278 -4.18%
AA Bucket 9 1.9 7,261 3.672 4.21 2.39 102 2.32%
A Bucket 37 7.92 30,268 4.48 12.1 3.9 179 0.68%
BBB Bucket 234 45.37 173,483 5.408 16.26 5.41 337 -2.70%
BB Bucket 144 27.05 103,433 6.162 18.66 8.6 684 -6.76%
B Bucket 76 9.67 36,957 7.382 18.11 11.35 955 -5.37%
CCC Bucket 34 6.38 24,404 7.829 6.97 26.04 2438 10.62%
CC Bucket 7 0.2 764 7.985 6.81 22.74 2081 -10.77%
C Bucket 2 0.01 53 0 0 0 0 -19.87%
D Bucket 2 0.02 73 9.5 1.76 242.5 24178 -6.10%
LACI Index Non Performing 27 0.31 1,200 0 0 0 0 -20.75%
0-4 139 22.54 86,167 5.894 2.64 9.43 841 2.39%
4-7 180 31.61 120,866 6.186 5.4 7.63 593 -2.51%
7-10 144 24.34 93,052 5.256 8.29 6.98 480 -2.56%
10+ 91 21.2 81,071 6.456 53.95 8.47 559 -9.37% Source: Credit Suisse, CS-LACI Index.
GLOBAL FIXED INCOME AND ECONOMIC RESEARCH
Ric Deverell
Global Head of Fixed Income and Economic Research
+1 212 538 8964
Latin America Corporate Credit Research
Jamie Nicholson-Leener
Group Head Andrew De Luca Luis Serrano
+1 212 538 6769 +1 212 325 7443 +1 212 325 3147
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Investment principal on bonds can be eroded depending on sale price or market price. In addition, there are bonds on which investment principal can be eroded due to changes in redemption amounts. Care is required when investing in such instruments. When you purchase non-listed Japanese fixed income securities (Japanese government bonds, Japanese municipal bonds, Japanese government guaranteed bonds, Japanese corporate bonds) from CS as a seller, you will be requested to pay the purchase price only.