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ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES ARE IN THE DISCLOSURE APPENDIX. FOR
OTHER IMPORTANT DISCLOSURES, PLEASE REFER TO https://firesearchdisclosure.credit-suisse.com
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: Scribe
Exhibit 1: Best/Worst performers for the week ending 09/25/13
-4.9%
-3.8%
-3.6%
-3.3%
-3.0%
-2.9%
-2.7%
-2.5%
-2.5%
-1.9%
-1.8%
-1.6%
-1.5%
-1.1%
-1.1%
0.1%
0.3%
0.8%
0.8%
0.9%
1.1%
4.2%
4.2%
4.2%
4.2%
4.2%
4.3%
4.3%
4.4%
4.4%
4.5%
4.8%
5.1%
5.2%
6.2%
10.8%
OGXPBZ 8.5 '18 (CC)
PDVSA 5.5 '37 (B+)
NIHD 7.625 '21 (CCC)
NIHD 8.875 '19 (CCC)
OGXPBZ 8.375 '22 (CC)
PDVSA 5.375 '27 (B+)
BANGUA 5.5 '22 (BB+)
PDVSA 5.25 '17 (B+)
PDVSA 8.5 '17 (B+)
METLSA 4.9 '23 (BBB-)
ARALCO 10.125 '20 (B)
APSAAR 7.875 '17 (B-)
PEMEX 8.625 '23 (BBB+)
CEMEX 6.5 '19 (B+)
PDVSA 12.75 '22 (B+)
CS-LACI High Yield
CS HY (HYIDX)
CS-LACI Total
US HG (LUCI)
SBI AMERICAS
CS-LACI High Grade
TELVIS 6.625 '40 (BBB+)
QGOGCO 6.25 '19 (BB)
CDEL 5.625 '35 (A+)
BMAAR 8.5 '17 (B-)
SCCO 6.75 '40 (BBB)
VALEBZ 6.875 '36 (BBB+)
FEMSA 4.375 '43 (A-)
VALEBZ 8.25 '34 (BBB+)
GOL 9.25 '20 (B-)
ODBR 7.125 '42 (BBB-)
GVOBR 10.5 '18 (B)
SCCO 5.25 '42 (BBB)
HOMEX 9.75 '20 (CC)
GEOMAQ 9.625 '21 (CC)
SMUSA 7.75 '20 (B-)
Source: Credit Suisse.
26 September 2013
Fixed Income Research
http://www.credit-suisse.com/researchandanalytics
Research Analysts
Jamie Nicholson
Managing Director
212 538 6769
Celina Apóstolo Merrill
Director
212 538 4606
Andrew De Luca
Associate
212 325 7433
26 September 2013
Latin America Weekly Chartbook 2
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In This Issue: Scribe 3
Credit Suisse Liquid Indices 5
Relative Value: Latam Corps vs. US Corps, EM Corps, and EM Sovs 6
Financial Institutions 7
CAF 8
Real Estate & Construction 9
Consumer Staples 10
Energy 11
Pemex 12
Industrials 14
Sugar & Ethanol 15
Metals & Mining 16
Pulp & Paper 18
Telecom & Media – High Grade 19
Telecom & Media – High Yield 20
Transportation 21
Utilities 22
Argentina 23
Brazil 25
Chile 28
Mexico 29
Peru 32
Perpetual Bonds 34
Companies on Ratings Watch 35
Latin American LTM Credit Metrics 38
Latin American LTM Credit Metrics (continued) 39
Latin America Bond Pricing Sheet 41
New Issues 2010-2013 YTD 49
Evolution of Latam Corporate New Issues (1991 – 2013) 57
Composition of New Issues 58
Current Index Composition 59
The authors of this report wish to acknowledge the contribution made by Carlos Malvestiti, Sergio Grinceri and Priyanka Daga, employees of
CRISIL Global Research and Analytics, a business division of CRISIL Limited, a third-party provider of research services to Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 3
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Scribe September 13 - Scribe reported moderately weaker yoy results in 2Q13, with lower revenues and EBITDA in MXN terms, pressured by ongoing softness in demand due to the recent government transition in Mexico (which caused delays in government contracts), and increased competition from imports (due to the average appreciation of the MXN vs. the comparable 2Q12 period).
2Q13 revenues in MXN were down 4% yoy (+5% yoy in US$ terms), with continued weakness from the Consumer segment more than offsetting stronger sales in the Industrial segment. Consumer segment sales (cut-size paper and notebooks) were mainly impacted by lower revenues from notebook sales (-7% yoy in MXN terms), due to lower volumes sold (-10% yoy) as a result of slow government spending on school supplies. Management believes this mainly reflects government transitional delays that should correct during 3Q13. Sales of cut-size paper products were impacted by lower sales of branded products (-6% yoy in MXN), mainly reflecting pricing pressure from imports, partially offset by higher volumes sold of private label products (+12% yoy). Scribe focused on increasing unit pricing with a better product mix, which partially offset lower volumes. Notebook prices during the period were up 3% yoy to MXN8.2 per unit, while cut-size paper realized prices fell 4% yoy to MXN14.37 per unit.
Sales in the Industrial segment (paper rolls) increased 6% yoy in MXN terms, primarily benefiting from a 90% yoy surge in sales of rolls to CONALITEG (government program) that resulted in a 37% yoy increase in overall sales volumes of rolls. Segment results were partially offset by lower volumes for flat grades and specialties (-22% and -17% yoy, respectively), pressured by increased price competition due to the yoy MXN appreciation. Segment average prices were down 10% yoy to MXN13.1/kg vs. MXN14.59/kg in 2Q12. In its press release, the company stated it started seeking price increases of around 4% following the MXN depreciation in the quarter.
EBITDA in 2Q13 fell 12% yoy (-4% yoy in US$ terms), with margins contracting 181bps yoy to 19.9% mainly due to moderately lower top line and a 23% yoy (+34% yoy in US$) ramp-up in SG&A expenses stemming from higher marketing spending. EBITDA as reported by the company was further impacted by an MXN120mn (US$10mn) non-recurring charge related to Scribe’s alternative fibers project. Including this charge, EBITDA for the period would have been MXN238mn (US$19mn), down 41% yoy (-36% yoy in US$). Production costs improved marginally (69.2% of revenues in 2Q13 vs. 69.8% in 2Q12), reflecting increased focus on operating efficiencies and lower pulp and water costs (-2% and -18% yoy in MXN), partially offset by higher energy and gas prices (+7% and + 69% yoy in MXN). Overall average paper cash costs for 2Q13 were MXN10.1/kg, down 1% yoy. In its press release, Scribe stated it expects pulp prices to be around US$900/MT for softwood pulp and US$830/MT for hardwood pulp for the remainder of 2013.
Cash balance fell US$13mn qoq to US$53mn in 2Q13, mainly reflecting higher working capital drag (incremental use of US$18mn), bond interest paid (US$14mn paid in April), sequentially higher capex and increased income taxes. The decline in cash was partially offset by the seasonally stronger qoq EBITDA generation. Scribe management stated they expect 2013 capex to be around US$16mn (vs.US$4mn in 2012), with investments allocated to projects related to business continuity, cost reduction initiatives and security. On its conference call, management stated that they expect seasonal working capital improvement in 2H13, and they expect to end the year with a cash balance of about US$80mn (MXN1.0bn). Additionally, management provided EBITDA guidance for 2013 of MXN800mn, but cautioned that EBITDA generation in 2H13 is sensitive to the peso exchange rate which drives the company’s ability to secure price increases.
26 September 2013
Latin America Weekly Chartbook 4
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Exhibit 2: Scribe - Financial Snapshot
In US$mn (Unless noted otherwise) 2Q12 1Q13 2Q13 qoq yoy LTM
Volumes
Paper (000 tons) 72 71 77 9% 7% 277
Notebooks (mn) 101 24 92 284% -10% 226
Revenue 138 97 144 49% 5% 453
Revenue (MXN mn) 1,866 1,226 1,798 47% -4% 5,798
EBITDA (1)
30 9 29 227% -4% 64
EBITDA (MXN mn) (1)
405 111 358 223% -12% 819
EBITDA margin 21.7% 9.0% 19.9% 1086bps -181bps 14.2%
Cash 26 66 53 53
Short-term Debt 9 12 11 11
Total Debt 319 320 320 0% 0% 320
Net Debt 293 254 268 6% -8% 268
LTM Gross Leverage (2)
4.9x 4.9x 5.0x 5.0x
LTM Net Leverage (2)
4.5x 3.9x 4.2x 4.2x
LTM Interest Coverage (2)
2.3x 2.3x 2.2x 2.2x
LTM CS Liquidity Ratio (2)
2.4x 3.2x 2.9x 2.9x Source: Company data, Credit Suisse. Reports in IFRS since 4Q11. (1) CS EBITDA in 2Q13 excludes MXN120mn (US$10mn) in non-recurring expenses related to Scribe's alternative fibers project. (2) All ratios are calculated using LTM figures in view of the company's seasonal exposure.
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Credit Suisse Liquid Indices Exhibit 3: CS-LACI vs. SBI Americas Exhibit 4: CS-LACI High Yield vs. CS-LACI High Grade
40
60
80
100
120
140
160
200
250
300
350
400
450
500
550
600S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI TOTAL
SBI AMERICAS
350
400
450
500
550
600
650
100
300
500
700
900
1100
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
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 5: CS-LACI HY vs. Credit Suisse High Yield Index Exhibit 6: CS-LACI HG vs. LUCI (Swap Spreads)
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Yie
ld (%
)
CS-LACI HIGH YIELD
HIGH YIELD INDEX
60
80
100
120
140
160
180
100
150
200
250
300
350
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 7: Relative Value ‘A’ Bucket Exhibit 8: Relative Value ‘BBB’ Bucket
-50
-30
-10
10
30
50
70
90S
ep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Be
nch
Sp
rd
Dif
f. (b
ps
)
LACI A vs SBI A
LACI A vs LUCI A
LACI A vs EMCI A
-50
0
50
100
150
200
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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.
Exhibit 9: Relative Value ‘BB’ Bucket Exhibit 10: Relative Value ‘B’ Bucket
-100
0
100
200
300
400
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Be
nch
Sp
rd D
iff.
(b
ps
)
LACI BB vs SBI BB
LACI BB vs HYIDX BB
LACI BB vs EMCI BB
-100
0
100
200
300
400
500
600
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Be
nch
Sp
rd
Dif
f. (b
ps
)
LACI B vs SBI B
LACI B vs HYIDX B
LACI B vs EMCI B
Source: Credit Suisse. Source: Credit Suisse.
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Financial Institutions Exhibit 11: CS-LACI HG Financial vs. LUCI Financial Exhibit 12: CS-LACI HY Financial vs. CS-LACI HG Financial
75
100
125
150
175
200
225
50
100
150
200
250
300
350
400S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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
100
200
300
400
500
600
700
800
900
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd
Diff. (b
ps
)
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 13: Latam High Yield Financials – Relative Value Exhibit 14: Latam High Grade Financials – Relative Value
BACOPY 17 BANBRA perp
BANGUA 21
BANGUA FRN 22
BANORT 21
BCGBK 23
BCOABC 20BCOBMG 16
BCOBMG 19
BCOBMG 20
BCOBMG 14
BCOBMG 18
BCOBMG 17
GNBSUD 18
BCOPAN 20
BCOCPE 40
BCP 69
BHIP 16 [1186bps]
BIC 20
BINTPE 70
BMAAR 17
BMAAR 36 [1116bps]
BRSRBZ 22BRSVDR 23
BTGPBZ 22
CREAL 15
DAVIVI 22
FIBRA 16
FINDEP 15
GALIAR 19
GALIAR 18
GNBSUD 22
IXEGF 20
OASCBZ 19
MIFEL 22
300
400
500
600
700
800
900
1,000
1,100
0 1 2 3 4 5 6 7 8
Z-S
pre
ad (b
ps)
Duration
AVALCB 17AVALCB 22
BANBOG 17
BANBOG 23
BANBRA 14
BANBRA 15
BANBRA 17
BANBRA 20
BANBRA 21
BANBRA 23
BANBRA perp [456bps]
BANCO 17BANCO 20
BANCO 22BANORT 15
BANSAF 21
BANVOR 16
BANVOR 16
BANVOR 20
BBVASM 16
BBVASM 20
BBVASM 22
BCICI 17
BCICI 23NBCOCPE 16
BCOCPE 17
BCOCPE 18
BCOCPE 20
BCOCPE 22
BCOLO 16
BCOLO 17
BCOLO 20
BCOLO 21
BCP 16
BCP 20BCP 23
BCP 26
BCP 27
BLX 17
BNCHIL 16
BNDES 18
BNDES 19 BNDES 20
BNSCN 27
BRADES 16
BRADES 19 BRADES 22
BSANTM FRN 22
BTGINV 18
BTGPBZ 16
BTGPBZ 20
BVMFBZ 20
CABEI 14
CABEI 17
CAF 15
CAF 16
CAF 17
CAF 19
CAF 22
CAIXBR 17
CAIXBR 22
CARDEV 27 [9.1x]
CIELBZ 22
COFIDE 22
CORBAN 18
DAVIVI 18
HSBC 16
ITAU 20
ITAU 21
ITAU 22
ITAU 23
MIVIVI 23NORBRA 15
NORBRA 19
SANBBZ 15
SANBBZ 16
SANBBZ 17
SANT 14
SANT 15
SANT 22
SANT FRN 14
SANT FRN 18
SANT FRN 22
TANNER 18
50
100
150
200
250
300
350
400
450
- 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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CAF Exhibit 15: CS-LACI HG Financial vs. CAF Exhibit 16: LUCI Financial vs. CAF
50
75
100
125
150
175
200
100
150
200
250
300
350
400S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI HG Banks
CAF
-50
-30
-10
10
100
120
140
160
180
200
220
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 17: CS-LACI Quasi Sovereign vs. CAF Exhibit 18: CAF – Relative Value
100
125
150
175
200
225
250
275
300
100
200
300
400
500
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI QUASI SOVEREIGN
CAF
CABEI 14
CABEI 17
CARDEV 27
BLX 17
CAF 15
CAF 16
CAF 16
CAF 17
CAF 19
CAF 22
50
75
100
125
150
175
200
225
250
275
0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5
Z-S
pre
ad (b
ps)
Duration
Source: Credit Suisse. Source: Credit Suisse.
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Real Estate & Construction
Exhibit 19: CS-LACI Construction vs. CS-LACI Total Exhibit 20: CS-LACI Construction vs. LUCI Construction
150
200
250
300
350
250
350
450
550
650
750
850S
ep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd
Diff. (b
ps
)
Be
nch
Sp
rd
(b
ps)
Basis Dif f. (RHS)
CS-LACI CONSTRUCTION
CS-LACI TOTAL
250
300
350
400
450
500
550
600
100
200
300
400
500
600
700
800
900
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 21: Latam Real Estate & Construction – Rel Val to Duration Exhibit 22: Latam Real Estate & Construction - Rel Val to Leverage
ANDRGI 18
APSAAR 17
BRMLBZ PERP
BRPRSA PERP
CEMEX 15
CEMEX 18
CEMEX 18N
CEMEX 19
CEMEX 19N
CEMEX 20CEMEX 22
CEMEX PERPCEMEX PERP
CEMEX PERP
CEMEX 19
CIMTUP 18
CPACPE 23
GCCAMM 20
GEOBMM 14 [27619bps]
GEOBMM 22 [6529bps]GEOMAQ 21 [3978bps]
GSHPBR PERP [1610bps]
HOMEX 15 [9874bps]
HOMEX 20 [4430bps]
ICASA 17
ICASA 21
IRSAAR 17
JAVER 21
OASCBZ 19
OASCBZ PERP
ODBR 20
ODBR 22 ODBR 23
ODBR 25
ODBR 42
ODBR PERP
ODEBRE 21
TOCLUB 17 [2377bps]
200
400
600
800
1,000
1,200
- 2 4 6 8 10 12
Z-S
pre
ad (b
ps)
Duration
APSAAR 17BRPRSA PERP
CEMEX 15
CEMEX 16
CEMEX 18CEMEX 18N
CEMEX 19
CEMEX 19N
CEMEX 20
CEMEX 22
CEMEX PERP
CEMEX 19
GEOBMM 14 [27619bps]
GEOBMM 22 [6529bps]
GEOMAQ 21 [3978bps]
ICASA 17
ICASA 21
IRSAAR 17
JAVER 21
OASCBZ 19
OASCBZ PERP
ODBR 20
ODBR 22ODBR 23
ODBR 25
ODBR 42
ODBR PERP
-
200
400
600
800
1,000
1,200
0.0x 2.0x 4.0x 6.0x 8.0x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
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Consumer Staples
Exhibit 23: CS-LACI HG Consumer vs. LUCI Consumer Exhibit 24: CS-LACI HG Consumer vs. CS-LACI HY Consumer
50
75
100
125
150
50
100
150
200
250
300S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
LUCI CONSUMER PRODUCT
CS-LACI CONSUMER HG
300
350
400
450
500
100
200
300
400
500
600
700
800
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 25: Latam Consumer – Rel Val to Duration Exhibit 26: Latam Consumer – Rel Val to Leverage
AJECBV 22
ALIPE 23
ARCO 19
ARCOR 17
AUTGIL 21
AUTGIL 23BEEFBZ 19
BEEFBZ 22
BEEFBZ 23BERTIN 16
BFALA 23
BIMBOA 20
BIMBOA 22
BRFSBZ 17 BRFSBZ 20
BRFSBZ 22
BRFSBZ 23
CEAGRO 16 [1119bps]
CENSUD 21
CENSUD 23
CFRCI 22
COPEIN 17
CORJRL 21
CORJRL 23
CSOLNO 17
EKT 18FAMSA 20
FEMSA 23
FEMSA 43 [15.x]
GRUMAB 49 [12.x]HYPEBZ 21
JBSSBZ 16
JBSSBZ 18
JBSSBZ 20
JBSSBZ 21
JBSSBZ 23
KOF 20
MABEMX 19
MRFGBZ 16
MRFGBZ 17MRFGBZ 18
MRFGBZ 20
PEP 22
SIGMA 18 SIGMA 19
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
ARCO 19
ARCOR 17
BEEFBZ 19
BEEFBZ 22
BEEFBZ 23
BERTIN 16
BIMBOA 20
BIMBOA 22
BRFSBZ 17
BRFSBZ 20
BRFSBZ 22
BRFSBZ 23
COPEIN 17
CORJRL 21
CORJRL 23
CSOLNO 17
FAMSA 20
GRUMAB 49
HYPEBZ 21
JBSSBZ 16
JBSSBZ 18
JBSSBZ 20JBSSBZ 21
JBSSBZ 23
MABEMX 19
MRFGBZ 16
MRFGBZ 17MRFGBZ 18
MRFGBZ 20
SIGMA 18
SIGMA 19
100
200
300
400
500
600
700
800
900
1000
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
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Energy Exhibit 27: CS-LACI HG Energy vs. LUCI Energy Exhibit 28: CS-LACI HY Energy vs. CS-LACI HG Energy
60
70
80
90
100
110
120
130
140
150
50
100
150
200
250
300
350
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)B
en
ch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI HG ENERGY
LUCI ENERGY
450
550
650
750
850
950
100
400
700
1000
1300
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 29: Energy Corps. vs. Quasi-Sovereign vs. Oil Prices Exhibit 30: Latam Energy – Rel Val to Duration
50
60
70
80
90
100
110
120
250
350
450
550
650
750
850
950
1050
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
US
$/ b
arre
l
Be
nch
Sp
rd (
bp
s)
Energy Corps (LHS)
Energy Quasi-Sovereign (LHS)
Oil Price (RHS)
CAPEX 18[1757bps]
ECOPET 19
ENAP 14
ENAP 19
ENAP 20ENAP 21
GPKLN 20
NGCTT 36
OGXPBZ 22 [4736bps]
OGXPBZ 18 [6511bps]
ODEBRE 22
PANAME 21
PDVSA 14
PDVSA 15
PDVSA 16
PDVSA 21PDVSA 17PDVSA 17
PDVSA 27
PDVSA 37
PDVSA 22
PESAAR 17PETRTT 19
PETRTT 22
PRECN 21 PRECN 23QGOGBZ 18
QGOGCO 19
SCHAHN 22
SNMARA 18
0
200
400
600
800
1000
1200
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Z-S
pre
ad (b
ps)
Duration
PEMEX
PETBRA
Source: Credit Suisse. Source: Credit Suisse.
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Pemex Exhibit 31: PMX 19 vs. PMX 10yr CDS Exhibit 32: PMX 35 vs. MEX 34
-60
-40
-20
0
20
40
60
80
125
150
175
200
225
250
275
300
Se
p-1
2
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Fe
b-1
3
Ma
r-13
Ap
r-13
Ma
y-13
Jun-
13
Jul-1
3
Au
g-1
3
Se
p-1
3
Ba
sis
(bp
s)Z
-Sp
rd (
bp
s)
Basis Dif f. vs. CDS (RHS)
PMX 19
PMX 10yr CDS
20
30
40
50
60
70
80
90
100
110
120
130
100
150
200
250
300
350
400
Sep
-12
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Feb
-13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep
-13
Sp
rd D
iff. (bp
s)Z
-Sp
rd (b
ps)
Basis Dif f. (RHS)
PMX 35
MEX 34
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 33: PMX 19 vs. PMX 35 Exhibit 34: PMX 19 vs. MEX 19
30
40
50
60
70
80
90
100
100
150
200
250
300
350
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)Z
-Sp
rd (b
ps)
Basis Dif f. (RHS)
PMX 35
PMX 19
20
40
60
80
100
120
140
50
100
150
200
250
300
Sep
-12
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Feb
-13
Mar
-13
Apr
-13
May
-13
Jun-
13
Jul-1
3
Aug
-13
Sep
-13
Sp
rd D
iff. (bp
s)
Z-S
prd
(bp
s)
Basis Dif f. (RHS)
PMX 19
MEX 19
Source: Credit Suisse. Source: Credit Suisse.
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Pemex Exhibit 35: PMX 35 vs. PCU 35 Exhibit 36: PMX 15 vs. PCU 15
20
40
60
80
100
120
140
150
200
250
300
350
400S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Z-S
prd
(b
ps)
Basis Dif f. (RHS)
PCU 35
PMX 35
-25
0
25
50
75
100
125
50
100
150
200
250
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)Z
-Sp
rd (b
ps)
Basis Dif f. (RHS)
PCU 15
PMX 15
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 37: Pemex vs. LUCI BBB Energy vs. MEX Exhibit 38: Pemex Spread Curve (Liquid Bonds)
50
100
150
200
250
300
2 3 4 5 6 7 8 9 10 11 12 13 14
Z-S
prd
(b
ps
)
Duration
PEMEX
LUCI (US HG) Energy
MEXICO
PMX 15
PMX 18N
PMX 19PMX 20 PMX 21
PMX 27
PMX 35
PMX 38
PMX 23
PMX 22
PMX 23
PMX 18
PMX 24
PMX 18NN
PMX 18NNN
PMX 44PMX 41
PMX 22B
100
150
200
250
300
350
400
2 3 4 5 6 7 8 9 10 11 12 13 14
Z-Sp
rd (b
ps)
Duration
Source: Credit Suisse. Source: Credit Suisse.
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Industrials
Exhibit 39: CS-LACI Industrials vs. CS-LACI Total Exhibit 40: CS-LUCI vs. LACI – Chemical & Div. Manufacturing
-80
-60
-40
-20
0
20
250
300
350
400
450
500
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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
50
150
250
350
450
550
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI Chemical & Div. Manufacturing
CS-LACI Chemical & Div. Manufacturing
sSource: Credit Suisse. Source: Credit Suisse.
Exhibit 41: Latam Industrials – Rel Val to Duration Exhibit 42: Latam Industrials – Rel Val to Leverage
ALFAA 14
NEMAK 23
ALPEKA 22
BRASKM 18
BRASKM 20
BRASKM 21
BRASKM 41
BRASKM 22
BRASKM perp [1230bps]
COPEIN 17 [844bps]
EMBRBZ 17
EMBRBZ 20
EMBRBZ 22
FERROS 20
IMPSA 20 [2271bps]
KUOBMM 22
METLSA 23
MXCHF 22
MXCHF 42
MXCHF 19
SQM 23
SQM 16
SQM 20UGPABZ 15
VOTORA 19
VOTORA 20
VOTORA 21
VOTORA 41
100
150
200
250
300
350
400
450
500
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Z-S
pre
ad (b
ps)
Duration
NEMAK 23
BRASKM 18
BRASKM 20
BRASKM 21
BRASKM 41
BRASKM 22
BRASKM perp [1230bps]
COPEIN 17 [844bps]
FERROS 20KUOBMM 22
METLSA 23
MXCHF 22
MXCHF 42
MXCHF 19
SQM 23
SQM 16
SQM 20
VOTORA 19
VOTORA 20
VOTORA 21
VOTORA 41
100
150
200
250
300
350
400
450
500
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
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Sugar & Ethanol
Exhibit 43: Anhydrous Ethanol vs. Hydrous Ethanol (in BRL) Exhibit 44: Sugar Prices (in BRL and US$)
0
5
10
15
20
25
1.00
1.05
1.10
1.15
1.20
1.25
1.30
1.35
1.40
1.45
1.50S
ep-1
1
Oct-11
Nov-
11
Dec-
11
Jan-1
2
Feb
-12
Mar-
12
Apr-
12
May-
12
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
(B
RL
ce
nts
/ lite
r)
BR
L$ /
lit
er
Spread (RHS)
Hydrous Ethanol
Anhydrous Ethanol
33
36
39
42
45
48
51
54
16
18
20
22
24
26
28
30
Sep
-11
Oct
-11
Nov-1
1D
ec-1
1Jan-1
2F
eb-1
2M
ar-
12
Apr-
12
May-1
2Jun-1
2Jul-12
Aug
-12
Sep
-12
Oct
-12
Nov-1
2D
ec-1
2Jan-1
3F
eb-1
3M
ar-
13
Apr-
13
May-1
3Jun-1
3Jul-13
Aug
-13
Sep
-13
BR
L /
US
D
NY11 Sugar in US$ (LHS)
NY11 Sugar in BRL (RHS)
sSource: Credit Suisse. Source: Credit Suisse.
Exhibit 45: Sugar & Ethanol – Rel Val to Duration Exhibit 46: Sugar & Ethanol – Rel Val to Leverage
ARALCO 20
COSAN 17CSANBZ 14
CSANBZ 23
CSANBZ PERP
GVOBR 18 [1752bps]
GVOBR 22 [1535bps]
TONOBZ 20
USJACU 19
1
3
5
7
9
11
13
15
- 1 2 3 4 5 6 7 8
Yie
ld (Y
TW
)
Duration
ARALCO 20
COSAN 17
CSANBZ 14
CSANBZ 23
CSANBZ PERP
GVOBR 18 [1752bps]
GVOBR 22 [1535bps]
TONOBZ 20
USJACU 19
1
3
5
7
9
11
13
15
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
Yie
ld (
YT
W)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
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Metals & Mining
Exhibit 47: CS-LACI HG Metals & Mining vs. LUCI M&M Exhibit 48: CDEL 35 vs. Chile
0
20
40
60
80
100
120
125
200
275
350S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
CS-LACI Spread
LUCI
-60
-40
-20
0
20
40
60
80
25
50
75
100
125
150
175
200
225
250
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 49: PCU 35 vs. CVRD 34 Exhibit 50: PCU vs. Mexico vs. Peru
-60
-40
-20
0
20
40
200
250
300
350
400
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd D
iff. (bp
s)
Be
nch
Sp
rd (b
ps)
Basis Dif f. (RHS)
PCU 35
CVRD 34
SCCO 15 SCCO 20
SCCO 22
SCCO 35 SCCO 40
SCCO 42
50
100
150
200
250
300
350
400
1 3 5 7 9 11 13 15
Be
nch
Sp
rd (b
ps)
Duration
Mexico Sovereign
Peru Sovereign
Source: Credit Suisse. Source: Credit Suisse.
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Metals & Mining
Exhibit 51: Latam Metals & Mining – Rel Val to Duration Exhibit 52: Latam Metals & Mining – Rel Val to Leverage
CDEL 13
CDEL 14
CDEL 19
CDEL 20CDEL 21CDEL 22
CDEL 35CDEL 36
CDEL 42CSNABZ 13
CSNABZ 19
CSNABZ 20
CSNABZ Perp [1705bps]
GGBRBZ 17
GGBRBZ 20
GGBRBZ 21
GGBRBZ 23
MAGGBZ Perp [989bps]
MAGGBZ 20
MBNAU 18 [1755bps]
MILPOC 23SAMMIN 22
SCCO 15
SCCO 20SCCO 22
SCCO 35
SCCO 40SCCO 42
USIM 16
USIM 18
VALEBZ 16VALEBZ 17
VALEBZ 19VALEBZ 20
VALEBZ 34
VALEBZ 36VALEBZ 39
VALEBZ 42VALEBZ 22
VOLCAN 22
50
100
150
200
250
300
350
400
450
500
550
600
- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Z S
prd
(b
ps
)
Duration
CDEL 13
CDEL 14
CDEL 19CDEL 20CDEL 21
CDEL 22
CDEL 35
CDEL 36CDEL 42 CSNABZ 13
CSNABZ 19CSNABZ 20
CSNABZ Perp [1705bps]
GGBRBZ 17
GGBRBZ 20GGBRBZ 21GGBRBZ 23
MAGGBZ Perp [989bps]
MAGGBZ 20
MILPOC 23
SCCO 15
SCCO 20
SCCO 22
SCCO 35SCCO 40
SCCO 42
USIM 16
USIM 18
VALEBZ 16
VALEBZ 17VALEBZ 19VALEBZ 20
VALEBZ 34VALEBZ 36VALEBZ 39VALEBZ 42
VALEBZ 22
VOLCAN 22
50
100
150
200
250
300
350
400
450
500
550
600
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x
Z-S
prd
(b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 53: Copper Prices vs. Chilean Peso Exhibit 54: Commodity Chart – Relative Price Performance
300
325
350
375
400
465
480
495
510
525
Sep
-12
Oct
-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug
-13
Sep
-13
US
D / lb
s
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
Sep-0
3
Sep-0
4
Sep-0
5
Sep-0
6
Sep-0
7
Sep-0
8
Sep-0
9
Sep-1
0
Sep-1
1
Sep-1
2
Sep-1
3
Steel US HRC (LHS)
Copper (LHS)
Molybdenum (RHS)
Source: Credit Suisse and the BLOOMBERG PROFESSIONAL™ service. Source: Credit Suisse and the BLOOMBERG PROFESSIONAL™ service.
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Pulp & Paper
Exhibit 55: CS-LACI Pulp & Paper vs. CS-LACI Total Exhibit 56: CS-LACI Pulp & Paper vs. LUCI Pulp & Paper
-50
-25
0
25
50
75
100
300
350
400
450
500S
ep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd
Diff. (b
ps
)
Be
nch
Sp
rd
(b
ps)
Basis Dif f. (RHS)
CS-LACI TOTAL
CS-LACI PULP & PAPER
125
150
175
200
225
250
100
150
200
250
300
350
400
450
500
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rd
Diff. (b
ps
)
Be
nch
Sp
rd
(b
ps
)
Basis Dif f. (RHS)
CS-LACI PULP & PAPER
LUCI PULP & PAPER
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 57: Latam Pulp & Paper – Rel Val to Duration Exhibit 58: CS LACI Pulp & Paper vs. Pulp Price
CMPC 19
CMPC 18
CMPC 22CMPC 23
CELARA 15
CELARA 17
CELARA 17N
CELARA 19
CELARA 21
CELARA 22
FIBRBZ 20
FIBRBZ 21
SCRIBE 20 [680bps]
PAPPEL 16 [977bps]
SUZANO 21
100
150
200
250
300
350
400
450
- 1 2 3 4 5 6 7 8
Be
nch
Sp
rd (b
ps)
Duration
750
800
850
900
950
1,000
1,050
250
300
350
400
450
500
550
Sep-1
1
Nov-
11
Jan-1
2
Mar-
12
May-
12
Jul-12
Sep-1
2
Nov-
12
Jan-1
3
Mar-
13
May-
13
Jul-13
Sep-1
3
US
D / to
n
Be
nch
Sp
rd (b
ps
)
LACI P&P
Pulp Prices (RHS)
Source: Credit Suisse. Source: Credit Suisse. Pulp prices from FOEXUSNB Index, from the BLOOMBERG PROFESSIONAL™ service.
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Telecom & Media – High Grade
Exhibit 59: CS-LACI HG Telco/Media vs. LUCI Telco/Media Exhibit 60: TFONY 19 vs. AMXLMM 19
0
10
20
30
40
50
60
70
80
90
100
150
200
250
300S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
LUCI TELECOM&MEDIA
CS-LACI HG TELECOM&MEDIA
-10
0
10
20
30
40
50
60
25
75
125
175
225
275
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
Diff. (b
ps
)BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
TFONY 19
AMXLMM 19
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 61: Latam HG Telco/Media – Rel Val to Duration Exhibit 62: Latam HG Telco/Media – Rel Val to Leverage
AMXLMM 14AMXLMM 15 AMXLMM 17
AMXLMM 20
AMXLMM 35
AMXLMM 37
AMXLMM 40
AMXLMM 22 AMXLMM 42AMXLMM 16
AMXLMM 15
AMXLMM 19
CTCACI 22GLOPAR 22GLOPAR P-09
NETBZ 20OIBRBZ 22
OIBRBZ 19
OIBRBZ 20
TELEFO 15TELVIS 18
TELVIS 40
TELVIS 25
TELVIS 32
-
100
200
300
400
500
600
700
0 2 4 6 8 10 12 14 16
Z-S
pre
ad (b
ps)
Duration
AMXLMM 14
AMXLMM 15 AMXLMM 17
AMXLMM 20
AMXLMM 35
AMXLMM 37AMXLMM 40
AMXLMM 22
AMXLMM 42
AMXLMM 16AMXLMM 15
AMXLMM 19
NETBZ 20
OIBRBZ 22 [3.1x]
OIBRBZ 19 [3.1x]
OIBRBZ 20 [3.1x]
TELVIS 18
TELVIS 40
TELVIS 25
TELVIS 32
-
100
200
300
400
500
600
0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse. AMXLMM 19s and 15s are Telmex bonds.
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Telecom & Media – High Yield
Exhibit 63: CS-LACI HY Telco/Media vs. US HY Telco/Media Exhibit 64: Latam HY Telecom
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Yie
ld (%
)
CS-LACI HY TELECOM&MEDIA
CS HY INDEX - TELECOM&MEDIA
0
5
10
15
20
25
30
35
40
45
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Yie
ld (%
)
AXTEL 17
NIHD 19
DLLTD 20
TELEFO 22
MIICF 17
ALESTR 14
Source: Credit Suisse. All yield calculations are YTW and Perpetual bonds are yield to maturity. Source: Credit Suisse. Digicel 2020 and Colombia Telecom 2022 bonds were issued in September 2012.
Exhibit 65: Latam HY Telco/Media – Rel Val to Duration Exhibit 66: Latam HY Telco/Media – Rel Val to Leverage
ALESTRA 14
AXTEL 20
AXTEL 19 [1341bps]AXTEL 17 [1194bps]
COLUIF 14CWCLN 17
DLLTD 17DLLTD 20
DLLTD 18
DLLTD 20
DLLTD 21
MIICF 22
MIICF 17
MIICF 20
NIHD 16 [1026bps]
NIHD 19 [1123bps]
NIHD 21 [1056bps]
SATMEX 17
TELEFO 22
TRIINT 16 [1115bps]
TZA 18
200
300
400
500
600
700
800
900
0 1 2 3 4 5 6 7
Z-S
pre
ad (b
ps)
Duration
ALESTRA 14
AXTEL 20
AXTEL 19 [1341bps]
AXTEL 17 [1194bps]
DLLTD 17
DLLTD 20
DLLTD 18
DLLTD 20
DLLTD 21
MIICF 22
MIICF 17
MIICF 20
NIHD 16 [1026bps]
NIHD 19 [1123bps]
NIHD 21 [1056bps]
TELEFO 22
200
300
400
500
600
700
800
900
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
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Transportation
Exhibit 67: CS-LACI Transportation vs. CS-LACI HY Exhibit 68: Latam HY Transportation
50
75
100
125
150
175
200
225
5.0
6.0
7.0
8.0
9.0
10.0
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Yie
ld D
iff. (bp
s)
Yie
ld (%
)
Basis Dif f. (RHS)
CS-LACI TRANSPORTATION
CS-LACI HIGH YIELD
4
6
8
10
12
14
16
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Yie
ld (%
)
TAM_20 GOL 20 PFAVTA 20
Source: Credit Suisse. Source: Credit Suisse. Avianca 2020 bond was issued in May 2013.
Exhibit 69: Latam Transportation – Rel Val to Duration Exhibit 70: Latam Transportation – Rel Val to Leverage
AERDOS 19
AEROAR 20
AUPIST 22
ENASUR 18
GOL 17
GOL 20GOL P-11
GOL 23
KSU 18
KSU 21
NM 19N
NM 17NROCC 24
PFAVHC 20
SENDA 15
TAM 17
TAM 20
TAM 21
50
250
450
650
850
1,050
1,250
- 1 2 3 4 5 6 7 8
Z-S
pre
ad (b
ps)
Duration
AEROAR 20
AUPIST 22
ENASUR 18
GOL 17
GOL 20
GOL P-11
NROCC 24
PFAVHC 20
TAM 21
50
250
450
650
850
1,050
1,250
0 2 4 6 8 10
Z-S
pre
ad (b
ps)
Net Leverage
Source: Credit Suisse. Source: Credit Suisse.
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Utilities
Exhibit 71: CS-LACI HG Utility vs. LUCI Utility Exhibit 72: CS-LACI HY Utility vs. CS-LACI HG Utility
40
60
80
100
120
140
160
180
200
100
150
200
250
300
350
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
Dif
f (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI UTILITY HG
LUCI UTILITY
600
650
700
750
800
850
900
950
0
200
400
600
800
1000
1200
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 73: Latam High Yield Utilities – Rel Val to Duration Exhibit 74: Latam High Grade Utilities – Rel Val to Duration
AESELS 20
GENER 14
CAPXAR 18 [1757bps]
EDNAR 17 [3295bps]
EDNAR 22 [2024bps]
ISCORP 21
SBSPBZ 16 SBSPBZ 20
TRAGAS 17 [1286bps]
TRANAR 21 [2163bps]
150
250
350
450
550
650
750
850
0 1 2 3 4 5 6 7
Z-S
pre
ad
(b
ps)
Duration
AESPAN 16
GENER 14
GENER 21CALLAO 23 CFELEC 42
CFELEC 21COLBUN 20
ECLCI 21
EEBCB 22
EEBCB 21
EPM 19
ELEBRA 15
ELEBRA 19ELEBRA 21
ENDESA 15
ENDESA 27
ENRSIS 14
TSELEC 23
ENRSIS 16
TGPERU 28
TRANSM 23
50
100
150
200
250
300
350
400
450
0 2 4 6 8 10 12 14
Z-S
pre
ad (b
ps)
Duration
Source: Credit Suisse. Source: Credit Suisse.
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Argentina
Exhibit 75: CS-LACI Argentina vs. SBI Argentina Exhibit 76: Argentina CDS
-400
-300
-200
-100
0
100
200
300
700
800
900
1000
1100
1200
1300
1400S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
rea
d D
iff. (bp
s)B
M S
pre
ad
(b
ps
)
Basis Dif f. (RHS)
CS-LACI ARGENTINA
SBI ARGENTINA
600
1000
1400
1800
2200
2600
3000
3400
3800
4200
4600
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
BM
Sp
read
(b
ps)
AR CDS 10YR
AR CDS 5YR
Source: Credit Suisse. Source: Credit Suisse.
Exhibit 77: CS-LACI Argentina vs. CS-LACI Total Exhibit 78: Latam Distressed – Avg. Price vs. No. of Bonds
450
500
550
600
650
700
750
800
200
400
600
800
1000
1200
1400
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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
Sep-0
2
Sep-0
3
Sep-0
4
Sep-0
5
Sep-0
6
Sep-0
7
Sep-0
8
Sep-0
9
Sep-1
0
Sep-1
1
Sep-1
2
Sep-1
3
No
. of Is
su
es
Pri
ce
Price (LHS)
No. Issues (RHS)
Source: Credit Suisse. Source: Credit Suisse. Includes all Latam Distressed Bonds
26 September 2013
Latin America Weekly Chartbook 24
Argentina
Exhibit 79: Argentina Corporate Bonds
As of September 25, 2013
AEROAR 20
APSAAR 17
ARCO 19
ARCOR 17
BHIP 13
BHIP 16
BMAAR 17
BMAAR 36
CAPXAR 18
EDNAR 17 YTW [34]
EDNAR 22
GALIAR 18
GALIAR 19
IMPSA 20
IRSAAR 17
NM 19
NM 19
PANAME 21
PESAAR 17
TRAGAS 17
TRANAR 21
ULTR 21
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
0 1 2 3 4 5 6 7
Yie
ld (%
)
Mod Duration
ARG CORP
Source: Credit Suisse.
Exhibit 80: Argentina Corporate Bonds
As of September 25, 2013
AEROAR 20
APSAAR 17
ARCO 19ARCOR 17
IRSAAR 17
PANAME 21
PESAAR 17
TRAGAS 17
ULTR 21[11.8x]
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x
Yie
ld (
%)
Gross Leverage
MEX HY CORP(for reference)
BRZ HY CORP(for reference)
ARG CORP
Source: Credit Suisse.
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Brazil
Exhibit 81: CS-LACI Brazil vs. SBI Brazil Exhibit 82: CS-LACI HG Brazil vs. SBI Brazil
200
225
250
275
300
0
100
200
300
400
500
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
re
ad
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis Dif f. (RHS)
CS-LACI BRAZIL
SBI BRAZIL
100
125
150
175
200
225
0
50
100
150
200
250
300
350
400
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 83: CS-LACI HY Brazil vs. CS-LACI HG Brazil Exhibit 84: CS-LACI HY Brazil vs. SBI Brazil
300
350
400
450
500
100
200
300
400
500
600
700
800
900
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
CS-LACI HY BRAZIL
CS-LACI HG BRAZIL
450
500
550
600
650
700
0
100
200
300
400
500
600
700
800
900
1000
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
CS-LACI HY BRAZIL
SBI BRAZIL
Source: Credit Suisse. Source: Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 26
Brazil
Exhibit 85: Brazil HG Corporate Bonds
As of September 25, 2013
BANBRA 14
BANBRA 15
BANBRA 20
BANBRA 22
BANBRA 22
BANBRA 23
BANBRA P-c20
BANSAF 21
BANVOR 16
BANVOR 20
BNDES 18
BRADES 13 [545 bps]
BRADES 15
BRADES 16
BRADES 17
BRADES 19
BRADES 22
BRASKM 20
BRASKM 41
BRASKM P-c15 [1230 bps]
BRFSBZ 17
BRFSBZ 20
BRFSBZ 22 BRFSBZ 23
BTGINV 18
BTGPBZ 16
BTGPBZ 20
BVMFBZ 20
CAIXBR 17
CAIXBR 22
CSANBZ 14COSAN 17
CSANBZ 23
CSANBZPERP [775 bps]
ELEBRA 15
EMBRBZ 17
EMBRBZ 22
GGBRBZ 17
GGBRBZ 23GLOPAR P-c15
HSBC 16
ITAU 21N
ITAU P-c15
NETBZ 20
NORBRA 15
NORBRA 19
ODBR 20
ODBR 22
ODBR 25
ODBR 42
ODBR P-c15 [844 bps]
ODEBRE 21
OIBRBZ 19 [651 bps]OIBRBZ 20 [516 bps]
OIBRBZ 22
PETBRA 14
PETBRA 15
PETBRA 16
PETBRA 16
PETBRA 16
PETBRA 16N
PETBRA 17
PETBRA 19
PETBRA 19
PETBRA 23
PETBRA 40
PETBRA 41
PETBRA 43
SANBBZ 15
SANBBZ 16SANBBZ 17
SCHAHN 22
VALEBZ 16
VALEBZ 17
VALEBZ 19
VALEBZ 20
VALEBZ 22
VALEBZ 34
VALEBZ 36VALEBZ 39
VOTORA 21
VOTORA 41
50
100
150
200
250
300
350
400
450
500
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
PETBRA "on-the-run"
Source: Credit Suisse. *LUCI excludes financials.
Exhibit 86: Brazil HG Corporate Bonds
As of September 25, 2013
BRASKM 18
BRASKM 20
BRASKM 21BRASKM 22
BRASKM 41
BRASKM P-c15 [1230 bps]
BRFSBZ 17
BRFSBZ 20
BRFSBZ 22BRFSBZ 23
CSANBZ 14
COSAN 17
CSANBZ 23
CSANBZPERP [775 bps]
ELEBRA 15 [234 bps] [29.5 x]
ELEBRA 19 [373 bps] [29.5 x]ELEBRA 21 [383 bps] [29.5 x]
GGBRBZ 17
GGBRBZ 20
GGBRBZ 21
GGBRBZ 23
NETBZ 20
ODBR 20
ODBR 22ODBR 23ODBR 25
ODBR 42
ODBR P-c15 [844 bps]
ODEBRE 21
OIBRBZ 19 [651 bps]
OIBRBZ 20 [516 bps]
OIBRBZ 22
PETBRA 14
PETBRA 15
PETBRA 16
PETBRA 16
PETBRA 16
PETBRA 16N
PETBRA 17
PETBRA 18
PETBRA 18N
PETBRA 19
PETBRA 19
PETBRA 20
PETBRA 21
PETBRA 23
PETBRA 40
PETBRA 41
PETBRA 43
VALEBZ 16
VALEBZ 17
VALEBZ 19
VALEBZ 20
VALEBZ 22
VALEBZ 34
VALEBZ 36
VALEBZ 39
VALEBZ 42
VOTORA 19
VOTORA 20
VOTORA 21
VOTORA 41
100
150
200
250
300
350
400
450
500
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
Z-S
pre
ad
(b
ps
)
Net Leverage
BRAZIL HG CORP
MEX HG CORP
(for reference)
Source: Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 27
Brazil
Exhibit 87: Brazil HY Corporate Bonds
As of September 25, 2013
ARALCO 20
ANDRGI 18
BANBRAPERP
BCOABC 20
BCOBMG 14
BCOBMG 16
BCOBMG 17
BCOBMG 18
BCOBMG 19 BCOBMG 20
BCOPAN 20
BEEFBZ 19BEEFBZ 22
BEEFBZ 23
BESIBR 15
BIC 20
BRMLBZ P-c16
BRPRSA P-c15
BRSRBZ 22BTGPBZ 22
CEAGRO 16
CIMTUP 18
CSNABZ 13
CSNABZ 15
CSNABZ 19
CSNABZ 20
CSNABZPERP [17.5 YTW]
FIBRA 16
FIBRBZ 20
FIBRBZ 21
GOL 17
GOL 20
GOL 23
GOL 49 [14.2 YTW] [12 x]GSHPBRPERP [16.6 YTW]
GVOBR 18 [18.9 YTW] [5 x]GVOBR 22 [17.7 YTW] [5 x]
HYPEBZ 21
JBSSBZ 16JBSSBZ 18
JBSSBZ 20
JBSSBZ 21
JBSSBZ 23MAGGBZ 20
MAGGBZ PERP
MBNAU 18 [19.0 YTW]
MRFGBZ 16
MRFGBZ 17
MRFGBZ 18 MRFGBZ 20
OASCBZ 19
OASCBZ PERP
OGXPBZ 18 [66.7 YTW]OGXPBZ 22 [49.4 YTW]
QGOGCO 19
SBSPBZ 16
SBSPBZ 20
SUZANO 21TAM 17
TAM 20TAM 21
TONOBZ 20
USIM 16
USIM 18
USJACU 19
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
0 1 2 3 4 5 6 7 8
Yie
ld (
%)
Mod Duration
BRAZIL HY CORP
Source: Credit Suisse.
Exhibit 88: Brazil HY Corporate Bonds
As of September 25, 2013
ARALCO 20
BEEFBZ 19
BEEFBZ 22
BEEFBZ 23
BRPRSA P-c15
CSNABZ 13
CSNABZ 15
CSNABZ 19
CSNABZ 20
CSNABZPERP [17.5 YTW]
FIBRBZ 20
FIBRBZ 21
GOL 17 [10.5 YTW] [12 x]
GOL 20 [12.5 YTW] [12 x]
GOL 23 [13.7 YTW] [12 x]
GOL 49 [14.2 YTW] [12 x]
GVOBR 18 [18.9 YTW] [5 x]
GVOBR 22 [17.7 YTW] [5 x]
HYPEBZ 21JBSSBZ 16
JBSSBZ 18
JBSSBZ 20
JBSSBZ 21
JBSSBZ 23
MAGGBZ 20
MAGGBZ PERP
MRFGBZ 16
MRFGBZ 17
MRFGBZ 18
MRFGBZ 20
OASCBZ 19
OASCBZ PERP
SBSPBZ 16
SBSPBZ 20
SUZANO 21
TONOBZ 20
USIM 16
USIM 18
USJACU 19
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x
Yie
ld (
%)
Gross Leverage
BRAZIL HY CORP
MEX HY CORP
(f or ref erence)
ARG CORP
(f or ref erence)
Source: Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 28
Chile Exhibit 89: LACI Chile Metals vs. LUCI A Bucket Exhibit 90: CS-LACI Chile vs. LUCI
0
10
20
30
40
50
60
70
80
90
100
110
75
100
125
150
175
200
225
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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
75
100
125
150
175
200
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 91: Chile Corporate Bonds
As of September 25, 2013
AUPIST 22
AUTGIL 21 [883 bps]
BANCO 20 BANCO 22SANT 18
CENSUD 21
BCICI 17
BCICI 23
CORBAN 18
AUTGIL 23 [797 bps]
CDEL 14
CDEL 19CDEL 20
CDEL 35CDEL 36
BCGBK 23 [659 bps]
SQM 23
BANCO 17
CELARA 15
CELARA 17CELARA 19
COLBUN 20
CFRCI 22
CENSUD 23
CMPCCI 23
CTCACI 22
ENAPCL 14ENAPCL 19
ENAPCL 20
ENAPCL 21
ENDESA 15
ENDESA 27
ENRSIS 14
ENRSIS 16
BFALA 23
GPKLN 20 [586 bps]
AESGEN 14
AESGEN 21
CMPCCI 18
CMPCCI 19CMPCCI 22
SANT 15
SANT 14
SANT 14
SMUSA 20 [1338 bps]
SANT 22
SQM 16
SQM 20
TANNER 18
TELEFO 15
50
100
150
200
250
300
350
400
450
500
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Z-S
pre
ad
(b
ps
)
Mod Duration
LUCI (US HG)*
CDEL "on-the-run"
CHILE CORP
Source: Credit Suisse. *LUCI excludes financials.
26
Se
pte
mb
er 2
013
La
tin A
me
rica
We
ekly
Ch
artb
ook
2
9
Mexico
Exhibit 92: CS-LACI Mexico vs. SBI Mexico Exhibit 93: CS-LACI HG Mexico vs. SBI Mexico
175
200
225
250
275
300
-
50
100
150
200
250
300
350
400
450
500S
ep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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
50
100
150
200
250
300
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 94: CS-LACI HY Mexico vs. CS-LACI HG Mexico Exhibit 95: CS-LACI HY Mexico vs. SBI Mexico
300
350
400
450
500
550
600
650
700
100
300
500
700
900
1,100
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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
400
450
500
550
600
650
700
750
800
850
-
200
400
600
800
1,000
1,200
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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.
26 September 2013
Latin America Weekly Chartbook 30
Mexico
Exhibit 96: Mexico HG Corporate Bonds
As of September 25, 2013
ALPEKA 22
ALFAA 14
AMX 14 AMX 15N
AMX 15
AMX 17
AMX 19
AMX 20
AMX 35AMX 37 AMX 40
AMX 16
AMX 22
AMX 42
AMX 15
AMX 19
BANORT 15
BBVASM 16
BBVASM 20
BBVASM 21
BBVASM 22
BBVASM 22N
BIMBOA 20BIMBOA 22
BSANTM 22
CFELEC 21
CFELEC 42
FEMSA 23
FEMSA 43
KOF 20
KSU 18
KSU 21
MXCHF 19
MXCHF 42
MXCHF 22
PEMEX 23
PMX 14
PMX 15
PMX 15A
PMX 18APMX 19
PMX 20 PMX 21
PMX 22 PMX 23
PMX 27
PMX 35PMX 38 PMX 41
PMX 22A
PMX 22B
SCCO 42
SCCO 22
SCCO 15
SCCO 20
SCCO 35
SCCO 40
SIGMA 18
SIGMA 19
TELVIS 18
TELVIS 25
TELVIS 32
TELVIS 40
0
50
100
150
200
250
300
350
400
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 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 97: Mexico HG Corporate Bonds
As of September 25, 2013
AMX 14
AMX 15N
AMX 15
AMX 17
AMX 19
AMX 20
AMX 35
AMX 37AMX 40
AMX 16
AMX 22
AMX 42
AMX 15
AMX 19
BIMBOA 20
BIMBOA 22
MXCHF 19
MXCHF 42
MXCHF 22
PEMEX 23
PMX 14
PMX 15
PMX 15A
PMX 18A
PMX 19
PMX 20
PMX 21
PMX 22
PMX 23
PMX 27
PMX 35
PMX 38
PMX 41
PMX 22A
PMX 22B
PMX 22C
SCCO 42
SCCO 22
SCCO 15
SCCO 20
SCCO 35
SCCO 40
SIGMA 18
SIGMA 19
TELVIS 18
TELVIS 25
TELVIS 32
TELVIS 40
-
50
100
150
200
250
300
350
400
0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x
Z-S
pre
ad (b
ps)
Net Leverage
MEX HG CORP
BRAZIL HG CORP
(f or ref erence)
Source: Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 31
Mexico
Exhibit 98: Mexico HY Corporate Bonds
As of September 25, 2013
ALESTRA 14
AXTEL 17
AXTEL 19
AXTEL 20
POSADA 17
BANORT 21
NEMAK 23
CEMEX 22
CEMEX 16
CEMEX 18CEMEX 20
CEMEX P-c16
CEMEX P-c11
CEMEX P-c14
CEMEX 19GCCAMM 20
CEMEX 19
METLSA 23
GEOBMM 14[277 YTW]
GEOBMM 22[67 YTW]
KUOBMM 22
CREAL 15
MIFEL 22FAMSA 20
FINDEP 15
GEOMAQ 21[41 YTW]
GRUMAB P
HOMEX 15[100 YTW]
HOMEX 20[46 YTW]
ICASA 21
ICASA 17
JAVER 21
MABEMX 19
NIHD 16
NIHD 19NIHD 21
PAPPEL 16
PLAYRE 20
POSADA 15
SATMEX 17
SCRIBE 20SENDA 15
TZA 18
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Yie
ld (
%)
Mod Duration
MEX HY CORP
Source: Credit Suisse.
Exhibit 99: Mexico HY Corporate Bonds
As of September 25, 2013
ALESTRA 14
AXTEL 17
AXTEL 19
AXTEL 20
NEMAK 23
CEMEX 22
CEMEX 16
CEMEX 18
CEMEX 20
CEMEX P-c16
CEMEX P-c11
CEMEX P-c14
CEMEX 19CEMEX 19
KUOBMM 22 FAMSA 20GRUMAB P
ICASA 21
ICASA 17
JAVER 21
MABEMX 19
NIHD 16
NIHD 19
NIHD 21
PAPPEL 16
SCRIBE 20
SENDA 15
3.0
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
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x
Yie
ld (
%)
Gross Leverage
MEX HY CORP
BRAZIL HY CORP
(f or ref erence)
ARG CORP
(f or ref erence)
Source: Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 32
Peru
Exhibit 100: CS-LACI Peru vs. SBI Peru Exhibit 101: CS-LACI HG Peru vs. SBI Peru
100
125
150
175
200
225
250
275
50
100
150
200
250
300
350
400
450
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
Diff. (b
ps)
BM
Sp
read
(b
ps)
Basis diff. (RHS)
CS LACI Peru
SBI Peru
50
75
100
125
150
175
200
225
0
50
100
150
200
250
300
350
Sep-1
2
Oct-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
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 102: CS-LACI HY Peru vs. SBI Peru Exhibit 103: CS-LACI HY Peru vs. CS-LACI HG Peru
250
275
300
325
350
375
400
425
50
100
150
200
250
300
350
400
450
500
550
600
Sep-1
2
Oct
-12
Nov-
12
Dec-
12
Jan-1
3
Feb
-13
Mar-
13
Apr-
13
May-
13
Jun-1
3
Jul-13
Aug-1
3
Sep-1
3
Sp
read
Diff. (b
ps)B
M S
pre
ad
(b
ps)
Basis Dif f. (RHS)
SBI Peru
CS LACI Peru HY
175
200
225
250
150
200
250
300
350
400
450
500
550
Sep
-12
Oct
-12
Nov
-12
Dec
-12
Jan-
13
Feb
-13
Mar
-13
Apr
-13
May-
13
Jun-
13
Jul-1
3
Aug
-13
Sep
-13
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.
26 September 2013
Latin America Weekly Chartbook 33
Peru
Exhibit 104: Peru Corporate Bonds
As of September 25, 2013
AJECBV 22
ALIPE 23
BCOCPE 40
BCOCPE 16BCOCPE 18
BCOCPE 22
BCOCPE 17
BCOCPE P-c16
BCP 69 [514 bps]
BCP 27
BCP 26
BCP P-c15
BCP 23
BCP 16
BINTPE P-c20 [560 bps]
BINTPE 20
BNSCN 27
CALLAO 23
COFIDE 22
COPEIN 17 [844 bps]
CORJRL 21
CORJRL 23
COZCAR 22
CSOLNO 17 [814 bps]
FERROS 20
ISCORP 21 [578 bps]
MAESPE 19 [687 bps]
MILPOC 23
MIVIVI 23
PESEXA 20 [710 bps]
TGPERU 28
TRANSM 23
VOLCAN 22
100
150
200
250
300
350
400
450
500
2 3 4 5 6 7 8 9 10
Z-S
pre
ad (b
ps)
Mod Duration
Peru SOV "on-the-run"
Peru CORP
Source: Credit Suisse.
Exhibit 105: Peru Corporate Bonds
As of September 25, 2013
CALLAO 23
COPEIN 17
CORJRL 21CORJRL 23
COZCAR 22
CSOLNO 17
FERROS 20
ISCORP 21 [578 bps]
MAESPE 19
MILPOC 23
TGPERU 28
VOLCAN 22
5
6
7
8
9
10
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x
Yie
ld (
%)
Net Leverage
Peru CORP
Source: Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 34
Perpetual Bonds Exhibit 106: Perpetual Bonds Calculated to Hypothetical 2049 Maturity
As of September 25, 2013
BANBRA P-c20
BANBRA P 9.25
BRASKM P-c15
BRMLBZ P-c16
BRPRSA P-c15 CEMEX P-c16 CEMEX P-c11
CEMEX P-c14
CSANBZ P-c15
CSNABZ P-c15
GLOPAR P-c15
GOL P
OASCBZ P
GRUMAB P
GSHPBR P-c15
ODBR P-c15
PEMEX P-c15
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
- 2 4 6 8 10 12 14
YT
W (
%)
Duration to Worst
Source: Credit Suisse.
26 September 2013
Latin America Weekly Chartbook 35
Companies on Ratings Watch
Company Name
Date placed
on watch Agency
Outlook/Credit
Watch List
ARGENTINA
Aeropuertos Argentina 10/26/12 Moody’s NEGATIVE
Aeropuertos Argentina 9/13/13 S&P NEGATIVE
Alto Palermo SA 9/13/13 S&P NEGATIVE
Alto Palermo SA 11/30/12 Fitch NEGATIVE
Arcor SAIC 9/28/12 Moody’s NEGATIVE
Arcor SAIC 11/30/12 Fitch NEGATIVE
Banco de Galicia y Buenos Aires 10/26/12 Moody’s NEGATIVE
Banco de Galicia y Buenos Aires 9/13/13 S&P NEGATIVE
Banco Hipotecario SA 9/13/13 S&P NEGATIVE
Banco Macro SA 10/26/12 Moody’s NEGATIVE
Banco Macro SA 11/30/12 Fitch NEGATIVE
Cablevision 9/24/13 Moody's NEGATIVE
Cablevision 11/30/12 Fitch NEGATIVE
Capex SA 9/13/13 S&P NEGATIVE
Capex SA 11/30/12 Fitch NEGATIVE
Cia de Transporte de Energia Electrica 11/2/12 S&P NEGATIVE
Cia Latinoamericana de Infraestructura & Servicios SA 11/2/12 S&P NEGATIVE
Cia Latinoamericana de Infraestructura & Servicios SA 11/30/12 Fitch NEGATIVE
Empresa Distribuidora y Comercializadora Norte (Edenor) 11/2/12 Moody’s NEGATIVE
Empresa Distribuidora y Comercializadora Norte (Edenor) 11/2/12 S&P NEGATIVE
IMPSA 11/1/12 S&P NEGATIVE
IRSA Inversiones y Representaciones SA 9/13/13 S&P NEGATIVE
IRSA Inversiones y Representaciones SA 11/30/12 Fitch NEGATIVE
Mastellone Hermanos SA 6/18/13 S&P NEGATIVE
MetroGas SA 10/12/12 Moody’s NEGATIVE
MetroGas SA 3/7/13 S&P NEGATIVE
Pan American Energy LLC 9/28/12 Moody’s NEGATIVE
Pan American Energy LLC 11/30/12 Fitch NEGATIVE
Petrobras Argentina SA 9/28/12 Moody’s NEGATIVE
Petrobras Argentina SA 4/05/13 S&P NEGATIVE
Raghsa SA 9/28/12 Moody’s NEGATIVE
Raghsa SA 11/1/12 S&P NEGATIVE
Transener 4/10/12 S&P NEGATIVE
Transportadora de Gas del Sur 10/26/12 Moody’s NEGATIVE
Transportadora de Gas del Sur 9/13/13 S&P NEGATIVE
Transportadora de Gas del Sur 11/30/12 Fitch NEGATIVE
Ultrapetrol 5/13/13 S&P POSITIVE
YPF 11/30/12 Fitch NEGATIVE
BRAZIL
Banco BMG 9/4/13 S&P POSITIVE
Banco Bradesco 6/7/13 S&P NEGATIVE
Banco Bradesco 6/27/12 Moody’s POSITIVE
Banco Bonsucesso SA 4/20/12 Moody’s NEGATIVE
Banco Bonsucesso SA 12/22/11 Fitch NEGATIVE
Banco do Brasil 6/7/13 S&P NEGATIVE
Banco do Brasil 6/27/12 Moody’s POSITIVE
Banco do Nordeste do Brasil 6/7/13 S&P NEGATIVE
Banco Industrial e Comercial 6/13/13 S&P NEGATIVE
Banco Safra 6/27/12 Moody’s POSITIVE
Banco Santander do Brasil 6/13/12 Fitch NEGATIVE
Banco Votorantim SA 6/19/12 S&P NEGATIVE
Bertin SA 8/22/13 Moody’s NEGATIVE
BES Investimento do Brasil 3/28/12 Moody’s NEGATIVE
BES Investimento do Brasil 2/16/12 S&P NEGATIVE
BIC Banco 8/2/13 Moody’s NEGATIVE
BNDES 6/7/13 S&P NEGATIVE
BNDES 3/20/13 Moody’s POSITIVE
BM&F Bovespa SA 6/7/13 S&P NEGATIVE
BR Properties 7/3/13 S&P POSITIVE
Braskem SA 10/26/12 Fitch NEGATIVE
Celpa 5/17/11 Moody’s NEGATIVE
Centrais Eletricas Brasileiras SA 6/6/13 S&P NEGATIVE
Centrais Eletricas Brasileiras SA 12/19/12 Moody’s NEGATIVE
26 September 2013
Latin America Weekly Chartbook 36
Company Name
Date placed
on watch Agency
Outlook/Credit
Watch List
Centrais Eletricas Brasileiras SA 12/7/12 Fitch NEGATIVE
Companhia Siderúrgica Nacional (CSN) 7/17/13 Fitch NEGATIVE
Companhia Siderúrgica Nacional (CSN) 4/25/13 S&P NEGATIVE
Construtora Norberto Odebrecht 5/16/13 S&P POSITIVE
Cosan 10/11/12 S&P POSITIVE
Fibria Celulose SA 9/3/13 Moody’s POSITIVE
Fibria Celulose SA 2/22/13 Fitch POSITIVE
GOL 7/5/13 S&P NEGATIVE
GOL 4/3/12 Fitch NEGATIVE
HSBC Bank Brasil 6/7/13 S&P NEGATIVE
Itau Unibanco Holding SA 6/7/13 S&P NEGATIVE
Itau Unibanco Holding SA 11/27/12 Moody’s NEGATIVE
JBS SA 6/12/13 Fitch NEGATIVE
JBS SA 8/22/13 Moody’s NEGATIVE
Magnesita Refratarios SA 9/20/13 Moody's POSITIVE
Marfrig 6/11/13 S&P POSITIVE
Marfrig 8/16/12 Fitch NEGATIVE
Net Serviços 7/10/12 Moody’s POSITIVE
OGX Petroleo e Gas 6/14/13 Fitch NEGATIVE
OGX Petroleo e Gas 7/15/13 Moody’s NEGATIVE
OGX Petroleo e Gas 8/15/13 S&P NEGATIVE
Oi 10/30/12 Moody’s NEGATIVE
Oi 8/16/13 Fitch NEGATIVE
Oi 1/30/13 Fitch NEGATIVE
Petrobras 6/06/13 S&P NEGATIVE
Petrobras 12/17/12 Moody’s NEGATIVE
Rede Energia SA 8/31/12 Moody’s NEGATIVE
SABESP 12/21/12 S&P POSITIVE
Suzano 11/29/12 S&P NEGATIVE
Usiminas 4/25/13 S&P NEGATIVE
Votorantim Cimentos SA 8/27/13 Fitch NEGATIVE
Votorantim Cimentos SA 6/11/13 Moody’s POSITIVE
Votorantim Industrial SA 8/27/13 Fitch NEGATIVE
Votorantim Industrial SA 6/11/13 Moody’s POSITIVE
Votorantim Participacoes SA 8/27/13 Fitch NEGATIVE
Votorantim Participacoes SA 6/11/13 Moody’s POSITIVE
CHILE
Alsacia 05/31/13 Moody’s NEGATIVE
Alto Parana / Celara 4/24/12 S&P NEGATIVE
Banco Santander Chile 2/26/13 Moody’s NEGATIVE
Banco Santander Chile 6/13/12 Fitch NEGATIVE
Celoulosa Arauco y Constitucion SA 3/7/13 Moody’s NEGATIVE
Cencosud SA 11/21/12 Moody’s NEGATIVE
Cencosud SA 4/17/13 Fitch NEGATIVE
Codelco 8/1/13 Moody’s NEGATIVE
Colbun SA 9/9/11 S&P NEGATIVE
Empresa Nacional del Petroleo SA (ENAP) 3/4/13 Moody’s NEGATIVE
Empresas CMPC SA 3/27/13 S&P NEGATIVE
Inversiones CMPC SA 3/7/13 Moody’s NEGATIVE
SACI Falabella 4/18/13 S&P POSITIVE
SMU SA 1/29/13 S&P POSITIVE
Telefonica Chile SA 12/20/12 S&P NEGATIVE
Telefonica Moviles de Chile SA 12/20/12 S&P NEGATIVE
COLOMBIA
Bancolombia 2/22/13 Moody’s NEGATIVE
Banco Davivienda Salvadoreno SA 7/17/13 Fitch NEGATIVE
Ecopetrol 3/8/13 Fitch POSITIVE
Grupo Aval 9/18/12 Moody’s NEGATIVE
MEXICO
América Móvil 8/13/13 S&P NEGATIVE
América Móvil 8/12/13 Moody’s NEGATIVE
Banco Ahorro Famsa 5/14/13 S&P POSITIVE
Banco Mercantil del Noramxte SA 3/5/13 S&P POSITIVE
Banco Santander Mexico 3/12/13 S&P POSITIVE
BBVA Bancomer SA 3/12/13 S&P POSITIVE
Cemex 1/25/13 S&P POSITIVE
26 September 2013
Latin America Weekly Chartbook 37
Company Name
Date placed
on watch Agency
Outlook/Credit
Watch List
Comision Federal de Electricidad 3/12/13 S&P POSITIVE
Controladora Comercial Mexicana 6/15/12 Moody’s POSITIVE
Controladora Mabe SA de CV 2/6/13 Fitch POSITIVE
Empresas ICA 5/21/13 S&P NEGATIVE
Empresas ICA 5/17/13 Moody’s NEGATIVE
Femsa SAB de CV 9/4/13 Moody’s NEGATIVE
GEO 3/20/13 Moody’s NEGATIVE
GEO 2/22/13 Fitch NEGATIVE
Grupo Famsa 5/10/13 S&P POSITIVE
Homex 3/20/13 Moody’s NEGATIVE
Homex 2/22/13 Fitch NEGATIVE
Industrias Unidas 3/24/09 Moody’s NEGATIVE
Ixe Banco SA 11/29/12 S&P POSITIVE
Javer 3/18/13 Moody’s NEGATIVE
Maxcom 12/6/12 S&P NEGATIVE
Maxcom 4/26/13 Moody’s NEGATIVE
Mexichem 9/7/12 Moody’s POSITIVE
PEMEX 3/12/13 S&P POSITIVE
Satmex 6/4/13 S&P POSITIVE
Satmex 12/20/12 Moody’s NEGATIVE
Tenedora Nemak SA de CV 6/7/13 S&P POSITIVE
Urbi 3/20/13 Moody’s NEGATIVE
PERU
Banco de Credito del Peru 8/29/12 S&P POSITIVE
BBVA Banco Continental 8/29/12 S&P POSITIVE
Camposol 4/30/13 S&P NEGATIVE
COFIDE 8/29/12 S&P POSITIVE
Copeinca 7/11/12 Moody’s POSITIVE
Maestro Peru 9/12/13 Fitch NEGATIVE
Scotiabank Peru SA 8/29/12 S&P POSITIVE
Volcan 7/3/13 S&P NEGATIVE
OTHER
Banco de Costa Rica 9/24/13 Moody’s NEGATIVE
Banco Industrial SA/ Guatemala 10/1/12 Fitch POSITIVE
CABEI 3/31/11 Moody’s POSITIVE
Millicom 7/28/13 Moody’s NEGATIVE
Petroleos de Venezuela SA 1/16/13 Moody’s NEGATIVE
Petroleos de Venezuela SA 4/4/12 Fitch NEGATIVE
Petroleos de Venezuela SA 6/17/13 S&P NEGATIVE
Source: Moody’s, S&P, Fitch.
26 September 2013
Latin America Weekly Chartbook 38
Latin American LTM Credit Metrics LTM LTM LTM LTM LTM LTM LTM LTM
Country/IssuerFoot
noteFiling 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 2Q13 Transportation 532 167 81 38 20 285 304 266 31.3% 1.8 1.6 2.1 2.0
Alto Palermo 4Q13 Real Estate 274 146 21 35 66 170 236 201 53.3% 1.6 1.4 7.1 2.1
Arcor 2Q13 Food & Bev 3,140 285 79 81 234 340 573 493 9.1% 2.0 1.7 3.6 1.2
Arcos Dorados 1 2Q13 Food & Bev 3,938 331 59 129 57 634 691 562 8.4% 2.1 1.7 5.6 4.0
Autopistas Del Sol 2Q13 Transportation 160 63 24 9 26 70 96 88 39.6% 1.5 1.4 2.6 1.4
Cablevision 2Q13 Telco & Media 1,731 483 58 120 128 444 572 452 27.9% 1.2 0.9 8.4 3.3
Edenor 2Q13 Utilities 812 (65) 73 41 3 221 224 183 nmf nmf nmf nmf nmf
IRSA 4Q13 Real Estate 445 264 67 148 143 543 686 538 59.2% 2.6 2.0 3.9 2.0
Masher 2 2Q13 Food & Bev 1,688 103 25 31 56 151 207 176 6.1% 2.0 1.7 4.1 1.7
Metrogas 2Q13 Utilities 263 4 1 34 0 143 143 109 1.5% 37.1 28.4 6.3 58.0
Pan American Energy 2Q13 Energy 2,835 1,207 118 41 653 1,137 1,790 1,749 42.6% 1.5 1.4 10.3 1.6
Petrobras Argentina 2Q13 Energy 2,875 705 38 230 219 300 519 289 24.5% 0.7 0.4 18.6 3.6
TGN 2Q13 Utilities 106 57 N/M 91 11 222 233 141 54.2% 4.1 2.5 nmf nmf
TGS 2Q13 Utilities 550 185 40 133 99 283 382 249 33.6% 2.1 1.3 4.6 2.3
Transener 2Q13 Utilities 123 (16) 22 18 17 138 155 137 nmf nmf nmf nmf nmf
Ultrapetrol 3 2Q13 Transportation 369 53 26 322 210 413 623 301 14.3% 11.8 5.7 2.0 1.6
YPF 4 2Q13 Energy 15,608 3,715 462 954 971 3,499 4,469 3,515 23.8% 1.2 0.9 8.0 3.3
Brazil
Aralco 5 1Q14 Sugar & Ethanol 227 90 119 67 52 464 516 449 39.6% 5.7 5.0 0.8 0.9
Brasil Foods 2Q13 Food & Bev 14,754 1,640 305 1,169 1,095 3,284 4,379 3,211 11.1% 2.7 2.0 5.4 2.0
Braskem 6 2Q13 Other Basic Ind 18,308 1,745 484 1,566 1,253 7,240 8,493 6,927 9.5% 4.9 4.0 3.6 1.9
BR Properties 7 2Q13 Real Estate 409 367 304 296 299 2,242 2,542 2,246 89.7% 6.9 6.1 1.2 1.1
CNO 8 2Q13 Construction 14,500 1,440 117 2,297 196 3,402 3,599 1,301 9.9% 2.5 0.9 12.3 11.9
Cosan 9 2Q13 Sugar & Ethanol 16,023 1,816 354 1,073 999 4,210 5,209 4,136 11.3% 2.9 2.3 5.1 2.1
CSN 2Q13 Metals & Mining 8,409 2,108 1,248 5,499 1,315 12,655 13,969 8,470 25.1% 6.6 4.0 1.7 3.0
Eletrobras 2Q13 Utilities 14,608 378 1,146 2,097 534 12,709 13,243 11,146 2.6% 35.1 29.5 0.3 1.5
Embraer 2Q13 Manufacturing 5,948 791 121 2,282 127 2,098 2,224 (58) 13.3% 2.8 nmf 6.5 12.4
Fibria 10 2Q13 Pulp & Paper 3,200 1,244 307 937 356 4,096 4,452 3,515 38.9% 3.6 2.8 4.1 3.3
Gerdau 2Q13 Metals & Mining 18,577 1,924 492 1,332 793 6,223 7,016 5,685 10.4% 3.6 3.0 3.9 2.5
Globo 2Q13 Telco & Media 6,607 1,676 79 2,899 20 819 839 (2,060) 25.4% 0.5 nmf 21.2 46.1
GOL Airlines 11 2Q13 Transportation 3,978 323 237 1,150 218 3,723 3,942 2,792 8.1% 12.2 8.6 1.4 3.2
GVO 12 4Q13 Sugar & Ethanol 633 194 108 94 326 709 1,035 941 30.6% 5.3 4.9 1.8 0.7
Hypermarcas 2Q13 Retail 1,985 463 172 777 559 1,482 2,040 1,263 23.3% 4.4 2.7 2.7 1.7
JBS (Friboi) 2Q13 Food & Bev 40,551 2,569 834 3,228 3,795 7,148 10,944 7,716 6.3% 4.3 3.0 3.1 1.3
Magnesita 2Q13 Basic Industries 1,217 189 77 284 51 773 824 540 15.5% 4.4 2.9 2.5 3.7
Marfrig 13 2Q13 Food & Bev 11,740 834 983 1,042 1,113 4,126 5,239 4,197 7.1% 6.3 5.0 0.8 0.9
Minerva 14 2Q13 Food & Bev 2,392 241 163 550 229 1,213 1,442 893 10.1% 6.0 3.7 1.5 2.0
Net Servicos 2Q13 Telco & Media 4,310 1,199 159 33 360 519 879 846 27.8% 0.7 0.7 7.5 2.4
OSX 15 2Q13 Energy 254 (53) 26 358 708 1,683 2,391 2,033 nmf nmf nmf nmf nmf
OGX 2Q13 Energy 417 15 1,004 337 331 3,568 3,899 3,562 3.6% nmf nmf nmf nmf
Petrobras 16 2Q13 Energy 143,980 28,846 5,185 32,840 8,214 104,189 112,403 79,563 20.0% 3.9 2.8 5.6 4.6
Sabesp 2Q13 Utilities 5,466 2,365 188 748 343 3,701 4,045 3,297 43.3% 1.7 1.4 12.6 5.9
Suzano 17 2Q13 Pulp & Paper 2,618 721 357 1,998 387 4,964 5,351 3,353 27.5% 7.4 4.7 2.0 3.7
Telemar 2Q13 Telco & Media 14,006 4,149 2,118 1,834 1,954 13,094 15,048 13,214 29.6% 3.6 3.2 2.0 1.5
Tonon 18 1Q14 Sugar & Ethanol 350 133 140 77 179 415 594 516 37.9% 4.5 3.9 0.9 0.7
Usiminas 19 2Q13 Metals & Mining 6,399 536 364 2,122 679 2,912 3,592 1,470 8.4% 6.7 2.7 1.5 2.5
USJ 20 1Q14 Sugar & Ethanol 190 49 87 113 22 353 375 262 26.0% 7.6 5.3 0.6 1.5
Vale 21 2Q13 Metals & Mining 44,950 18,281 1,253 6,256 3,201 26,662 29,863 23,607 40.7% 1.6 1.3 14.6 5.5
Votorantim 22 2Q13 Other Basic Ind 12,417 2,286 1,116 2,340 816 9,596 10,412 8,072 18.4% 4.6 3.5 2.0 2.4
Chile
AES Gener 2Q13 Utilities 2,371 697 115 372 128 2,256 2,384 2,011 29.4% 3.4 2.9 6.0 4.4
Celulosa Arauco 2Q13 Pulp & Paper 4,774 1,041 244 746 853 3,785 4,639 3,893 21.8% 4.5 3.7 4.3 1.6
CMPC 2Q13 Pulp & Paper 4,905 899 167 1,012 444 3,516 3,960 2,948 18.3% 4.4 3.3 5.4 3.1
Codelco 23 2Q13 Metals & Mining 15,453 5,320 520 778 1,366 9,220 10,586 9,807 34.4% 2.0 1.8 10.2 3.2
ENAP 2Q13 Energy 11,616 456 199 364 1,095 3,037 4,132 3,767 3.9% 9.1 8.3 2.3 0.6
Enersis 2Q13 Utilities 13,523 4,448 888 2,298 2,446 4,795 7,241 4,944 32.9% 1.6 1.1 5.0 2.0
Endesa Chile 2Q13 Utilities 4,673 1,787 302 315 1,537 2,750 4,287 3,972 38.2% 2.4 2.2 5.9 1.1
SQM 2Q13 Other Basic Ind 2,406 1,021 55 377 357 1,494 1,851 1,474 42.4% 1.8 1.4 18.5 3.4 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
26 September 2013
Latin America Weekly Chartbook 39
Latin American LTM Credit Metrics (continued) LTM LTM LTM LTM LTM LTM LTM LTM
Country/IssuerFoot
noteFiling Sector Revenue EBITDA Int Exp Cash ST Debt LT Debt Total Debt Net Debt Margin D / E ND / E Int Cov Liq Ratio
Colombia
Avianca Holdings 24 2Q13 Transportation 4,460 788 155 633 303 3,861 4,163 3,530 17.7% 5.3 4.5 5.1 3.1
Colombia Telecomunicaciones 25 2Q13 Telco & Media 2,234 706 194 106 84 1,747 1,831 1,725 31.6% 2.6 2.4 3.6 2.9
Ecopetrol 2Q13 Energy 37,846 15,357 536 4,389 361 7,586 7,947 3,558 40.6% 0.5 0.2 28.6 22.0
EEB 26 2Q13 Utilities 981 899 126 592 202 1,905 2,106 1,514 91.6% 2.3 1.7 7.2 4.6
Pacific Rubiales 2Q13 Energy 4,231 2,211 135 439 19 1,965 1,984 1,545 52.2% 0.9 0.7 16.4 17.3
TGI 2Q13 Utilities 437 337 169 236 15 1,124 1,138 903 77.0% 3.4 2.7 2.0 3.1
Mexico
Altos Hornos de Mexico 2Q13 Metals & Mining 2,864 149 16 54 1,097 70 1,167 1,113 5.2% 7.8 7.5 9.5 0.2
Alestra 27 2Q13 Telco & Media 371 137 29 68 - 200 200 132 36.9% 1.5 1.0 4.7 7.0
América Móvil 2Q13 Telco & Media 60,825 20,058 2,040 2,443 4,442 31,016 35,458 33,015 33.0% 1.8 1.6 9.8 3.5
Axtel 2Q13 Telco & Media 755 207 79 58 21 565 586 528 27.4% 2.8 2.5 2.6 2.7
Bimbo 2Q13 Food & Bev 13,581 1,199 227 404 483 2,640 3,122 2,719 8.8% 2.6 2.3 5.3 2.3
Bio Pappel 2Q13 Pulp & Paper 912 133 22 118 8 246 254 136 14.6% 1.9 1.0 6.1 8.4
Cemex 2Q13 Building Materials 14,932 2,592 1,484 746 494 16,454 16,948 16,202 17.4% 6.5 6.2 1.7 1.7
Empresas ICA 2Q13 Construction 3,107 509 299 553 1,134 3,146 4,280 3,727 16.4% 8.4 7.3 1.7 0.7
Famsa 2Q13 Retail 1,140 191 110 203 339 246 585 382 16.7% 3.1 2.0 1.7 0.9
Gruma 28 2Q13 Food & Bev 4,434 447 77 77 175 1,298 1,473 1,395 10.1% 3.3 3.1 5.8 2.1
Homex 29 2Q13 Construction 1,516 (584) 36 11 1,593 - 1,593 1,582 nmf nmf nmf nmf nmf
Javer 2Q13 Construction 384 49 41 81 3 288 291 210 12.7% 6.0 4.3 1.2 3.0
Kuo 2Q13 Manufacturing 2,109 201 31 83 3 499 502 418 9.5% 2.5 2.1 6.5 8.5
Mabe 2Q13 Household Prod 3,253 292 79 68 161 670 831 763 9.0% 2.8 2.6 3.7 1.5
Maxcom 2Q13 Telco & Media 184 56 23 9 0 178 178 169 30.3% 3.2 3.0 2.5 2.8
Mexichem 2Q13 Other Basic Ind 5,053 962 305 1,339 59 2,258 2,317 978 19.0% 2.4 1.0 3.2 6.3
Nemak 2Q13 Manufacturing 4,259 572 87 69 158 1,157 1,315 1,246 13.4% 2.3 2.2 6.6 2.6
Pemex 30 2Q13 Energy 138,263 17,308 5,085 8,243 7,150 51,553 58,703 50,460 12.5% 3.4 2.9 3.4 2.1
Scribe 37 2Q13 Pulp & Paper 453 64 29 53 11 309 320 268 14.2% 5.0 4.2 2.2 2.9
Senda 2Q13 Transportation 302 69 27 11 35 184 218 208 22.9% 3.2 3.0 2.5 1.3
Sigma 2Q13 Food & Bev 3,629 511 75 157 6 1,096 1,102 945 14.1% 2.2 1.8 6.8 8.3
Southern Copper 31 2Q13 Metals & Mining 6,237 3,280 188 2,333 5 4,204 4,209 1,877 52.6% 1.3 0.6 17.5 29.1
Televisa 2Q13 Telco & Media 5,524 2,181 350 2,171 68 4,967 5,035 2,863 39.5% 2.3 1.3 6.2 10.4
Vitro 2Q13 Other Basic Ind 1,741 352 106 267 197 1,219 1,415 1,148 20.2% 4.0 3.3 3.3 2.0
Peru
Cálidda 2Q13 Utilities 402 64 19 150 - 318 318 168 16.0% 5.0 2.6 3.4 11.5
Camposol 2Q13 Food & Bev 193 20 19 23 41 135 176 153 10.3% 8.9 7.7 1.1 0.7
Cementos Pacasmayo 2Q13 Building Materials 465 124 9 356 - 295 295 (62) 26.5% 2.4 nmf 14.2 55.1
Coazucar 32 2Q13 Sugar & Ethanol 513 148 35 104 34 429 463 359 28.9% 3.1 2.4 4.3 3.7
Copeinca 2Q13 Food & Bev 201 54 23 93 13 250 263 170 26.7% 4.9 3.2 2.3 4.0
Corporacion Lindley 33 2Q13 Food & Bev 801 147 43 5 14 593 607 602 18.4% 4.1 4.1 3.4 2.6
Ferreycorp 34 2Q13 Manufacturing 2,036 200 38 65 235 486 721 656 9.8% 3.6 3.3 5.3 1.0
Inkia 2Q13 Utilities 656 202 58 161 92 887 979 818 30.8% 4.9 4.1 3.5 2.4
Maestro 2Q13 Retail 517 45 17 13 10 221 232 218 8.8% 5.1 4.8 2.6 2.1
Milpo 2Q13 Metals & Mining 705 234 13 274 27 362 390 116 33.2% 1.7 0.5 17.9 12.5
Pesquera Exalmar 2Q13 Food & Bev 160 35 17 18 52 201 253 236 21.9% 7.2 6.7 2.0 0.8
TGP 2Q13 Utilities 486 337 116 330 8 966 974 643 69.3% 2.9 1.9 2.9 5.4
Volcan 35 2Q13 Metals & Mining 1,153 417 33 438 93 613 706 268 36.2% 1.7 0.6 12.5 6.8
Other
AES Andres-Dominicana 1Q13 Utilities 572 176 16 143 - 164 164 21 30.7% 0.9 0.1 10.8 19.6
AES Itabo 1Q13 Utilities 234 48 13 80 15 114 129 49 20.7% 2.7 1.0 3.7 4.5
AES Panama 1Q13 Utilities 334 85 19 41 1 299 300 259 25.6% 3.5 3.0 4.5 6.3
Digicel Group Limited 36 1Q14 Telco & Media 2,773 1,209 583 1,131 209 5,429 5,638 4,507 43.6% 4.7 3.7 2.1 3.0
Digicel Limited 36 1Q14 Telco & Media 2,169 907 294 1,052 99 3,118 3,217 2,165 41.8% 3.5 2.4 3.1 5.0
Ege Haina 1Q13 Utilities 697 137 29 83 42 406 474 392 19.6% 3.3 2.9 4.8 3.1
NIHD 2Q13 Telco & Media 5,630 765 463 1,782 81 5,653 5,734 3,953 13.6% 7.5 5.2 1.7 4.7
PDVSA 4Q12 Energy 124,459 21,797 2,224 8,233 4,379 62,907 67,286 59,053 17.5% 3.1 2.7 9.8 4.5
Petrotrin 3Q13 Energy 4,945 570 69 214 657 1,339 1,996 1,782 11.5% 3.5 3.1 8.2 1.1
Telemovil 2Q13 Telco & Media 434 137 41 210 - 440 440 230 31.5% 3.2 1.7 3.3 8.4
Companies
Latam (simple mean) 109 23.9% 4.1 3.2 5.2 5.2
Metals & Mining 9 27.3% 3.7 2.4 9.9 7.3
Food & Bev 14 12.0% 4.2 3.4 3.6 2.4
Utilities 19 32.5% 6.1 4.7 4.4 7.1
Transportation 6 22.3% 6.0 4.1 2.6 2.1
Telco & Media 14 31.4% 2.8 2.1 5.6 7.4
Pulp & Paper 6 22.5% 4.5 3.3 4.0 3.8
Construction 5 9.3% 5.2 3.6 3.0 3.1
Real Estate 3 67.4% 3.7 3.2 4.1 1.7
Energy 12 21.1% 2.3 2.0 9.3 5.1
Sugar & Ethanol 6 29.1% 4.9 4.0 2.2 1.6
Other Sectors 16 17.1% 3.6 2.6 5.3 6.7
Argentina 17 25.3% 4.3 3.1 5.1 5.2
Brazil 32 21.2% 5.4 3.9 4.0 4.1
Chile 8 27.7% 3.6 3.1 7.2 2.4
Colombia 6 51.8% 2.5 2.0 10.5 8.8
Mexico 24 19.0% 3.3 2.8 4.8 4.6
Peru 13 25.9% 4.3 3.2 5.8 8.4
Other Countries 10 25.6% 3.6 2.6 5.2 6.0
26 September 2013
Latin America Weekly Chartbook 40
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
(24) Avianca total debt is adjusted to include lease expense (estimated as 7 times annualized rent expense).
(25) Coltel EBITDA excludes other income, deferred monetary correction and extraordinary expenses. Includes expenses associated with PARAPAT obligations (~US$77mn for the LTM 2Q13 period).
(27) Net debt varies from
(28) Figures exclude results from Gruma Venezuela.
(29) EBITDA excludes Capitalized Interest in COGS, which we add back to interest expense, and includes other income (expense), net.
(30) Pemex EBITDA includes Government take.
(31) LTM EBITDA excludes the effect of a one-time payment of court ordered legal fees in 3Q12 (US$316.2mn).
(32) EBITDA figures exclude the effect of IAS 41 (biological assets). Long Term Debt includes 267.2PEN (US$103mn) in "Other Liabilities" from Ecuador.
(33) Adjusted EBITDA as reported by the Company includes the add-back of Employee Participation (-US$1mn in 2Q13 vs. US$1mn in 2Q12) and Other Expenses (US$10mn in 2Q13 vs. US$8mn in 2Q12).
(34) Ferreycorp debt includes Caterpillar financing
(35) Volcan's results exclude extraordinary income related to hedging activities (Volcan reported extraordinary gains of ~US$83.4mn of revenue in 2Q13)
(1) Arcos Dorados' adjusted EBITDA excludes other operating expenses such as equity compensation. Total debt includes MTM on derivatives.
(3) CS EBITDA differs from press release as CS excludes investments in affiliates, income from non-controlling interests, non-cash derivatives effects and discontinued operations. CS excludes income
from the TOUAX barge sales (US$1.8mn in 1Q13) and US$3.1mn from exchange difference impacting segment operating expenses in 2Q13.
(2) EBITDA excludes ARS26mn (~US$5mn) and ARS23mn (~US$4.3mn) related to gains from sale of assets and gain from acquisition of subsidiaries, respectively).
(22) Excludes non-recurring items. Co EBITDA definition includes pre-tax income from Disc Ops, then excludes from Adj EBITDA
(6) 2Q12, 1Q13 and 2Q13 Includes BRL37mn, BRL10mn and BRL30mn, respectively, of expenses related to fixed assets.
(7) Debt figures differ from company values. CS includes perpetual bond issuance and derivative positions, but excludes payables for acquisition of Real Estate (~BRL 11.5mn, BRL11.1mn and
BRL14.2mn in 2Q13, 1Q13 and 2Q12, respectively).
(8) Total debt includes principal and interest portion of bonds issued by Odebrecht Finance (guaranteed by CNO). In 2Q13 bonds issued by Odebrecht Finance were US$3,233mn.
(9) 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. (10) 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.
(11) Debt figures are pro forma including operating leases reported by the company. EBITDA is before Rentals (EBITDAR). Coverage is EBITDAR / (Interest + Rentals).
(14) Excludes non-recurring items and non-controlling interests.
(17) Suzano's EBITDA includes gain on FV of biological assets, changes in actuarial liabilities, asset disposals and gain from Conpacel . excludes the divestment of Suzano’s interest in the Capim
Branco Energia Consortium (BRL123mn) and other non-recurring items (BRL16mn) and KSR assets acquisition. 2Q13 EBITDA excludes the divestment of Suzano’s interest in the Capim Branco
Energia Consortium (BRL123mn) and other non-recurring items (BRL16mn).
(18) Adjusted EBITDA is defined as net income before net financial expenses, income from equity method investees, depreciation and amortization, income tax and social contribution and non-recurring
gains and charges, and excludes BRL 59mn from energy asset sales.(19) Adjusted EBITDA as reported by the company, and includes joint subsidiary companies’ proportional EBITDA (70% on Unigal). In 1Q13 and 2Q13, CS excludes income related to the sale of non-
operational assets (~BRL31mn and BRL650k respectively).
(21) Adjusted EBITDA includes dividends received and excludes non-recurring items. Vale's short-term debt excludes loans from related parties.
(20) Cash includes interest earning bank deposits. EBITDA and debt used to calculate leverage metrics exclude JV contributions.
(4) CS EBITDA differs from the company's calculation as YPF excludes amortization of intangibles but includes inflows related to FX impacts. YPF reported EBITDA of ARS4,910mn, ARS5,365mn, and
ARS4,118mn in 2Q13, 1Q13, and 2Q12, respectively. LTM reported EBITDA was ARS19,763mn.
(12) EBITDA excludes non-cash adjustments related to changes in the fair value of biological assets. Adjusted EBITDA excludes earnings and dividends from equity investments (GVO's 10% stake in
Copersucar). Leverage includes Copersucar debt and is calculated based on Adjusted EBITDA.
(16) EBITDA in 2Q13 excludes BRL1.9bn related to asset sales and divestments.
(13) Results in 2Q13 exclude contributions from Seara and Zenda. Results from these two businesses are reported as discontinued operations (pending its sale to JBS).
(15) EBITDA as calculated by OSX . 2Q13 includes BRL121.4mn related to the impact of provision of impairment of assets (FPSO OSX-2 and WHP-2), BRL794mn related to the write off of assets (WHP-
1, 3 and 4 FPSOs OSX-4 and OSX-5),and BRL975.7mn related to the proceeds from the agreement with OGX.
(5) Cash includes interest earning bank deposits. Debt includes Copersucar Debt. Long-term debt is net of gains from FX hedge.
(23) EBITDA as calculated by Codelco. LTM EBITDA excludes US$3,517mn (occurred in 3Q12) from the revaluation of purchase option of Anglo American Sur.
(36) EBITDA in 1Q FY2013 excludes US$4.5mn in one-off separation costs related to the company's voluntary separation program.
(26) EEB's EBITDA includes dividends declared by EEB's related companies. Debt excludes derivative positions. Cash includes temporary investments.
(37) CS EBITDA in 2Q13 excludes MXN120mn (US$10mn) in non-recurring expenses related to Scribe's alternative fibers project.
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Latin America Bond Pricing Sheet 18-Sep-13 25-Sep-13 18-Sep-13 25-Sep-13
ARGENTINA 5.0 233 1.60% 3.08 1055 1037 -18 11.65
AEROAR 10.75 '20 USP0092MAD58 Transportation 10.75% 01-Dec-20 4.1 267 B3 / CCC+ / nr B- 94.000 95.500 1.82% 3.08 10yr UST 1115 1082 -32 12.21
APSAAR 7.875 '17 USP0245MAC30 Construction 7.875% 11-May-17 3.6 115 nr / CCC+ / B B- 93.125 91.500 -1.58% 2.93 5yr UST 896 973 77 10.77
ARCOR 7.25 '17 USP04559AB98 Consumer Products 7.25% 09-Nov-17 1.1 200 B1 / nr / B B+ 107.250 107.125 0.01% 1.04 2yr UST 346 354 8 3.85
BHIP 9.75 '16 USP1330HBD54 Financials 9.75% 27-Apr-16 2.6 225 nr / CCC+ / NR CCC+ 91.875 94.000 2.52% 2.10 2yr UST 1278 1187 -90 12.54
BMAAR 8.5 '17 US05963GAF54 Financials 8.5% 01-Feb-17 3.3 106 B3 / nr / B- B- 89.500 93.125 4.23% 2.77 5yr UST 1130 1007 -123 11.01
BMAAR 9.75 '36 US05963GAB41 Financials 9.75% 18-Dec-36 23.2 149 Caa3 / nr / CCC CCC 72.500 74.875 3.54% 6.95 30yr UST 1163 1118 -45 14.37
CAPEX 10 '18 USP20058AA42 Energy 10% 10-Mar-18 4.4 200 nr / CCC+ / B- B- 72.250 73.625 2.17% 3.22 5yr UST 1798 1765 -33 19.05
DORADO 7.5 '19 USP04568AA23 Retail 7.5% 01-Oct-19 1.0 191 Ba2 / nr / BBB- BB+ 107.625 107.125 -0.33% 0.93 2yr UST 317 361 44 3.89
EDNAR 9.75 '22 USP3710FAJ32 Utilities 9.75% 25-Oct-22 9.1 300 Caa3 / nr / nr CCC- 51.375 51.250 0.13% 4.15 10yr UST 1992 2022 30 22.61
GALIAR 8.75 '18 USP09669BZ79 Financials 8.75% 04-May-18 4.6 300 B3 / CCC+ / nr B- 91.375 93.500 2.51% 3.53 5yr UST 955 915 -40 10.57
GALIAR 11 '19 USP09669BR53 Financials 11% 01-Jan-19 0.3 229 Caa1 / nr / nr CCC+ 101.000 101.000 0.21% 0.25 2yr UST 693 663 -30 6.79
IRSAAR 8.5 '17 USP5880CAA82 Real Estate 8.5% 02-Feb-17 3.3 150 nr / CCC+ / B B- 90.625 92.750 2.53% 2.77 5yr UST 1085 1021 -64 11.15
METROG 8.75 '18 US591673AK42 Utilities 8.875% 31-Dec-18 5.3 163 nr / CCC / nr CCC 67.125 71.375 6.59% 3.68 5yr UST 1710 1573 -137 17.38
NM 8.125 '19 US639365AF23 Transportation 8.125% 15-Feb-19 3.4 350 Caa1 / B+ / nr B 99.750 100.500 0.91% 2.88 5yr UST 629 712 83 7.95
PANAME 7.875 '21 US69783UAA97 Energy 7.875% 07-May-21 6.6 500 B1 / nr / B B+ 98.000 100.750 2.96% 4.92 10yr UST 602 571 -31 7.73
PESAAR 5.875 '17 USP7873PAD89 Energy 5.875% 15-May-17 3.6 300 A3 / BBB / NR BBB+ 105.161 105.027 -0.02% 3.19 5yr UST 312 333 21 4.36
TRAGAS 7.875 '17 USP9308RAX19 Utilities 7.875% 14-May-17 2.1 374 B3 / CCC+ / nr B- 90.500 90.750 0.45% 1.72 5yr UST 1241 1242 1 13.17
TRANAR 9.75 '21 USP3058XAK11 Utilities 9.75% 15-Aug-21 7.9 101 nr / CCC / nr CCC 50.250 50.750 1.37% 4.09 10yr UST 2165 2166 1 23.90
ULTR 8.875 '18 USP94398AD92 Utilities 8.875% 15-Jun-21 5.7 200 B3 / B- / nr B- 103.375 103.625 0.41% 4.33 5yr UST 622 640 18 8.06
BRAZIL 6.7 852 1.00% 4.60 523 523 0 6.88
ANDRGI 4 ´18 USL01795AA80 Financials 4% 30-Apr-18 4.6 500 Ba1 / nr / BBB- BBB- 93.875 94.875 1.15% 4.04 5yr UST 386 383 -3 5.27
ARALCO 10.125 '20 USL63147AA77 Agribusiness 10.125% 07-May-20 6.6 250 nr / B / B B 85.125 83.375 -1.82% 4.28 10yr UST 1137 1208 70 14.07
BANBRA 8.5 '14 USG07402AE39 Financials 8.5% 20-Sep-14 1.0 300 Baa1 / nr / nr BBB+ 106.257 106.344 0.24% 0.94 2yr UST 175 156 -19 1.88
BANBRA 4.5 '15 US05957PAQ90 Financials 4.5% 22-Jan-15 1.3 950 Baa1 / BBB / nr BBB+ 103.723 103.833 0.19% 1.27 2yr UST 128 118 -9 1.53
BANBRA 3.875 '17 US05958AAF57 Financials 3.875% 23-Jan-17 3.3 500 Baa1 / nr / nr BBB+ 101.773 101.826 0.13% 3.07 4yr UST 222 237 14 3.29
BANBRA 6 '20 US05957PAR73 Financials 6% 22-Jan-20 6.3 500 Baa1 / BBB / nr BBB+ 105.335 105.707 0.46% 5.19 10yr UST 281 297 16 4.93
BANBRA 5.375 '21 USP3772WAB83 Financials 5.375% 15-Jan-21 7.3 660 Baa1 / nr / nr BBB+ 97.345 97.268 0.03% 5.87 10yr UST 336 361 25 5.84
BANBRA 5.875 '22 USG07402DN01 Financials 5.875% 26-Jan-22 8.3 1,500 Baa1 / nr / nr BBB+ 97.337 97.511 0.30% 6.41 10yr UST 362 383 21 6.26
BANBRA 3.875 '22 US05958AAJ79 Financials 3.875% 10-Oct-22 9.0 1,925 Baa1 / BBB / nr BBB+ 87.291 87.403 0.21% 7.23 10yr UST 283 305 22 5.68
BANBRA 5.875 '23 USP3772WAE23 Financials 5.875% 19-Jan-23 9.3 750 Baa1 / BB+ / nr BBB 95.806 95.545 -0.15% 6.93 10yr UST 364 391 27 6.52
BANBRA 8.5 Perp USP3772WAA01 Financials 8.5% Perp nmf 1,500 Baa2 / nr / nr BBB 108.000 111.375 3.28% 5.19 10yr UST 470 436 -34 6.47
BANBRA 9.25 Perp US05958AAG31 Financials 9.25% Perp nmf 1,750 nr / BB / nr BB 108.000 108.000 0.17% 6.16 10yr UST 525 548 23 8.03
BANSAF 6.75 '21 USP1507FAA32 Financials 6.75% 27-Jan-21 7.3 500 Baa3 / nr / nr BBB- 103.517 105.339 1.89% 5.71 10yr UST 371 364 -7 5.84
BANVOR 5.25 '16 US05967CAB90 Financials 5.25% 11-Feb-16 2.4 1,250 Baa2 / BBB- / nr BBB 102.250 103.000 0.83% 2.20 5yr UST 356 332 -24 3.91
BANVOR 7.375 '20 USP1516SFE11 Financials 7.375% 21-Jan-20 6.3 1,150 Baa3 / nr / nr BBB- 103.797 105.455 1.74% 4.97 10yr UST 445 437 -8 6.31
BCOABC 7.875 '20 USP0763MBW03 Financials 7.875% 08-Apr-20 6.5 400 Ba1 / nr / nr BB+ 96.750 100.625 4.16% 4.85 10yr UST 630 575 -54 7.75
BCOBMG 6.5 '14 XS0603643205 Financials 6.5% 14-Mar-14 0.5 300 B1 / nr / nr B+ 100.625 100.750 0.25% 0.45 2yr UST 487 454 -32 4.80
BCOBMG 9.15 '16 USP07785AB71 Financials 9.15% 15-Jan-16 1.3 180 B1 / B / nr B+ 103.000 103.300 0.46% 1.18 2yr UST 614 592 -22 6.39
BCOBMG 9.625 '17 XS0758798143 Financials 9.625% 27-Mar-17 3.5 150 B1 / nr / nr B+ 102.625 103.875 1.40% 2.93 5yr UST 759 735 -24 8.32
BCOBMG 8 '18 USP07785AF85 Financials 8% 15-Apr-18 3.5 300 B1 / B / nr B+ 97.000 97.750 0.93% 2.89 5yr UST 775 767 -8 8.76
BCOBMG 9.95 '19 USP07785AD38 Financials 9.95% 05-Nov-19 6.1 300 B2 / nr / CCC B- 96.500 98.500 2.27% 4.30 5yr UST 865 843 -23 10.28
BCOBMG 8.875 '20 USP07785AE11 Financials 8.875% 05-Aug-20 6.9 250 B2 / nr / CCC B- 92.000 93.750 2.09% 4.90 10yr UST 824 810 -14 10.16
BCOPAN 8.5 '20 USP14996AG02 Financials 8.5% 23-Apr-20 6.6 500 Ba3 / nr / nr BB- 102.875 103.000 0.28% 4.82 10yr UST 570 591 21 7.90
BERTIN 10.25 '16(1)
USP1655PAB96 Food & Beverage 10.25% 05-Oct-16 3.0 350 Ba3 / BB / nr BB 109.375 108.875 -0.27% 2.48 2yr UST 584 614 30 6.94
BIC 8.5 '20 USP1337QAT42 Financials 8.5% 27-Apr-20 6.6 300 Ba2 / nr / nr BB 85.500 86.625 1.51% 4.59 10yr UST 947 944 -3 11.45
BNDES 6.369 '18 USP14486AA54 Financials 6.369% 16-Jun-18 4.7 1,000 Baa2 / BBB / nr BBB 109.359 109.060 -0.16% 4.02 5yr UST 249 277 28 4.23
BNDES 6.5 '19 USP14486AC11 Financials 6.5% 10-Jun-19 5.7 1,000 Baa2 / BBB / BBB BBB 108.982 109.004 0.14% 4.70 5yr UST 269 291 22 4.68
BNDES 5.5 '20 USP14486AD93 Financials 5.5% 12-Jul-20 6.8 1,000 Baa2 / BBB / nr BBB 103.393 102.981 -0.29% 5.57 10yr UST 257 288 30 4.98
BRADES 4.125 '16 US05947LAK44 Financials 4.125% 16-May-16 2.6 500 Baa1 / BBB / nr BBB+ 104.121 104.034 -0.01% 2.45 2yr UST 173 186 14 2.53
BRADES 4.5 '17 US05947LAN82 Financials 4.5% 12-Jan-17 3.3 800 Baa1 / BBB / nr BBB+ 103.247 103.871 0.69% 3.02 5yr UST 238 234 -4 3.25
BRADES 6.75 '19 USG08010BH52 Financials 6.75% 29-Sep-19 6.0 750 Baa2 / nr / BBB BBB 108.067 108.067 0.12% 4.94 5yr UST 308 331 23 5.17
BRADES 5.9 '21 USG0732RAF58 Financials 5.9% 16-Jan-21 7.3 1,600 Baa2 / nr / BBB BBB 100.607 100.719 0.22% 5.80 10yr UST 334 355 22 5.78
BRADES 5.75 '22 USG0732RAG32 Financials 5.75% 01-Mar-22 8.4 1,100 Baa2 / nr / BBB BBB 98.653 99.072 0.54% 6.56 10yr UST 327 344 17 5.89
BRASKM 8 '17 USP18533AK80 Chemicals 8% 26-Jan-17 3.3 131 nr / BBB- / BBB- BBB- 112.398 112.403 0.14% 2.91 5yr UST 293 307 14 3.97
BRASKM 7.25 '18 USG1315RAA98 Chemicals 7.25% 05-Jun-18 4.7 500 Baa3 / BBB- / BBB- BBB- 110.744 110.744 0.13% 3.92 5yr UST 302 323 21 4.67
BRASKM 7 '20 USG1315RAB71 Chemicals 7% 07-May-20 6.6 750 Baa3 / BBB- / BBB- BBB- 104.900 106.733 1.88% 5.16 10yr UST 383 373 -9 5.76
BRASKM 5.75 '21 USG1315RAD38 Chemicals 5.75% 15-Apr-21 7.5 1,000 Baa3 / BBB- / BBB- BBB- 96.448 99.000 2.76% 5.88 10yr UST 383 364 -19 5.92
BRASKM 5.375 '22 USG1315RAG68 Chemicals 5.375% 02-May-22 8.6 500 Baa3 / BBB- / BBB- BBB- 92.354 95.041 3.02% 6.58 10yr UST 382 363 -19 6.13
BRASKM 7.125 '41 US10554CAA09 Chemicals 7.125% 22-Jul-41 27.8 750 Baa3 / BBB- / BBB- BBB- 88.750 92.096 3.93% 11.29 30yr UST 458 442 -16 7.83
BRASKM 7.375 Perp USG1315RAC54 Chemicals 7.375% Perp nmf 700 Baa3 / BBB- / BBB- BBB- 90.163 90.975 1.06% 1.79 2yr UST 1238 1201 -37 12.52
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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BRFSBZ 6.875 '17 USG77650AA01 Food & Beverage 6.875% 24-May-17 3.6 221 Baa3 / BBB- / BBB- BBB- 109.892 109.636 -0.11% 3.18 5yr UST 274 298 24 4.01
BRFSBZ 7.25 '20 USG3400TAA72 Food & Beverage 7.25% 28-Jan-20 6.3 629 Baa3 / BBB- / BBB- BBB- 109.120 111.110 1.95% 5.07 10yr UST 335 322 -12 5.17
BRFSBZ 5.875 '22 US10552TAA51 Food & Beverage 5.875% 06-Jun-22 8.7 750 Baa3 / BBB- / BBB- BBB- 98.825 100.339 1.65% 6.61 10yr UST 332 332 1 5.82
BRFSBZ 3.95 '23 USP1905CAD22 Food & Beverage 3.95% 22-May-23 9.6 500 Baa3 / BBB- / BBB- BBB- 84.921 85.439 0.70% 7.61 10yr UST 308 323 15 5.96
BRMLBZ 8.5 Perp USG1593PAB43 Real Estate 8.5% Perp nmf 405 Ba1 / nr / BB+ BB+ 98.875 99.500 0.80% 2.04 2yr UST 838 818 -21 8.74
BRPRSA 9 Perp USP1909VAA28 Real Estate 9% Perp nmf 285 Ba3 / nr / BB BB 96.375 98.250 2.13% 1.78 2yr UST 1045 948 -97 9.97
BRSRBZ 7.375 '22 USP12445AA33 Financials 7.375% 02-Feb-22 8.3 775 Ba1 / nr / BB- BB 98.375 99.750 1.54% 6.07 10yr UST 500 501 1 7.41
BVMFBZ 5.5 '20 USP1728MAA10 Financials 5.5% 16-Jul-20 6.8 612 Baa1 / BBB+ / nr BBB+ 103.863 103.704 -0.05% 5.59 10yr UST 249 275 26 4.85
BTGPBZ 4.875 '16 US05890BAA52 Financials 4.875% 08-Jul-16 2.8 500 Baa3 / nr / BBB- BBB- 103.442 103.475 0.12% 2.56 2yr UST 273 283 11 3.55
BTGPBZ 4.5 '18 XS0917011628 Financials 4.5% 17-Apr-18 4.5 700 nr / nr / BBB- BBB- 95.067 95.325 0.36% 3.95 5yr UST 410 426 16 5.68
BTGPBZ 4 '20 US05971BAB53 Financials 4% 16-Jan-20 6.3 1,000 Baa3 / nr / BBB- BBB- 88.755 89.562 1.00% 5.37 10yr UST 393 401 8 6.02
BTGPBZ 5.75 '22 USP07790AD31 Financials 5.75% 28-Sep-22 9.0 800 Ba1 / nr / BB BB+ 89.000 90.750 2.09% 6.79 2yr UST 465 460 -5 7.16
CAIXBR 2.375 '17 US12803X2A85 Financials 2.375% 06-Nov-17 4.1 1,000 Baa2 / nr / BBB BBB 94.014 94.172 0.22% 3.81 2yr UST 251 269 17 3.93
CAIXBR 3.5 '22 US12803X2B68 Financials 3.5% 07-Nov-22 9.1 500 Baa2 / nr / BBB BBB 82.217 83.181 1.26% 7.38 2yr UST 318 326 8 5.92
CEAGRO 10.75 '16 USP3465UAA62 Agribusiness 10.75% 16-May-16 2.6 100 nr / B / B B 96.750 98.000 1.51% 2.14 2yr UST 1141 1096 -45 11.64
CIELBZ 3.75 '22 USP28610AA46 Financials 3.75% 16-Nov-22 9.1 875 Baa2 / nr / BBB+ BBB+ 85.019 86.803 2.18% 7.37 10yr UST 301 297 -4 5.62
CIMTUP 9.75 '18 USP9159EAA03 Construction 9.75% 11-May-18 3.6 150 nr / B / B B 98.125 100.125 2.23% 2.88 5yr UST 863 886 23 9.70
CSANBZ 9.5 '14 KYG1986QAA91 Agribusiness 9.5% 15-Aug-14 0.9 350 Baa3 / BBB / BBB BBB 106.709 106.175 -0.33% 0.84 2yr UST 158 202 44 2.32
CSANBZ 7 '17 USG24419AA47 Agribusiness 7% 01-Feb-17 3.3 400 Baa3 / BBB / BBB BBB 111.805 112.169 0.45% 2.98 5yr UST 218 221 4 3.13
CSANBZ 5 '23 USL20041AA41 Agribusiness 5% 14-Mar-23 9.5 500 Ba2 / BB / BB+ BB 89.625 89.750 0.25% 7.28 10yr UST 359 381 21 6.47
CSANBZ 8.25 Perp XS0556373347 Agribusiness 8.25% Perp nmf 500 Ba2 / BB / BB+ BB 100.000 100.625 0.79% 1.89 2yr UST 767 742 -25 7.92
CSNABZ 9.75 '13 USG2584XAA84 Metals & Mining 9.75% 16-Dec-13 0.2 550 Ba1 / BBB- / BB+ BB+ 101.500 101.500 0.19% 0.21 2yr UST 287 230 -57 2.55
CSNABZ 10 '15 USG25842AA66 Metals & Mining 10% 15-Jan-15 1.3 400 Ba1 / BBB- / BB+ BB+ 109.000 109.000 0.18% 1.21 2yr UST 257 250 -7 2.85
CSNABZ 6.875 '19 USG2583XAA93 Metals & Mining 6.875% 21-Sep-19 6.0 750 Ba1 / BBB- / BB+ BB+ 102.500 103.750 1.35% 4.86 5yr UST 427 425 -2 6.12
CSNABZ 6.5 '20 USL21779AA88 Metals & Mining 6.5% 21-Jul-20 6.8 1,200 Ba1 / BBB- / BB+ BB+ 99.875 100.500 0.75% 5.37 10yr UST 420 432 12 6.41
CSNABZ 7 Perp USG2585XAA75 Metals & Mining 7% Perp nmf 1,000 Ba1 / BBB- / BB+ BB+ 80.500 82.875 3.12% 1.77 2yr UST 1838 1692 -146 17.41
ELEBRA 7.75 '15 USP22854AE65 Utilities 7.75% 30-Nov-15 2.2 300 nr / BBB / nr BBB 110.272 110.044 -0.07% 1.97 2yr UST 227 241 14 2.93
ELEBRA 6.875 '19 USP22854AF31 Utilities 6.875% 30-Jul-19 5.8 1,000 nr / BBB / BB BBB- 105.281 106.825 1.59% 4.76 5yr UST 376 368 -7 5.49
ELEBRA 5.75 '21 USP22854AG14 Utilities 5.75% 27-Oct-21 8.1 1,750 Baa3 / BBB / BB BBB- 96.489 97.001 0.65% 6.19 10yr UST 369 384 15 6.23
EMBRA 6.375 '17 US29081YAB20 Manufacturing 6.375% 24-Jan-17 3.3 376 Baa3 / BBB / nr BBB 109.055 108.675 -0.24% 2.97 5yr UST 240 267 26 3.58
EMBRA 6.375 '20 US29081YAC03 Manufacturing 6.375% 15-Jan-20 6.3 500 Baa3 / BBB / nr BBB 108.534 109.514 1.02% 5.07 10yr UST 261 267 6 4.62
EMBRA 5.150 '22 US29082AAA51 Manufacturing 5.15% 15-Jun-22 8.7 500 Baa3 / BBB / nr BBB 98.624 98.338 -0.19% 6.82 10yr UST 259 287 27 5.39
FIBRA 4.5 '16 US05958XAE85 Financials 4.5% 19-Apr-16 2.6 150 Ba3 / nr / nr BB- 95.500 95.500 0.09% 2.31 2yr UST 566 579 13 6.44
FIBRBZ 7.5 '20 USG3400PAB34 Pulp & Paper 7.5% 04-May-20 6.6 751 Ba1 / BB+ / BB+ BB+ 108.500 108.750 0.36% 1.47 2yr UST 386 371 -15 4.07
FIBRBZ 6.75 '21 USG3400PAC17 Pulp & Paper 6.75% 03-Mar-21 7.4 700 Ba1 / BB+ / BB+ BB+ 107.000 107.375 0.47% 2.22 2yr UST 433 426 -7 4.82
GGBRBZ 7.25 '17 USG2440JAE58 Metals & Mining 7.25% 20-Oct-17 4.1 1,500 nr / BBB- / BBB- BBB- 110.629 111.771 1.16% 3.44 5yr UST 299 289 -10 4.07
GGBRBZ 7 '20 USU37405AA20 Metals & Mining 7% 20-Jan-20 6.3 1,250 nr / BBB- / BBB- BBB- 106.365 107.150 0.87% 5.04 10yr UST 360 369 9 5.63
GGBRBZ 5.75 '21 USG3925DAA84 Metals & Mining 5.75% 30-Jan-21 7.3 1,250 nr / BBB- / BBB- BBB- 98.363 99.507 1.28% 5.86 10yr UST 356 360 4 5.83
GGBRBZ 4.75 '23 USG3925DAB67 Metals & Mining 4.75% 15-Apr-23 9.5 750 Baa3 / BBB- / BBB- BBB- 88.455 90.550 2.47% 7.27 10yr UST 347 339 -8 6.07
GLOPAR 4.875 '22 USP47773AL38 Telecom & Media 4.875% 11-Apr-22 8.5 300 Baa2 / BBB+ / BBB+ BBB+ 95.936 95.621 -0.23% 6.69 10yr UST 274 303 28 5.53
GLOPAR 6.25 Perp USP47773AK54 Telecom & Media 6.25% Perp nmf 325 Baa2 / BBB+ / BBB+ BBB+ 103.500 104.000 0.60% 1.69 2yr UST 376 351 -25 3.94
GOL 7.5 '17 US38045UAC45 Transportation 7.5% 03-Apr-17 3.5 221 B3 / nr / B- B- 90.000 91.875 2.25% 2.86 5yr UST 981 932 -50 10.32
GOL 9.25 '20 USG3980PAD71 Transportation 9.25% 20-Jul-20 6.8 300 nr / B- / B- B- 82.875 86.375 4.44% 4.67 10yr UST 1083 1020 -63 12.25
GOL 8.75 Perp USG3980PAA33 Transportation 8.75% Perp nmf 200 B3 / nr / B- B- 60.750 62.000 2.34% 6.90 30yr UST 1139 1128 -11 14.17
GSHPBR 10 Perp USG3812BAB65 Real Estate Development 10% Perp nmf 250 Ba3 / nr / BB- BB- 87.375 88.500 1.51% 1.81 2yr UST 1661 1604 -56 16.57
GVOBR 10.5 '18 USG9372JAA00 Agribusiness 10.5% 28-Jan-18 4.3 300 B3 / B / nr B 72.375 75.625 4.77% 3.09 5yr UST 1880 1765 -115 18.99
GVOBR 11.75 '22 USL9668KAA45 Agribusiness 11.75% 09-Feb-22 8.4 300 B3 / B / B B 72.500 74.625 3.25% 4.56 10yr UST 1577 1538 -39 17.66
HYPER 6.5 '21 USP5246AAF05 Retail 6.5% 20-Apr-21 5.6 750 Ba2 / BB- / BB+ BB 100.625 101.500 1.00% 4.49 5yr UST 444 448 4 6.18
HSBC 4 '16 US40432UAA51 Financials 4% 11-May-16 2.6 500 Baa1 / BBB / nr BBB+ 102.846 103.041 0.27% 2.44 2yr UST 209 212 3 2.78
ITAU 6.2 '20 US46556MAA09 Financials 6.2% 15-Apr-20 6.5 1,000 Baa3 / nr / BBB BBB 104.658 104.601 0.06% 5.22 10yr UST 309 333 24 5.36
ITAU 5.75 '21 US46556MAB81 Financials 5.75% 22-Jan-21 7.3 1,250 Baa3 / nr / BBB BBB 98.666 99.701 1.16% 5.84 10yr UST 351 357 6 5.80
ITAU 6.2 '21 US46556MAE21 Financials 6.2% 21-Dec-21 8.2 1,050 Baa3 / nr / BBB BBB 100.433 100.068 -0.24% 6.26 10yr UST 349 378 29 6.19
ITAU 5.65 '22 US46556MAF95 Financials 5.65% 19-Mar-22 8.5 1,250 Baa3 / nr / BBB BBB 96.651 95.703 -0.87% 6.58 10yr UST 346 384 38 6.31
ITAU 5.125 '23 US46556MAJ18 Financials 5.125% 13-May-23 9.6 1,870 Baa3 / nr / BBB BBB 92.807 92.315 -0.42% 7.24 10yr UST 321 351 30 6.20
JBSSBZ 11.625 '14 US466112AC38 Food & Beverage 11.625% 01-May-14 0.0 700 Ba3 / BB / BB- BB- 105.250 104.779 -0.23% 0.05 2yr UST 252 0 -252 0.00
JBSSBZ 10.5 '16 USP59695AC39 Food & Beverage 10.5% 04-Aug-16 2.8 300 Ba3 / BB / BB- BB- 109.250 109.250 0.19% 2.43 2yr UST 601 612 11 6.86
JBSSBZ 8.25 '18 USG11010AA62 Food & Beverage 8.25% 29-Jan-18 3.3 900 Ba3 / BB / BB- BB- 103.250 103.500 0.40% 2.85 5yr UST 613 621 7 7.05
JBSSBZ 8.25 '20 USU0901CAD21 Food & Beverage 8.25% 01-Feb-20 4.3 700 Ba3 / BB / BB- BB- 105.500 105.625 0.27% 3.59 5yr UST 531 549 17 6.73
JBSSBZ 7.25 '21 USU0901CAC48 Food & Beverage 7.25% 01-Jun-21 5.7 650 Ba3 / BB / BB- BB- 99.875 100.750 1.02% 4.49 5yr UST 476 538 62 7.08
JBSSBZ 6.25 '23 USA9617TAA90 Food & Beverage 6.25% 05-Feb-23 9.4 775 nr / BB / BB- BB 88.625 88.625 0.14% 6.72 10yr UST 516 539 23 8.00
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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18-Sep-13 25-Sep-13 18-Sep-13 25-Sep-13
MAGGBZ 7.875 '20 USD33488AA17 Capital Goods 7.875% 30-Mar-20 4.5 400 B1 / BB / nr BB- 101.250 103.000 1.88% 3.75 5yr UST 603 578 -25 7.08
MAGGBZ 8.625 Perp USG5768TAA81 Capital Goods 8.625% Perp nmf 250 nr / BB / BBe BB 93.000 93.750 0.99% 2.91 5yr UST 990 981 -9 10.78
MARFRI 9.625 '16 USG5814RAA61 Food & Beverage 9.625% 16-Nov-16 3.1 187 B2 / B / B B 103.500 104.000 0.66% 2.59 2yr UST 734 730 -4 8.14
MARFRI 9.875 '17 USN54468AB49 Food & Beverage 9.875% 24-Jul-17 3.8 600 B2 / B / B B 99.250 99.000 -0.06% 3.06 5yr UST 882 909 27 10.19
MARFRI 8.375 '18 USN54468AA65 Food & Beverage 8.375% 09-May-18 4.6 725 B2 / B / B B 93.125 92.375 -0.63% 3.57 5yr UST 863 907 44 10.50
MARFRI 9.5 '20 USG5814RAB45 Food & Beverage 9.5% 04-May-20 6.6 500 B2 / B / B B 94.000 94.375 0.60% 4.56 10yr UST 856 871 15 10.71
MINERV 12.25 '22 USL6401PAA14 Food & Beverage 12.25% 10-Feb-22 3.4 130 B1 / BB- / B+ B+ 112.750 112.375 -0.12% 2.73 5yr UST 841 869 28 9.45
MINERV 7.75 '23 USL6401PAC79 Food & Beverage 7.75% 31-Jan-23 9.3 850 B1 / BB- / B+ B+ 95.750 95.875 0.29% 6.40 10yr UST 562 583 21 8.39
NETBZ 7.5 '20 US64109TAD46 Telecom & Media 7.5% 27-Jan-20 1.3 350 Baa3 / BBB+ / nr BBB 107.520 107.312 -0.06% 1.25 2yr UST 406 421 15 4.52
NORBRA 3.625 '15 USP1193TAJ36 Financials 3.625% 09-Nov-15 2.1 300 Baa2 / BBB / nr BBB 100.913 101.175 0.33% 1.99 2yr UST 259 253 -6 3.04
NORBRA 4.375 '19 USP1193TAK09 Financials 4.375% 03-May-19 5.6 300 Baa2 / BBB / nr BBB 95.648 96.727 1.22% 4.80 5yr UST 327 328 1 5.05
OAS 8.25 '19 USA57902AA51 Financials 8.25% 19-Oct-19 5.1 500 nr / BB- / B+ BB- 99.000 100.750 1.93% 3.93 5yr UST 636 661 26 8.06
OAS 8.875 Perp USG6688YAA22 Financials 8.875% Perp nmf 500 B1 / BB- / B+ B+ 89.000 91.000 2.44% 7.41 30yr UST 845 834 -12 11.38
ODBR 7.5 Perp USG6710EAF72 Construction 7.5% Perp nmf 750 Baa3 / BBB- / BBB BBB- 95.322 97.458 2.39% 1.79 2yr UST 960 845 -115 8.93
ODBR 6 '23 USG6710EAG55 Construction 6% 05-Apr-23 9.5 131 Baa3 / BBB- / BBB BBB- 102.069 102.460 0.50% 7.01 10yr UST 285 303 17 5.66
ODBR 5.125 '22 USG6710EAK67 Construction 5.125% 26-Jun-22 8.7 600 Baa3 / BBB- / BBB BBB- 94.839 96.858 2.23% 6.84 10yr UST 312 305 -7 5.58
ODBR 7.125 '42 USG6710EAL41 Construction 7.125% 26-Jun-42 28.8 850 Baa3 / BBB- / BBB BBB- 91.956 96.000 4.55% 11.64 30yr UST 424 404 -20 7.46
ODEBRE 6.35 '21 USG67106AA51 Energy 6.35% 30-Jun-21 5.2 1,388 Baa3 / nr / BBB BBB 100.500 103.750 3.36% 4.25 10yr UST 425 371 -54 5.49
ODEBRE 6.75 '22 USG6711KAA37 Energy 6.75% 01-Oct-22 6.4 1,690 Baa3 / BBB / BBB BBB 100.000 103.000 3.13% 5.02 10yr UST 450 412 -38 6.16
ODEBRE 4.375 '25 USG6710EAP54 Energy 4.375% 25-Apr-25 11.6 550 Baa3 / BBB- / BBB BBB- 86.062 87.264 1.50% 8.56 10yr UST 288 294 6 5.91
OGXPBZ 8.5 '18 USP7356YAA12 Energy 8.5% 01-Jun-18 4.7 2,563 Ca / CCC- / C CC 19.500 18.375 -4.92% 1.81 5yr UST 6231 6553 322 67.13
OGXPBZ 8.375 '22 USA6111FAA69 Energy 8.375% 01-Apr-22 8.5 1,063 Ca / CCC- / C CC 19.500 18.750 -3.01% 2.01 10yr UST 4581 4769 188 49.72
PETBRA 7.75 '14 US71645WAJ09 Energy 7.75% 15-Sep-14 1.0 398 A3 / nr / BBB BBB+ 106.089 106.308 0.35% 0.94 2yr UST 113 81 -32 1.11
PETBRA 2.875 '15 US71645WAV37 Energy 2.875% 06-Feb-15 1.4 1,250 A3 / BBB / BBB BBB+ 101.517 101.600 0.14% 1.32 2yr UST 136 131 -5 1.67
PETBRA 3.875 '16 US71645WAT80 Energy 3.875% 27-Jan-16 2.3 2,500 A3 / BBB / BBB BBB+ 103.327 103.433 0.18% 2.21 2yr UST 174 178 3 2.35
PETBRA 6.125 '16 US71645WAL54 Energy 6.125% 06-Oct-16 3.0 899 A3 / BBB / BBB BBB+ 109.369 109.486 0.22% 2.70 2yr UST 194 203 8 2.82
PETBRA FLOAT '16 US71647NAD12 Energy 1.884% 20-May-16 2.6 1,000 A3 / BBB / BBB BBB+ 99.443 99.487 0.08% 2.58 2yr UST 214 208 -7 2.71
PETBRA 2 '16 US71647NAC39 Energy 2% 20-May-16 2.6 1,250 A3 / BBB / BBB BBB+ 99.218 99.275 0.10% 2.54 2yr UST 151 161 10 2.28
PETBRA 3.5 '17 US71645WAU53 Energy 3.5% 06-Feb-17 3.4 1,750 A3 / BBB / BBB BBB+ 101.307 101.734 0.49% 3.13 5yr UST 198 202 3 2.95
PETBRA 5.875 '18 US71645WAM38 Energy 5.875% 01-Mar-18 4.4 1,750 A3 / BBB / BBB BBB+ 107.722 107.870 0.24% 3.88 5yr UST 240 257 17 3.92
PETBRA 8.375 '18 US71645WAH43 Energy 8.375% 10-Dec-18 5.2 577 A3 / BBB / BBB BBB+ 118.801 119.408 0.65% 4.22 5yr UST 250 260 9 4.18
PETBRA 7.875 '19 US71645WAN11 Energy 7.875% 15-Mar-19 5.5 2,750 A3 / BBB / BBB BBB+ 115.530 115.604 0.20% 4.50 5yr UST 273 293 20 4.61
PETBRA 3 '19 US71647NAB55 Energy 3% 15-Jan-19 5.3 2,000 A3 / BBB / BBB BBB+ 94.007 94.631 0.72% 4.77 5yr UST 235 245 10 4.14
PETBRA FLOAT '19 US71647NAE94 Energy 2.408% 15-Jan-19 5.3 1,500 A3 / BBB / BBB BBB+ 98.333 98.755 0.48% 4.86 5yr UST 278 267 -11 4.27
PETBRA 5.75 '20 US71645WAP68 Energy 5.75% 20-Jan-20 6.3 2,500 A3 / BBB / BBB BBB+ 103.840 105.556 1.76% 5.23 10yr UST 283 275 -8 4.72
PETBRA 5.375 '21 US71645WAR25 Energy 5.375% 27-Jan-21 7.3 5,250 A3 / BBB / BBB BBB+ 100.892 101.070 0.28% 5.95 10yr UST 276 296 21 5.20
PETBRA 4.375 '23 US71647NAF69 Energy 4.375% 20-May-23 9.6 3,500 A3 / BBB / BBB BBB+ 90.029 92.033 2.32% 7.54 10yr UST 280 274 -6 5.45
PETBRA 6.875 '40 US71645WAQ42 Energy 6.875% 20-Jan-40 26.3 1,500 A3 / BBB / BBB BBB+ 96.991 100.091 3.33% 11.94 30yr UST 352 343 -9 6.87
PETBRA 6.75 '41 US71645WAS08 Energy 6.75% 27-Jan-41 27.3 2,250 A3 / BBB / BBB BBB+ 97.064 98.591 1.71% 12.16 30yr UST 337 341 5 6.86
PETBRA 5.625 '43 US71647NAA72 Energy 5.625% 20-May-43 29.7 1,750 A3 / BBB / BBB BBB+ 83.440 85.457 2.55% 12.86 30yr UST 328 327 -2 6.77
QGOGBZ 5.25 '18 USG7306EAA67 Energy 5.25% 30-Jul-18 2.1 527 Baa3 / nr / BBB- BBB- 101.000 102.500 1.59% 1.94 5yr UST 379 342 -37 4.11
QGOGCO 6.25 '19 USL7877XAA74 Energy 6.25% 09-Nov-19 6.1 700 nr / BB+ / BB- BB 92.500 96.250 4.19% 4.85 5yr UST 565 509 -56 7.01
SABESP 7.5 '16 USP3058WAB39 Utilities 7.5% 03-Nov-16 3.1 140 nr / BB+ / BB+ BB+ 108.250 108.000 -0.10% 2.69 2yr UST 365 386 21 4.69
SABESP 6.25 '20 USP3058WAC12 Utilities 6.25% 16-Dec-20 5.2 350 nr / BB+ / BB+ BB+ 100.250 100.875 0.74% 4.32 10yr UST 438 447 9 6.05
SAMMIN 4.125 '22 USP84050AA46 Basic Industries 4.125% 01-Nov-22 9.1 1,000 nr / BBB / BBB BBB 88.122 88.067 0.03% 7.20 10yr UST 297 321 24 5.84
SANBBZ 4.5 '15 US05966UAB08 Financials 4.5% 06-Apr-15 1.5 850 Baa1 / BBB / BBB BBB 102.816 102.821 0.09% 1.43 2yr UST 220 221 1 2.59
SANBBZ 4.25 '16 US05966UAH77 Financials 4.25% 14-Jan-16 2.3 850 Baa1 / BBB / nr BBB+ 102.738 102.717 0.06% 2.16 2yr UST 236 245 9 3.01
SANBBZ 4.625 '17 US05966UAP93 Financials 4.625% 13-Feb-17 3.4 1,350 Baa1 / BBB / BBB BBB 102.708 104.098 1.44% 3.09 5yr UST 266 239 -27 3.33
SCHAHN 5.875 '22 USG785ARAA65 Financials 5.875% 25-Sep-22 6.2 718 Baa3 / BBB- / BBB- BBB- 94.500 95.500 1.18% 4.90 10yr UST 469 467 -2 6.81
SUZANO 5.875 '21 USG8600UAA19 Pulp & Paper 5.875% 23-Jan-21 7.3 650 Ba2 / BB / BB- BB 95.000 96.000 1.17% 5.76 10yr UST 428 434 6 6.57
TAM 7.375 '17 US87484EAB74 Transportation 7.375% 25-Apr-17 3.6 298 nr / BB- / BB BB 100.750 101.500 0.89% 3.01 5yr UST 594 588 -6 6.89
TAM 9.5 '20 USG86665AA70 Transportation 9.5% 29-Jan-20 4.3 300 nr / BB- / BB BB 102.875 104.250 1.52% 3.47 5yr UST 731 713 -18 8.31
TAM 8.375 '21 USG86668AA10 Transportation 8.375% 03-Jun-21 5.7 500 nr / BB- / BB BB 97.875 100.125 2.47% 4.33 10yr UST 627 670 42 8.34
TEPR 5.75 '22 USP18445AG42 Telecom & Media 5.75% 10-Feb-22 8.4 1,500 Baa3 / BBB- / BBB- BBB- 89.998 89.063 -0.91% 6.34 10yr UST 468 508 40 7.54
TLMP 9.5 '19 USP9037HAK97 Telecom & Media 9.5% 23-Apr-19 5.6 142 Baa3 / nr / BBB- BBB- 105.527 107.258 1.82% 4.16 5yr UST 631 616 -15 7.86
TLMP 5.5 '20 USP9037HAL70 Telecom & Media 5.5% 23-Oct-20 7.1 1,787 Baa3 / BBB- / BBB- BBB- 90.479 89.584 -0.87% 5.52 10yr UST 482 524 42 7.42
TONOBZ 9.25 '20 USP9T02LAA28 Telecom & Media 9.25% 24-Jan-20 6.3 300 nr / B / B B 88.375 88.375 0.20% 4.47 10yr UST 974 998 24 11.91
UGPABZ 7.25 '15 US50212TAB17 Chemicals 7.25% 20-Dec-15 2.2 246 nr / BBB / nr BBB 109.399 109.532 0.25% 2.03 2yr UST 226 225 -1 2.79
USIM 8.25 '16 USP37064AA30 Metals & Mining 8.25% 14-Jun-16 2.7 200 Ba2 / BB+ / BB+ BB+ 108.875 110.375 1.53% 2.39 2yr UST 393 347 -46 4.15
USIM 7.25 '18 USG93085AA94 Metals & Mining 7.25% 18-Jan-18 4.3 400 Ba2 / BB+ / BB+ BB+ 107.875 108.500 0.71% 3.66 5yr UST 369 374 4 5.02
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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USJACU 9.875 '19 USP9634CAA91 Basic Industries 9.875% 09-Nov-19 6.1 275 nr / BB- / BB- BB- 94.625 95.625 1.26% 4.28 5yr UST 899 899 0 10.87
VALEBZ 6.25 '16 US91911TAF03 Metals & Mining 6.25% 11-Jan-16 2.3 1,000 Baa2 / A- / BBB+ BBB+ 109.954 109.811 -0.02% 2.12 2yr UST 117 128 11 1.84
VALEBZ 6.25 '17 US91911TAG85 Metals & Mining 6.25% 23-Jan-17 3.3 1,250 Baa2 / A- / BBB+ BBB+ 111.801 112.010 0.30% 3.00 5yr UST 147 155 8 2.45
VALEBZ 5.625 '19 US91911TAJ25 Metals & Mining 5.625% 15-Sep-19 6.0 1,000 Baa2 / A- / BBB+ BBB+ 109.194 109.851 0.70% 5.08 5yr UST 179 190 11 3.76
VALEBZ 4.625 '20 US91911TAL70 Metals & Mining 4.625% 15-Sep-20 7.0 1,000 Baa2 / A- / BBB+ BBB+ 101.307 102.186 0.96% 5.90 10yr UST 201 210 9 4.26
VALEBZ 4.375 '22 US91911TAM53 Metals & Mining 4.375% 11-Jan-22 8.3 2,250 Baa2 / A- / BBB+ BBB+ 96.556 97.306 0.86% 6.79 10yr UST 219 231 12 4.77
VALEBZ 8.25 '34 US91911TAE38 Metals & Mining 8.25% 17-Jan-34 20.3 800 Baa2 / A- / BBB+ BBB+ 112.244 117.018 4.40% 10.41 30yr UST 362 340 -22 6.70
VALEBZ 6.875 '36 US91911TAH68 Metals & Mining 6.875% 21-Nov-36 23.2 2,500 Baa2 / A- / BBB+ BBB+ 99.456 103.593 4.29% 11.44 30yr UST 334 317 -18 6.57
VALEBZ 6.875 '39 US91911TAK97 Metals & Mining 6.875% 10-Nov-39 26.1 1,750 Baa2 / A- / BBB+ BBB+ 99.514 103.170 3.81% 11.95 30yr UST 330 317 -13 6.62
VALEBZ 5.625 '42 US91912EAA38 Metals & Mining 5.625% 11-Sep-42 29.0 1,500 Baa2 / A- / BBB+ BBB+ 85.759 89.068 3.99% 13.32 30yr UST 308 296 -12 6.46
VOTORA 6.625 '19 USG9393UAA00 Conglomerates 6.625% 25-Sep-19 6.0 1,000 nr / BBB / BBB BBB 107.624 109.588 1.94% 4.97 5yr UST 304 291 -13 4.76
VOTORA 7.75 '20 USG93932AA24 Conglomerates 7.75% 24-Jun-20 6.7 400 nr / BBB / BBB BBB 112.390 114.942 2.41% 5.25 10yr UST 325 306 -19 5.10
VOTORA 6.75 '21 US92911HAA59 Conglomerates 6.75% 05-Apr-21 7.5 750 Baa3 / BBB / BBB BBB 106.253 107.684 1.47% 5.74 10yr UST 324 324 1 5.49
VOTORA 7.25 '41 USP98088AA83 Conglomerates 7.25% 05-Apr-41 27.5 1,250 Baa3 / BBB / BBB BBB 90.719 92.545 2.17% 10.89 30yr UST 453 452 0 7.92
CHILE 7.0 473 1.29% 5.31 283 283 0 4.69
AUPIST 7.373 '22 USP0604MAA29 Transportation 7.373% 15-Jun-22 4.8 365 Baa3 / BBB- / nr BBB- 109.841 108.982 -0.65% 3.94 10yr UST 303 342 40 5.18
AUTGIL 8.25 '21 USP06006AA10 Consumer Products 8.25% 24-May-21 7.7 400 Ba3 / nr / BB- BB- 83.125 86.000 3.65% 5.19 10yr UST 914 875 -39 11.00
AUTGIL 6.75 '23 USP06006AC75 Consumer Products 6.75% 15-Jan-23 9.3 300 Ba3 / nr / BB- BB- 75.875 78.125 3.14% 6.26 10yr UST 813 790 -22 10.49
BANCO 2.0 '17 US05968AAB26 Financials 2% 09-Nov-17 4.1 700 Aa3 / AA- / A+ AA- 97.110 97.483 0.42% 3.88 5yr UST 130 141 11 2.65
BANCO 4.125 '20 USP1027DEN77 Financials 4.125% 07-Oct-20 7.0 500 Aa3 / AA- / A+ AA- 99.803 101.156 1.44% 5.94 10yr UST 174 175 2 3.93
BANCO 3.875 '22 US05968AAA43 Financials 3.875% 08-Feb-22 8.4 500 Aa3 / AA- / A+ AA- 95.950 97.133 1.31% 7.01 10yr UST 173 180 6 4.29
BCENC 5.5 '21 USP2205JAE03 Consumer Products 5.5% 20-Jan-21 7.3 750 Baa3 / nr / BBB- BBB- 100.372 101.714 1.44% 5.91 10yr UST 297 299 1 5.21
BCENC 4.875 '23 USP2205JAH34 Consumer Products 4.875% 20-Jan-23 9.3 1,200 Baa3 / nr / BBB- BBB- 93.864 95.482 1.82% 7.27 10yr UST 287 287 0 5.50
BFALA 3.75 ´23 USP82290AA81 Consumer Products 3.75% 30-Apr-23 9.6 500 nr / BBB / BBB BBB 87.300 89.248 2.31% 7.70 10yr UST 252 247 -5 5.19
BNCHIL 6.25 '16 USP09376AC14 Financials 6.25% 15-Jun-16 2.7 200 A2 / A / nr A 110.771 110.446 -0.18% 2.48 2yr UST 136 157 21 2.25
BCRINV 3.0 '17 USP32133CE16 Financials 3% 13-Sep-17 4.0 600 A1 / A / nr A+ 98.175 98.831 0.73% 3.69 5yr UST 212 214 2 3.32
CDEL 5.5 '13 USP3143NAE42 Metals & Mining 5.5% 15-Oct-13 0.0 500 A1 / AA- / A+ A+ 100.244 100.154 0.02% 0.04 2yr UST 128 158 30 1.75
CDEL 4.75 '14 USP3143NAF17 Metals & Mining 4.75% 15-Oct-14 1.0 500 A1 / AA- / A+ A+ 103.824 103.734 0.00% 1.00 2yr UST 78 82 4 1.13
CDEL 7.5 '19 USP3143NAJ39 Metals & Mining 7.5% 15-Jan-19 5.3 600 A1 / AA- / A+ A+ 119.501 120.549 1.00% 4.42 5yr UST 160 162 2 3.24
CDEL 3.75 '20 USP3143NAM67 Metals & Mining 3.75% 04-Nov-20 7.1 1,000 A1 / AA- / A+ A+ 97.774 99.507 1.85% 6.08 10yr UST 166 162 -4 3.83
CDEL 3.875 '21 USP3143NAN41 Metals & Mining 3.875% 03-Nov-21 8.1 1,150 A1 / AA- / A+ A+ 96.062 98.368 2.48% 6.76 10yr UST 179 168 -11 4.11
CDEL 3.0 '22 USP3143NAP98 Metals & Mining 3% 17-Jul-22 8.8 1,250 A1 / AA- / A+ A+ 89.692 91.146 1.69% 7.53 10yr UST 159 161 3 4.21
CDEL 5.625 '35 USP3143NAG99 Metals & Mining 5.625% 21-Sep-35 22.0 500 A1 / AA- / A+ A+ 98.352 102.372 4.20% 12.63 30yr UST 213 199 -14 5.44
CDEL 6.15 '36 USP3143NAH72 Metals & Mining 6.15% 24-Oct-36 23.1 500 A1 / AA- / A+ A+ 105.288 109.272 3.90% 12.43 30yr UST 211 199 -12 5.44
CDEL 4.250 '42 USP3143NAQ71 Metals & Mining 4.25% 17-Jul-42 28.8 750 A1 / AA- / A+ A+ 81.123 83.916 3.54% 15.17 30yr UST 182 176 -6 5.35
CDEL 4.50 '23 USP3143NAR54 Metals & Mining 4.5% 13-Aug-23 9.9 750 A1 / AA- / A+ A+ 99.512 101.053 1.64% 7.87 10yr UST 160 163 3 4.37
CELARA 5.625 '15 US151191AN37 Pulp & Paper 5.625% 20-Apr-15 1.6 400 Baa3 / BBB- / BBB BBB- 105.505 105.470 0.07% 1.46 2yr UST 163 165 2 2.03
CELARA 7.5 '17 US151191AG85 Pulp & Paper 7.5% 15-Sep-17 4.0 125 Baa3 / BBB- / BBB BBB- 112.707 113.745 1.05% 3.46 5yr UST 267 259 -9 3.73
CELARA 7.25 '19 US151191AQ67 Pulp & Paper 7.25% 29-Jul-19 5.8 499 Baa3 / BBB- / BBB BBB- 114.139 115.071 0.94% 4.78 5yr UST 245 250 5 4.30
CELARA 5 '21 US151191AT07 Pulp & Paper 5% 21-Jan-21 7.3 395 Baa3 / BBB- / BBB BBB- 98.672 99.597 1.04% 6.00 10yr UST 274 283 8 5.07
CELARA 4.75 '22 US151191AW36 Pulp & Paper 4.75% 11-Jan-22 8.3 497 Baa3 / BBB- / BBB BBB- 96.741 97.506 0.89% 6.68 10yr UST 255 267 12 5.12
CFRCI 5.125 '22 USP2389PAA23 Retail 5.125% 06-Dec-22 9.2 300 nr / BB+ / BBB- BBB- 91.625 91.750 0.25% 7.00 10yr UST 350 371 21 6.32
CMPCCI 4.75 '18 USG49215AA73 Pulp & Paper 4.75% 19-Jan-18 4.3 495 Baa3 / BBB / BBB+ BBB 104.375 104.500 0.21% 3.64 5yr UST 220 236 16 3.55
CMPCCI 6.125 '19 USP58072AE24 Pulp & Paper 6.125% 05-Nov-19 6.1 499 Baa3 / BBB / BBB+ BBB 107.710 108.802 1.12% 5.00 5yr UST 253 256 3 4.46
CMPCCI 4.5 '22 USP58073AA84 Pulp & Paper 4.5% 25-Apr-22 8.6 500 Baa3 / BBB / BBB+ BBB 92.874 94.577 1.93% 6.83 10yr UST 280 278 -2 5.29
CMPCCI 4.375 '23 USP58072AG71 Pulp & Paper 4.375% 15-May-23 9.6 500 nr / BBB / BBB+ BBB+ 91.478 93.718 2.54% 7.56 10yr UST 259 251 -8 5.21
COLBUN 6 '20 USP2867KAC01 Utilities 6% 21-Jan-20 6.3 500 nr / BBB- / BBB BBB 105.948 106.910 1.02% 5.20 10yr UST 270 276 6 4.72
CORBAN 3.125 '18 US21987AAB61 Financials 3.125% 15-Jan-18 4.3 800 Baa2 / BBB / nr BBB 89.493 91.327 2.12% 3.90 5yr UST 437 408 -29 5.42
BCGBK 6.75 '23 USP31925AD54 Financials 6.75% 15-Mar-23 9.5 500 Ba3 / BB- / nr BB- 83.750 84.625 1.20% 6.58 10yr UST 654 662 8 9.22
CTCACI 3.875 '22 USP9047EAA66 Telecom & Media 3.875% 12-Oct-22 9.0 500 nr / BBB / BBB+ BBB+ 87.917 89.335 1.70% 7.27 10yr UST 274 276 2 5.38
ECLCI 5.625 '21 USP36020AA68 Utilities 5.625% 15-Jan-21 7.3 400 nr / BBB- / BBB- BBB- 101.514 102.243 0.83% 5.88 10yr UST 291 303 12 5.25
ENAPCL 4.875 '14 USP37110AB25 Energy 4.875% 15-Mar-14 0.5 150 Baa3 / BBB- / A BBB 101.098 101.201 0.20% 0.45 2yr UST 224 194 -31 2.22
ENAPCL 6.25 '19 USP37110AD80 Energy 6.25% 08-Jul-19 5.8 300 Baa3 / BBB- / A BBB 107.174 108.403 1.26% 4.80 5yr UST 279 278 -1 4.58
ENAPCL 5.25 '20 USP37110AF39 Energy 5.25% 10-Aug-20 6.9 500 Baa3 / BBB- / A BBB 100.963 102.612 1.73% 5.69 10yr UST 272 268 -5 4.80
ENAPCL 4.75 '21 USP37110AG12 Energy 4.75% 06-Dec-21 8.2 500 Baa3 / BBB- / A BBB 96.385 98.497 2.29% 6.60 10yr UST 263 254 -9 4.97
ENDESA 8.625 '15 US29245SAD45 Utilities 8.625% 01-Aug-15 1.8 196 Baa2 / BBB+ / BBB+ BBB+ 111.996 112.053 0.20% 1.71 2yr UST 150 146 -4 1.91
ENDESA 7.875 '27 US29244TAA97 Utilities 7.875% 01-Feb-27 13.3 206 Baa2 / BBB+ / NR BBB+ 118.577 119.822 1.18% 8.60 30yr UST 263 272 9 5.73
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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ENRSIS 7.375 '14 US29274FAE43 Utilities 7.375% 15-Jan-14 0.3 348 Baa2 / BBB+ / BBB+ BBB+ 101.817 101.798 0.12% 0.29 2yr UST 122 91 -31 1.17
ENRSIS 7.4 '16 US29274FAB04 Utilities 7.4% 01-Dec-16 3.2 350 Baa2 / BBB+ / BBB+ BBB+ 116.015 115.752 -0.10% 2.82 2yr UST 118 138 20 2.22
GENER 7.5 '14 US00105DAB10 Utilities 7.5% 25-Mar-14 0.5 147 Baa3 / BBB- / BBB BBB- 102.867 102.551 -0.17% 0.48 2yr UST 150 193 43 2.19
GENER 5.25 '21 USP0607JAE84 Utilities 5.25% 15-Aug-21 7.9 402 Baa3 / BBB- / BBB BBB- 99.485 99.560 0.18% 6.34 10yr UST 274 296 22 5.32
GPKLN 7.5 '20 USP4833JAA45 Energy 7.5% 11-Feb-20 5.4 300 nr / B / B B 100.125 100.125 0.15% 4.31 5yr UST 565 588 23 7.47
SANT 5.375 '14 USP1506AAB37 Financials 5.375% 09-Dec-14 1.2 252 A3 / A- / nr A- 104.338 104.047 -0.18% 1.14 2yr UST 138 159 21 1.92
SANT Libor+187.5 '18 US05967QAD43 Financials 2.133% 07-Jun-18 4.7 250 Aa3 / A / A+ A+ 100.241 100.166 -0.03% 4.35 5yr UST 206 205 -1 3.52
SANT 3.875 '22 US05967FAB22 Financials 3.875% 20-Sep-22 9.0 750 Aa3 / A / A+ A+ 91.666 92.817 1.34% 7.41 10yr UST 220 226 7 4.87
SQM 6.125 '16 USP8718AAA45 Chemicals 6.125% 15-Apr-16 2.5 200 Baa1 / BBB / nr BBB+ 108.272 108.339 0.17% 2.31 2yr UST 202 207 6 2.71
SQM 5.5 '20 USP8718AAC01 Chemicals 5.5% 21-Apr-20 6.6 250 Baa1 / BBB / nr BBB+ 101.303 103.228 2.01% 5.35 10yr UST 299 288 -11 4.92
SQM 3.625 '23 US833636AE34 Chemicals 3.625% 03-Apr-23 9.5 300 Baa1 / BBB / nr BBB+ 86.788 86.062 -0.76% 7.62 10yr UST 248 282 34 5.53
SMUSA 7.75 '20 USP8719AAA36 Chemicals 7.75% 08-Feb-20 6.4 300 B3 / CCC+ / nr B- 62.875 69.500 10.78% 4.43 10yr UST 1544 1345 -199 15.45
TANNER 4.375 '18 USP89708AA25 Chemicals 4.375% 13-Mar-18 4.4 250 nr / BBB- / BBB- BBB- 94.306 94.466 0.26% 3.96 5yr UST 423 441 18 5.80
TELEFO 2.875 '15 USP90375AB57 Telecom & Media 2.875% 09-Nov-15 2.1 300 nr / BBB / BBB+ BBB+ 101.939 101.933 0.05% 2.02 2yr UST 135 142 7 1.93
TSELEC 4.625 23' USP9339SAM63 Utilities 4.625% 26-Jul-23 9.8 300 Baa1 / nr / BBB- BBB 95.196 95.512 0.43% 7.69 10yr UST 231 249 19 5.21
MEXICO 8.6 718 0.88% 6.01 577 581 4 7.66ALESTRA 11.75 '14
(2)US01446PAJ30 Telecom & Media 11.75% 11-Aug-14 0.9 194 B1 / B+ / BB- B+ 107.125 107.125 0.21% 0.82 2yr UST 316 300 -16 3.30
ALPEKA 4.5 '22 USP01703AA82 Basic Industries 4.5% 20-Nov-22 9.1 650 Baa3 / BBB- / BBB- BBB- 91.957 93.691 1.98% 7.21 10yr UST 278 276 -2 5.38
ALPEKA 5.375 '23 USP01703AB65 Basic Industries 5.375% 08-Aug-23 9.9 300 Baa3 / BBB- / BBB- BBB- 98.217 99.476 1.39% 7.51 10yr UST 268 274 6 5.44
AMXLMM 5.5 '14 US02364WAF23 Telecom & Media 5.5% 01-Mar-14 0.4 795 A2 / A- / A A 101.974 101.950 0.08% 0.42 2yr UST 70 56 -13 0.83
AMXLMM 5.75 '15 US02364WAH88 Telecom & Media 5.75% 15-Jan-15 1.3 712 A2 / A- / A A 105.868 105.842 0.08% 1.24 2yr UST 85 83 -2 1.18
AMXLMM 3.625 '15 US02364WAU99 Telecom & Media 3.625% 30-Mar-15 1.5 750 A2 / A- / A A 103.584 103.615 0.10% 1.47 2yr UST 82 81 -1 1.19
AMXLMM 2.375 '16 US02364WBC82 Telecom & Media 2.375% 08-Sep-16 2.9 2,000 A2 / A- / A A 101.498 101.721 0.27% 2.83 2yr UST 93 99 6 1.77
AMXLMM 5.625 '17 US02364WAN56 Telecom & Media 5.625% 15-Nov-17 4.1 600 A2 / A- / A A 113.622 114.004 0.43% 3.66 5yr UST 76 85 10 2.07
AMXLMM 5 '20 US02364WAV72 Telecom & Media 5% 30-Mar-20 6.5 2,125 A2 / A- / A A 106.370 107.800 1.44% 5.57 10yr UST 162 162 -1 3.64
AMXLMM 3.125 '22 US02364WBD65 Telecom & Media 3.125% 16-Jul-22 8.8 1,600 A2 / A- / A A 90.317 92.116 2.06% 7.49 10yr UST 163 161 -2 4.21
AMXLMM 6.375 '35 US02364WAJ45 Telecom & Media 6.375% 01-Mar-35 21.4 1,000 A2 / A- / A A 105.840 108.411 2.55% 11.95 30yr UST 230 228 -2 5.69
AMXLMM 6.125 '37 US02364WAP05 Telecom & Media 6.125% 15-Nov-37 24.1 400 A2 / A- / A A 103.196 104.946 1.81% 12.53 30yr UST 223 228 4 5.74
AMXLMM 6.125 '40 US02364WAW55 Telecom & Media 6.125% 30-Mar-40 26.5 2,000 A2 / A- / A A 102.442 105.184 2.79% 13.36 30yr UST 227 224 -3 5.74
AMXLMM 4.375 '42 US02364WBE49 Telecom & Media 4.375% 16-Jul-42 28.8 1,150 A2 / A- / A A 79.996 82.929 3.77% 14.83 30yr UST 207 199 -8 5.57
AXTEL 7.625 '17 USP06064AA01 Telecom & Media 7.625% 01-Feb-17 3.3 133 Caa2 / nr / B- CCC+ 84.250 85.500 1.66% 2.76 5yr UST 1250 1217 -33 13.12
AXTEL 9 '19 USP06064AB83 Telecom & Media 9% 22-Sep-19 6.0 135 Caa2 / nr / B- CCC+ 75.125 75.875 1.23% 4.21 5yr UST 1342 1344 1 15.30
AXTEL 7 '20 USP0606PAD70 Telecom & Media 7% 31-Jan-20 6.3 249 nr / B / B+ B+ 93.500 94.250 0.95% 4.70 10yr UST 789 797 8 9.91
BANORT 4.375 '15 USP14008AA79 Financials 4.375% 19-Jul-15 1.8 300 A3 / BBB- / nr BBB+ 103.945 103.717 -0.14% 1.72 2yr UST 254 182 -72 2.26
BANORT 6.862 '21 USP1393WAA38 Financials 6.862% 13-Oct-21 3.0 200 Ba1 / nr / nr BB+ 104.750 104.625 0.01% 2.65 2yr UST 425 443 18 5.20
BBVASM 4.5 '16 USP16259AA47 Financials 4.5% 10-Mar-16 2.4 750 A2 / nr / A- A 105.556 105.595 0.12% 2.32 2yr UST 147 154 7 2.14
BBVASM 7.25 '20 USP1R23DAA49 Financials 7.25% 22-Apr-20 6.6 1,000 Baa3 / nr / BB+ BBB- 106.375 107.250 0.96% 5.08 10yr UST 382 389 7 5.90
BBVASM 6.5 '21 USP16259AB20 Financials 6.5% 10-Mar-21 7.4 1,250 Baa2 / nr / BBB- BBB 104.243 104.737 0.59% 5.87 10yr UST 332 347 15 5.71
BBVASM 6.008 '22 USG09077AB73 Financials 6.008% 17-May-22 5.1 500 Baa3 / nr / BB+ BBB- 101.125 101.250 0.24% 5.23 5yr UST 378 391 12 5.48
BBVASM 6.75 '22 USP16259AH99 Financials 6.75% 30-Sep-22 9.0 1,500 Baa2 / nr / BBB- BBB 105.289 104.897 -0.25% 6.74 10yr UST 322 351 28 6.04
BIMBO 4.875 '20 USP4949BAG97 Food & Beverage 4.875% 30-Jun-20 6.8 800 Baa2 / nr / BBB BBB 104.041 104.910 0.84% 5.68 10yr UST 185 194 9 4.04
BIMBO 4.5 '22 USP4949BAH70 Food & Beverage 4.5% 25-Jan-22 8.3 800 Baa2 / nr / BBB BBB 99.766 100.487 0.72% 6.83 10yr UST 183 196 13 4.43
BSANTM 4.125 '22 USP1507SAC19 Financials 4.125% 09-Nov-22 9.1 1,000 nr / BBB / BBB+ BBB+ 91.070 92.856 1.96% 7.30 10yr UST 252 249 -3 5.12
CEMEX FRN '15 USP2253THX02 Cement 5.248% 30-Sep-15 1.7 800 nr / B / BB- B+ 103.750 103.250 -0.38% 1.69 2yr UST 311 334 23 3.67
CEMEX 9.5 '16 USU12763AA37 Cement 9.5% 14-Dec-16 0.2 825 nr / B / BB- B+ 106.250 106.250 0.17% 0.20 2yr UST 231 174 -57 2.02
CEMEX 9 '18 USP2253THR34 Cement 9% 11-Jan-18 1.3 1,650 nr / B / BB- B+ 107.750 108.375 0.74% 1.19 5yr UST 575 525 -50 5.56
CEMEX 5.875 '19 USP2253TJC47 Cement 5.875% 25-Mar-19 5.5 600 nr / B / BB- B+ 97.375 96.750 -0.52% 4.60 5yr UST 450 487 37 6.59
CEMEX 9.25 '20 USE28087AA77 Cement 9.25% 12-May-20 6.6 1,193 nr / B / BB- B+ 109.250 108.625 -0.41% 1.45 5yr UST 559 600 41 6.31
CEMEX 9.375 '22 USU12763AC92 Cement 9.375% 12-Oct-22 5.0 1,500 nr / B / BB- B+ 110.875 110.125 -0.51% 3.88 10yr UST 548 587 39 7.33
CEMEX 4.561 Perp USG4490RAA08 Cement 4.525% Perp nmf 104 nr / B- / BB- B+ 79.500 79.500 0.11% 11.25 30yr UST 644 640 -5 9.65
CEMEX 6.64 Perp USG2024RAA98 Cement 6.64% Perp nmf 221 nr / B- / BB- B+ 82.125 83.375 1.68% 8.50 30yr UST 653 633 -19 9.59
CEMEX 6.722 Perp USG23491AA40 Cement 6.722% Perp nmf 289 nr / B- / BB- B+ 86.125 87.375 1.60% 8.29 30yr UST 640 629 -11 9.54
CEMEX 9.5 '18 USP2253TJA80 Cement 9.5% 15-Jun-18 2.7 500 nr / B / BB- B+ 111.625 111.250 -0.17% 2.34 5yr UST 567 592 25 6.53
CEMEX 9.875 '19 USE28087AC34 Cement 9.875% 30-Apr-19 2.6 704 nr / B / BB- B+ 112.500 112.000 -0.27% 2.21 5yr UST 566 595 29 6.53
CEMEX 6.5 '19 USP2253TJD20 Cement 6.5% 10-Dec-19 6.2 1,000 nr / B / BB- B+ 100.500 99.250 -1.12% 4.98 5yr UST 424 472 48 6.65
CORGEO 8.875 '22 USP3142CDD85 Homebuilders 8.875% 27-Mar-22 8.5 400 Ca / nr / C CC 18.375 18.375 0.00% 2.27 10yr UST 5054 5079 25 52.76
CFELEC 4.875 '21 USP30179AJ79 Utilities 4.875% 26-May-21 7.7 1,000 Baa1 / BBB / BBB+ BBB+ 102.052 103.696 1.61% 6.27 10yr UST 200 199 -1 4.30
CFELEC 5.75 '42 USP30179AK43 Utilities 5.75% 14-Feb-42 28.4 750 Baa1 / BBB / BBB+ BBB+ 92.148 92.923 0.84% 13.28 30yr UST 267 278 11 6.29
CREAL 10.25 '15 USP32506AA86 Financials 10.25% 14-Apr-15 1.5 210 nr / BB / nr BB 106.000 106.750 0.71% 1.37 2yr UST 572 522 -50 5.61
EKT 7.25 '18 XS0655700762 Retail 7.25% 06-Aug-18 3.9 550 nr / nr / BB- BB- 99.750 101.375 1.77% 3.28 5yr UST 559 579 20 6.83
FAMSA 4.25 '20 USP7700WCG35 Retail 7.25% 01-Jun-20 6.7 250 nr / B / B+ B+ 97.750 98.500 0.91% 5.08 10yr UST 540 549 9 7.54
FEMSA 2.875 '23 US344419AA47 Retail 2.875% 10-May-23 9.6 300 nr / BBB+ / A A- 87.964 89.679 2.01% 8.11 10yr UST 144 144 0 4.19
FEMSA 4.375 '43 US344419AB20 Retail 4.375% 10-May-43 29.6 700 nr / BBB+ / A A- 80.046 83.424 4.33% 14.91 30yr UST 204 193 -12 5.52
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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FINDEP 10 '15 USP4173SAB09 Financials 10% 30-Mar-15 1.5 200 nr / B+ / BB- BB- 102.750 103.750 1.16% 1.38 2yr UST 761 693 -68 7.31
GCCAMM 8.125 '20 USP4954UAA27 Cement 8.125% 08-Feb-20 5.4 260 nr / B / BB- B+ 102.750 104.000 1.37% 4.27 5yr UST 568 562 -6 7.21
GEOMAQ 9.625 '21 USU0664NAA10 Construction 9.625% 02-May-21 5.2 154 nr / CC / CC CC 35.000 37.000 6.25% 2.39 10yr UST 4186 3984 -202 40.66
GRUMA 7.75 Perp USP4948KAC91 Food & Beverage 7.75% Perp nmf 300 nr / BB / BB BB 100.500 100.375 0.03% 12.07 30yr UST 416 434 19 7.72
HOMEX 7.5 '15 US25030WAB63 Homebuilders 7.5% 28-Sep-15 2.0 250 C / nr / C CC 24.625 24.625 0.59% 1.15 2yr UST 10223 10341 119 104.15
HOMEX 9.75 '20 USP35053AB69 Homebuilders 9.75% 25-Mar-20 6.5 400 C / nr / C CC 25.250 26.375 5.21% 2.66 10yr UST 4572 4434 -138 46.26
ICASA 8.375 '17 USP37149AQ72 Construction 8.375% 24-Jul-17 3.8 350 B2 / B / nr B 97.500 99.375 1.92% 3.16 5yr UST 786 746 -40 8.56
ICASA 8.9 '21 USP37149AN42 Construction 8.9% 04-Feb-21 7.4 500 B2 / B / nr B 96.000 98.250 2.34% 5.21 10yr UST 726 706 -20 9.23
IXEGF 9.25 '20 USP59974AB40 Financials 9.25% 14-Oct-20 7.0 120 nr / BB / BB- BB 117.375 117.250 -0.11% 5.12 10yr UST 385 410 25 6.19
JAVER 9.875 '21 USP8585LAC65 Homebuilders 9.875% 06-Apr-21 7.5 320 B2 / B+ / B+ B+ 95.375 95.875 0.73% 4.91 10yr UST 836 850 13 10.69
KOF 4.625 '20 US191241AD01 Food & Beverage 4.625% 15-Feb-20 6.4 500 A2 / A- / A A 104.770 106.535 1.77% 5.50 10yr UST 154 147 -7 3.47
KSU 2.5 ´20 USP6052AAG96 Transportation 2.35% 15-May-20 6.6 275 Baa3 / BBB- / BBB- BBB- 93.176 93.917 0.84% 5.99 10yr UST 115 127 11 3.38
KSU 3´23 USP6052AAH79 Transportation 3% 15-May-23 9.6 450 Baa3 / BBB- / BBB- BBB- 90.321 91.117 0.95% 8.08 10yr UST 126 138 12 4.13
KUOBMM 6.25 '22 USP4954BAE67 Conglomerates 6.25% 04-Dec-22 9.2 325 nr / BB / BB BB 96.125 96.500 0.52% 6.71 10yr UST 402 419 17 6.77
MABEMX 7.875 '19 USP3100SAA26 Durable Goods 7.875% 28-Oct-19 6.1 350 nr / BB+ / BB+ BB+ 108.625 109.000 0.49% 4.71 5yr UST 406 421 16 6.08
METLSA 4.9 '23 USP6638MAA91 Basic Industries 4.9% 24-Apr-23 9.6 300 nr / BB+ / BBB- BBB- 92.750 90.875 -1.92% 7.25 10yr UST 299 350 50 6.18
MIFEL 9.175 '22 USP07409AB44 Financials 9.75% 16-May-22 8.6 150 nr / B- / B B 110.375 110.500 0.29% 5.74 10yr UST 543 564 21 8.04
MXCHF 4.875 '22 USP57908AD01 Chemicals 4.875% 19-Sep-22 9.0 750 Ba1 / BBB- / BBB- BBB- 95.125 97.625 2.73% 7.15 10yr UST 276 263 -13 5.21
MXCHF 6.750 '42 USP57908AE83 Chemicals 6.75% 19-Sep-42 29.0 400 Ba1 / BBB- / BBB- BBB- 91.125 93.625 2.89% 12.14 30yr UST 389 384 -6 7.28
NEMAK 5.5 '23 (2)
USP9084BAD03 Basic Industries 5.5% 28-Feb-23 9.4 500 Ba2 / BB- / BB- BB- 95.375 95.000 -0.28% 7.15 10yr UST 329 357 28 6.21
NIHD 10 '16 US67021BAD10 Telecom & Media 10% 15-Aug-16 2.9 800 Caa2 / CCC / nr CCC 98.000 97.000 -0.82% 2.40 2yr UST 992 1,047 56 11.24
NIHD 8.875 '19 US67021BAC37 Telecom & Media 8.875% 15-Dec-19 6.2 500 Caa2 / CCC / nr CCC 81.500 78.625 -3.32% 4.26 5yr UST 1,118 1,223 105 14.15
NIHD 7.625 '21 US67021BAE92 Telecom & Media 7.625% 01-Apr-21 7.5 1,450 Caa2 / CCC / nr CCC 76.125 73.250 -3.58% 4.92 10yr UST 1,016 1,114 99 13.38
PAPPEL 7 '16 USP7448MAH27 Pulp & Paper 10% 27-Aug-16 2.9 250 nr / nr / B B 100.000 99.750 -0.06% 2.47 2yr UST 910 933 23 10.10
PEMEX 7.375 '14 US706451AH49 Energy 7.375% 15-Dec-14 1.2 363 Baa1 / BBB / BBB+ BBB+ 107.410 107.396 0.12% 1.15 2yr UST 91 85 -6 1.19
PEMEX 4.875 '15 US71654QAV41 Energy 4.875% 15-Mar-15 1.5 1,462 Baa1 / BBB / BBB+ BBB+ 105.315 105.445 0.21% 1.42 2yr UST 83 73 -10 1.10
PEMEX 5.75 '15 US706451BF73 Energy 5.75% 15-Dec-15 2.2 234 Baa1 / BBB / BBB+ BBB+ 108.042 107.920 -0.01% 2.06 2yr UST 142 153 11 2.06
PEMEX 5.75 '18 US706451BS94 Energy 5.75% 01-Mar-18 4.4 2,484 Baa1 / BBB / BBB+ BBB+ 111.431 111.835 0.46% 3.92 5yr UST 143 154 11 2.88
PEMEX 9.25 '18 US706451BB69 Energy 9.25% 30-Mar-18 4.5 107 Baa1 / BBB / BBB+ BBB+ 122.646 123.209 0.61% 3.79 5yr UST 219 226 7 3.62
PEMEX 8 '19 US71654QAU67 Energy 8% 03-May-19 5.6 1,937 Baa1 / BBB / BBB+ BBB+ 122.229 122.146 0.06% 4.52 5yr UST 165 188 23 3.59
PEMEX 6 '20 US71654QAW24 Energy 6% 05-Mar-20 6.4 1,000 Baa1 / BBB / BBB+ BBB+ 112.107 112.519 0.47% 5.38 10yr UST 164 180 16 3.79
PEMEX 5.5 '21 US71654QAX07 Energy 5.5% 21-Jan-21 7.3 2,962 Baa1 / BBB / BBB+ BBB+ 107.608 108.454 0.89% 5.99 10yr UST 182 193 10 4.15
PEMEX 4.875 '22 US71654QBB77 Energy 4.875% 24-Jan-22 8.3 2,091 Baa1 / BBB / BBB+ BBB+ 102.010 103.649 1.70% 6.76 10yr UST 189 189 0 4.35
PEMEX 8.625 '22 US706451AG65 Energy 8.625% 01-Feb-22 8.3 160 Baa1 / BBB / BBB+ BBB+ 119.415 120.648 1.17% 6.10 10yr UST 307 313 6 5.50
PEMEX 1.95 '22 US71654QBD34 Energy 1.95% 20-Dec-22 9.2 380 nr / nr / nr nr 99.344 99.503 0.20% 48.21 10yr UST -1 16 17 2.06
PEMEX 2.0 '22 US71654QBC50 Energy 2% 20-Dec-22 9.2 380 nr / nr / nr nr 99.568 99.727 0.20% 4.39 10yr UST -1 16 17 2.06
PEMEX 8.625 '23 US706451BC43 Energy 8.625% 01-Dec-23 10.2 107 Baa1 / BBB / BBB+ BBB+ 121.624 119.664 -1.47% 6.90 10yr UST 290 336 45 6.01
PEMEX 9.5 '27 US706451BD26 Energy 9.5% 15-Sep-27 14.0 219 Baa1 / BBB / BBB+ BBB+ 124.830 124.382 -0.21% 8.33 30yr UST 352 377 25 6.77
PEMEX 6.625 '35 US706451BG56 Energy 6.625% 15-Jun-35 21.7 2,291 Baa1 / BBB / BBB+ BBB+ 107.871 108.053 0.29% 11.63 30yr UST 239 256 17 5.96
PEMEX 6.625 '38 US706451BR12 Energy 6.625% 15-Jun-38 24.7 491 Baa1 / BBB / NA BBB+ 105.391 107.004 1.65% 12.27 30yr UST 257 262 5 6.07
PEMEX 6.5 '41 US71654QAZ54 Energy 6.5% 02-Jun-41 27.7 2,994 Baa1 / BBB / BBB+ BBB+ 105.028 105.679 0.74% 12.89 30yr UST 246 258 13 6.07
PEMEX 6.625 Perp US71656MAF68 Energy 6.625% Perp nmf 1,000 Baa1 / BBB / BBB+ BBB+ 101.509 101.713 0.33% 1.86 2yr UST 528 523 -5 5.71
PEMEX 5.5 '44 US71654QBE17 Energy 5.5% 27-Jun-44 30.8 2,745 Baa1 / BBB / BBB+ BBB+ 93.049 92.767 -0.19% 13.96 30yr UST 229 248 19 6.02
PEMEX 1.7 '22 US71654QBF81 Energy 1.7% 20-Dec-22 4.7 380 nr / nr / nr nr 98.221 98.384 0.20% 4.41 10yr UST -1 16 17 2.07
PLAYRE 8.0 '20 USN70548AA57 Travel & Leisure 8% 15-Aug-20 5.9 300 Caa1 / B- / nr B- 103.625 106.000 2.44% 4.63 5yr UST 525 499 -26 6.74
POSADA 7.875 '17 USP4983GAM26 Lodging 7.875% 30-Nov-17 3.2 275 B2 / B / B+ B 102.500 102.750 0.39% 2.71 2yr UST 605 611 6 6.89
SATMEX 9.5 '17 US803895AJ04 Telecom & Media 9.5% 15-May-17 0.6 310 Caa1 / B / nr B- 108.625 108.625 0.17% 0.59 2yr UST 296 280 -16 3.04
SCCO 6.375 '15 US84265VAB18 Metals & Mining 6.375% 27-Jul-15 1.8 197 Baa2 / BBB / BBB+ BBB 108.075 108.092 0.13% 1.72 2yr UST 140 141 0 1.84
SCCO 5.375 '20 US84265VAD73 Metals & Mining 5.375% 16-Apr-20 6.5 400 Baa2 / BBB / BBB+ BBB 105.411 106.992 1.60% 7.62 10yr UST 215 211 -4 4.14
SCCO 3.5 '22 US84265VAF22 Metals & Mining 3.5% 08-Nov-22 9.1 300 Baa2 / BBB / BBB+ BBB 89.157 91.128 2.29% 7.51 10yr UST 212 207 -5 4.71
SCCO 7.5 '35 US84265VAA35 Metals & Mining 7.5% 27-Jul-35 21.8 1,000 Baa2 / BBB / BBB+ BBB 103.205 106.528 3.36% 10.87 30yr UST 367 356 -11 6.91
SCCO 6.75 '40 US84265VAE56 Metals & Mining 6.75% 16-Apr-40 26.6 1,100 Baa2 / BBB / BBB+ BBB 94.289 98.156 4.24% 11.78 30yr UST 363 346 -17 6.90
SCCO 5.25 '42 US84265VAG05 Metals & Mining 5.25% 08-Nov-42 29.1 1,200 Baa2 / BBB / BBB+ BBB 78.540 82.479 5.14% 13.10 30yr UST 331 310 -21 6.61
SCRIBE 8.875 '20 USP49768AA59 Pulp & Paper 8.875% 07-Apr-20 6.5 300 B1 / B+ / nr B+ 97.625 98.125 0.69% 4.65 10yr UST 715 728 13 9.26
SENDA 10.5 '15 USP68166AA81 Transportation 10.5% 03-Oct-15 1.0 150 nr / B / B B 102.125 102.000 0.08% 0.90 2yr UST 812 823 11 8.39
SIGMA 5.625 '18 USP8674JAC38 Food & Beverage 5.625% 14-Apr-18 4.5 450 Baa3 / BBB- / BBB- BBB- 107.918 108.372 0.52% 3.92 5yr UST 210 220 10 3.61
SNMARA 8.875 '18 NO0010683832 Energy 8.875% 03-Jul-18 4.4 350 nr / nr / nr nr 105.000 104.250 -0.55% 3.80 5yr UST 591 632 41 4.31
TELVIS 6 '18 US40049JAX54 Telecom & Media 6% 15-May-18 4.6 499 Baa1 / BBB+ / BBB+ BBB+ 112.704 113.542 0.85% 4.01 5yr UST 141 143 2 2.85
TELVIS 6.625 '25 US40049JAV98 Telecom & Media 6.625% 18-Mar-25 11.5 600 Baa1 / BBB+ / BBB+ BBB+ 113.748 115.309 1.49% 8.25 10yr UST 194 199 5 4.87
TELVIS 8.5 '32 US40049JAT43 Telecom & Media 8.5% 11-Mar-32 18.5 300 Baa1 / BBB+ / BBB+ BBB+ 125.921 127.233 1.17% 10.27 30yr UST 268 277 9 6.03
TELVIS 6.625 '40 US40049JAZ03 Telecom & Media 6.625% 15-Jan-40 26.3 598 Baa1 / BBB+ / BBB+ BBB+ 105.660 109.937 4.17% 12.84 30yr UST 254 240 -14 5.88
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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18-Sep-13 25-Sep-13 18-Sep-13 25-Sep-13
TFONY 5.5 '15 US879403AS24 Telecom & Media 5.5% 27-Jan-15 1.3 554 A2 / A- / A A 105.310 105.314 0.00% 1.28 2yr UST 111 108 -3 1.43
TFONY 5.5 '19 US879403AV52 Telecom & Media 5.5% 15-Nov-19 6.1 374 A2 / A- / A A 109.607 110.684 1.08% 5.14 5yr UST 159 163 4 3.54
TZA 7.5 '18 XS0630959152 Telecom & Media 7.5% 25-May-18 3.7 300 nr / nr / BB- BB- 101.625 101.625 0.14% 3.08 5yr UST 585 603 18 6.98
VITROA 8 '18 XS0754039096 Manufacturing 8% 20-Dec-18 5.2 815 nr / nr / nr nr 94.000 95.000 1.23% 4.06 5yr UST 763 760 -2 9.22
PERU 7.2 407 0.96% 5.66 393 400 7 6.07
AJECBV 6.5 '22 USN01766AA73 Food & Beverage 6.5% 14-May-22 8.6 450 nr / BB / BB+ BB+ 94.875 97.250 2.64% 6.32 10yr UST 460 445 -15 6.93
ALICORP 3.875 ´23 USP0161KDN02 Utilities 3.875% 20-Mar-23 9.5 450 Baa2 / nr / BBB BBB 87.60 88.684 1.33% 7.69 10yr UST 265 272 7 5.42
BCOCPE 2.25 '16 USP16236AE41 Financials 2.25% 29-Jul-16 2.8 300 nr / BBB+ / BBB+ BBB+ 97.32 97.493 0.22% 2.70 2yr UST 236 244 7 3.18
BCOCPE 3.25 '18 USP16236AF16 Financials 3.25% 08-Apr-18 4.5 500 nr / BBB+ / BBB+ BBB+ 97.05 97.796 0.83% 4.09 5yr UST 232 236 4 3.78
BCOCPE 5.00 '22 USP16260AA28 Financials 5% 26-Aug-22 8.9 500 nr / BBB+ / BBB+ BBB+ 95.26 96.497 1.40% 7.03 10yr UST 289 294 5 5.50
BCOCPE 5.75 '17 USG2524GAA88 Financials 5.75% 18-Jan-17 3.3 500 nr / BBB+ / BBB+ BBB+ 106.273 107.231 1.01% 2.98 5yr UST 265 251 -15 3.41
BCOCPE 5.5 '20 USG2523RAA52 Financials 5.5% 18-Nov-20 7.1 350 nr / BBB+ / BBB+ BBB+ 100.415 101.442 1.13% 5.74 10yr UST 301 307 6 5.25
BCOCPE 7.375 '40 USG23909AA53 Financials 7.375% 07-Oct-40 7.0 200 nr / BBB- / BB BB+ 103.125 105.500 2.44% 5.29 10yr UST 450 431 -19 6.39
BCP 5.375 '20 USP09646AC75 Financials 5.375% 16-Sep-20 7.0 800 Baa2 / BBB+ / BBB+ BBB+ 101.89 101.834 0.04% 5.75 10yr UST 267 291 24 5.06
BCP 4.25´23 USP0956JCG87 Financials 4.25% 01-Apr-23 9.5 716 Baa2 / BBB+ / BBB+ BBB+ 89.64 89.078 -0.53% 7.41 10yr UST 275 307 31 5.76
BCP 6.125 '27 USP09646AE32 Financials 6.125% 24-Apr-27 8.6 520 Ba1 / BBB / BBB BBB- 98.25 98.634 0.51% 6.40 10yr UST 372 390 18 6.33
BCP 4.75 '16 USP09645AG07 Financials 4.75% 16-Mar-16 2.5 365 Baa2 / BBB+ / BBB+ BBB+ 104.48 104.94 0.53% 2.32 2yr UST 216 206 -10 2.66
BCP 6.875 '26 USP09646AD58 Financials 6.875% 16-Sep-26 8.0 476 Ba1 / BBB / BBB BBB- 101.95 102.45 0.62% 6.07 10yr UST 402 418 16 6.48
BCP 9.75 '69 USP09646AB92 Financials 9.75% 06-Nov-69 6.1 250 nr / BBB- / BB- BB+ 113.375 113.875 0.61% 4.52 5yr UST 500 513 13 6.92
BINTPE 5.75 '20 USP1342SAC00 Financials 5.75% 07-Oct-20 7.0 650 Baa3 / nr / BBB BBB 98.79 99.256 0.58% 5.55 10yr UST 357 372 15 5.88
BINTPE 8.5 '70 XS0504271536 Financials 8.5% 23-Apr-70 6.6 200 B1 / nr / BB- BB- 104.63 105.125 0.64% 4.85 10yr UST 544 558 14 7.50
BNSCN 4.5 '27 USP8542TAP23 Financials 4.5% 13-Dec-27 9.2 400 Baa3 / nr / BBB+ BBB 87.07 87.321 0.39% 7.16 10yr UST 354 374 20 6.34
CALLAO 4.75 ´23 USP47113AA63 Food Commodities 4.375% 01-Apr-23 9.5 320 Baa3 / BBB- / BBB- BBB- 90.08 90.800 0.89% 7.39 10yr UST 282 295 13 5.64
CAMPSL 9.875 '17 USP19189AA04 Food & Beverage 9.875% 02-Feb-17 3.3 125 B3 / B / nr B 102.13 102.000 0.07% 2.76 5yr UST 803 823 20 9.16
COFIDE 4.75 '22 USP31389AY82 Financials 4.75% 08-Feb-22 8.4 500 nr / BBB+ / BBB BBB+ 95.25 97.888 2.87% 6.76 10yr UST 276 259 -16 5.06
COPEIN 9 '17 USR15893AA96 Food Commodities 9% 10-Feb-17 2.4 250 B2 / B+ / B+ B+ 100.13 100.250 0.30% 2.06 2yr UST 840 844 3 8.87
CORJRL 6.75 '21 USP31442AA77 Food & Beverage 6.75% 23-Nov-21 7.4 320 nr / BB+ / BBB- BBB- 104.25 105.000 0.85% 5.68 10yr UST 357 368 11 5.90
CORJRL 4.625 '23 USP31442AC34 Food & Beverage 4.625% 12-Apr-23 8.8 260 nr / BB+ / BBB- BBB- 88.75 90.500 2.07% 6.84 10yr UST 352 348 -4 6.04
COZCAR 6.375 '22 USP31353AA66 Agribusiness 6.375% 02-Aug-22 8.8 325 nr / BB+ / BB BB+ 93.50 92.625 -0.80% 6.49 10yr UST 464 501 38 7.53
FERROS 4.875 ´20 USP39238AA11 Transportation 4.875% 26-Apr-20 6.6 300 Ba1 / BB+ / nr BB+ 90.63 92.500 2.17% 5.37 10yr UST 435 422 -13 6.28
ISCORP 8.375 '21 USG4808VAA82 Utilities 8.375% 04-Apr-21 5.5 300 Ba3 / BB / BB BB 104.13 104.250 0.28% 4.22 5yr UST 560 580 20 7.42
MAESPE 6.75 '19 USP6426CAA73 Basic Industries 6.75% 26-Sep-19 6.0 200 Ba2 / nr / BB- BB 90.75 90.875 0.28% 4.76 5yr UST 665 686 21 8.74
MILPO 4.625 ´23 USP67848AA22 Financials 4.625% 28-Mar-23 9.5 350 nr / BBB- / BBB BBB 88.11 89.630 1.83% 7.45 10yr UST 340 340 0 6.08
MIVIVI 3.50 '23 USP42009AA12 Financials 3.5% 31-Jan-23 9.3 500 nr / BBB+ / BBB BBB+ 85.33 86.736 1.72% 7.67 10yr UST 261 263 3 5.32
PESEXA 7.375 '20 USP7744AAA45 Basic Industries 7.375% 31-Jan-20 6.3 200 B2 / B+ / nr B+ 90.75 91.875 1.40% 4.83 10yr UST 713 712 -1 9.09
TGPERU 4.25 ´28 USP9367RAG67 Energy 4.25% 30-Apr-28 12.6 850 Baa2 / BBB / BBB BBB 86.05 87.217 1.45% 9.16 30yr UST 255 262 7 5.69
TRANSM 4.375 '23 USP3083SAC90 Utilities 4.375% 07-May-23 9.6 450 Baa3 / nr / BBB- BBB- 90.50 91.099 0.76% 7.49 10yr UST 274 288 14 5.58
VOLCAN 5.375 '22 USP98047AA42 Basic Industries 5.375% 02-Feb-22 8.3 600 Baa3 / BBB- / BBB- BBB- 93.35 95.873 2.82% 6.54 10yr UST 373 356 -17 6.01
OTHER 6.1 883 0.30% 4.51 537 557 19 7.24
AERDOS 9.25 '19 USP0100VAA19 Transportation 9.25% 13-Nov-19 5.1 550 Ba3 / BB- / nr BB- 103.750 103.000 -0.55% 3.90 5yr UST 665 706 41 8.51
AES 9.75 '14 USP2559EAA12 Utilities 9.75% 30-Dec-14 1.2 170 Ba1 / BBB- / nr BBB- 108.875 109.000 0.29% 1.17 2yr UST 222 205 -17 2.39
AES 6.35 '16 XS0273345982 Utilities 6.35% 21-Dec-16 3.2 300 nr / BBB- / BBB- BBB- 105.125 104.693 -0.29% 2.86 2yr UST 359 388 29 4.76
AES 9.5 '20 USG0111KAA28 Utilities 9.5% 12-Nov-20 5.1 284 nr / B / B B 104.875 105.125 0.41% 3.90 5yr UST 662 679 17 8.25
AES 6.75 '23 USP06076AA49 Utilities 6.75% 28-Mar-23 9.5 310 Ba2 / nr / nr BB 94.375 94.875 0.67% 6.83 10yr UST 475 491 15 7.51
AVALCB 5.25 '17 USG42045AA58 Financials 5.25% 01-Feb-17 3.3 600 Baa3 / nr / BBB- BBB- 103.612 103.744 0.23% 3.02 5yr UST 299 311 12 4.04
AVALCB 4.75 '22 USG42045AB32 Financials 4.75% 26-Sep-22 9.0 1,000 Baa3 / nr / BBB- BBB- 89.530 90.837 1.56% 7.11 10yr UST 347 350 3 6.09
BACOPY 8.875 '17 USP09110AA82 Financials 8.875% 15-Oct-17 4.0 200 Ba2 / BB- / nr BB 106.000 106.000 0.16% 3.26 5yr UST 576 595 19 7.14
BANBOG 5 '17 USP09252AB63 Financials 5% 15-Jan-17 3.3 600 Baa2 / BBB- / BBB BBB 103.799 104.369 0.64% 3.00 5yr UST 269 266 -2 3.58
BANBOG 5 .375'23 USP09252AC47 Financials 5.375% 19-Feb-23 9.4 500 Baa3 / nr / BBB- BBB- 92.231 93.668 1.67% 7.15 10yr UST 362 364 2 6.28
BANCOL 4.25 '16 US05968LAE20 Financials 4.25% 12-Jan-16 2.3 502 Baa2 / nr / BBB BBB 103.334 103.563 0.30% 2.16 2yr UST 209 207 -2 2.63
BANCOL 6.875 '17 US05968LAA08 Financials 6.875% 25-May-17 3.7 200 Ba1 / nr / BBB- BBB- 109.500 109.875 0.46% 3.18 5yr UST 285 291 6 3.94
BANCOL 6.125 '20 US05968LAB80 Financials 6.125% 26-Jul-20 6.8 620 Ba1 / nr / BBB- BBB- 101.625 102.750 1.22% 5.48 10yr UST 350 353 4 5.63
BANCOL 5.95 '21 US05968LAG77 Financials 5.95% 03-Jun-21 7.7 996 Baa2 / nr / BBB BBB 101.016 102.315 1.40% 6.01 10yr UST 325 328 3 5.57
BANCOL 5.125 '22 US05968LAH50 Financials 5.125% 11-Sep-22 9.0 1,425 Ba1 / nr / BBB- BBB- 91.875 92.875 1.20% 6.98 10yr UST 352 360 8 6.17
BANGUA 8.25 '21 USG47665AA56 Financials 8.25% 27-Jul-21 7.8 150 Ba3 / nr / BB- BB- 105.875 106.000 0.27% 5.70 10yr UST 474 495 21 7.23
BANGUA 5.5 '22 USG47661AA43 Financials 5.5% 01-Nov-22 9.1 500 Baa3 / nr / BB BB+ 92.625 90.000 -2.72% 6.74 10yr UST 377 442 65 7.01
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.
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18-Sep-13 25-Sep-13 18-Sep-13 25-Sep-13
BANDCR 5.25 '18 USP09262AA70 Financials 5.25% 12-Aug-18 4.9 500 Baa3 / nr / BB+ BBB- 101.250 101.750 0.59% 4.23 5yr UST 321 332 11 4.84
BRSVDR 7.0 '23 USP10475AA22 Financials 7% 01-Feb-23 9.3 300 B2 / nr / B- B 96.000 95.625 -0.25% 6.61 10yr UST 479 508 29 7.66
COLTEL 5.375 '22 USP28768AA04 Telecom & Media 5.375% 27-Sep-22 9.0 750 nr / BB / BB BB 89.125 92.250 3.62% 6.93 10yr UST 422 396 -26 6.53
COLUIF 11.5 '14 USP2894NAA56 Telecom & Media 11.5% 20-Nov-14 1.1 640 B2 / B / nr B 107.625 107.750 0.32% 1.04 2yr UST 430 410 -19 4.44
CWCLN 7.75 '17 USG7763MAA48 Telecom & Media 7.75% 15-Feb-17 0.4 500 Ba2 / BB / nr BB 105.000 105.000 0.14% 0.37 2yr UST 428 414 -14 4.48
DAVIVI 2.95 '18 USP0R11WAC49 Financials 2.95% 29-Jan-18 4.3 500 Baa3 / BBB- / BBB- BBB- 94.471 95.530 1.18% 3.99 5yr UST 280 275 -6 4.09
DAVIVI 5.875 '22 USP0918ZAX44 Financials 5.875% 09-Jul-22 8.8 500 Ba2 / nr / BB+ BB+ 94.625 95.750 1.31% 6.63 10yr UST 394 400 6 6.52
DLLTD 8.25 '17 USG27649AC99 Telecom & Media 8.25% 01-Sep-17 0.9 800 B1 / nr / B B+ 104.000 104.125 0.27% 0.87 2yr UST 570 553 -17 5.79
DLLTD 10.5 '18 USG27631AC73 Telecom & Media 10.5% 15-Apr-18 0.5 775 Caa1 / nr / B- B- 107.750 107.750 0.19% 0.50 2yr UST 541 527 -14 5.46
DLLTD 7 '20 USG27649AD72 Telecom & Media 7% 15-Feb-20 4.4 250 B1 / nr / B B+ 101.000 100.250 -0.61% 3.69 5yr UST 524 566 42 6.93
DLLTD 8.25 '20 USG27631AD56 Telecom & Media 8.25% 30-Sep-20 5.0 1,500 Caa1 / nr / B- B- 104.875 104.500 -0.20% 4.07 5yr UST 539 570 31 7.16
DLLTD 6 '21 US25380QAG47 Telecom & Media 6% 15-Apr-21 7.5 1,300 B1 / nr / B B+ 94.500 95.000 0.65% 5.72 10yr UST 444 459 15 6.86
ECOPET 7.625 '19 US279158AB56 Energy 7.625% 23-Jul-19 5.8 1,497 Baa2 / BBB / BBB- BBB 116.929 118.707 1.65% 4.75 5yr UST 230 220 -9 3.99
EEBCB 6.125 '21 USP37100AA51 Utilities 6.125% 10-Nov-21 5.1 610 Baa3 / BB+ / BBB- BBB- 102.250 103.000 0.85% 4.26 5yr UST 315 405 90 5.62
EEBCB 5.7 '22 USP93077AA61 Utilities 5.7% 20-Mar-22 6.5 750 Baa3 / BBB- / BBB- BBB- 99.976 101.189 1.32% 5.35 10yr UST 301 350 49 5.48
EEPPME 7.625 '19 USP9379RAA51 Utilities 7.625% 29-Jul-19 5.8 500 Baa3 / nr / BBB BBB 114.956 116.018 1.05% 4.74 5yr UST 265 268 3 4.47
ELECAR 8.5 ´18 XS0356521160 Telecom & Media 8.5% 10-Apr-18 4.5 650 nr / B / B+ B+ 81.000 83.250 2.98% 3.37 5yr UST 1,216 1,216 0 13.57
GNBSUD 7.5 '22 USP1265VAA00 Financials 7.5% 30-Jul-22 8.8 250 B1 / nr / BB BB- 99.500 101.375 2.03% 6.32 10yr UST 486 480 -6 7.28
GNBSUD 3.875 ´18 USP1265VAB82 Financials 3.875% 02-May-18 4.6 300 Ba1 / nr / BB+ BB+ 92.125 93.750 1.85% 4.05 5yr UST 418 398 -19 5.43
GRUPOS 5.7 '21 USG42036AA42 Financials 5.7% 18-May-21 7.6 300 nr / BBB / BBB- BBB 99.690 100.002 0.42% 6.00 10yr UST 322 340 18 5.70
JAMAIR 8.125 '27 USP01165AB82 Transportation 8.125% 14-Jun-27 8.7 125 Caa3 / B- / nr CCC+ 88.000 87.000 -0.96% 5.50 30yr UST 769 812 43 10.52
MIICF 8 '17 USG87361AA26 Telecom & Media 8% 01-Oct-17 3.0 450 B1 / nr / BB BB- 104.125 105.125 1.11% 2.56 2yr UST 559 536 -23 6.11
MIICF 4.750 '23 XS0921332069 Telecom & Media 4.75% 22-May-20 6.6 500 Ba2 / nr / BB+ BB+ 94.000 94.250 0.36% 5.48 10yr UST 353 372 19 5.80
MIICF 6.750 '22 USP90475AA57 Telecom & Media 6.75% 13-Dec-22 9.2 300 Ba3 / nr / BB BB 100.125 99.750 -0.24% 6.64 10yr UST 435 422 -13 6.78
NGCTT 6.05 '36 USP70809AB71 Energy 6.05% 15-Jan-36 22.3 400 Baa1 / A- / nr A- 104.231 104.558 0.43% 12.24 30yr UST 209 225 16 5.69
PDVSA 4.9 '14 XS0460546442 Energy 4.9% 28-Oct-14 1.1 3,000 nr / nr / B+ B+ 96.750 95.750 -0.94% 1.00 2yr UST 769 879 110 9.12
PDVSA 5 '15 XS0460546525 Energy 5% 28-Oct-15 2.1 1,413 nr / nr / B+ B+ 90.250 90.500 0.38% 1.86 2yr UST 969 966 -2 10.18
PDVSA 5.125 '16 XS0460546798 Energy 5.125% 28-Oct-16 3.1 435 nr / nr / B+ B+ 83.750 82.750 -1.08% 2.63 2yr UST 1,050 1,113 63 11.99
PDVSA 5.25 '17 XS0294364103 Energy 5.25% 12-Apr-17 3.5 3,000 nr / B / B+ B+ 84.500 82.250 -2.54% 2.97 5yr UST 939 1,047 108 11.50
PDVSA 8.5 '17 USP7807HAK16 Energy 8.5% 02-Nov-17 3.1 6,150 nr / B / B+ B+ 94.800 92.250 -2.52% 2.49 5yr UST 944 1,066 121 11.58
PDVSA 12.75 '22 USP7807HAM71 Energy 12.75% 17-Feb-22 7.4 3,000 nr / nr / B+ B+ 102.000 100.650 -1.08% 4.62 10yr UST 999 1,050 51 12.60
PDVSA 9 '21 USP7807HAP03 Energy 9% 17-Nov-21 7.1 2,394 nr / B / B+ B+ 85.150 84.750 -0.26% 4.73 10yr UST 982 1,015 34 12.28
PDVSA 5.375 '27 XS0294364954 Energy 5.375% 12-Apr-27 13.5 3,000 nr / B / B+ B+ 61.750 59.875 -2.87% 7.74 30yr UST 753 814 60 11.20
PDVSA 5.5 '37 XS0294367205 Energy 5.5% 12-Apr-37 23.5 1,500 nr / B / B+ B+ 60.125 57.750 -3.77% 9.41 30yr UST 637 699 61 10.30
PEP 6.75 '22 USG20011AA39 Food Commodities 6.75% 09-Feb-22 6.4 300 Ba2 / BB / BB+ BB 101.375 101.625 0.38% 5.07 10yr UST 432 451 19 6.43
PETRTT 9.75 '19 USP78954AC19 Energy 9.75% 14-Aug-19 5.9 850 Baa3 / BBB / nr BBB 125.650 125.117 -0.27% 4.60 5yr UST 271 302 30 4.79
PETRTT 6 '22 USP78954AA52 Energy 6% 08-May-22 4.4 562 Baa3 / BBB / nr BBB 105.686 106.301 0.69% 3.68 10yr UST 257 261 4 4.35
PFAVTA 8.375 '20 USP0605NAA92 Transportation 8.375% 10-May-20 5.6 300 nr / B / B+ B+ 101.875 102.875 1.14% 4.30 5yr UST 608 609 1 7.73
PRECN 7.25 '21 USC71058AB42 Energy 7.25% 12-Dec-21 6.2 712 Ba2 / BB+ / BB+ BB+ 105.250 106.375 1.20% 4.89 5yr UST 411 413 2 6.00
PRECN 5.125 ´23 USC71058AC25 Energy 5.125% 28-Mar-23 9.5 1,000 Ba2 / BB+ / BB+ BB+ 90.125 91.500 1.64% 7.30 10yr UST 365 367 2 6.33
TOCLUB 9.5 '17 USP7182PAC60 Real Estate 9.5% 03-Jul-17 2.6 252 nr / nr / CC C 73.000 73.000 0.25% 1.86 5yr UST 2,357 2,382 25 24.71
TRIINT 10.25 '16 US89620JAA97 Telecom & Media 10.25% 15-Aug-16 2.9 370 Caa1 / CCC / nr CCC+ 96.000 96.000 0.21% 2.38 5yr UST 1,101 1,115 14 11.92
Supranationals 4.4 575 -0.04% 3.98 148 159 12 2.79
BLX 3.75 '17 USP1393HAA60 Financials 3.75% 04-Apr-17 3.5 400 nr / BBB / BBB+ BBB+ 101.331 100.612 -0.64% 3.21 5yr UST 218 257 39 3.56
CABEI 5.375 '14 US15238RAC60 Financials 5.375% 24-Sep-14 1.0 500 A2 / A / A A 103.517 103.761 0.34% 0.96 2yr UST 149 120 -29 1.51
CABEI 3.875 '17 US15238RAD44 Financials 3.875% 09-Feb-17 3.4 250 A2 / A / A A 102.846 103.325 0.54% 3.12 5yr UST 188 189 1 2.83
CAF 5.125 '15 US219868BK10 Financials 5.125% 05-May-15 1.6 250 Aa3 / AA- / AA- AA- 105.977 105.913 0.03% 1.52 2yr UST 94 97 4 1.37
CAF Float'16 XS0886783033 Financials 1.116% 08-Feb-16 2.4 100 Aa3 / AA- / AA- AA- 99.278 99.191 -0.07% 2.34 2yr UST 144 143 -1 1.98
CAF 3.75 '16 US219868BP07 Financials 3.75% 15-Jan-16 2.3 1,100 Aa3 / AA- / AA- AA- 104.870 104.854 0.05% 4.86 2yr UST 94 102 8 1.58
CAF 5.75 '17 US219868BL92 Financials 5.75% 12-Jan-17 3.3 615 Aa3 / AA- / AA- AA- 110.757 110.829 0.17% 2.99 5yr UST 129 141 12 2.31
CAF 8.125 '19 US219868BN58 Financials 8.125% 04-Jun-19 5.7 734 Aa3 / AA- / AA- AA- 122.548 121.792 -0.49% 4.58 5yr UST 174 208 35 3.82
CAF 4.375 '22 US219868BS46 Financials 4.375% 15-Jun-22 8.7 1,500 Aa3 / AA- / AA- AA- 99.579 100.169 0.68% 7.09 10yr UST 166 181 15 4.35
CARDEV 4.375 '27 USP2111SAF04 Financials 4.375% 09-Nov-27 12.1 300 Aa1 / AA / nr AA+ 99.341 98.284 -0.98% 9.10 30yr UST 121 154 33 4.56
Issue Coupon MaturityISIN YTW1wk Total RetZ-Sprd
Sector Avg RatingAvg Life Balance
(US$mn) 1wk Z-Sprd Chg
Bid PriceUST BenchmarkMod Duration
Bond Ratings
(Moody's/S&P/Fitch)
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch. (1) BERTIN 10.25 '16 corresponds to JBS (Bloomberg ticker: JBSSBZ). (2) Bonds trade under the ALFAA ticker on Bloomberg.
26 September 2013
Latin America Weekly Chartbook 49
New Issues 2010-2013 YTD
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
2010
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-Deepw ater 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/ConvertibleConstruction
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.
26 September 2013
Latin America Weekly Chartbook 50
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
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 Source: Credit Suisse
26 September 2013
Latin America Weekly Chartbook 51
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
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 $62,011.81
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
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
Source: Credit Suisse
26 September 2013
Latin America Weekly Chartbook 52
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
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
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 Pacif ic 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 $84,763.70
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
Source: Credit Suisse
26 September 2013
Latin America Weekly Chartbook 53
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
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
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
26 September 2013
Latin America Weekly Chartbook 54
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
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
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 / A+ / 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
26 September 2013
Latin America Weekly Chartbook 55
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
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 $61,409.69
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
17-Jan-2013 Minerva Brazil B1 / BB- / B+ 1/31/2023 $850.00 7.750% New Issue Food & Beverage
22-Jan-2013 BBVA Banco Continental SA Peru nr / BBB+ / BBB+ 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 Baa1 / BBB / BBB+ 1/30/2023 $10.20 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
26 September 2013
Latin America Weekly Chartbook 56
Issue Date Issuer Country Ratings Maturity
USD Amt
(MM)Coupon (%)
Issue Class Industry
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
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 Basic Industries
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 / nr / BB- 1/15/2021 $1,000.00 7.250% New Issue Construction
25-Sep-2013 Cemex Mexico nr / nr / BB- 10/15/2018 $400.00 Libor + 475 New Issue Construction
26 September 2013
Latin America Weekly Chartbook 57
Evolution of Latam Corporate New Issues (1991 – 2013)
US$bn Amount
48.1
69.2
62.0
84.8
61.4
$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
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service.
Number of Issues
71
143
108
136
107
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
Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service.
26 September 2013
Latin America Weekly Chartbook 58
Composition of New Issues 2012 2013
Issues by Country
Argentina0%
Brazil43%
Mexico23%
Other34%
Argentina
3%
Brazil27%
Mexico27%
Other43%
Issues by Sector
Basic Industries
19%
Consumer Products
8%
Construction10%
Utilities2%
Energy12%
Finance35%
Media/Telco8%
Other6%
Basic Industries
15%
Consumer Products
9% Construction8%
Utilities6%
Energy19%
Finance21%
Media/Telco7%
Other15%
Issues by Ratings Category**
AA+/AA/AA-1%
A-/A/A+10%
BBB-/BBB/BBB+52%
BB-/BB/BB+23%
B-/B/B+10%
CCC-/CCC/CCC+
1%
Not Rated3%
AA+/AA/AA-
2% A-/A/A+6%
BBB-/BBB/BBB+42%
BB-/BB/BB+24%
B-/B/B+23%
CCC-/CCC/CCC+
1%
Not Rated2%
**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
26 September 2013
Latin America Weekly Chartbook 59
Current Index Composition
CS-LACI Composition for September 25, 2013
No of
Issues
% Weight of
Index
Daily Mkt Value
(mn)Coupon Remaining
Term
Street
Yield
Bench
SpreadYTD Total
Ret
LACI Index Total 482 100 340,498 6.136 8.61 6.09 400.4 -4.55%
LACI Index CONGLOMERATES 2 0.67 2,287 6.972 17.32 6.46 386.9 -7.02%
FINANCIAL 121 22.48 76,557 5.577 6.6 5.51 346.5 -3.30%
INDUSTRIAL 319 71.01 241,778 6.318 9.27 6.32 422.2 -5.11%
PUBLIC 8 1.66 5,653 4.802 5.41 3.27 170.1 -1.51%
UTILITY 32 4.18 14,223 6.405 8.19 6.31 415 -3.10%
LACI Index Conglomerates 2 0.67 2,287 6.972 17.32 6.46 386.9 -7.02%
Bank 111 20.94 71,313 5.614 6.62 5.49 344.3 -3.24%
Finance 9 1.45 4,937 5.067 6.16 5.78 381.2 -4.27%
Insurance 1 0.09 307 5.7 7.72 5.67 302.2 -7.19%
Basic Industries 107 20.37 69,376 6.433 10.84 6.05 380.3 -6.93%
Consumer Products 48 6.19 21,079 7.128 7.3 7.05 507.4 0.58%
Energy 70 29.94 101,961 6.018 9.22 6.35 426.1 -6.01%
Gaming and Lodging 2 0.16 556 7.946 4.81 6.9 594.8 4.43%
Healthcare 1 0.08 280 5.125 9.27 6.32 366.9 -7.98%
Manufacturing 9 0.91 3,086 6.242 7.54 6.9 441.6 -8.16%
Media 9 1.13 3,852 6.599 10.66 4.99 284.7 -5.06%
Real Estate 6 0.4 1,359 8.979 2.71 12.86 1218.3 -1.07%
Retail 9 1.22 4,169 5.989 7.73 7.18 474.6 -6.50%
Services 3 0.34 1,150 10.181 4.79 12.09 1068.5 12.91%
Telecom 38 8.78 29,907 6.032 8.36 5.56 364.8 -3.28%
Transportation 17 1.47 5,003 7.779 6.66 7.69 588.2 3.62%
Agency 1 0.13 437 3.5 9.43 5.32 266.5 -10.13%
Supranational 7 1.53 5,217 4.936 5.08 3.1 162.1 -0.84%
Electric Utilities 26 3.39 11,548 6.613 7.93 6.22 418.3 -3.04%
Gas Pipelines 4 0.63 2,162 5.333 10.06 6.88 407 -3.21%
Water 2 0.15 513 6.607 6.05 5.72 376.9 -2.27%
LACI Index Not Rated 12 0.81 2,752 5.185 7.04 7.07 506.1 10.38%
AA Bucket 9 1.92 6,535 4.546 5.97 3.27 150.8 -1.56%
A Bucket 35 8.09 27,550 4.435 10.62 3.74 159.3 -6.15%
BBB Bucket 224 58.76 200,085 5.552 9.47 5.02 277.1 -5.09%
BB Bucket 87 12.73 43,337 6.966 6.54 7 514.6 -4.95%
B Bucket 84 15.12 51,467 8.056 6.86 9.24 755.1 -3.29%
CCC Bucket 19 2.33 7,917 8.727 5.39 15.53 1398.8 10.91%
CC Bucket 4 0.09 299 9.625 7.68 40.61 3796 -47.56%
C Bucket 8 0.16 555 8.881 5.63 67.91 6598.5 -18.92%
LACI Index Non Performing 11 0.39 1,332 0 0 0 0 30.16%
0-4 133 22.16 75,451 6.058 2.49 5.06 442.5 0.92%
4-7 138 28.38 96,650 6.639 5.55 6.21 445.3 -3.27%
7-10 150 35.14 119,640 5.768 8.45 6.36 371.1 -6.40%
10PLUS 50 13.93 47,425 6.216 24.97 6.75 316.5 -11.93% Source: Credit Suisse, CS-LACI Index.
LATIN AMERICA, ASIA AND EMEA CORPORATE CREDIT RESEARCH
Eric Miller, Managing Director
Global Head of Fixed Income and Economic Research
+1 212 538 6480 [email protected]
LATIN AMERICA
Jamie Nicholson-Leener
Global Head of EM Corporate Credit Research
+1 212 538 6769
Banks, Industrials, Telcos, Transportation
Celina Apóstolo Merrill
Director
+1 212 538 4606
Agriculture/Food, Consumer, Real Estate, Utilities
Andrew De Luca
Associate
+1 212 325 7443
EASTERN EUROPE, MIDDLE EAST & AFRICA
Svetla Atanasova
Associate
+44 20 7883 0486
Disclosure Appendix
Analyst Certification The analysts identified in this report each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.
Important Disclosures Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail, please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research-and-analytics/disclaimer/managing_conflicts_disclaimer.html . Credit Suisse's policy is to publish research reports as it deems appropriate, based on developments with the subject issuer, the sector or the market that may have a material impact on the research views or opinions stated herein. The analyst(s) involved in the preparation of this research report received compensation that is based upon various factors, including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's Investment Banking and Fixed Income Divisions. Credit Suisse may trade as principal in the securities or derivatives of the issuers that are the subject of this report. At any point in time, Credit Suisse is likely to have significant holdings in the securities mentioned in this report. As at the date of this report, Credit Suisse acts as a market maker or liquidity provider in the debt securities of the subject issuer(s) mentioned in this report. For important disclosure information on securities recommended in this report, please visit the website at https://firesearchdisclosure.credit-suisse.com or call +1-212-538-7625. For the history of any relative value trade ideas suggested by the Fixed Income research department as well as fundamental recommendations provided by the Emerging Markets Sovereign Strategy Group over the previous 12 months, please view the document at http://research-and-analytics.csfb.com/docpopup.asp?ctbdocid=330703_1_en . Credit Suisse clients with access to the Locus website may refer to http://www.credit-suisse.com/locus For the history of recommendations provided by Technical Analysis, please visit the website at www.credit-suisse.com/techanalysis . Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.
Emerging Markets Bond Recommendation Definitions Buy: Indicates a recommended buy on our expectation that the issue will deliver a return higher than the risk-free rate. Sell: Indicates a recommended sell on our expectation that the issue will deliver a return lower than the risk-free rate.
Corporate Bond Fundamental Recommendation Definitions Buy: Indicates a recommended buy on our expectation that the issue will be a top performer in its sector. Outperform: Indicates an above-average total return performer within its sector. Bonds in this category have stable or improving credit profiles and are undervalued, or they may be weaker credits that, we believe, are cheap relative to the sector and are expected to outperform on a total-return basis. These bonds may possess price risk in a volatile environment. Market Perform: Indicates a bond that is expected to return average performance in its sector. Underperform: Indicates a below-average total-return performer within its sector. Bonds in this category have weak or worsening credit trends, or they may be stable credits that, we believe, are overvalued or rich relative to the sector. Sell: Indicates a recommended sell on the expectation that the issue will be among the poor performers in its sector. Restricted: In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Not Rated: Credit Suisse Global Credit Research or Global Leveraged Finance Research covers the issuer but currently does not offer an investment view on the subject issue. Not Covered: Neither Credit Suisse Global Credit Research nor Global Leveraged Finance Research covers the issuer or offers an investment view on the issuer or any securities related to it. Any communication from Research on securities or companies that Credit Suisse does not cover is a reasonable, non-material deduction based on an analysis of publicly available information.
Corporate Bond Risk Category Definitions In addition to the recommendation, each issue may have a risk category indicating that it is an appropriate holding for an "average" high yield investor, designated as Market, or that it has a higher or lower risk profile, designated as Speculative, and Conservative, respectively.
Credit Suisse Credit Rating Definitions Credit Suisse may assign rating opinions to investment-grade and crossover issuers. Ratings are based on our assessment of a company's creditworthiness and are not recommendations to buy or sell a security. The ratings scale (AAA, AA, A, BBB, BB, B) is dependent on our assessment of an issuer's ability to meet its financial commitments in a timely manner. Within each category, creditworthiness is further detailed with a scale of High, Mid, or Low − with High being the strongest sub-category rating: High AAA, Mid AAA, Low AAA - obligor's capacity to meet its financial commitments is extremely strong; High AA, Mid AA, Low AA − obligor's capacity to meet its financial commitments is very strong; High A, Mid A, Low A − obligor's capacity to meet its financial commitments is strong; High BBB, Mid BBB, Low BBB − obligor's capacity to meet its financial commitments is adequate, but adverse economic/operating/financial circumstances are more likely to lead to a weakened capacity to meet its obligations; High BB, Mid BB, Low BB − obligations have speculative characteristics and are subject to substantial credit risk; High B, Mid B, Low B − obligor's capacity to meet its financial commitments is very weak and highly vulnerable to adverse economic, operating, and financial circumstances; High CCC, Mid CCC, Low CCC – obligor's capacity to meet its financial commitments is extremely weak and is dependent on favorable economic, operating, and financial circumstances. Credit Suisse's rating opinions do not necessarily correlate with those of the rating agencies.
Credit Suisse’s Distribution of Global Credit Research Recommendations* (and Banking Clients)
Global Recommendation Distribution** Buy 3% (25% banking clients)
Outperform 28% (62% banking clients)
Market Perform 63% (51% banking clients)
Underperform 6% (33% banking clients)
Sell <1% (<1% banking clients)
*Data are as at the end of the previous calendar quarter. **Percentages do not include securities on the firm’s Restricted List and might not total 100% as a result of rounding.
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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.
