PRECN 5.125 ´23 (B+) -7.3% - Credit Suisse

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES AND

ANALYST CERTIFICATIONS.

CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION®

Client-Driven Solutions, Insights, and Access

Latin America Weekly Chartbook

Recent Research, New Issues, Ratings Actions, Bond Pricing and Statistics

Earnings Results: Banorte, Cemex, Credito Real, Elementia, Empresas ICA, Fibria, Financiera Independencia, Grupo Bimbo, Grupo Elektra, Grupo Famsa, Grupo KUO, Javer, Klabin, Maxcom, Mexichem, Millicom, Pemex, Petrotrin, Southern Copper, Vale

Exhibit 1: Best/Worst performers for the week ending October 29, 2015

-27.8%

-26.6%

-15.4%

-15.0%

-11.0%

-8.2%

-7.3%

-7.3%

-7.3%

-5.3%

-5.1%

-4.6%

-3.8%

-3.2%

-2.8%

-0.7%

0.0%

0.1%

0.4%

0.6%

0.6%

4.7%

4.9%

4.9%

5.5%

5.6%

5.7%

5.8%

6.3%

7.2%

8.1%

8.3%

8.7%

8.7%

11.5%

16.1%

ICASA 8.875 '24 (B)

ICASA 8.9 '21 (B)

PDVSA 8.5 '17 (CCC)

MIICF 6.875 '24 (Comcel) (BB+)

PRECN 5.625 ´25 (B+)

MIICF 6.625 '21 (BB+)

MIICF 6.000 '25 (BB+)

PRECN 5.375 '19 (B+)

PRECN 5.125 ´23 (B+)

ICASA 8.375 '17 (B)

ODEBRE 7 Perp (B)

MIICF 6.750 '22 (Telecel) (BB)

AJECBV 6.5 '22 (BB-)

PRECN 7.25 '21 (B+)

DLLTD 6 '21 (B+)

US HG (LUCI)

CS-LACI High Yield

CS HY (HYIDX)

CS-LACI Total

CS-LACI High Grade

SBI AMERICAS

QGOGBZ 5.25 '18 (BB-)

CSNABZ 7 Perp (2) (BB-)

CSNABZ 6.5 '20 (BB-)

EDNAR 9.75 '22 (CCC-)

ODEBRE 6.35 '21 (B)

CSNABZ 6.875 '19 (BB-)

PESEXA 7.375 '20 (B+)

YPF 8.75 '24 (CCC+)

YPF 8.5 '25 (CCC+)

BANBRA 6.250 Perp (B)

SCHAHN 5.875 '22 (CI)

INTSPN 7.5 '19 (nr)

PDVSA 5.25 '17 (CCC)

OIBRBZ 5.5 '20 (BB)

OIBRBZ 5.75 '22 (BB)

Source: Credit Suisse.

30 October 2015

Fixed Income Research

http://www.credit-suisse.com/researchandanalytics

Research Analysts

Jamie Nicholson

Managing Director

+1 212 538 6769

[email protected]

Andrew De Luca

Associate

+1 212 325 7443

[email protected]

Luis Serrano, CFA

Associate

+1 212 325 3147

[email protected]

https://rave.credit-suisse.com/disclosures/view/fixedincome

30 October 2015

Latin America Weekly Chartbook 2

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In This Issue:

Banorte 4

Cemex 5

Credito Real 7

Empresas ICA 8

Elementia 10

Fibria 12

Financiera Independencia 14

Grupo Bimbo 15

Grupo Elektra 16

Grupo Famsa 17

Grupo KUO 18

Javer 20

Klabin 22

Maxcom 24

Mexichem 25

Millicom 27

Pemex 29

Petrotrin 31

Southern Copper 32

Vale 34

Credit Suisse Liquid Indices 36

Relative Value: Latam Corps vs. US Corps, EM Corps, and EM Sovs 37

Financial Institutions 38

CAF 39

Real Estate & Construction 40

Consumer Staples 41

Protein 42

Energy 43

Pemex 46

Petrobras 47

Industrials 48

Metals & Mining 49

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Pulp & Paper 51

Telecom & Media – High Grade 53

Telecom & Media – High Yield 54

Transportation 55

Utilities 56

Argentina 57

Brazil 59

Chile 62

Mexico 63

Peru 66

Perpetual Bonds 68

Companies on Ratings Watch 69

Latin American LTM Credit Metrics 73

Latin America Bond Pricing Sheet 76

New Issues 2010-2015 YTD 86

Evolution of Latam Corporate New Issues (1991 – 2015) 97

Composition of New Issues 98

Current Index Composition 99

The authors of this report wish to acknowledge the contribution made by Maximiliano Bellsola, Alain Fainsod and Daniel Terrab, employees of CRISIL Global Research and Analytics, a business division of CRISIL Limited, a third-party provider of research services to Credit Suisse.

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Banorte October 22 – Banorte reported solid results in 3Q15, as net income increased 14% yoy (in

MXN terms; -9% yoy in US$ terms) due to: (i) higher net interest income (+7% yoy in MXN

terms); (ii) higher net contributions from service fees (+21% yoy) arising from higher

transaction volumes; (iii) lower loan loss provisions (-15% yoy); (iv) lower professional fees

paid (-30% yoy); and (v) lower tax expenses (-10% yoy). This was partially offset by lower

loan origination fees (-33% yoy). The bank’s efficiency ratio deteriorated 245bps yoy to

49.1% due to higher operating expenses coupled with lower trading income, while its NIM

remained relatively stable at 4.4% (vs. 4.2% in 2Q15).

Net interest income increased 7% yoy (in MXN terms; -15% yoy in US$ terms) reflecting

higher interest income (+8% yoy in MXN terms) being partially offset by an increase in

interest expense (-5% yoy). Interest income benefited from an improved portfolio mix and

credit expansion, while interest expense was affected by an increase in the benchmark

market rate. Loan loss provisions decreased 15% yoy (but increased 2% qoq), mainly due

to lower reserve requirements in the corporate and commercial loan portfolios, which more

than offset higher reserve requirements in the consumer and government loan portfolios.

Banorte’s loan portfolio increased 3% qoq (in MXN terms) reflecting higher consumer

loans (+5% qoq), higher mortgage loans (+3% qoq), higher commercial loans (+2% qoq)

and higher government entities loans (+4% qoq); partially offset by lower financial

institution lending (-11% qoq). Asset quality improved qoq as the NPL ratio decreased

12bps to 2.6% (vs. 2.8% in 3Q14) reflecting better results in the commercial, consumer

and mortgages segments. Coverage ratio stood at 1.1x in 3Q15 (vs. 1.0x in 3Q14).

Exhibit 2: Banorte - Financial Snapshot in US$mn (except for ratios) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Net Interest Income 729 641 623 -3% -15% 2,690

NII after Provisions 485 465 457 -2% -6% 1,984

Net Income 232 204 212 4% -9% 837

Cash 5,240 5,416 5,181 -4% -1% 5,181

Loan Portfolio (ex Provisions)(4) 32,497 30,244 28,972 -4% -11% 28,972

Deposits 34,573 33,306 31,767 -5% -8% 31,767

Net Interest Margin (2) 4.4% 4.2% 4.4% 4.5%

NPL/Total Loans 3.2% 2.8% 2.6% -12bps -60bps 2.6%

Provisions/Total Loans 3.3% 2.9% 2.9% 2.9%

Loans/Deposits 97% 93% 94% 94%

Coverage Ratio 1.0x 1.0x 1.1x 1.1x

ROAA 1.4% 1.3% 1.5% 1.4%

ROAE 13.8% 12.9% 13.9% 13.2%

Capital Ratio (1) 15.0% 15.1% 14.9% -23bps -9bps 14.9%

Efficiency Ratio (3) 46.6% 52.2% 49.1% -315bps 245bps 52.5% Source: Credit Suisse and Company Filings. (1) Capital ratio calculated under Basel III methodology from 1Q13 onwards. (2) NIM defined as Net Interest Income / Average Total Assets. (3) Efficiency Ratio = Operating expenses / Net interest income + net fee revenues + other operating income. (4) Loan portfolio includes Valuation adjustments for Asset Coverage.

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Cemex October 22 – Cemex reported weaker yoy and qoq results in 3Q15, affected by lower

EBITDA generation in Mexico, the Mediterranean, Northern Europe and the South/Central

America & the Caribbean regions. This was partially offset by higher contributions from the

US and Asia. Results in the US contributed positively to EBITDA generation, despite poor

weather conditions and lower oil well-related cement sales, due to solid residential,

industrial and commercial activity as well as higher demand from the US infrastructure

sector. Strong cement demand from the Philippines due to increased residential,

commercial and infrastructure sector activity also underpinned results. Operations in

Mexico were negatively affected by lower volumes reflecting Cemex’s “value-before-

volume” strategy and focus on profitability. Demand from the formal residential sector

slowed in 3Q15 relative to strong performance in 1H15, and demand from the

infrastructure sector was negatively affected by some project delays.

Consolidated net revenues in 3Q15 decreased 9% yoy, reflecting lower contributions from

Northern Europe, the Mediterranean, Mexico, and South/Central America and the

Caribbean (-15%, -20%, -10% and -30% yoy, respectively), partially offset by higher

contributions from the US and Asia (+27% and +18% yoy, respectively). Cement volumes

remained stable yoy, while aggregates and ready-mix volumes decreased -7% and -2%

yoy, respectively. Average prices (in US$) for cement, aggregates and ready-mix were

down -8%, -5% and -6% yoy, respectively.

Consolidated EBITDA in 3Q15 decreased 10% yoy and margins contracted 11bps yoy to

18.5%, affected by: (i) lower consolidated sales; (ii) FX translation effects from weaker

local currencies against US$; and (iii) higher SG&A expenses despite ongoing cost

reduction initiatives undertaken by the company. On the conference call, management

stated they are still planning to reduce operating expenses by US$150mn during FY2015.

Cash decreased US$35mn qoq to US$457mn in 3Q15, mainly due to lower sequential

EBITDA generation and higher expansion capex. This was partially offset by working

capital proceeds (net inflow of US$139mn) and lower taxes paid. Expansion capex totaled

US$60mn in 3Q15 (vs. US$39mn in 2Q15). Credit metrics remained stable qoq with LTM

net leverage standing at 5.6x, and interest coverage increasing marginally to 2.1x (vs. 2.0x

in LTM2Q15). Total debt (including perpetual notes) decreased 2% qoq.

On July 27, Fitch Ratings upgraded Cemex’s issuer default ratings (IDR’s) from B+ to BB-.

Additionally, Fitch also upgraded Cemex’s national scale from BBB to A-, and the short-

term national scale rating from F3 to F2, allowing the company to potentially access the

institutional Mexican bond market. The rating outlook remains stable.

On August 3, Cemex announced the fully repayment of the total amount outstanding of

approximately US$1.95bn under the Facilities Agreement entered into by the company in

September 2012, with new funds from 17 financial institutions which participated in the

credit agreement from September 2014.

On August 12, Cemex announced the signing of sale agreements for its operations in

Austria and Hungary for approximately EUR160mn, as well as its operations in Croatia,

including its assets in Bosnia & Herzegovina, Montenegro and Serbia, for approximately

EUR230.9mn. The closings of these transactions are subject to regulatory approval. The

company expects to finalize the sale of its operations in Austria and Hungary during 4Q15,

and finalize the sale of its operations in Croatia, Bosnia & Herzegovina, Montenegro and

Serbia in 1Q16. In the press release, management stated that the proceeds from these

transactions would be used for debt reduction and for general corporate purposes.

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Exhibit 3: Cemex - Financial Snapshot In US$mn (unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Cement Volumes ('000 metric tons) 17,100 18,114 17,017 -6% 0% 68,511

Ready-mix Volumes ('000 cubic meters) 13,962 14,394 13,634 -5% -2% 55,096

Aggregates Volumes ('000 metric tons) 42,092 40,734 39,068 -4% -7% 156,474

Net Revenues 4,014 3,839 3,651 -5% -9% 14,728

Mexico 803 745 669 -10% -17% 3,007

US 1,007 1,008 1,093 8% 9% 3,891

Northern Europe 1,047 904 829 -8% -21% 3,406

Mediterranean 366 409 348 -15% -5% 1,520

South/Central America Caribbean 585 517 476 -8% -19% 1,975

Asia 151 177 162 -8% 7% 658

EBITDA 749 744 677 -9% -9.6% 2,690

Mexico 245 256 220 -14% -10% 993

USA 136 156 172 11% 27% 530

Northern Europe 133 111 114 2% -15% 347

Mediterranean 74 75 59 -20% -20% 278

South/Central America Caribbean 199 160 139 -13% -30% 613

Asia 40 45 47 4% 18% 173

EBITDA margin 18.7% 19.4% 18.5% -82 bps -11 bps 18.3%

Mexico 30.5% 34.3% 32.8% -154 bps 231 bps 33.0%

USA 13.5% 15.5% 15.8% 32 bps 225 bps 13.6%

Northern Europe 12.7% 12.3% 13.7% 140 bps 98 bps 10.2%

Mediterranean 20.3% 18.2% 17.1% -116 bps -327 bps 18.3%

South/Central America Caribbean 34.0% 31.0% 29.2% -180 bps -476 bps 31.0%

Asia 26.4% 25.7% 29.1% 342 bps 267 bps 26.3%

Cash 995 492 457 457

Short-term Debt 989 464 303 303

Total Debt (including perps) 16,949 15,934 15,581 -2% -8% 15,581

Net Debt (Including perps) 15,954 15,442 15,124 -2% -5% 15,124

Gross Leverage (including perps) 5.7x 5.4x 5.8x 5.8x

Gross Leverage (covenant purposes) 5.4x 5.1x 5.2x 5.2x

Net Leverage (including perps) 5.3x 5.2x 5.6x 5.6x

Interest Coverage 1.8x 2.4x 2.2x 2.1x

CS Liquidity Ratio * 1.5x 2.0x 2.1x 2.0x Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Credito Real October 21 – Credito Real reported solid results in 3Q15, reflecting strong loan portfolio

growth, good asset quality and the consolidation of Kondinero’s results since November

2014. Net interest income in 3Q15 increased 28% yoy (in US$ terms, +60% in MXN

terms) mainly due to growth in the loan portfolio and consolidation of Kondinero. However,

net income in 3Q15 decreased 4% yoy (in US$ terms, +20% in MXN terms) primarily

reflecting an increase in loan loss provisions, higher fees paid and higher operating

expenses mainly due to the consolidation of Kondinero, in addition to the translation effect

of a weaker MXN. In the press release management stated that they expect consolidated

SG&A expenses for FY2015 to be ~MXN1.0bn.

NIM increased 236bps yoy mainly reflecting a reduction in average cost of funds (-130bps

yoy and -60bps qoq to 6.4%). Credito Real’s efficiency ratio remained solid at 34.2% in

3Q15, although it increased 9.1pps yoy due to the aforementioned effect of consolidating

Kondinero’s results beginning in November 2014, and increased investments during 3Q15

in Drive & Cash and Don Carro brands.

In the 3Q15 press release, management reiterated its FY2015 guidance of expected yoy

growth in net income around 15% to 18%, and stated that they foresee significant loan

growth primarily in the used car and SME loan segments.

Credito Real’s balance sheet expanded 7.9% qoq (in MXN terms) mainly due to

recognition of the mark-to-market of securities and derivative transactions and an increase

in lending operations. Net lending portfolio expanded 10.2% qoq (in MXN terms; -0.2% in

US$ terms), supported by growth in all of the company’s segments. Small business loans

increased 21% qoq, used car loans +16% qoq, payroll loans +10% qoq, durable goods

loans +2% qoq and group loans +1% qoq. Asset quality remained solid with the NPL ratio

at 2.0% (vs. 2.1% in 2Q15) and in line with management’s long-term guidance of 2% to

3%. LTM coverage ratio was 1.4x in 3Q15 (vs.1.3x at 2Q15).

In October, Credito Real issued MXN1.0bn of floating rate notes due March 2018 at TIIE

+200bps, and they fixed half of the facility at a 6.4% rate until maturity. Proceeds from the

issuance were used to refinance MXN500mn of local debt, and to support loan portfolio

expansion. In 3Q15 the company had fixed 53% of its total debt at around 7%.

In the press release, Credito Real stated it acquired 65% of AFS Acceptance.

Management stated that they expect this transaction to enlarge Credito Real used-car loan

distribution network, and estimate that used-car loans will represent 10% of Credito Real’s

total loan portfolio after closing the transaction.

Exhibit 4: Credito Real - Financial Snapshot in US$mn (except for ratios) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Net Interest Income 41 47 53 12% 28% 203

NII after Provisions 37 43 47 8% 25% 182

Net Income 22 21 21 -2% -4% 89

Cash 7 2 25 1580% 250% 25

Loan Portfolio (ex Provisions) 968 940 938 0% -3% 938

Deposits 573 630 601 -5% 5% 601

Net Interest Margin (1)

12.7% 13.5% 15.0% 149bps 236bps 15.1%

NPL/Total Loans 1.9% 2.1% 2.0% -5bps 18bps 2.0%



ROAA 6.6% 6.1% 5.9% 6.6%

ROAE 23.2% 22.2% 21.6% 23.6%

Efficiency Ratio (2)

25.1% 32.2% 34.2% 202bps 913bps 33.0% Source: Credit Suisse and Company Filings. (1) NIM defined as Net Interest Income / Average Total Assets. (2) Efficiency Ratio = Operating expenses / Net interest income + net fee revenues + other operating income. The ratio may not match with the company’s reported figures.

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Empresas ICA October 29 – Empresas ICA reported weak results in 3Q15, as adjusted EBITDA declined

12% yoy (in MXN terms; -30% yoy in US$ terms) and LTM net leverage increased to 7.9x

(vs. 7.3x in 2Q15), reflecting lower contributions from the Construction division, partially

offset by solid contributions from the Concessions and Airport divisions. On the

conference call, management stated that the Mexican construction segment was

negatively impacted by: (i) delays in the execution of several large Mexican projects; (ii)

difficulties in ramping up certain projects in the company's backlog (including the Santa

Maria Dam, the Churubusco water project and the Toluca train tunnel, amongst others);

and (iii) delays in client payments (which the company has historically financed using

short-term debt). On the conference call, management stated that they no longer expect

to reach their net leverage target of 7.0x by YE2015.

On October 29, Empresas ICA announced that it engaged Rothschild as financial advisor

to assist with the evaluation of its current operational situation, as well as to assess

alternatives available to improve the company's long-term performance. In the press

release, management stated that it is currently exploring strategies to improve its liquidity

and reduce its leverage. On the 3Q15 conference call, management stated that the

company remains committed to meeting all of its obligations and does not have any plans

to file for concurso mercantil.

Cash declined by US$55mn qoq to US$401mn in 3Q15 (including US$173mn of restricted

cash) as EBITDA generation and proceeds from asset sales were offset by the repayment

of debt, interest expense paid and capital expenditures. Empresas ICA generated

~MXN2bn from asset sales in 3Q15 (with a total of ~MXN5bn generated from asset sales

YTD), with management expecting to generate an additional ~MXN2bn from asset sales in

4Q15. In the press release, management stated that the company has reduced short-term

debt by ~MXN1.3bn and US$-denominated debt by ~US$130mn YTD. Debt breakdown at

3Q15 was as follows: US$405mn related to construction (12%), US$1.2bn related to

concessions (36%), US$286mn related to airports (8%) and US$1.5bn related to corporate

and other (44%).

In the press release, management stated that asset sales totaled ~MXN5bn in 9M15. On

August 7, Empresas ICA announced that it sold a 2.9% stake in OMA for ~MXN967mn

(~US$59mn), with proceeds to be used to repay debt. In the press release, management

stated that ICA now holds a 33.35% stake in OMA.

Construction Segment (72% of total revenue and 19% of EBITDA in LTM 3Q15*): The

Construction segment reported weak results in 3Q15, as revenue declined 3% yoy (in

MXN terms; -22% yoy in US$ terms) and adjusted EBITDA totaled MXN3mn (vs.

MXN458mn in 3Q14 and MXN106mn in 2Q15). Segment results were negatively

impacted by: (i) lower construction segment revenues in Mexico (-16% yoy), reflecting

delays in project execution; (ii) a less profitable mix of projects under construction; (iii) cost

overruns incurred due to the lack of working capital; and (iv) currency translation effects

from a weaker MXN. The main revenue contributors in 3Q15 were Facchina Construction

Group (“FCG”) contracts, the Mitla-Tehuantepec highway and the Eastern Discharge

tunnel. Construction backlog increased 4% qoq to MXN35bn in 3Q15 (+3% yoy), with

81% of the projects based in Mexico and 89% related to public sector clients.

Construction backlog is equivalent to 20 months of work based on ICA's FY2015 average

construction rate.

Concessions Segment (13% of total revenue and 45% of EBITDA in LTM 3Q15*): The

Concession segment reported strong results in 3Q15, as revenue and adjusted EBITDA

increased 1% and 24% yoy, respectively (in MXN terms; -19% and -1% yoy in US$ terms,

respectively) due to higher average daily traffic (+12% yoy). Traffic volumes benefited

from higher average traffic across all of ICA's operating highways.

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Airport Segment (11% of total revenue and 36% of EBITDA in LTM 3Q15*): The Airport

division reported strong results in 3Q15, as revenue and adjusted EBITDA increased 8%

and 16% yoy, respectively (in MXN terms; -14% and -8% yoy in US$ terms, respectively).

Segment results benefited from: (i) higher aeronautical revenues (+16% yoy in MXN

terms), mainly due to increased domestic and international traffic (+15% and +23% yoy,

respectively); (ii) higher non-aeronautical revenues (+30% yoy) due to growth in OMA

Carga, parking and advertising; and (iii) cost saving initiatives, as well as lower energy

costs.

* Figures do not add up to 100% as segment data excludes contributions from Other segment.

Exhibit 5: Empresas ICA - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Net Revenue 667 546 516 -5% -23% 2,440

Net Revenue (MXN mn) 8,752 8,361 8,486 1% -3% 36,631

Construction 6,133 5,943 5,964 0% -3% 26,387

Concessions 1,254 1,077 1,269 18% 1% 4,734

Airports 1,065 1,060 1,146 8% 8% 4,182

EBITDA 114 82 80 -3% -30% 383

EBITDA (MXN mn) 1,501 1,262 1,316 4% -12% 5,764

Construction 458 106 3 -97% -99% 1,090

Concessions 543 634 671 6% 24% 2,618

Airports 512 527 593 13% 16% 2,049

EBITDA margin 17.2% 15.1% 15.5% 41bps -164bps 15.7%

Cash (1)

539 456 401 401

ST Debt 409 431 306 306

Total Debt 3,553 3,491 3,424 -2% -4% 3,424

Net Debt 3,014 3,035 3,023 0% 0% 3,023

Gross Leverage 7.8x 10.6x 10.7x 8.9x

Net Leverage 6.6x 9.2x 9.4x 7.9x


CS Liquidity Ratio * 1.2x 1.0x 1.0x 1.2x

← Annualized

← Annualized

← Annualized Source: Credit Suisse and Company Filings. Note: Sum of segment revenue and EBITDA does not match consolidated figure, as the consolidated figure includes contributions from the "Other" segment. (1) Cash figure includes ST portion of restricted cash. In 3Q15, 2Q15, and 3Q14, ST restricted cash totaled US$173mn, US$203mn and US$188mn, respectively. * CS Liquidity Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).

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Elementia October 21 – Elementia reported strong results in 3Q15, as revenues and EBITDA increased

10% and 13% yoy, respectively (in MXN terms; -12% and -10% yoy US$ terms, respectively),

reflecting higher contributions across all segments. Credit metrics improved significantly in

3Q15, with LTM net leverage declining to 1.2x (vs. 2.2x in 2Q15) mainly reflecting proceeds

from the company's IPO (completed in 3Q15, see below for additional details).

Cash increased US$198mn qoq in 3Q15 to US$429mn mainly due to proceeds from the

company's IPO and solid EBITDA generation, partially offset by capital expenditures and

working capital drag. Capex totaled US$22mn in 3Q15 (vs. US$13mn in 3Q14), bringing

9M15 capex to US$73mn, with the breakdown as follows: 43% allocated to expansion

projects, 45% allocated to maintenance capex and the remainder allocated to increasing

capacity. Working capital was negatively impacted by higher receivables and inventory

levels in the Building Systems segment, as well as extended payment terms in the Metals

segment. As a result, Elementia's reported cash conversion cycle averaged 38 days

during the quarter (vs. 34 days in 3Q14).

On October 23, Elementia announced the payment of its MXN3bn CEBUR, using

proceeds from the company's US$425mn 5.5% senior unsecured bond due 2025 (issued

in November 2014). In the press release, management stated that net cash consumed

from the transaction totaled MXN2.3bn (including hedges).

On July 10, Elementia completed an IPO of a ~26% stake in the company, raising

~MXN3.9bn (~US$250mn), with proceeds mainly to be used for the expansion of capacity

at the company's Tula cement facility, as well as the final payment to Lafarge for the

company's 47% stake in Cementos Fortaleza.

Cement division (14% of revenues; 29% of EBITDA in 3Q15): The Cement division

reported strong results in 3Q15, as revenue and EBITDA increased 45% and 28% yoy,

respectively (in MXN terms), mainly due to: (i) higher sales volumes (+28% yoy) resulting

from an increased installed capacity utilization rate; (ii) higher average prices (+13% yoy),

reflecting price increases implemented in 1H15 and a more profitable sales mix; and (iii)

improved production and energy costs. On the conference call, management stated that

market dynamics in Central Mexico remain strong, with the company currently operating at

maximum capacity utilization levels. Elementia continues to invest in the addition of a new

production line at the Tula cement plant, aimed at increasing the unit's production capacity

to 3.5mn tons (from 2mn tons currently). The Tula plant expansion is expected to be

completed in mid-FY2017, with total capex estimated at US$250mn (~US$30mn capex

has been deployed as of 3Q15).

Metal Products division (43% of revenues; 32% of EBITDA in 3Q15): Metal Products

division revenue and EBITDA improved 1% and 10% yoy, respectively (in MXN terms),

due to higher average prices (+4% yoy), reflecting management's decision to focus on

higher value-added products, as well as a weaker MXN (the segment is 100% US$-

denominated or US$-linked, with ~40% of costs denominated in US$), partially offset by

lower volumes sold (-3% yoy). On the 3Q15 conference call, management stated that

weaker average copper prices have negatively impacted the company through inventory

devaluations; as a result, Elementia has decided to implement a copper hedging strategy

to protect against inventory write-downs. Management stated that they will enter into

short-term hedges and evaluate the results on a month-by-month basis.

Building Systems division (42% of revenues; 39% of EBITDA in 3Q15): The Building

Systems division reported mixed results, as revenue and EBITDA increased 15% and 1%

yoy, respectively (in MXN terms), reflecting higher volumes sold and higher average prices

(+9% and +5% yoy, respectively), but margins contracted to 17.6% (vs. 20.0% in 3Q14)

due to higher COGS in Central America. On the conference call, management stated that

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the higher COGS results from incremental maintenance expenses related to the

automation of certain plants in El Salvador and Costa Rica. Management believes that

operations will normalize over the coming months, which should positively impact margins.

Exhibit 6: Elementia - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Net Revenues 312 286 274 -4% -12% 1,108

Net Revenues (MXN$ mn) 4,097 4,380 4,510 3% 10% 16,791

EBITDA 57 51 52 1% -10% 194

EBITDA (MXN$ mn) 748 783 848 8% 13% 2,950

EBITDA Margin 18.3% 17.9% 18.8% 91bps 54bps 17.6%

Cash & Equivalents 161 231 429 429


Total Debt 476 680 670 -1% 41% 670

Net Debt 315 449 241 -46% -24% 241





← Annualized

← Annualized

← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).

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Fibria October 23 – Fibria reported strong yoy results in 3Q15, as adjusted EBITDA increased

63% yoy in 3Q15 (in US$ terms; +153% yoy in BRL terms) and margins expanded to

55.6% (vs. 35.1% in 3Q14) mainly due to a weaker BRL, higher average realized pulp

prices (+9% yoy to US$602/ton) and lower cash costs (in US$ terms). In the press release,

management stated that consolidated results benefited from healthy eucalyptus pulp

demand across all markets, especially in China. Cash costs increased 31% yoy in 3Q15

(to BRL659/ton; -16% yoy in US$ terms) due to maintenance stoppages, higher wood

logistics costs, FX impacts and lower energy sales. Cash costs excluding downtime effects

increased 23% yoy in 3Q15 (to BRL589/ton).

Revenues increased marginally in 3Q15 (+3% yoy in US$ terms; +60% in BRL), mainly

due to higher realized prices (+9% yoy to US$602/ton), with average export prices

increasing 10% yoy. This was mostly offset by lower volumes sold (-5% yoy to 1.3mn tons)

reflecting a challenging yoy comparison. Sales volume in 3Q15 was directed as follows:

42% sold to Europe (vs. 39% in 3Q14), 25% to Asia (flat yoy), 25% to North America (vs.

26% in 3Q14) and the remaining 8% sold in Latin America (vs. 10%). Fibria announced a

US$20/ton price increase (effective as of September 1) given the favorable pulp demand

outlook over the coming months.

Pulp production decreased 3% qoq and 5% yoy (to 1.28mn tons), mainly reflecting the

impact of maintenance downtimes, partly offset by an increased number of production

days. Fibria's pulp inventory totaled 53 days in 3Q15 (vs. 54 days in 2Q15 and 50 days in

3Q14). In the 3Q15 press release, management stated that recent changes to regulatory

standards extended the maximum period between boiler inspections from 12 months to 15

months; as a result, management expects the company to benefit from reduced costs and

increased output over the longer term.

Fibria's cash balance increased US$536mn qoq to US$982mn in 3Q15 due to higher

sequential EBITDA (+16% qoq), proceeds from working capital and debt issuance

(~US$360mn). This was partly offset by capital expenditures which totaled US$139mn in

3Q15 (-1% qoq), with investments primarily earmarked for the acquisition of forestry

equipment and industrial expansion of the Horizonte 2 project. Fibria’s credit metrics

improved in 3Q15, with LTM net leverage (as calculated by Credit Suisse) declining to

1.4x (vs. 1.8x in LTM 2Q15) and interest coverage at 10.2x. In the press release,

management disclosed that Fibria has four revolving credit facilities totaling ~BRL2bn

(~US$632mn).

On May 14, Fibria announced that its Board of Directors approved the expansion of the

company's Três Lagoas unit, located in the State of Mato Grosso do Sul. The project

(named "Horizonte 2") includes the construction of a new bleached eucalyptus pulp

production line with a production capacity of 1.75mn tons/year. Total capex related to the

project is estimated at ~BRL7.7bn (~US$2.5bn), with the unit expected to come online in

4Q17. In the press release, management stated that they expect to finance the

construction of the new project using FCF and debt-financing.

In 3Q15, the company executed an amendment to the syndicated export prepayment

contract totalling US$400mn, maturing in 2021, at Libor plus 1.43%. The proceeds will be

used to finance the Horizonte 2 project.

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Exhibit 7: Fibria - Financial Snapshot

In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Pulp Production (000 tons) 1,345 1,321 1,275 -3% -5% 5,268

Pulp Sales Volume (000 tons) 1,372 1,282 1,298 1% -5% 5,219

Domestic Mkt Pulp 138 126 118 -6% -15% 519

Export Mkt Pulp 1,234 1,157 1,180 2% -4% 4,701

Net Revenues 768 752 789 5% 3% 3,021

Domestic Mkt Pulp 67 62 57 -8% -15% 247

Export Mkt Pulp 692 683 723 6% 5% 2,745

Net Revenues (BRL) 1,746 2,309 2,790 21% 60% 9,097

Domestic Mkt Pulp 153 191 203 6% 33% 737

Export Mkt Pulp 1,574 2,099 2,558 22% 63% 8,272

Adjusted EBITDA (1)

269 377 439 16% 63% 1,521

Adjusted EBITDA (BRL) (1)

613 1,157 1,551 34% 153% 4,621

Adjusted EBITDA margin 35.1% 50.1% 55.6% 548bps 2048bps 50.4%

Cash 658 447 982 982


Total Debt 3,504 2,905 3,173 9% -9% 3,173

Net Debt 2,846 2,459 2,191 -11% -23% 2,191




CS Liquidity Ratio* 2.4x 4.5x 6.7x 5.9x

← Annualized

← Annualized

← Annualized Source: Credit Suisse and Company Filings. (1) Adjusted EBITDA adds back: non-recurring/non-cash restructuring expenses, accrual and accounting adjustments, asset disposals, change in FV of biological assets, and excludes EBITDA contribution from discontinued operations. * CS Liquidity Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).

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Financiera Independencia October 22 – Financiera Independencia continued to report weaker results in 3Q15

reflecting challenging economic conditions in Mexico (86% of the company’s loan portfolio)

and Brazil (5% of the company’s loan portfolio). Net income decreased 20% yoy (in MXN

terms; -36% yoy in US$ terms) reflecting: (i) a decrease in net interest income (-1% yoy in

MXN terms); (ii) a decrease in other operating income due to reduced loan portfolio sales,

explained by the better quality of the loan portfolio; and (iii) lower net fee income. This was

partially offset by lower loan loss provisions explained by a yoy decrease in write-offs,

lower administrative expenses and a reduction in foreign exchange losses. The company’s

NIM deteriorated 310bps yoy to 37.2% in 3Q15, due to lower effective lending rates

explained by an increased share of formal sector loans in the AEF, AFI and Independencia

segments. The efficiency ratio in 3Q15 deteriorated 75bps yoy to 65.7% despite lower

administrative expenses, due to a reduction in top-line results.

Net interest income decreased 1% yoy (in MXN terms, -21% yoy in US$ terms), reflecting

lower interest income (-2% yoy in MXN terms) resulting from the aforementioned improved

portfolio mix with higher participation of subsidiaries and lower average effective rate

products. This was partially offset by lower interest expenses (-9% yoy in MXN terms) due

to a 48bps decrease in the average interest rate paid reaching 9.01% in 3Q15 (vs. 9.49%

in 3Q14).

The net loan portfolio (after provisions) increased 2% qoq and was stable yoy (in MXN

terms) reflecting higher loans to the formal sector (+4% qoq) which now represents 64% of

the company’s total loan portfolio (up from 63% in 2Q15 and 59% in 3Q14). This was

partially offset by a decrease in loans to the informal sector (-2% qoq) mainly as a result of

Finsol Brazil’s loan portfolio contraction (-13% qoq). Asset quality improved qoq as the

NPL ratio decreased 43bps qoq to 6.8%, and the coverage ratio remained stable at 1.0x in

3Q15. NPL ratio continues to be below the company’s target of 7.5%, in line with the

company’s strategy of prioritizing loan portfolio quality and profitability over business size.

Exhibit 8: Financiera Independencia - Financial Snapshot in US$mn (except for ratios) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Net Interest Income 83 68 65 -5% -21% 283

NII after Provisions 56 44 44 0% -21% 185

Net Income 6 3 4 52% -36% 16

Cash 34 29 26 -13% -24% 26

Loan Portfolio (ex Provisions) 490 411 390 -5% -20% 390

Net Interest Margin (1) 40.3% 37.7% 37.2% -52bps -310bps 37.8%

NPL/Total Loans 6.2% 7.3% 6.8% -43bps 60bps 6.8%


Loans/Funding 100% 98% 97% 97%


ROAA 2.9% 1.4% 2.2% 2.1%

ROAE 9.5% 4.3% 6.8% 6.7%

Efficiency Ratio (2) 65.0% 65.9% 65.7% -15bps 75bps 64.5% Source: Credit Suisse and Company Filings. (1) NIM defined as Net Interest Income before provisions / Average Total Assets (2) Efficiency Ratio = Operating expenses / (Net interest income + net fee revenue + market related income + other operating income)

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Grupo Bimbo October 22 – Grupo Bimbo reported strong yoy results in 3Q15 as EBITDA increased 19%

yoy (in MXN terms; -5% in US$ terms) with margins expanding 56bps yoy to 11.6%,

mainly reflecting: (i) strong performance in Mexico (EBITDA up 18% yoy in MXN terms; -

6% in US$ terms) driven by higher sales resulting from an improved consumption

environment along with lower manufacturing and logistics costs due to operational

efficiencies; and (ii) higher contributions from the USA & Canada segment (+43% yoy in

MXN terms; +14% yoy in US$ terms) as a result of solid top line generation coupled with

lower restructuring charges, lower raw material costs and additional savings from

operational efficiencies. This was partially offset by an EBITDA drag of -US$64mn in

Europe (affected by cuts in private label prices in the Iberian region), together with lower

proceeds from Latin America (-43% yoy in MXN terms; -55% yoy in US$ terms) due to

higher expenses arising from the set-up of a new IT platform and the construction of new

plant in Argentina.

Consolidated revenues increased 14% yoy (in MXN terms; -9% in US$ terms) supported

by solid top line generation (in MXN terms) across all regions. Consolidated revenues

mainly benefited from the positive effect of MXN depreciation on the USA & Canada

region revenues (+23% in MXN terms; -2% in US$ terms). Revenues further benefited

from (i) higher revenues in the domestic market (+6% in MXN terms) driven by a higher

demand for sliced bread coupled with a strong performance of sweet baked products and

confectionary categories; (ii) higher revenues at Latin America (+8% in MXN terms)

underpinned by the Latin Central division; and (iii) higher sales in Europe (+4% in MXN

terms) led by higher proceeds from snack sales. Revenue breakdown in 3Q15 was as

follows: the USA & Canada represented 53%, Mexico represented 33%, Latin America

represented 11% and Europe represented the remainder.

Bimbo´s cash increased US$29mn qoq to US$237mn reflecting solid sequential EBITDA

generation. This was partially offset by high working capital requirements (net outflow of

US$116mn), capital expenditures and the repayment of debt (total debt declined 9% qoq).

Capex totaled US$139mn in 3Q15 (vs. US$133mn in 2Q15 and US$138mn 3Q14). On

the conference call, management stated that Bimbo will invest ~CAD40mn to integrate

Canada Bread´s IT operations in 4Q15 and early FY2016. Credit metrics moderately

improved in 3Q15, with LTM net leverage at 2.4x (vs. 2.7x in LTM 2Q15) and interest

coverage at 5.1x (flat qoq).

On the conference call, management stated that they still lack certain authorizations to

complete the acquisition of Panrico, but they expect to close the transaction by 4Q15.

Exhibit 9: Grupo Bimbo - Financial Snapshot

In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM

Net Revenue (MXN mn) 49,429 53,093 56,219 6% 14% 210,279

Net Revenue 3,767 3,465 3,419 -1% -9% 13,895

EBITDA (MXN mn) 5,477 5,654 6,542 16% 19% 21,757

EBITDA 417 369 398 8% -5% 1,433

EBITDA margin 11.1% 10.6% 11.6% 99bps 56bps 10.3%

Cash 268 208 237 237

ST Debt 111 636 259 259

Total Debt 4,465 4,077 3,702 -9% -17% 3,702

Net Debt 4,197 3,869 3,465 -10% -17% 3,465




CS Liquidity Ratio 4.7x 1.9x 3.4x 3.1x

← Annualized

← Annualized

← Annualized Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Grupo Elektra October 28 – Grupo Elektra reported solid results in 3Q15, as EBITDA increased 8% yoy

(in MXN terms; -14% yoy in US$ terms) and margins expanded 86bps yoy to 14.2%,

reflecting a solid top line performance from the Commercial segment (+5% yoy in MXN

terms) coupled with higher fixed cost dilution at the Financial segment driven by a

reduction in provisions for loan losses. This was partially offset by higher SG&A pressure

(44% of revenues vs. 42% in 3Q14).

Revenues in 3Q15 increased 2% yoy (in MXN terms) reflecting higher revenues from the

commercial segment (+5% yoy in MXN terms) resulting from successful initiatives aimed

at improving customer satisfaction (such as improving the product mix at stores and a

highly trained sales force). This was partially offset by weak top line performance at the

financial segment affected by lower revenues from Banco Azteca Mexico (-7% yoy in MXN

terms). Grupo Elektra currently has 8,069 points of sale, down -13% yoy reflecting 1,183

store closings since 3Q14. The point of sale breakdown as of 3Q15 was as follows:

Mexico 4,932, North America: 2,364 and 773 in Central and South America.

The consolidated gross loan portfolio at 3Q15 (including Banco Azteca Mexico, Advance

America and Banco Azteca Latin America) decreased -12% to MXN67.6bn

(US$4.12bn).Banco Azteca Mexico’s gross loan portfolio declined 15% yoy to MXN52.3bn

(~US$3.2bn) and its NPL ratio and coverage ratio were 7.1% (vs. 8% in 3Q14) and 1.64x,

respectively, while Advance America’s loan book increased 15% yoy to MXN5.3bn. At

Advance America, management expects more dynamism in the operations supported by

the successful launch of title loans in the U.S. Grupo Elektra’s consolidated deposits

increased 14% yoy to MXN98.6bn (~US$6.bn).

Cash decreased US$258mn qoq to US$1.2bn, mainly due to working capital requirements,

the payment of taxes (US$27mn), US$21mn in financial charges and US$19mn in capex

(vs. US$34mn in 2Q15 and US$40mn in 3Q14). Credit metrics remain strong with a

negative net debt position and cash to STD at 2.4x.

Exhibit 10: Grupo Elektra - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM

Revenues 1,385 1,182 1,125 -5% -19% 5,059

Revenues (MXN mn) 18,177 18,105 18,501 2% 2% 76,215

EBITDA 185 136 160 18% -14% 673

EBITDA (MXN mn) 2,433 2,083 2,635 26% 8% 10,181


Cash 1,412 1,464 1,206 1,206


Total Debt 1,474 1,181 1,171 -1% -21% 1,171

Net Debt 62 (283) (35) nmf nmf (35)


Net Leverage 0.1x nmf nmf nmf


CS Liquidity Ratio * 7.6x 3.3x 3.2x 3.2x← Annualized

← Annualized

← Annualized

Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Grupo Famsa October 22 – Grupo Famsa reported solid results in 3Q15, with EBITDA up 16% yoy (in

MXN terms; -7% yoy in US$ terms) and margins expanding 53bps yoy to 10.9%, reflecting:

(i) additional contributions from the opening of 13 new stores over the last twelve months

(including one opened in 3Q15) and the opening of 50 new banking branches (mainly

through the conversion of pawn shops acquired in 4Q13); (ii) continued SSS growth at both

Famsa Mexico and Famsa USA (+8% yoy and +3.4% yoy (in US$ terms), respectively); and

(iii) increasing EBITDA contributions from Famsa Mexico and Famsa USA (+17% and +3%

yoy in MXN terms, respectively), as revenue growth continues to outpace the increase in

operating costs and SG&A resulting from higher volumes and a larger number of stores

operated. On the conference call, management reaffirmed FY2015 EBITDA guidance at

MXN1.72bn – MXN1.8bn. Additionally, management stated they intend to open six new

stores and six banking branches over the remainder of the year (all within Mexico).

Consolidated revenue increased 11% yoy (in MXN terms; -12% in US$ terms), reflecting

strong sales in Mexico and Famsa USA (+9% and +28% yoy, respectively in MXN terms).

Mexico same-store-sales (“SSS”) showed continued recovery, increasing 8% yoy supported

by product marketing strategies focused on driving demand for core categories such as

Motorcycles, Furniture and Home Appliances. Famsa USA SSS grew 3.4% (excluding

foreign exchange effects) supported by strong growth in the Famsa-to-Famsa segment

(sales in the U.S. for delivery in Mexico) for a consolidated SSS growth of 7.1% yoy.

Banco Ahorro Famsa´s ("BAF") bank deposits grew 5% qoq and 12% yoy to MXN16.5bn

with an average interest rate of 4.2% (vs. 4.4% in 2Q15). NPLs showed continued

improvement posting a 150bps qoq decline in 3Q15 to 10.4%, supported by an

improvement in debt collection and underwriting efforts with differentiating strategies on a

regional basis. Additionally, management stated that the company is diversifying its credit

portfolio with more loans for Micro, Small and Medium Enterprises, which carry lower

NPLs (2.3% as of 3Q15). BAF’s consumer loan book in Mexico increased 7% yoy to

MXN19.8bn, commercial loans increased 44% yoy to MXN3.9bn, and the U.S. consumer

loan book increased 40% yoy to MXN2.6bn.

Cash declined US$11mn qoq to US$73mn primarily reflecting higher working capital

needs due to consumer and commercial loans growing at a faster pace than deposits, and

translation effects from a weaker MXN. LTM net leverage increased to 4.0x in 3Q15 (from

3.7x in 2Q15), while interest coverage increased to 2.2x (vs. 2.1x in 2Q15).

Exhibit 11: Grupo Famsa - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM

Same Stores Sales -1.1% 8.8% 7.1% -170bps 820bps 5.3%

Famsa Mexico -1.5% 10.0% 8.0% -200bps 950bps 6.0%

Famsa USA 4.0% 2.7% 3.4% 70bps -60bps 1.9%

Revenues 274 268 242 -9% -12% 1,062

Revenues (MXN mn) 3,598 4,104 3,987 -3% 11% 16,014

EBITDA 28 30 26 -12% -7% 112

EBITDA (MXN mn) 373 461 434 -6% 16% 1,695

EBITDA Margin 10.4% 11.2% 10.9% -33bps 53bps 10.5%

Famsa Mexico 10.9% 11.8% 11.8% 2bps 86bps 11.1%

Famsa USA 7.4% 7.5% 6.0% -154bps -141bps 4.7%

Cash 97 83 73 73


Total Debt 592 517 518 0% -12% 518

Net Debt 495 434 446 3% -10% 446




CS Liquidity Ratio* 0.6x 0.6x 0.6x 0.6x← Annualized

← Annualized

← Annualized

Source: Credit Suisse and Company Filings. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Grupo KUO October 27 – Grupo Kuo reported mixed results in 3Q15 as revenue declined 14% yoy (in

US$ terms) but EBITDA increased 4% yoy (in US$ terms), with margins expanding

216bps yoy to 12.5%. EBITDA benefited from improved margins at the Chemical segment

(due to effective cost management) coupled with a solid performance at the Automotive

segment. This was partially offset by lower contributions from the Consumer segment (-

33% yoy in US$ terms). Cash declined US$14mn qoq driven by working capital

requirements and capex, but credit metrics remained stable with LTM net leverage at 2.4x

(flat qoq) reflecting solid sequential EBITDA generation.

Capex totaled US$20.6mn in 3Q15, with: (i) US$11.2mn allocated to capacity expansions

at the Consumer segment; (ii) US$4.6mn allocated to infrastructure improvements, the

deployment of new systems and the integration of product lines at the Automotive

segment; and (iii) US$4.8mn allocated to the construction of a emulsion rubber plant

(through the JV with GPRO), the construction of a synthetic rubber solution plant (through

the JV with SNXCI) and maintenance works at the Chemical segment.

On October 7, the company paid dividends of ~MXN160mn.

On October 1, Grupo Kuo and Repsol concluded the transfer of strategic business units to

Dynasol (50/50 JV). Kuo contributed its Mexican emulsion rubber business, as well as its

nitrile rubber business, and Repsol contributed its chemicals accelerators business in

Spain. As a result of the transaction, Grupo Kuo received US$70mn of FCF. Both

companies expect Dynasol to become a key player in the European, US and Asian

markets.

Consumer Segment (44% of revenue in 3Q15 and 3Q14): Consumer segment sales

and EBITDA in 3Q15 declined 16% and 33% yoy, respectively (in US$ terms) mainly

reflecting the ongoing impact of the normalization of pork prices, following the outbreak of

the PED virus in 2013 and the negative effect of a weaker MXN in Herdez del Fuerte

results. This was partially offset by higher pork meat volumes sold in both the domestic

and the export market as a result of operational efficiencies and increased capacity at

farms and slaughterhouses; coupled with (i) an improved consumption environment in

Mexico which resulted in higher branded product sales; (ii) a stronger branded product mix

in Mexico and the US; and (iii) solid performance of the Guacamole business.

Chemical Segment (34% of revenue vs. 37% in 3Q14): Chemical segment sales

declined 20% yoy (in US$ terms) but EBITDA increased 80% yoy (in US$ terms), mainly

reflecting lower average selling prices but improved margins as a result of: (i) the

implementation of effective pricing (supported by the recovery of butadiene prices early in

3Q15) and cost reduction initiatives undertaken at the Synthetic Rubber business (EBITDA

up 88% yoy in US$ terms); and (ii) higher fixed cost dilution at the Plastics segment

(EBITDA up 61% yoy in US$ terms) due to higher volumes sold and lower feedstock

prices.

Automotive Segment (22% of revenue vs. 19% in 3Q14): Automotive segment sales in

3Q15 increased 2% yoy (in US$ terms) mainly due to higher contributions from Kuo's

Transmissions SBU (+7% yoy, in US$ terms), supported by higher demand for the

Challenger´s TR6060 transmissions and Daimler, Volvo and AM General components.

This was partially offset by lower proceeds from the Aftermarket segment (-6% yoy in US$

terms) impacted by a weaker MXN. Automotive segment EBITDA increased 40% yoy (in

US$ terms), reflecting solid top line generation coupled with a better sales mix and lower

raw material costs in Kuo´s transmission SBU. This was partially offset by lower proceeds

from the Aftermarket segment, despite the strong performance of its main product lines in

the domestic market, due to negative currency translation effects.

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Exhibit 12: Grupo KUO - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Revenue 522 463 448 -3% -14% 1,860

Revenue (MXN Ps) 6,849 7,095 7,366 4% 8% 28,135

EBITDA 54 48 56 17% 4% 172

EBITDA (MXN Ps) 709 736 921 25% 30% 2,644


Chemical EBITDA 11 15 20 35% 80% 47

Consumer EBITDA 33 17 22 29% -33% 98

Automotive EBITDA 10 14 13 -7% 40% 25

Cash 177 120 106 106


Total Debt 509 518 518 0% 2% 518

Net Debt 332 398 412 4% 24% 412





← Annualized

← Annualized


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Javer October 22 – Javer reported weaker results in 3Q15, as revenues and EBITDA decreased

6% and 30% yoy, respectively, in MXN terms (-25% and -44%, respectively, in US$ terms).

Results were negatively affected by: (i) higher housing costs stemming from the new

Infonavit loan origination rules (introduced in FY2014); (ii) lower units titled (-10% yoy to

4,507 homes) due to subsidy interruptions and new developments which are still ramping

up to a more steady rate and did not fully offset depleted developments from FY2014; and

(iii) increased SG&A expenses (+309bps yoy to 14.5% of sales) arising from MXN45.7mn

non-recurring start-up costs allocated to new developments and the preparation of Javer’s

IPO process. This was partially offset by higher average prices (+4% yoy to MXN338k)

due to an improved sales mix (MI segment represented 65% of total units titled in 3Q15,

vs. 53% in 3Q14).

Javer sold 4,507 homes in 3Q15 (-10% yoy) due to lower contribution from the AEL

segment (-43% yoy to 1,191 units), partially offset by higher MI home sales (+11% yoy to

2,931 units) and higher Residential home sales (+57% yoy to 385 units). Reduced

contributions from the AEL segment can be attributed to the depletion of subsidies by mid-

year (subsidies down 36% yoy). The company’s sales mix in 3Q15 (in terms of number of

units) was 26.4% AEL (vs. 42.0% in 3Q14), 65.0% MI (vs. 53.0% in 3Q14) and 8.5%

Residential (vs. 4.9% in 3Q14).

On the 3Q15 conference call, management provided updated FY2015 guidance expecting

homes titled to reach 19,000 (+3% yoy, at the low end of prior guidance), revenues of

MXN6bn and EBITDA of MXN1bn (in line with prior guidance) and slightly positive FCF (vs.

prior guidance of MXN200mn FCF and vs. MXN66mn FCF in FY2014). Management

stated that they expect average prices to continue to increase in 4Q15 due to an improved

product mix, reflecting ongoing low subsidy availability that is expected to continue to

dampen demand for AEL homes. Management stated that SEDATU intends to administer

the remaining FY2015 subsidy budget in monthly instalments with caps on a state level.

Mexico’s initial budget for FY2016 proposes MXN10.6bn of subsidies (down 7% yoy vs.

the MXN11.4bn subsidy budget in FY2015.)

Free cash flow in 3Q15 was negative -MXN313mn (-US$19mn), affected by: (i)

urbanization and construction expenditures required for the launching of Javer’s new

developments; (ii) working capital requirements (net outflow of MXN367mn); and (iii) the

payment of interest. In the press release, management stated that working capital was

affected by the normalization of work-in-progress inventory after being affected by heavy

rains in the northeast of Mexico during 1H15. As a result, Javer's working capital cycle

deteriorated to 312 days in 3Q15 (vs. 308 days in 3Q14). Cash decreased to US$68mn in

3Q15 (vs. US$113mn in 2Q15) and LTM net leverage deteriorated to 3.9x (vs. 2.8x in LTM

2Q15).

Javer's land reserves at 3Q15 totaled 99k units (-3% yoy, -4% qoq), of which 65% are

owned and the rest held through land trust agreements. Javer’s home starts in 3Q15

declined 16% yoy to 4.4k units (vs. 5.2k in 3Q14) mainly due to start-up delays, with lower

home completions at 4.5k (vs. 5.3k in 3Q14).

During 3Q15, Javer repurchased US$18.7mn of its US$320mn senior notes at market

prices (a premium to face value). Management stated that the company has sufficient

cash on hand for operations and therefore wants to reduce debt, seeking to position its

balance sheet to a more optimal size and with a more optimal cost position.

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Exhibit 13: Javer - Financial Snapshot

In US$mn (Unless noted otherwise)3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Volume (# Homes) 4,985 4,465 4,507 1% -10% 18,211

Revenues (MXN$mn) 1,662 1,455 1,569 8% -6% 6,177

Revenues 127 95 95 0% -25% 409

EBITDA (MXN$mn) 279 173 195 13% -30% 836

EBITDA 21 11 12 5% -44% 56

EBITDA margin 16.8% 11.9% 12.4% 56bps -437bps 13.6%

FCF Reported (MXN$mn) 69 113 (313) -376% -554% 186

FCF Reported 5 7 (19) -357% -462% 14

Cash 93 113 68 68

ST Debt 2 2 2 2

Total Debt 290 294 284 -3% -2% 284

Net Debt 197 181 216 19% 10% 216





← Annualized

← Annualized


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Klabin October 26 - Klabin reported solid operational results in 3Q15, as revenue and adjusted

EBITDA (as calculated by Credit Suisse) increased 13% and 21% yoy (in BRL terms, -

27% and -22% yoy in US$ terms), but credit metrics continued to deteriorate, with LTM net

leverage increasing to 4.7x (vs. 4.0x LTM net leverage in 2Q15), mainly reflecting

investments made in the Puma project.

Consolidated results benefited from higher average paper prices (+23% yoy in BRL terms),

increased contributions from export markets and a weaker BRL. This was partially offset

by weaker domestic demand and higher cash costs. Cash costs (as reported by Klabin

and excluding non-recurring items) increased 10% yoy to BRL2,007/ton in 3Q15, reflecting

higher energy costs, as well as negative impacts from inflationary pressures and a weaker

BRL (on US$-denominated inputs, which management stated averages ~9% of total

costs). Management expects cash costs to continue to increase in line with inflation. On

the conference call, management stated that they expect strong results in 4Q15, reflecting

benefits from a weaker BRL, as well as Klabin's strategy to target the export market

(exports are expected to increase +10% qoq and +30% yoy in 4Q15). Management also

stated that the company has additional flexibility to further increase exports to the

international market, but stated that it is contingent upon weakening demand in the

domestic market.

Revenues increased 13% yoy in 3Q15 (in BRL terms; -27% yoy in US$ terms), mainly

reflecting higher contributions from export revenues (+55% yoy in BRL terms), partially

offset by lower contributions from the domestic market (-1% yoy in BRL terms). Export

revenues benefited from a weaker BRL, as well as Klabin's ability to reallocate sales

volume to export markets. In 3Q15, the export segment generated 33% of consolidated

revenues (vs. 31% in 3Q14). On the conference call, management stated that Klabin will

continue to focus on increasing export volumes to offset the ongoing challenges in the

domestic market.

Sales volumes (excluding the sale of lumber) decreased 1% yoy in 3Q15 mainly due to: (i)

lower kraftliner sales volume (-2% yoy), due to weaker domestic market demand (-28%

yoy to 27k tons), partially offset by higher export sales volume (+11% yoy to 79k tons);

and (ii) lower conversion sales volume (-6% yoy) reflecting the weaker macro environment

in Brazil, as well as a challenging yoy comparison (3Q14 benefited from strong demand

following the World Cup in 2Q14). This was partially offset by higher coated boards sales

volume (+8% yoy to 172k tons), reflecting higher output from the Monte Alegre unit. In the

press release, management stated that Klabin's flexible product offering and a weaker

BRL resulted in export sales volumes increasing 8% yoy (to 33% of total sales volume, vs.

31% in 3Q14).

Klabin's cash balance declined in 3Q15 by US$192mn (to US$1.5bn), as proceeds from

the issuance of debt were offset by high capex (~US$315mn), mainly related to ongoing

investments in the Puma project (~US$274mn in 3Q15), higher interest payments and

working capital requirements. Credit metrics continued to deteriorate in 3Q15, with LTM

net leverage increasing to 4.7x (vs. 4.0x LTM net leverage in 2Q15), mainly reflecting

investments made in the Puma project. On the conference call, management stated that

they expect net leverage to reach more normalized levels by YE2016.

On October 27, S&P affirmed Klabin's BBB- rating, but revised its outlook to Negative,

from Stable, citing the possibility of a downgrade if the company's credit metrics do not

recover as expected in FY2016. In the release, S&P stated that Klabin has a moderate

sensitivity to Brazilian sovereign risk, due to its export-orientated business model (which is

expected to further improve when the Puma project comes online). S&P stated that it

expects Klabin's net leverage to peak at ~6.5x in FY2015, but expects metrics to improve

to 3.0x-3.5x once the Puma plant is fully operational.

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In 2013, Klabin began the construction of its new Puma pulp mill which is expected to have

annual production capacity of 1.5mn tons (including 1.1mn and 400k tons of hardwood and

softwood pulp, respectively) when it comes on line in FY2016. The mill additionally will

generate 272MWh of energy, of which 122MWh will be used to power the unit and the

remainder sold in the market. In 3Q15, capex related to the Puma project totaled

~BRL970mn, with the project ~87% completed (~70% of the capex already disbursed). On

the 3Q15 conference call, management stated that they expect Puma to contribute ~900k

tons of pulp in FY2016 (one-third hardwood pulp and two-thirds softwood pulp).

Exhibit 14: Klabin - Financial Snapshot In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Volumes Sold ex-wood (000' tons) 467 435 463 6% -1% 1,778

Wood Sold (000' tons) 723 990 600 -39% -17% 3,102

Net Revenues 564 436 409 -6% -27% 1,794

Net Revenues (BRLmn) 1,282 1,338 1,446 8% 13% 5,349

Adjusted EBITDA (1)

192 128 149 16% -22% 621

Adjusted EBITDA (BRLmn) (1)

436 394 526 34% 21% 1,850

Adjusted EBITDA margin 34.0% 29.4% 36.4% 697bps 239bps 34.6%

Cash (2)

2,573 1,689 1,497 1,497


Total Debt 4,219 4,313 4,439 3% 5% 4,439

Net Debt 1,646 2,625 2,942 12% 79% 2,942





← Annualized

← Annualized

← Annualized Source: Credit Suisse and Company Filings. (1) Adjusted EBITDA as calculated by Credit Suisse; excludes change in fair value of biological assets, equity pick-up and other operating income (expenses). (2) Cash includes marketable securities and short term investments (mainly CDs). Note: Total volumes sold includes sale of "Other" products. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Maxcom October 22 – Maxcom reported weak results in 3Q15, as revenue and EBITDA declined

18% and 45% yoy, respectively (in MXN terms), mainly due to: (i) lower average

commercial and residential ARPU (-27% and -6% yoy, respectively), reflecting the

elimination of long-distance billing and increased competitive pressures; (ii) lower

consolidated RGUs (-6% yoy to ~589k RGUs), with Maxcom's customer base declining

14% yoy (to ~222k customers); (iii) higher SG&A expenses (-548bps yoy representing

31% of net revenues) mainly due to higher payroll expenses. As a result, margins

contracted 702bps yoy to 14.6%. This was partially offset by the elimination of

interconnection rates to the preponderant carrier. In the press release, management

stated that in September the company implemented a downsizing process which is

expected to generate annual savings in payroll expenses of approximately MXN100mn.

Consolidated revenues declined 18% yoy in 3Q15 (in MXN terms; -35% yoy in US$ terms),

reflecting weaker contributions across all segments. Residential and commercial segment

revenues both declined 16% yoy, with public telephony and wholesale revenues declining

53% and 18% yoy, respectively. Total RGUs declined 6% yoy, reflecting lower residential

RGU (-12% yoy), partially offset by higher commercial RGUs (+14% yoy).

Cash declined US$26mn qoq to US$30mn, reflecting capital expenditures (~US$14mn in

3Q15, vs. US$12mn in 2Q15), interest paid on the company's senior notes, the repurchase of

US$14.7mn of senior step-up notes and working capital drag (~US$2mn). Capex during the

quarter was primarily earmarked to increase and improve the capacity of Maxcom's fiber optics

network and internet infrastructure, as well as to renew the company's operation systems.

Credit metrics continued to deteriorate, with LTM net leverage increasing to 3.9x in 2Q15 (vs.

2.8x in 2Q15), reflecting cash burn and lower EBITDA generation. In the press release,

management stated that Maxcom repurchased US$14.7mn of its senior secured bonds; as a

result, total bond debt outstanding is ~US$138mn. YTD, Maxcom purchased and cancelled a

total principal amount of US$37.3mn senior secured notes using US$25.9mn following its debt

reduction policy to mitigate the negative effects of the MXN depreciation.

On October 14, Maxcom entered into a five-year term loan agreement with Banco

Nacional de Comercio Exterior for MXN100mn. On the conference call, management

stated that net proceeds from the loan will strengthen cash position, and will be used to

finance investment projects.

Exhibit 15: Maxcom - Financial Snapshot In US$mn (unless nothed otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Total Customers (000s) 256.7 231.1 221.7 -4% -14% 221.7

Residential Customers (000s) 253.9 228.5 219.2 -4% -14% 219.2

Commercial Customers (000s) 2.8 2.6 2.5 -3% -10% 2.5

Net Adds (000s) (0.2) (10.8) (9.4) (35.0)

Total RGUs (000s) 628.5 598.9 589.3 -2% -6% 589.3

Revenues 54 39 35 -10% -35% 164

Revenues (MXN mn) 707 599 578 -3% -18% 2,463

EBITDA 12 5 5 2% -56% 28

EBITDA (MXN mn) 153 77 85 9% -45% 420

EBITDA margin 21.7% 12.9% 14.6% 170bps -702bps 17%

Cash 122 56 30 30


Total Debt (1)

179 153 141 -8% -21% 141

Net Debt 58 98 111 14% nmf 111




CS Liquidity Ratio* 10.0x 8.0x 4.6x 4.6x

← Annualized

← Annualized


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Mexichem October 20 –Mexichem reported solid results in 3Q15 as EBITDA increased 13% yoy (in

US$ terms) to US$234mn and margins expanded 170bps yoy to 16.2%, mainly supported

by ongoing strong performance of the “Vinyls” segment (formerly “Chlor-Vinyls”) and the

“Fluent” segment (formerly “Integral Solutions”). Strong results from the Vinyls segment

(EBITDA up 119% yoy) reflected additional contributions from the consolidation of Vestolit,

lower feedstock and energy costs and a significant yoy increase in the output of PMV (JV

with Pemex) due to the overhaul of PMV’s operations in 3Q14. In the Fluent segment,

EBITDA increased 19% yoy, benefitting from the consolidation of Dura-Line, coupled with

the phase-out of certain low margin product lines. This was partially offset by low demand

for metallurgic fluorspar at the Fluorine segment (EBITDA -3% yoy), US$ appreciation

(which negatively impacted EBITDA by US$22mn in 3Q15), and the adoption of a new

exchange rate regime to translate Venezuelan results (negative EBITDA impact of

US$14mn in 3Q15.)

Consolidated revenues increased 3% yoy in 3Q15 driven by the aforementioned increase

in PMV´s output (VCM production increased 40% yoy) and additional contributions from

the consolidation of Vestolit. This was partially offset by: (i) lower proceeds from the Fluent

segment (-5% yoy) impacted by negative translation effects; and (ii) lower proceeds from

the Fluorine segment impacted by weaker demand for metallurgic fluorspar from the steel

sector, partially offset by improved performance of acid grade fluorspar and hydrofluoric

acid.

Cash declined US$66mn in 3Q15 reflecting capex spending, US$46mn of tax payments,

US$49mn in financial charges, dividend payments (US$15mn outflow) and debt

repayments. This was partially offset by a positive variation in working capital (net inflow of

US$106mn). In 3Q15, capex totaled US$216mn with US$128mn invested in the

construction of an ethylene cracker (in association with OxyChem), US$16mn invested in

PMV and the remaining US$72mn allocated to organic growth and efficiency projects.

Credit metrics remained stable in 3Q15 with LTM net leverage at 2.2x (flat qoq) and LTM

Interest coverage at 3.9x (vs. 3.1x in 2Q15).

Management provided FY2015 EBITDA guidance of US$900mn and stated that

Mexichem's profitability should continue to improve in FY2016 despite macroeconomic

headwinds. Management believes there are several factors that will enable the company

to generate positive results in a volatile environment, including: (i) Mexichem´s industrial

flexibility which allows the company to quickly change production to meet market demand

and to change production location to maximize plant utilization; and (ii) cross selling

opportunities.

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Exhibit 16: Mexichem - Financial Snapshot In US$mn (Unless otherwise stated) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Revenue 1,429 1,519 1,446 -5% 1% 5,778

Vinyls 476 559 535 -4% 12% 2,067

Fluent 838 830 793 -4% -5% 3,245

Fluorine 166 177 151 -15% -9% 645

EBITDA (1)

207 266 234 -12% 13% 838

Vinyls 36 92 79 -14% 119% 261

Fluent (1)

100 123 119 -3% 19% 386

Fluorine (1)

62 65 60 -8% -3% 245

EBITDA margin (1)

14.5% 17.5% 16.2% -133bps 170bps 14.5%

Vinyls 7.6% 16.5% 14.8% -169bps 720bps 12.6%

Fluent (1)

11.9% 14.8% 15.0% 19bps 307bps 11.9%

Fluorine (1)

37.3% 36.7% 39.7% 301bps 239bps 38.0%

Cash 897 604 538 538


Total Debt 2,515 2,391 2,350 -2% -7% 2,350

Net Debt 1,618 1,787 1,812 1% 12% 1,812



Interest Coverage 4.2x 4.8x nmf 3.9x


← Annualized

← Annualized

← Annualized

Source: Credit Suisse and Company Filings. Note: Company now presents financial data in US$ reporting currency. In 3Q15, Mexichem changed the name of the "Chlorine Vinyl" and the "Integral Solutions" segments to "Vinyls" and "Fluent", respectively. Segment Revenue and EBITDA do not sum to totals due to intercompany adjustments. (1) LTM EBITDA excludes one-time non-recurring earnings of US$16.8mn in the Fluorine segment related to a legal settlement IN 4Q14. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Millicom October 22 – Millicom reported solid results in 3Q15, as EBITDA increased 2% yoy and

margins expanded 137bps yoy (to 34.1%) reflecting solid contributions from Central

America, partially offset by moderately weaker contributions from South America and weak

results from Africa. In the 3Q15 press release, Millicom affirmed its FY2015 guidance of

revenues between US$6.8bn-US$7.2bn, EBITDA ranging between US$2.12bn-

US$2.26bn, and capex between US$1.25bn-US$1.35bn. Management previously stated

they expect cash taxes of ~US$300mn. The company had previously revised its FY2015

guidance moderately downward due to currency translation effects from weaker currencies

across key markets.

Millicom's cash balance increased marginally to US$854mn in 3Q15 (vs. US$805mn in

2Q15), mainly due to solid EBITDA generation, proceeds from the issuance of debt and

working capital inflows. This was partially offset by the repayment of debt, capital

expenditures and dividends paid. Capex totaled US$334mn in 3Q15 (vs. US$331mn in

3Q14), with investments primarily earmarked for mobile network infrastructure and fixed-

line infrastructure in Latin America (primarily Colombia), as well as wireless network

infrastructure in Africa. Credit metrics remained solid in 3Q15, with LTM net leverage at

1.9x and interest coverage at 5.0x.

On October 26, Millicom announced that it completed the acquisition of an 85% stake in

Zanzibar Telecom ("Zantel"), with the government of Zanzibar retaining the remaining 15%

stake. Millicom had previously stated that the acquisition price for Zantel was ~US$74mn

(through the assumption of debt). Management previously stated that the acquisition is in

line with the company's strategy of strengthening its overall position in Tanzania (which is

Millicom's largest market in Africa). In FY2014, Zantel had ~1.7mn subscribers in

Zanzibar and mainland Tanzania and generated revenues of US$82mn. Millicom

previously stated that they expect Zantel to generate US$25mn of EBITDA going forward.

On October 21, Millicom announced that it reported to law enforcement authorities in the

United States and Sweden of potential improper payments made on behalf of the

company's JV in Guatemala ("Comcel"). No additional details were provided. Millicom

owns a 55% stake in Comcel, with Grupo Miffin owning the remaining 45% stake. In

FY2014, Comcel issued US$800mn 6.875% senior unsecured notes due 2024. On

October 26, Moody's affirmed Millicom and Comcel's B1 ratings, but placed both issuers

under review for a downgrade. In the release, Moody's stated that there is currently little

additional information made available by the companies, and therefore it is difficult to

estimate the timing and legal outcome of the investigation, as well as the size of any

potential monetary penalty.

On July 31, Millicom announced that it received the requisite consents to amend the net

leverage ratio governing its US$500mn 4.750% senior unsecured notes due 2020 and its

US$800mn 6.625% senior unsecured notes due 2021 to 3.0x (from 2.5x). Management

previously stated that the consent aimed to align the net leverage ratio in the debt

incurrence covenant of the 2020 and 2021 notes with the debt incurrence covenant

governing its US$500mn 6% senior unsecured notes due 2025.

South America segment (47% of revenue; 44% of EBITDA): The South American

segment reported moderately weaker results in 3Q15, as revenue and EBITDA declined

6% and 3% yoy, respectively, but margins expanded 132bps yoy (to 35.2%). Consolidated

results were negatively impacted by lower revenue contributions in Colombia and

Paraguay (-6% and -15% yoy in US$ terms) reflecting currency translation effects from a

weaker Colombian Peso and Paraguayan Guarani (which depreciated 52% and 23% yoy,

respectively). Excluding currency translation effects, segment revenue increased 7% yoy

reflecting higher mobile and cable subscribers (+8% and +3% yoy, respectively) and

increased data penetration (up ~700bps to 42.1%). This was partially offset by lower

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average ARPU (-5% yoy to US$8.5 per subscriber) due to the reduction of MTRs in

Colombia and Paraguay (in January 2015 and November 2014, respectively) and

increased pricing competition in Colombia, resulting from the elimination of mandatory

contract terms.

Central America segment (39% of revenue; 48% of EBITDA): The Central America

segment reported solid results in 3Q15, as revenues and EBITDA increased 5% and 4%

yoy, respectively. Consolidated results benefitted from: (i) higher contributions from

Guatemala, due to solid data growth and higher cable revenue; (ii) strong contributions

from Honduras reflecting solid data growth, coupled with increased contributions from

cable; and (iii) higher contributions from cable in Costa Rica. Margins contracted

marginally, reflecting a weaker sales mix in Guatemala, as well as increased commercial

efforts and a new wholesale contract in Honduras.

Africa segment (15% of revenue; 8% of EBITDA): The Africa segment reported weak

results in 3Q15, as revenues and EBITDA declined 5% and 12% yoy, respectively due to

currency translation effects. Excluding the adverse FX impact, consolidated revenues and

EBITDA increased 12% and 10% yoy due to solid wireless subscriber growth (+3% qoq

and +19% yoy), increased data penetration and higher MFS revenues in local currency

terms.

Exhibit 17: Millicom - Financial Snapshot In US$mn (unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Mobile Subscribers ('000s) 53,777 59,330 60,146 1% 12% 60,146

Mobile ARPU (US$) 7.5 6.3 6.0 -5% -20% 6.5

Cable Subscribers ('000s) 4,970 5,239 5,251 0% 6% 5,251

Cable ARPU (US$) 29.3 28.8 26.0 -10% -11% 27.9

Revenue 1,674 1,704 1,641 -4% -2% 6,913

Reported EBITDA 549 561 560 0% 2% 2,274

Reported EBITDA margin 32.8% 32.9% 34.1% 124bps 137bps 36.0%

Cash & Equivalents 814 805 854 854


Total Debt 5,000 5,086 5,122 1% 2% 5,122

Net Debt 4,186 4,281 4,268 0% 2% 4,268





← Annualized

← Annualized


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Pemex October 28 – Pemex continued to report weaker yoy results in 3Q15 reflecting the decline

in oil prices and petroleum product prices coupled with lower hydrocarbon and petroleum

products production. EBITDA in 3Q15 declined 60% yoy in US$ terms, reflecting (i) lower

domestic sales (-31% yoy in US$ terms) driven by lower benchmark prices for petroleum

products and dry gas; (ii) lower export proceeds (-50% yoy in US$ terms), stemming from

the aforementioned decline in oil and product prices; and (iii) lower IEPS tax credits

received (US$68mn in 3Q15 vs. US$748mn in 3Q14). This was partially offset by higher

refining margins and a lower Government take (-60% yoy to US$6.1bn). The ratio of taxes

and duties paid to operating income increased to 232% in 3Q15 vs. 116% in 3Q14.

Consolidated gross revenues declined 40% yoy (in US$ terms) in 3Q15, due to lower

sales in the domestic and export markets and a reduction in IEPS tax credits. Domestic

sales declined 31% yoy reflecting: (i) lower petroleum product prices impacting gasoline,

diesel and fuel oil sales (gasoline prices in the U.S. declined 40% yoy); and (ii) lower

domestic dry gas sales (-32% yoy in US$ terms) due to lower volumes and a decline in

reference prices (the Henry Hub reference price decreased from US$4.07/MMBtu to

US$2.77/MMBtu). Export revenues declined 50% yoy despite higher volumes, driven by

lower oil and product prices. The Mexican crude oil basket decreased 54% yoy to

US$48.68/bbl.

Pemex´s crude oil production declined 6% yoy to 2.266mn bpd (+2% qoq) in 3Q15, mainly

reflecting: (i) a decrease in heavy crude oil production (-7% yoy to 1.143mn bpd) due to

the continued production decline at the Cantarell field (-27% yoy); (ii) a 2% yoy decline in

light crude oil production to 0.839mn bpd, reflecting the natural decline at fields in the

Bellota-Jujo business unit, as well as an increase in the fractional water flow of wells in the

Samaria field; and (iii) a 7% yoy decline in extra-light crude oil production to 0.284mn bpd

due to increased water flow in the Samaria-Luna and Macuspana-Muspac business units

and the natural production decline of the Bellota-Jujo business unit and the Costero field.

This was partially offset by a 54% yoy increase in production at the Xux field (to 54K bpd),

which began production in June 2014.

Natural gas production decreased 2% yoy to 1.1mn boepd, reflecting lower contributions

from non-associated gas (-17% yoy), due to scheduled reduction in drilling activities in the

Veracruz business unit and the natural decline of fields in the Macuspana-Muspac

business unit. This was partially offset by higher contributions from associated gas and

nitrogen production (+3% yoy and +11% yoy, respectively). Crude oil processing declined

10% yoy to 1.061mn bpd (with utilization down -700bps yoy to 63.5%) due to scheduled

maintenance, non-scheduled overhaul works as well as operational issues resulting in

lower production of petroleum products (-9% yoy to 1.207mn bpd). On the conference call,

management announced a new agreement with the U.S., in which Pemex will import up to

75K bpd of light crude oil and condensates in exchange for heavier crude, which will

increase gasoline and diesel production, increase utilization of installed capacity, and

provide a better mix in the refineries resulting in higher refining margins. Refining margins

increased to US$3.22/bbl in 3Q15 from US$1.31/bbl in 3Q14 (but down from US$8.81/bbl

in 2Q15) as a result of processing a heaver crude oil mix and better diesel yields.

Pemex’s 3Q15 cash balance increased US$759mn qoq to US$6.6bn primarily reflecting

EBITDA generation during the quarter, US$3.7bn in net debt issuance (after repayments),

and a working capital inflow. This was partially offset by US$2.7bn in capex spent and

higher interest payments. Total investments in 2015YTD amount to MXN265bn

(~US$17bn), from the MXN307.6bn that was budgeted for FY2015, with the majority of

investments destined to exploration and production (~85%) and refining activities (12%).

LTM net leverage (before government take) increased to 2.2x (vs. 1.6x in LTM 2Q15),

while LTM net leverage after government take increased to 8.9x (vs. 6.8x in LTM 2Q15).

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On the conference call, management stated that the company has concluded its corporate

reorganization. In the new organizational structure, Pemex will have two distinct business

segments: Production & Exploration and Industrial Transformation, and five subsidiaries:

Drilling & Services, Fertilizers, Cogeneration Services, Ethylene and Logistics. The five

subsidiaries will eventually become Pemex affiliates and will have greater autonomy in

business and financing decisions. Pemex will continue to consolidate the subsidiaries’

results until they are established as affiliates.

From July 1 to September 30, Pemex issued a total of MXN10bn of short-term Certificados

Bursátiles (Cebures). Additionally, on September 30 Pemex issued MXN1.4bn in TIIE+35

bps Cebures due 2018 and the equivalent to MXN6bn in UDI denominated Cebures with

an interest rate of 5.23% due 2035.

On September 9, Pemex and the Petroleum Workers’ Union signed the Collective

Bargaining Agreement for 2015-2017 including a resolution for the company’s pension

liabilities which will be applicable for all workers.

On August 25, Moody’s placed Pemex A3 rating under review citing the company’s

weaker cash flow generation as a result of the drop in international oil prices and the

expectation of further financial profile deterioration in the coming years.

On July 31, Pemex issued US$525mn in 2.46% U.S. Export Import Bank guaranteed

notes due 2025.

On July 31, Pemex and Blackrock signed an agreement to accelerate the development

and financing of strategic energy infrastructure projects (in connection with the previously

announced MOU).

On July 31, Pemex announced the divestment of its 50% stake in Gasoductos de

Chihuahua for US$1.325bn. The transaction is expected to be completed within 120 days

following corporate and regulatory approvals.

Exhibit 18: Pemex - Financial Snapshot In US$ mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Gross Revenue (1)

31,730 20,210 19,150 -5% -40% 84,532

Gross Revenue (MXN mn) (1)

416,348 309,694 314,886 2% -24% 1,272,198

Adj. EBITDA Before Gov. Take (EBITDAG) 19,067 8,400 7,683 -9% -60% 37,168

Adj. EBITDA Before Gov. Take(MXN) (EBITDAG) 250,186 128,715 126,330 -2% -50% 557,337

Margin 61.5% 41.7% 40.3% -141bps -2128bps 44%

Government Take (15,017) (6,380) (6,058) -5% -60% (28,024)

Adj. EBITDA 4,050 2,019 1,625 -20% -60% 9,144

Adj. EBITDA (MXN) 53,142 30,943 26,715 -14% -50% 136,062

Margin 13.1% 10.0% 8.5% -150bps -456bps 11%

Cash & Equivalent 7,312 5,798 6,557 6,557

Short-term debt 9,540 10,680 11,752 11,752

Long-term debt 64,600 73,907 76,028 76,028

Total debt 74,139 84,587 87,780 4% 18% 87,780

Net Debt 66,827 78,789 81,222 3% 22% 81,222

Total Debt / Adj. EBITDAG 1.0x 2.5x 2.9x 2.4x

Total Debt / Adj. EBITDA 4.6x 10.5x 13.5x 9.6x

Net Debt / Adj. EBITDAG 0.9x 2.3x 2.6x 2.2x

Net Debt / Adj. EBITDA 4.1x 9.8x 12.5x 8.9x

Adj. EBITDAG / Interest Expense 21.2x 8.1x 7.1x 8.4x

Adj. EBITDA / Interest Expense 4.5x 2.0x 1.5x 2.1x


Crude Oil Production (mn bpd) 2.40 2.23 2.27 2% -6% 2.29

Condensates (mn bpd) 0.04 0.04 0.04 11% -9% 0.04

Natural Gas (mn boepd)(2)

1.09 1.05 1.07 2% -2% 1.08

Total Hydrocarbon Production (mn boepd) 3.53 3.31 3.37 2% -4% 3.41

← Annualized

← Annualized

← Annualized

← Annualized

← Annualized

Source: Credit Suisse and Company Filings. (1) Gross Revenue includes IEPS credits (2) Natural gas production includes nitrogen * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Petrotrin October 20 – Petrotrin reported negative EBITDA of -US$37mn in 4QFY15 (quarter ended

September 30, 2015) and an EBITDA drag of -US$13mn for FY2015 (the company’s fiscal

year ends September 30) reflecting lower gross margins (31.9% in FY2015 vs. 34.8% in

FY2014) mainly due to a continued decline in regional and international refined products

sales coupled with higher opex pressure (43% in FY2015 vs. 33% in FY2014). In 4QFY15,

gross margins declined 70bps yoy to 28.8% and opex represented 48% of revenues (vs.

35% in 4QFY14).

Revenues in 4QFY15 declined 34% yoy (in US$ terms) driven by weak performance from

regional, international and local markets (-20%, -61% and -41% yoy, respectively, in

US$ terms), partially offset by a 41% yoy increase in revenues from the extra-regional

market. In FY2015, revenues declined 32% yoy to US$3.1bn reflecting lower top line

generation across all regions. Refined product sales represented 94% of total revenues in

FY2015, with the following breakdown: local sales represented 28%, regional sales

represented 21%, extra-regional sales represented 22% and international sales

represented 29%.

Petrotrin’s cash balance increased US$132mn qoq to US$265mn in 4QFY15, driven

mainly by debt financing (total debt increased 6% qoq) and a decline in receivables and

inventories (representing a working capital inflow of US$392mn).This was partially offset

by the aforementioned decline in sequential EBITDA generation, higher financial charges,

moderately higher tax payments and higher capex qoq (US$86mn vs. US$44mn in

3QFY15). The company´s total debt increased US$125mn qoq to US$2.06bn mainly

reflecting an increase in STD to finance FCF burn.

Exhibit 19: Petrotrin - Financial Snapshot

In US$mn (unless noted otherwise)

4Q14

(Sep-14)

3Q15

(Jun-15)

4Q15

(Sep-15) qoq yoy

FY14

(Sep-14)

FY15

(Sep-15) yoy

Net Revenue 1,172 882 768 -13% -34% 4,604 3,110 -32%

Net Revenue (in TTD) 7,400 5,596 4,867 -13% -34% 29,285 19,725 -33%

EBITDA 23 100 (37) -138% -262% 369 (13) -104%

EBITDA (in TTD) 145 631 (237) -138% -263% 2,350 (84) -104%

EBITDA Margin 2.0% 11.3% nmf nmf nmf 8.0% nmf nmf

Cash & Equiv 277 133 265 277 265

Short-term Debt 946 725 848 946 848

Total Debt 2,235 1,939 2,065 6% -8% 2,235 2,065 -8%

Net Debt 1,958 1,806 1,800 0% -8% 1,958 1,800 -8%

Total Debt / EBITDA 24.3x nmf nmf 6.1x nmf

Net Debt / EBITDA 21.3x nmf nmf 5.3x nmf

EBITDA / Interest Expense 0.6x nmf nmf 2.5x nmf

CS Liquidity Ratio * 0.3x nmf nmf 0.6x nmf

← Annualized

← Annualized

← Annualized Source: Credit Suisse and Company Filings. Note: Petrotrin’s fiscal year end is September 30. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Southern Copper October 27 – Southern Copper continued to report weaker yoy results in 3Q15 (but still

low leverage) reflecting the ongoing challenging metals pricing environment. Revenue and

EBITDA decreased 23% and 39% yoy, respectively and margins contracted 947ps yoy to

37.2% in 3Q15. Results were pressured by lower yoy copper, molybdenum, zinc, silver

and gold prices (-25%, -54%, -20%, -24% and -12% yoy, respectively) and higher copper

purchases; partially offset by higher sales volume of copper and zinc (+5% and +29% yoy,

respectively) and increased productivity and operating efficiencies (especially in energy,

supplies and labor). Operating cash cost per pound of copper (excluding by-product

credits) was US$1.59 in 3Q15, a decrease of 19% yoy.

Copper mined by the company in 3Q15 increased 9% yoy to 179.9k tons underpinned by

higher production from Buenavista (+21% yoy) mostly due to the additional production

from the low cost SX/EW III plant, and better ore grades. Molybdenum production

decreased 5% yoy due to lower production from the Buenavista molybdenum plant as a

result of lower water availability. Silver production in 3Q15 increased 12% yoy due to

higher production from the Mexico operations, while Zinc production increased 22% yoy.

In the press release, the company stated that it expects to further enhance its copper

production and low cash cost position in FY2016, underpinned by production from SX/EW

III plant and the Buenavista Concentrator.

Cash balance decreased by US$759mn qoq to US$1,387mn, mainly due to debt

repayment (US$200mn bond maturity), the acquisition of El Pilar (US$100mn), share

buybacks, and capex (US$316mn vs. US$285mn in 2Q15), This was partially offset by

higher proceeds from working capital (US$190mn inflow). SCCO’s credit metrics

deteriorated slightly (but still remain strong) with LTM net leverage at 2.0x (vs. 1.6x in

2Q15) and LTM interest coverage at 13.3x (vs. 18.3x in 2Q15).

The company continues to invest in the following projects: (i) capacity enhancement at the

Buenavista mine through the new copper molybdenum concentrator; (ii) Quebalix IV to

enhance SXEW copper recovery, reduce processing time and hauling costs (78%

completed and expected to be completed by 2Q16); (iii) Tia Maria (with 120k tons

capacity), expected to start production by early 2017; (iv) Toquepala concentrate

expansion (+100k tons of copper and +3.1k tons of molybdenum) which received its

construction permit in April 2015, and is expected to be completed by 4Q17; (v) new

HPGR project in Toquepala to improve copper recovery, and generate cost savings which

will help the concentrator operate at its maximum capacity (expected to be completed by

1Q17); and (vi) the new copper-molybdenum concentrator (+188k tons of copper, +2.6k

tons of molybdenum, 2.3mn ounces of silver and 21k ounces of gold annually) scheduled

to reach full capacity in 1Q16.

On July 27, Southern Copper paid its US$200mn 10-year bond issued in 2005. The

company has no other debt amortization until 2020 (when US$400mn is due).

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Exhibit 20: Southern Copper - Financial Snapshot

In US$mn (Unless noted otherwise) 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Average Copper Price ($/lb) 3.17 2.75 2.38 -13% -25% 2.69

Copper Sales Volume (mn lb) 367 407 387 -5% 5% 1,564

Net Revenues 1,475 1,383 1,134 -18% -23% 5,263

Reported EBITDA 688 637 421 -34% -39% 2,279

EBITDA Margin 46.6% 46.1% 37.2% -894bps -947bps 43.3%

Cash 1,242 2,146 1,387 1,387


LT Debt 4,006 5,952 5,951 5,951

Total Debt 4,206 6,152 5,951 -3% 41% 5,951

Net Debt 2,964 4,006 4,564 14% 54% 4,564





← Annualized

← Annualized


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Vale October 22 – Vale continued to report weaker yoy results in 3Q15 reflecting the weak

global iron ore pricing environment. Adjusted EBITDA (excluding the impact of non-

recurring expenses) decreased 32% yoy, mainly reflecting lower average iron ore, nickel

and copper sales prices (-32%, -40% and -34% yoy, respectively), partially offset by higher

yoy iron ore sales volume and ongoing cost reduction initiatives implemented by the

company.

Iron ore production totaled 88.2MT in 3Q15 (+3% qoq and yoy) setting a quarterly record,

with production at Carajás reaching a record 33.9MT. Iron ore production benefitted from

higher production in the Northern, Southeastern and Southern regions, mostly due the

ramp-up of the N4WS mine in Carajás, the N5S extension mines, and greater capacity

utilization of Plant 2. Production of pellets totaled 12.2MT in 3Q15 (stable qoq and +7%

yoy), reflecting the ramp-up of the Tubarao 8 plant and consistently good performance

from the Oman, Vargem Grande, and Fabrica pellet plants. Production of nickel totaled

71.6k tons (-1% yoy) due to maintenance shutdowns, partly offset by higher performance

from New Caledonia. Copper output totaled 99.3k tons in 3Q15 (-5% yoy), due to

maintenance shutdowns in Sudbury, partly offset by higher production from Salobo.

Net revenue decreased -28% yoy in 3Q15 reflecting lower contributions from all business

segments. Revenue from ferrous minerals decreased -26% yoy due to the continuing yoy

decline in average prices, partially offset by higher sales volumes. Revenue from base

metals declined 36% yoy mainly due to lower contributions from nickel, copper and PGM

sales due to lower average sales prices. Revenue breakdown in 3Q15 was as follows:

bulk materials (ferrous minerals and coal) represented 68%, base metals represented 20%

and fertilizers represented 11%. On a regional basis, sales to Asia represented 54% of

Vale’s consolidated gross revenues (with China representing 39% of consolidated sales),

while sales to the Americas represented 26% and Europe represented 17%.

Cash increased by US$1.2bn qoq (to US$4.46bn), reflecting proceeds from working

capital and divestitures (totalling US$1.5bn, including US$1.2bn for the sale of 36.4% of

MBR – see below). This was partially offset by capital expenditures and higher interest

payments. Capex totaled US$1.9bn in 3Q15 (vs. US$3.3bn in 3Q14 and US$2.1bn in

2Q15), of which US$647mn was maintenance capex. Credit metrics deteriorated

moderately, with LTM net leverage increasing to 3.1x in 3Q15 (vs. 3.0x in LTM 2Q15),

reflecting lower EBITDA generation.

On July 30, Vale announced that it signed a sale and purchase agreement with Fundo de

Investimento em Participações Multisetorial Plus II ("FIP Plus II") for the sale of a 36.4%

stake in Minerações Brasileiras Reunidas S.A ("MBR") for BRL4bn (~US$1.2bn). MBR

owns assets for the production, transportation and port shipment of iron ore and

accounted for 65MT of iron ore in 2014. The transaction closed in 3Q15, with Vale

continuing to hold a 61.9% stake in MBR, as well as a call option on FIP Plus II shares.

30 October 2015


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Exhibit 21: Vale - Financial Snapshot

In US$mn 3Q14 2Q15 3Q15 qoq yoy LTM 3Q15

Iron Ore Sales Volume (mn tons) 78 84 86 3% 10% 334

Avg. Iron ore Sale Price(US$/MT) 68 51 46 -8% -32% 51

Avg. Copper Sale Price(US$/MT) 5,940 4,979 3,892 -22% -34% 4,868

Avg. Nickel Sale Price(US$/MT) 18,141 13,045 10,866 -17% -40% 13,403

Net Operating Revenues 9,062 6,965 6,505 -7% -28% 28,782

Reported EBITDA 3,004 2,213 1,875 -15% -38% 7,877

Adjusted EBITDA (1) 2,744 2,027 1,856 -8% -32% 7,899

Adjusted EBITDA Margin 30.3% 29.1% 28.5% -57bps -175bps 27.4%

Cash (2) 8,332 3,264 4,462 4,462

Short-term Debt (3)2,041 3,190 3,030 3,030

Total Debt 29,366 29,773 28,675 -4% -2% 28,675

Net Debt 21,034 26,509 24,213 -9% 15% 24,213




← Annualiazed

← Annualiazed Source: Credit Suisse and Company Filings. Note: Leverage ratios use Adjusted EBITDA. (1) Adjusted EBITDA differs from reported EBITDA, as CS excludes dividends received and other non-recurring items. Adjusted EBITDA in 4Q14 excludes: (i) US$98mn related to the write-down of thermal coal inventory; (ii) US$90mn due to the write-down of ICMS tax credits; (iii) US$107mn due to provision for current and long term environmental obligations; and (iv) US$48mn of inventory adjustments and the opening of N4WS at Carajás. (2) Cash figure includes short-term investments, and matches the methodology used by Vale. (3) Vale's short-term debt excludes loans from related parties. * CS Liquidity Ratio = (Cash + EBITDA)/(ST Debt + Interest Expense)

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Credit Suisse Liquid Indices

Exhibit 22: CS-LACI vs. SBI Americas Exhibit 23: CS-LACI High Yield vs. CS-LACI High Grade

-

20

40

60

80

100

120

140

160

180

200

220

250

300

350

400

450

500

550

600

650

700

750

800

Oct-14

Nov-

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Dec-

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Jan-1

5

Feb

-15

Mar-

15

Apr-

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May-

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Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI TOTAL

SBI AMERICAS

300

400

500

600

700

800

900

1000

100200300400500600700800900

100011001200130014001500

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd

Diff. (b

ps

)

Be

nch

Sp

rd

(b

ps)

Basis Dif f. (RHS)

CS-LACI HIGH YIELD

CS-LACI HIGH GRADE

Source: Credit Suisse. Source: Credit Suisse.

Exhibit 24: CS-LACI HY vs. Credit Suisse High Yield Index Exhibit 25: CS-LACI HG vs. LUCI

150

200

250

300

350

400

450

500

550

600

650

700

750

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

17.0

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Yie

ld D

iff. (bp

s)

Yie

ld (%

)

Yield Diff. (RHS)

CS-LACI HIGH YIELD

HIGH YIELD INDEX

100

120

140

160

180

200

220

240

260

280

300

320

50

100

150

200

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Oct-14

Nov-

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Jan-1

5

Feb

-15

Mar-

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Apr-

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s)

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Basis Dif f. (RHS)

CS-LACI HIGH GRADE

LUCI TOTAL


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Relative Value: Latam Corps vs. US Corps, EM Corps, and EM Sovs

Exhibit 26: Relative Value ‘A’ Bucket Exhibit 27: Relative Value ‘BBB’ Bucket

-30

-10

10

30

50

70

90

110

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

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May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Be

nch

Sp

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Dif

f. (b

ps

)

LACI A vs SBI A

LACI A vs LUCI A

LACI A vs EMCI A

-50

-25

0

25

50

75

100

125

150

175

200

225

250

Oct-14

Nov-1

4

Dec-1

4

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Feb-1

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Mar-

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Apr-

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Be

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Sp

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Dif

f. (b

ps

)

LACI BBB vs SBI BBB

LACI BBB vs LUCI BBB

LACI BBB vs EMCI BBB

Source: Credit Suisse. Source: Credit Suisse. Petrobras bonds were removed from the LACI 'BBB' Bucket on 03/01/2015. Prior to removal, Petrobras represented ~17% of the LACI 'BBB' Bucket.

Exhibit 28: Relative Value ‘BB’ Bucket Exhibit 29: Relative Value ‘B’ Bucket

-100

0

100

200

300

400

500

600

700

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

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Apr-

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Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Be

nch

Sp

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iff.

(b

ps

)

LACI BB vs SBI BB

LACI BB vs HYIDX BB

LACI BB vs EMCI BB

-400

-200

0

200

400

600

800

1000

1200

Oct-14

Nov-

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Dec-

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Jan-1

5

Feb

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Mar-

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Be

nch

Sp

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iff.

(b

ps

)

LACI B vs SBI B

LACI B vs HYIDX B

LACI B vs EMCI B

Source: Credit Suisse. Source: Credit Suisse. PDVSA bonds were removed from the LACI 'B' Bucket on 01/02/2015. Prior to removal, PDVSA represented ~49% of the LACI 'B' Bucket.

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Financial Institutions

Exhibit 30: CS-LACI HG Financial vs. LUCI Financial Exhibit 31: CS-LACI HY Financial vs. CS-LACI HG Financial

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125

150

175

200

225

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275

300

50

100

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ct-14

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Sp

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Basis Dif f. (RHS)

CS-LACI FINANCIAL HG

LUCI FINANCIAL

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Oct-14

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Aug-1

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Sp

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s)

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Sp

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ps)

Basis Dif f. (RHS)

CS-LACI FINANCIAL HY

CS-LACI FINANCIAL HG


Exhibit 32: Latam High Yield Financials – Relative Value Exhibit 33: Latam High Grade Financials – Relative Value

BACOPY 17

BANBRA Perp c-24 c-19 [Dur:

8.4]

BANBRA Perp c-23 c-19

BANBRA Perp c -20 [Dur: 9.8]

BANTRB 20

BANGUA 21

BANGUA FRN 22

BANBRA FRN 23

BCGBK 23

ABCBBZ 20

BTGPZ Perp c-19 [Dur: 9.7]

SFCBA 22

BCOBMG 19

BCOBMG 20

BCOBMG 18 [1184bps]

BCOBMG 17 [1243bps]

GNBSUD 18

BCOPAN 20

BANBRA Perp c-24 c-19

BCP 69

PNPYG 19

BHIP 16

BICBBZ 20

BINTPE 70

BMAAR 17 BMAAR 36

BRSRBZ 22

BRSVDR 23

BTGPBZ 22

AGROME 19

CREAL 19

DAVIVI 22

FIBRA 16 [1908bps]

FINDEP 19

GALIAR 18

GNBSUD 22

IXEGF 20

CAIXBR 24

ARRUNI 19

SANBBZ 24BANDCR 18

BCOCPE 40

IFHBH 25

BACEL 20

MIFEL 22

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BRADES 16

BRADES 17

BRADES 19

BRADES 21BRADES 22

DAVIVI 18

DAYCOV 19N

BANBOG 17

BANBOG 23BBVASM 29

BCP 18

BCP 16

BCP 20

BCP 23

BCP 26 BCP 27

BCICI 17

BCICI 23

BANCO 17

BANCO 20

BANCO 22

BNCHIL 16

BANBRA 17

BANBRA 20

BANBRA 21

BANBRA 22

BANBRA 22

ITAU 18

BINBUR 24

BANORT 21

NORBRA 19N

BANSAF 21

SANBBZ 16

SANBBZ 17

SANT 17

SANT 16

SANT 22

SANT FRN 18

BSANTM 24

BSANTM FRN 22

BANVOR 16

BANVOR 20

BNSCN 27

BCOLO 17

BCOLO 20

BCOLO 22

BCOLO 21

BCOCPE 29

BCOCPE 16

BCOCPE 17

BCOCPE 20

BCOCPE 22

BBVASM 16

BBVASM 20

BBVASM 21

BBVASM 24

BBVASM FRN 22BBVASM 22N

BVMFBZ 20

BNDES 16

BNDES 23

BNDES 18

BNDES 19

BNDES 20

BNDES 19

BTGINV FRN 18 [848bps]

BTGPBZ 16

BTGPBZ 20

CAIXBR 17

CAIXBR 22

CAIXBR 18

CAIXBR 19

CIELBZ 22

COFIDE 19

COFIDE 29

COFIDE 22

COFIDE 25

CORBAN 19CORBAN 18

MIVIVI 23

MIVIVI 19

AVALCB 17

AVALCB 22GRUPOS 21

HSBC 16

BINTPE FRN 29

BINTPE 20

GLBACO 19

ITAU 20

ITAU 21NITAU 21

ITAU 22N

ITAU 22

ITAU 23

SUAMSA 24

BANGAN 25

TANNER 18

50

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- 1 2 3 4 5 6 7 8

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Duration


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CAF

Exhibit 34: CS-LACI HG Financial vs. CAF Exhibit 35: LUCI Financial vs. CAF

100

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150

175

200

225

250

275

300

325

350

50

100

150

200

250

300

350

400

450

500

550

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI HG Banks

CAF

-60

-40

-20

0

20

40

70

90

110

130

150

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

LUCI FINANCIAL

CAF


Exhibit 36: CS-LACI Quasi Sovereign vs. CAF Exhibit 37: CAF – Relative Value

200250300350400450500550600650700750800850900950

50

150

250

350

450

550

650

750

850

950

1050

1150

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI QUASI SOVEREIGN

CAF

CAF 17

CABEI 17

CARDEV 27

BLX 17

BLX 20

CAF 18 FRN

CAF 17 FRN

CAF 16 FRN

CAF 16CAF 17N

CAF 19

CAF 22

25

50

75

100

125

150

175

200

225

250

0 1 2 3 4 5 6 7 8 9

Z-S

pre

ad (b

ps)

Duration


30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

4

0

Real Estate & Construction

Exhibit 38: CS-LACI Construction vs. CS-LACI Total Exhibit 39: CS-LACI Construction vs. LUCI Construction

(50)

-

50

100

150

200

250

-

100

200

300

400

500

600

700

800O

ct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd

Diff. (b

ps

)

Be

nch

Sp

rd

(b

ps)

Basis Dif f. (RHS)

CS-LACI CONSTRUCTION

CS-LACI TOTAL

-

100

200

300

400

500

600

700

100

200

300

400

500

600

700

800

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-…

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd

Diff. (b

ps

)Be

nch

Sp

rd

(b

ps

)

Basis Dif f. (RHS)

CS-LACI CONSTRUCTION

LUCI CONSTRUCTION


Exhibit 40: Latam Real Estate & Construction – Rel Val to Duration Exhibit 41: Latam Real Estate & Construction - Rel Val to Leverage

ANDRGI 18 [2049bps]

IRCPAR 17

BRMLBZ Perp c -16

BRPRSA Perp c -15

CEMEX 25

CEMEX 18N CEMEX 19N

CEMEX 19 CEMEX 22

CEMEX 19NN

CEMEX 21

CEMEX 24

CEMEX 18 FRN

CEMEX 25N

CEMPRO 23

INRSHM 21

INCMBZ 24

CPACPE 23

GCCAMM 20

GSHPBR Perp c -15 [2038bps]

UNACEM 21

IRSAAR 20

ICASA 17 [4178bps] ICASA 21 [3719bps]ICASA 24 [3170bps]

ELMTIA 25

IRSAAR 17 JAVER 21

FUNO 44 [Dur: 12.3]

FUNO 24

POSADA 22

ODBR 25 ODBR 29

ODBR 42

ODBR Perp c -15

200

300

400

500

600

700

800

900

1,000

1,100

- 2 4 6 8 10 12

Z-S

pre

ad (b

ps)

Duration

IRCPAR 17

BRPRSA Perp c -15

CEMEX 25

CEMEX 18N

CEMEX 19N

CEMEX 19

CEMEX 22

CEMEX 19NN

CEMEX 21

CEMEX 24

CEMEX 18 FRN

CEMEX 25N

INRSHM 21

CPACPE 23

GCCAMM 20

UNACEM 21

IRSAAR 20

ICASA 17 [7.9x] [4178bps]

ICASA 21 [7.9x] [3719bps]

ICASA 24 [7.9x] [3170bps]

ELMTIA 25

IRSAAR 17

JAVER 21

FUNO 44

FUNO 24

POSADA 22

ODBR 25

ODBR 29

ODBR 42

ODBR Perp c -15

200

300

400

500

600

700

800

900

1,000

1,100

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x

Z-S

pre

ad (b

ps)

Net Leverage

Source: Credit Suisse. Source: Credit Suisse. Odebrecht Engenharia e Construção (ODBR) net leverage was negative at 2Q15

30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

4

1

Consumer Staples

Exhibit 42: CS-LACI HG Consumer vs. LUCI Consumer Exhibit 43: CS-LACI HG Consumer vs. CS-LACI HY Consumer

0

25

50

75

100

125

0

50

100

150

200

250

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

LUCI CONSUMER PRODUCT

CS-LACI CONSUMER HG

0

50

100

150

200

250

300

350

400

450

500

550

600

0

100

200

300

400

500

600

700

800

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI CONSUMER HG

CS-LACI CONSUMER HY


Exhibit 44: Latam Consumer – Rel Val to Duration Exhibit 45: Latam Consumer – Rel Val to Leverage

ALIPE 23

ARCO 23

ARCOR 17

AUTGIL 21 [3074bps]

AUTGIL 23 [2345bps]

ANDINA 23

BFALA 23

BFALA 25

BIMBOA 20

BIMBOA 22

BIMBOA 24

BIMBOA 44 [Dr:15]

CENSUD 21

CENSUD 23

CENSUD 45 [Dr:12]

CORJRL 21

CORJRL 23

CSOLNO 17 [2097bps]

EKT 18FAMSA 20

KOF 43 [Dr:15]

KOF 23

KOF 18 FEMSA 23

FEMSA 43 [Dr:15]

CENSUD 25

GRUMAB 24

HYPEBZ 21

KOF 20

OFDMEX 20SMIPET 20

MABEMX 19 INRCON 21

LIVEPL 24

MASHER 21 [1315bps]

MAESPE 19

CAMEBO 22

PESEXA 20 [1247bps]

SMUSA 20 [1065bps]

JBYCMX 25

SIGMA 18SIGMA 19

0

100

200

300

400

500

600

700

800

900

1000

0 1 2 3 4 5 6 7 8 9

Z-S

pre

ad (b

ps)

Duration

ALIPE 23

ARCO 23

AUTGIL 21 [3074bps] [27x]

AUTGIL 23 [2345bps] [27x]

BIMBOA 20

BIMBOA 22

BIMBOA 24

BIMBOA 44CENSUD 21

CENSUD 23

CENSUD 45

CORJRL 21

CORJRL 23

CSOLNO 17 [2097bps] [7.4x]

FAMSA 20

KOF 43

KOF 23

KOF 18

FEMSA 23

FEMSA 43

CENSUD 25

GRUMAB 24

KOF 20

OFDMEX 20

MABEMX 19

INRCON 21

LIVEPL 24

MASHER 21 [1315bps]

SMUSA 20 [1065bps] [7.9x]

SIGMA 18

SIGMA 19

0

100

200

300

400

500

600

700

800

900

1000

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x

Z-S

pre

ad (b

ps)

Net Leverage


30 October 2015


Protein Exhibit 46: Protein – Rel Val to Leverage Exhibit 47: Arroba Prices vs. USD/BRL

BEEFBZ 23

BEEFBZ Perp c-19

BRFSBZ 22

BRFSBZ 23

BRFSBZ 24

JBSSBZ 20*

JBSSBZ 21*

JBSSBZ 23

JBSSBZ 20

JBSSBZ 24

JBSSBZ 24*

MRFGBZ 18

MRFGBZ 20

MRFGBZ 19

JBSSBZ 25

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x

Yie

ld-t

o-W

ors

t (%

)

Net Leverage

2.10

2.60

3.10

3.60

4.10

115

120

125

130

135

140

145

150

155

160

165

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Sep-1

5

Oct-15

BR

L p

er U

S$

Arr

ob

a P

rice

s (B

RL

/15k

g)

Arroba BRLUSD

Source: Credit Suisse. * Bonds issued under JBS USA LLC. Source: Credit Suisse.

Exhibit 48: Yield-to-Worst Levels LTM*

LTM as of October 29, 2015

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Yie

ld to

Wo

rst (%

)

Minerva (4.0x)

JBS (2.2x)

Marfrig (5.3x)

High

Last

Low

Avg

Brasil Foods (1.0x)

JBS USA (2.9x)

Source: Credit Suisse.Levels are for the LTM period, when available .

30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

4

3

Energy

Exhibit 49: CS-LACI HG Energy vs. LUCI Energy Exhibit 50: CS-LACI HY Energy vs. CS-LACI HG Energy

90

120

150

180

210

240

270

300

330

360

390

420

450

50

100

150

200

250

300

350

400

450

500

550

600

650

700

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)B

en

ch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI HG ENERGY

LUCI ENERGY

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

2600

2800

100

400

700

1000

1300

1600

1900

2200

2500

2800

3100

3400

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps

)

Basis Dif f. (RHS)

CS-LACI HY ENERGY

CS-LACI HG ENERGY


Exhibit 51: Energy Corps. vs. Quasi-Sovereign HG vs. Oil Prices Exhibit 52: Latam Energy – Rel Val to Duration

30

40

50

60

70

80

90

100

110

120100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

US

$/ b

arre

l (Inve

rted

scale

)

Be

nch

Sp

rd (

bp

s)

Energy Corps (LHS)

Energy Quasi-Sovereign HG (LHS)

Oil Price

CAPEX 18 [1309bps]

PETRTT 19

PRECN 23 [2143bps]LATOFF 18 [1296bps]

CONSEN 19

CONSEN 19

ECOPET 19

ECOPET 23

ECOPET 43

ECOPET 18

ECOPET 45

ECOPET 26

YPFDAR 25

ECOPET 25

ENAP 19ENAP 20 ENAP 21 ENAP 24

NBLSOV 19 [2003bps]

GPKLN 20 [1585bps]

ODEBRE 21 [3125bps]

ODEBRE 22 [3911bps]

ODEBRE 22 [4029bps]

OOGCOR perp [2935bps]

ODHGPR 20 [1203bps]

INTSPN 19 [2089bps]

PRECN 25 [1934bps]

PRECN 19 [3687bps]

PRECN 21 [2625bps]

PANAME 21

PDVSA 16 [3748bps]PDVSA 21 [3309bps]

PDVSA 17 [5352bps]PDVSA 17 [4924bps]

PDVSA 27 [1842bps]

PDVSA 37 [1502bps]

PDVSA 22 [3308bps]

PDVSA 26 [2101bps]

PESAAR 17

NGCTT 36

PETRTT 22

QGOGBZ 18 [3773bps]

QGOGCO 19 [2829bps]

YPFDAR 18

YPFDAR 24

0

100

200

300

400

500

600

700

800

900

0 2 4 6 8 10 12 14

Z-S

pre

ad (b

ps)

Duration

PEMEX

PETBRA


30 October 2015


Energy

Exhibit 53: Quasi-Sovereign Spread Pick-up to Sovereign Benchmark and LTM Net Leverage


0

200

400

600

800

1000

Z-s

pre

ad

dif

f. (

Qu

ai-

so

v v

s.

So

v.

Bc

hm

rk)

Pemex (2.2x before govt. take; 8.9x post

govt. take)

Petrobras (4.0x)

Ecopetrol (2.1x)

ENAP (5.1x)

High

Last

Low

Avg

Source: Credit Suisse. Levels are for the LTM period, when available

Exhibit 54: Spread 5s/10s & 10s/30s


-440

-400

-360

-320

-280

-240

-200

-160

-120

-80

-40

0

40

80

120

160

200

Z-s

pre

ad

dif

fere

nti

al

PemexPetrobras

Ecopetrol

HighLast

LowAvg

Source: Credit Suisse. Levels are for the LTM period, when available

30 October 2015


Energy

Exhibit 55: Quasi-Sovereign Z-Spread vs. Duration


PETBRA16 N

PETBRA16 NNN

PETBRA16

PETBRA17

PETBRA 17 NN [617bps]

PETBRA18 [779bps]PETBRA18 N [779bps]

PETBRA19 N [817bps]

PETBRA19 [877bps]

PETBRA20 [904bps]

PETBRA 20 NN [893bps]

PETBRA21 [869bps]PETBRA23 [785bps]

PETBRA24 [792bps]

PETBRA40 [780bps]



PEMEX18

PEMEX19PEMEX20 PEMEX21

PEMEX22

PEMEX45

PEMEX18 N

PEMEX20

PEMEX26PEMEX25

PEMEX35

PEMEX38

PEMEX23

PEMEX24 PEMEX25

PEMEX41 PEMEX46

PEMEX44

ENAPCL 19

ENAPCL 20

ENAPCL 21 ENAPCL 24

ECOPET 19

ECOPET 23

ECOPET 43

ECOPET 18

ECOPET 45

ECOPET 25

ECOPET 26

0

100

200

300

400

500

600

0 2 4 6 8 10 12 14 16

Z-S

pre

ad (b

ps)

Duration

Brazil

Mexico

Chile

Colombia


Exhibit 56: Quasi-Sovereign Yield-To-Worst vs. Duration


PETBRA16 N

PETBRA16 NNN

PETBRA16

PETBRA17

PETBRA 17 NN

PETBRA18 [8.7 YTW]PETBRA18 N [8.9 YTW]PETBRA19 N [9.3 YTW]

PETBRA19 [9.9 YTW]

PETBRA20 [10.4 YTW]PETBRA 20 NN [10.3 YTW]

PETBRA21 [10.2 YTW]

PETBRA23 [9.7 YTW]PETBRA24 [9.8 YTW]

PETBRA40 [10.1 YTW]PETBRA41 [9.9 YTW]

PETBRA43 [9.1 YTW]

PETBRA44 [10.0 YTW]

PETBRA15 [10.1 YTW]

PEMEX18

PEMEX19 PEMEX20

PEMEX21

PEMEX22

PEMEX45

PEMEX18 N

PEMEX20

PEMEX26PEMEX25

PEMEX35

PEMEX38

PEMEX23

PEMEX24

PEMEX25

PEMEX41

PEMEX46

PEMEX44

ENAPCL 19

ENAPCL 20

ENAPCL 21

ENAPCL 24ECOPET 19

ECOPET 23

ECOPET 43

ECOPET 18

ECOPET 45

ECOPET 25

ECOPET 26

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

0 2 4 6 8 10 12 14 16

Yie

ld

Duration

Brazil

Mexico

Chile

Colombia


30 O

cto

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r 201

5

Latin

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a W

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rtbook

4

6

Pemex

Exhibit 57: PMX 19 vs. PMX 23 Exhibit 58: PMX 23 vs. PMX 44

0

10

20

30

40

50

60

70

80

80

100

120

140

160

180

200

220

240

260

280

300

320

340

360

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)Z

-Sp

rd (b

ps)

Basis Dif f. (RHS)

PMX 23

PMX 19

50

60

70

80

90

100

110

120

130

140

150

160

170

180

100

150

200

250

300

350

400

450

500

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Z-S

prd

(b

ps)

Basis Dif f. (RHS)

PMX 44

PMX 23


Exhibit 59: PMX 23 vs. MEX 23 Exhibit 60: PMX 44 vs. MEX 44

40

50

60

70

80

90

100

110

120

130

140

150

160

50

75

100

125

150

175

200

225

250

275

300

325

350

375

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb

-15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Sep

-15

Oct

-15

Sp

rd D

iff. (bp

s)Z

-Sp

rd (b

ps)

Basis Dif f. (RHS)

PMX 23

MEX 23

405060708090100110120130140150160170180190200210220230

125

150

175

200

225

250

275

300

325

350

375

400

425

450

475

500

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb

-15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Sep

-15

Oct

-15

Sp

rd D

iff. (bp

s)

Z-S

prd

(bp

s)

Basis Dif f. (RHS)

PMX 44

MEX 44


30 O

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r 201

5

Latin

Am

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Cha

rtbook

4

7

Petrobras

Exhibit 61: PBR 19 vs. PBR 24 Exhibit 62: PBR 24 vs. PBR 44

-400

-350

-300

-250

-200

-150

-100

-50

0

50

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd

Diff. (b

ps

)

Z-S

prd

(b

ps

)

Basis Dif f. (RHS)

PBR 24

PBR 19

-150

-130

-110

-90

-70

-50

-30

-10

10

30

50

70

90

200

300

400

500

600

700

800

900

1000

1100

1200

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)Z

-Sp

rd (

bp

s)

Basis Dif f. (RHS)

PBR 44

PBR 24


Exhibit 63: PBR 24 vs. BRAZIL 25 Exhibit 64: PBR 44 vs. BRAZIL 45

50

100

150

200

250

300

350

400

450

500

550

600

650

100

200

300

400

500

600

700

800

900

1000

1100

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Z-S

prd

(b

ps)

Basis Dif f. (RHS)

BRA 25

PBR 24

60

90

120

150

180

210

240

270

300

330

360

390

420

450

150200250300350400450500550600650700750800850900950

1000

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Z-S

prd

(b

ps)

Basis Dif f. (RHS)

BRA 45

PBR 44


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Industrials

Exhibit 65: CS-LACI Industrials vs. CS-LACI Total Exhibit 66: CS-LUCI vs. LACI – Chemical & Div. Manufacturing

-240

-220

-200

-180

-160

-140

-120

-100

-80

-60

-40

-20

0

20

200

250

300

350

400

450

500

550

600

650

700

750

800

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI Industrial/Petrochemical

CS-LACI Total

150

200

250

300

350

400

450

50

100

150

200

250

300

350

400

450

500

550

600

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI Chemical & Div. Manufacturing

CS-LUCI Chemical & Div. Manufacturing


Exhibit 67: Latam Industrials – Rel Val to Duration Exhibit 68: Latam Industrials – Rel Val to Leverage

NEMAK 23ALFAA 24

ALFAA 44

ALPEKA 22

ALPEKA 23

BRASKM 18

BRASKM 20

BRASKM 21

BRASKM 41

BRASKM 24

BRASKM 22

BRASKM Perp c-15

EMBRBZ 17

EMBRBZ 20

EMBRBZ 22

EMBRBZ 23EMBRBZ 25

FERROS 20

IDESA 20

KUOBMM 22

CBCAMO 21

METLSA 23

MXCHF 22

MXCHF 42

MXCHF 44

SQM 23

SQM 16

SQM 25

SQM 20

TUPY 24

VOTORA 19

VOTORA 24

VOTORA 20

VOTORA 21

VOTORA 41

150

200

250

300

350

400

450

500

550

600

650

700

750

800

0 1 2 3 4 5 6 7 8 9 10 11 12

Z-S

pre

ad (b

ps)

Duration

NEMAK 23

ALFAA 24

ALFAA 44

ALPEKA 22

ALPEKA 23

BRASKM 18

BRASKM 20BRASKM 21

BRASKM 41

BRASKM 24

BRASKM 22

BRASKM Perp c-15

EMBRBZ 17

EMBRBZ 20

EMBRBZ 22EMBRBZ 23

EMBRBZ 25

FERROS 20

METLSA 23

MXCHF 22

MXCHF 42

MXCHF 44SQM 23

SQM 16

SQM 25

SQM 20

TUPY 24

VOTORA 19

VOTORA 24

VOTORA 20

VOTORA 21

VOTORA 41

150

200

250

300

350

400

450

500

550

600

650

700

750

800

0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x

Z-S

pre

ad (b

ps)

Net Leverage


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Metals & Mining

Exhibit 69: CS-LACI HG Metals & Mining vs. LUCI M&M Exhibit 70: CDEL 35 vs. CDEL 19

40

60

80

100

120

140

100

150

200

250

300

350

400

450

500O

ct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

LACI HG Steel & Metal Products

LUCI Metals

40

60

80

100

120

140

160

180

25

50

75

100

125

150

175

200

225

250

275

300

325

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CDEL 35

CDEL 19


Exhibit 71: PCU 42 vs. CVRD 42 Exhibit 72: PCU vs. Mexico vs. Peru

-180

-160

-140

-120

-100

-80

-60

-40

-20

0

20

40

60

200225250275300325350375400425450475500525550575600625

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

PCU 42

CVRD 42

SCCO 20

SCCO 45

SCCO 25

SCCO 22

SCCO 35 SCCO 40

SCCO 42

-

50

100

150

200

250

300

350

400

450

500

- 2 4 6 8 10 12 14

Be

nch

Sp

rd (b

ps)

Duration

Mexico Sovereign

Peru Sovereign


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Metals & Mining

Exhibit 73: Latam Metals & Mining – Rel Val to Duration Exhibit 74: Latam Metals & Mining – Rel Val to Leverage

HOCLN 21 [757bps]

MINSUR 24

CDEL 19CDEL 20

CDEL 21

CDEL 22

CDEL 35

CDEL 36

CDEL 42

CDEL 23

CDEL 43

CDEL 25

CDEL 44

CDEL 25N

COBREM 18 [7275bps]

FRESLN 23

CSNABZ 19 [2182bps]CSNABZ 20 [1925bps] CSNABZ Perp c-15

[1317bps]

GGBRBZ 17

GGBRBZ 24

GGBRBZ 20

GGBRBZ 21GGBRBZ 23

GGBRBZ 44 [719bps]

MAGGBZ Perp [1185bps]

MAGGBZ 20 [1287bps]

MILPOC 23

SAMMIN 22

SAMMIN 23

SAMMIN 24

SCCO 20

SCCO 45

SCCO 25

SCCO 22

SCCO 35 SCCO 40

SCCO 42

USIM 18 [1606bps]

VALEBZ 16

VALEBZ 17

VALEBZ 19

VALEBZ 20

VALEBZ 34

VALEBZ 36

VALEBZ 39

VALEBZ 42

VALEBZ 22

VOLCAN 22

50

100

150

200

250

300

350

400

450

500

550

600

650

700

- 2 4 6 8 10 12 14 16

Z S

prd

(b

ps

)

Duration

CDEL 19

CDEL 20CDEL 21CDEL 22

CDEL 35

CDEL 36

CDEL 42

CDEL 23

CDEL 43

CDEL 25

CDEL 44

CDEL 25N

COBREM 18 [7275bps] CSNABZ 19 [2182bps]CSNABZ 20 [1925bps]

CSNABZ Perp c-15 [1317bps]

GGBRBZ 17

GGBRBZ 24

GGBRBZ 20

GGBRBZ 21

GGBRBZ 23

GGBRBZ 44

MAGGBZ Perp [1185bps]

MAGGBZ 20 [1287bps]

SAMMIN 22

SAMMIN 23

SAMMIN 24

SCCO 20

SCCO 45

SCCO 25

SCCO 22

SCCO 35SCCO 40

SCCO 42

USIM 18 [1606bps]

VALEBZ 16

VALEBZ 17

VALEBZ 19VALEBZ 20

VALEBZ 34

VALEBZ 36

VALEBZ 39

VALEBZ 42

VALEBZ 22

VOLCAN 22

50

150

250

350

450

550

650

750

1.5x 2.0x 2.5x 3.0x 3.5x

Z-S

prd

(b

ps)

Net Leverage


Exhibit 75: Copper Prices vs. Chilean Peso Exhibit 76: Commodity Chart – Relative Price Performance

210220230240250260270280290300310320330340500

520

540

560

580

600

620

640

660

680

700

720

Oct

-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug

-15

Sep

-15

Oct

-15

US

D / lb

s (in

ve

rted

scale

)

CL

P / U

SD

CLP (LHS)

Copper Prices (RHS)

50

150

250

350

450

550

650

750

850

-

100

200

300

400

500

600

700

Oct-05

Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Mo

lyb

den

um

Steel US HRC (LHS)

Copper (LHS)

Molybdenum (RHS)

Source: Credit Suisse and the BLOOMBERG PROFESSIONAL™ service. Source: Credit Suisse and the BLOOMBERG PROFESSIONAL™ service.

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Pulp & Paper

Exhibit 77: CS-LACI Pulp & Paper vs. CS-LACI Total Exhibit 78: CS-LACI Pulp & Paper vs. LUCI Pulp & Paper

50

100

150

200

250

300

350

400

450

150

200

250

300

350

400

450

500

550

600

650

700

750

800O

ct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps)

Basis Dif f. (RHS)

CS-LACI TOTAL

CS-LACI PULP & PAPER

60

85

110

135

160

185

100

150

200

250

300

350

400

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rd D

iff. (bp

s)

Be

nch

Sp

rd (b

ps

)

Basis Dif f. (RHS)

CS-LACI PULP & PAPER

LUCI PULP & PAPER


Exhibit 79: Latam Pulp & Paper – Rel Val to Duration Exhibit 80: Latam Pulp & Paper – Rel Val to Leverage

CMPC 19CMPC 18CMPC 22

CMPC 23CMPC 24

KLAB 24 [491bps]

KCMA 25

CELARA 17N

CELARA 17

CELARA 19

CELARA 21

MASISA 19 [1278bps]

CELARA 22

KCMA 24

FIBRBZ 24

SCRIBE 20 [998bps]

SUZANO 21 [427bps]

50

100

150

200

250

300

350

1 2 3 4 5 6 7 8 9

Be

nch

Sp

rd (b

ps)

Duration

CMPC 19CMPC 18

CMPC 22

CMPC 23

CMPC 24

KLAB 24 [491bps]

KCMA 25

CELARA 17N

CELARA 17

CELARA 19

CELARA 21

MASISA 19 [1278bps]

CELARA 22

KCMA 24

FIBRBZ 24

SCRIBE 20 [998bps]

SUZANO 21

50

100

150

200

250

300

350

400

450

1 2 3 4 5 6 7

Be

nch

Sp

rd (b

ps)

Net Leverage


30 October 2015


Pulp & Paper

Exhibit 81: CS LACI Pulp & Paper vs. Pulp Prices

As of October 29, 2015

850

900

950

1,000

1,050 200

250

300

350

400

Oct-13

Dec-

13

Feb

-14

Apr-

14

Jun-1

4

Aug-1

4

Oct-14

Dec-

14

Feb

-15

Apr-

15

Jun-1

5

Aug-1

5

Oct-15

US

D / to

n (In

ve

rted

Scale

)B

en

ch

Sp

rd (b

ps

)

LACI P&P Pulp Prices (RHS)

Source: Credit Suisse. Pulp prices from FOEXUSNB Index, from the BLOOMBERG PROFESSIONAL™ service.

Exhibit 82: Benchmark Spread & Net Leverage (1)


0

100

200

300

400

500

600

Z-s

pre

ad

(b

ps)

High LastLow Avg

CMPC (3.8x)

Fibria (1.4x)

Celulosa Arauco (3.2x)

Klabin (4.7x)

Suzano (2.9x)

KCM (1.0x)

Source: Credit Suisse. (1) Credit Suisse.levels and net leverage metrics are for the LTM period.

30 October 2015


Telecom & Media – High Grade Exhibit 83: CS-LACI HG Telco/Media vs. LUCI Telco/Media

Exhibit 84: Latam HG Telco/Media – Rel Val to Duration

-40

-20

0

20

40

60

80

0

25

50

75

100

125

150

175

200

225

250

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f (RHS)

LUCI Telecom

LACI HG Telecom

AMXLMM 17

AMXLMM 20

AMXLMM 35

AMXLMM 37

AMXLMM 40

AMXLMM 22

AMXLMM 42

AMXLMM 16

AMXLMM 16N

AMXLMM 19

CTCACI 22

ENTEL 24

ENTEL 26

GLOPAR 22

GLOPAR 25

TELVIS 45

TELVIS 18

TELVIS 40

TELVIS 25

TELVIS 32

-

50

100

150

200

250

300

350

400

0 2 4 6 8 10 12 14 16

Z-S

pre

ad (b

ps)

Duration

Source: Credit Suisse. OIBRBZ 19s, 20s and 22s were removed from the LACI HG Telecom index in September 2014 following the credit's rating downgrade.


Exhibit 85: Z-Spread Levels & Net Leverage (1)


0

50

100

150

200

250

300

350

400

Z S

pre

ad

(b

ps)

América Móvil (2.0x)

Televisa (1.5x)

High LastLow Avg Entel (3.7x)

Source: Credit Suisse. (1) Credit Suisse.levels and net leverage metrics are for the LTM period.

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Telecom & Media – High Yield

Exhibit 86: CS-LACI HY Telco/Media vs. US HY Telco/Media Exhibit 87: Latam HY Telecom

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Yie

ld (%

)

CS-LACI HY TELECOM&MEDIA

CS HY INDEX - TELECOM&MEDIA

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Yie

ld (%

)

MAXCOM 20

DLLTD 20

AXTEL 20

MIICF 24(Comcel)

VTR 24

TELEFO 22


Exhibit 88: Latam HY Telco/Media – Rel Val to Duration Exhibit 89: Latam HY Telco/Media – Rel Val to Leverage

AXTEL 20

AXTEL 19

DLLTD 22 [911bps]

COLUIF 21

LBTYA 24

MIICF 24 (Comcel)

DLLTD 20DLLTD 23

DLLTD 20 [917bps]

DLLTD 21

MIICF 22 (Paraguay)

OIBRBZ 22 [1432bps]OIBRBZ 20 [1378bps]

MIICF 20

MIICF 25

MIICF 21

TZA 20 [1083bps]

TELEFO 22

TELEFO Perp c-20 [Dur: 10.0]

MAXTEL 20 [2195bps]

TZA 18 [1141bps]

CWCLN 22

300

350

400

450

500

550

600

650

700

750

800

850

0 1 2 3 4 5 6 7

Z-S

pre

ad (b

ps)

Duration

AXTEL 20

AXTEL 19

DLLTD 22 [911bps]

LBTYA 24

MIICF 24 (Comcel)

DLLTD 20

DLLTD 23

DLLTD 20 [917bps]

DLLTD 21

MIICF 20

MIICF 25

MIICF 21

TZA 20 [1083bps]

TELEFO 22

TELEFO Perp c-20

MAXTEL 20 [2195bps]TZA 18 [1141bps]

300

350

400

450

500

550

600

650

700

750

800

850

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x

Z-S

pre

ad (b

ps)

Net Leverage

Source: Credit Suisse Source: Credit Suisse

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Transportation

Exhibit 90: CS-LACI Transportation vs. CS-LACI HY Exhibit 91: Latam HY Transportation

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Yie

ld D

iff. (bp

s)

Yie

ld (%

)

Basis Dif f. (RHS)

CS-LACI TRANSPORTATION

CS-LACI HIGH YIELD

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Yie

ld-t

o-W

ors

t (%

)

GOL 20 PFAVTA 20 LATAIR 20

Source: Credit Suisse. Source: Credit Suisse. LATAIR 2020 bonds were issued in June 2015.

Exhibit 92: Latam Transportation – Rel Val to Duration Exhibit 93: Latam Transportation – Rel Val to Leverage

AERDOS 19AEROAR 20

ANDINV 20 [1297bps]

AUPIST 22

BMETR 24

ACIAIR 32

GNLQCI 29

GOLLBZ 20 [1820bps] GOLLBZ Perp c-11 [1789bps]

GOLLBZ 22 [2264bps]

JAMAIR 27

NM 22

LATAIR 20

PFAVHC 20 [1229bps]

LIMAMT 34

TAM 17

TAM 21 [1192bps]

KSU 45 [Dur: 15.4]

ULTR 21 [2086bps]

100

200

300

400

500

600

700

800

900

1,000

1,100

- 2 4 6 8 10

Z-S

pre

ad (b

ps)

Duration

AEROAR 20

BMETR 24 [16.5x]

GOLLBZ 20 [1820bps]

GOLLBZ Perp c-11 [1789bps]

GOLLBZ 22 [2264bps]

NM 22

LATAIR 20

PFAVHC 20 [1229bps]

ULTR 21 [2086bps]

100

200

300

400

500

600

700

800

900

1,000

1,100

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x

Z-S

pre

ad (b

ps)

Net Leverage


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Utilities

Exhibit 94: CS-LACI HG Utility vs. LUCI Utility Exhibit 95: CS-LACI HY Utility vs. CS-LACI HG Utility

80

100

120

140

160

180

200

50

100

150

200

250

300

350

400

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Dif

f (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f. (RHS)

CS-LACI UTILITY HG

LUCI UTILITY

400

450

500

550

600

650

700

750

800

850

150

350

550

750

950

1150

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f. (RHS)

CS-LACI UTILITY HY

CS-LACI UTILITY HG


Exhibit 96: Latam High Yield Utilities – Rel Val to Duration Exhibit 97: Latam High Grade Utilities – Rel Val to Duration

AES 20

AES 22

AESPAN 16

CAPXAR 18 [1309bps]

AESCH 23

COSICE 21

COSICE 43 [Dr:11]

METROG 18 [1301bps]

EDNAR 22 [1036bps]

AESGEN Perp c-19

INKENE 21

ELEBRA 19

ELEBRA 21

SBSPBZ 16

SBSPBZ 20

TRAGAS 17 TRANAR 21 [1242bps]

200

300

400

500

600

700

800

900

1,000

0 1 2 3 4 5 6 7

Z-S

pre

ad (b

ps)

Duration

ABENGO 43 [428bps]

GENER 21

AESGEN 25CALLAO 23

CFELEC 42 [Dr:13]CFELEC 45 [Dr:13]

CFELEC 21

CFELEC 24

COLBUN 20 ECLCI 21

CONGLO 34 [1898bps]

COLBUN 24

AESGEN 29

TSELEC 25

EEBCB 21EEBCB (TGI) 22

EPM 19

OCENSA 21

FERMCA 38 [463bps]

ENDESA 24

AES (Guacolda) 25

ENDESA 27

ENRSIS 16

TGPERU 28

TRANSM 23

TSELEC 23

75

125

175

225

275

325

375

425

0 2 4 6 8 10 12

Z-S

pre

ad (b

ps)

Duration


30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

5

7

Argentina

Exhibit 98: CS-LACI Argentina vs. BONAR 24 Exhibit 99: Argentine Corps

-450

-400

-350

-300

-250

-200

-150

-100

-50

0

50

100

150

200

300

400

500

600

700

800

900

1000

1100O

ct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

rea

d D

iff. (bp

s)B

M S

pre

ad

(b

ps

)

Basis Dif f. (RHS)

CS-LACI ARGENTINA

BONAR 24

5

6

7

8

9

10

11

12

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Yie

ld-t

o-W

ors

t

AEROAR 20 YPFDAR 18 ARCO 23

GALIAR 18 PANAME 21


Exhibit 100: CS-LACI Argentina vs. CS-LACI Total Exhibit 101: Latam Distressed – Avg. Price vs. No. of Bonds

100

150

200

250

300

350

400

450

500

200

300

400

500

600

700

800

900

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f. (RHS)

CS-LACI ARGENTINA

CS-LACI TOTAL

0

5

10

15

20

25

30

35

40

10

20

30

40

50

60

70

Oct-04

Oct-05

Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

No

. of Is

su

es

Pri

ce

Price (LHS)

No. Issues (RHS)

Source: Credit Suisse. Source: Credit Suisse. Includes all Latam Distressed Bonds

30 October 2015


Argentina

Exhibit 102: Argentina Corporate Bonds


AEROAR 20

IRCPAR 17

ARCO 23

ARCOR 17

NM 22

CAPXAR 18

EDNAR 22

IRSAAR 17

IRSAAR 20

MASHER 21

PANAME 21

PESAAR 17

TRAGAS 17

TRANAR 21

ULTR 21[YTW:22.5%]

YPFDAR 24YPFDAR 18

YPFDAR 25

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

0 1 2 3 4 5 6 7

Yie

ld to

Wo

rst (%

)

Mod Duration

ARG CORP

Source: Credit Suisse. Arcor 2017s are callable beginning November 9, 2014 at 103.625.

Exhibit 103: Argentina Corporate Bonds


AEROAR 20

IRCPAR 17

ARCO 23

ARCOR 17

NM 22

IRSAAR 17

IRSAAR 20

MASHER 21

PANAME 21

TRAGAS 17

TRANAR 21

ULTR 21[YTW:22.5%]

YPFDAR 24

YPFDAR 18

YPFDAR 25

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x

Yie

ld t

o W

ors

t (%

)

Gross Leverage

MEX HY CORP(for reference)

BRZ HY CORP(for reference)

ARG CORP

Source: Credit Suisse. Arcor 2017s are callable beginning November 9, 2014 at 103.625.

30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

5

9

Brazil

Exhibit 104: CS-LACI Brazil vs. SBI Brazil Exhibit 105: CS-LACI HG Brazil vs. SBI Brazil

100

125

150

175

200

225

250

275

300

325

350

375

400

425

450

475

500

525

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

950O

ct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f. (RHS)

CS-LACI BRAZIL

SBI BRAZIL

75

100

125

150

175

200

225

250

275

300

325

350

375

400

425

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

re

ad

Diff. (b

ps)B

M S

pre

ad

(b

ps)

Basis Dif f. (RHS)

SBI BRAZIL

CS-LACI HG BRAZIL


Exhibit 106: CS-LACI HY Brazil vs. CS-LACI HG Brazil Exhibit 107: CS-LACI HY Brazil vs. SBI Brazil

200

225

250

275

300

325

350

375

400

425

450

100

200

300

400

500

600

700

800

900

1000

1100

1200

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)B

M S

pre

ad

(b

ps)

Basis Dif f. (RHS)

CS-LACI HY BRAZIL

CS-LACI HG BRAZIL

300

350

400

450

500

550

600

650

700

750

800

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f. (RHS)

CS-LACI HY BRAZIL

SBI BRAZIL


30 October 2015


Brazil

Exhibit 108: Brazil HG Corporate Bonds


BRASKM 18

BRASKM 20BRASKM 21

BRASKM 22

BRASKM 41 BRASKM Perp c-15

BRASKM 24

BRFSBZ 22

BRFSBZ 23

BRFSBZ 24

CIELBZ 22

EMBRBZ 25

EMBRBZ 17

EMBRBZ 20

EMBRBZ 22

EMBRBZ 23

GGBRBZ 17

GGBRBZ 20

GGBRBZ 24

GGBRBZ 21

GGBRBZ 23

GGBRBZ 44 [719 bps]

GLOPAR 22

GLOPAR 22

GLOPAR 25

ODBR 29 [923 bps]

ODBR 22 [1175 bps] ODBR 23 [1231 bps]

ODBR 25 [917 bps]

ODBR 42 [997 bps] ODBR Perp c-15 [1062 bps]

KLAB 24

RAIZBZ 17

SAMMIN 22

SAMMIN 23

SAMMIN 24

UGPABZ 15

VALEBZ 16

VALEBZ 17

VALEBZ 19VALEBZ 20

VALEBZ 22

VALEBZ 34

VALEBZ 36

VALEBZ 39

VALEBZ 42

VOTORA 19

VOTORA 24

VOTORA 20

VOTORA 21

VOTORA 41

100

150

200

250

300

350

400

450

500

550

600

650

700

0 1 2 3 4 5 6 7 8 9 10 11 12 13

Z-S

pre

ad (b

ps)

Mod Duration

BRAZIL SOV "on-the-run"

LUCI (US HG)*

BRAZIL HG CORP

Source: Credit Suisse. *LUCI excludes financials.

Exhibit 109: Brazil HG Corporate Bonds


BRASKM 18

BRASKM 20BRASKM 21

BRASKM 22

BRASKM 41

BRASKM Perp c-15

BRASKM 24

BRFSBZ 22

BRFSBZ 23

BRFSBZ 24

EMBRBZ 25

EMBRBZ 17

EMBRBZ 20EMBRBZ 22

EMBRBZ 23

GGBRBZ 17

GGBRBZ 20

GGBRBZ 24

GGBRBZ 21

GGBRBZ 23

GGBRBZ 44 [719 bps]

ODBR 22 [1175 bps]ODBR 23 [1231 bps]

ODBR 25 [917 bps]ODBR 42 [997 bps]

ODBR Perp c-15 [1062 bps]

KLAB 24 [4.7x]

RAIZBZ 17

SAMMIN 22

SAMMIN 23SAMMIN 24

VALEBZ 16

VALEBZ 17

VALEBZ 19

VALEBZ 20

VALEBZ 22

VALEBZ 34VALEBZ 36

VALEBZ 39

VALEBZ 42

VOTORA 19

VOTORA 24

VOTORA 20

VOTORA 21

VOTORA 41

100

200

300

400

500

600

700

0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x

Z-S

pre

ad

(b

ps

)

Net Leverage

BRAZIL HG CORP

MEX HG CORP

(for reference)

Source: Credit Suisse. Odebrecht Engenharia e Construção (ODBR) net leverage was negative at 2Q15.

30 October 2015


Brazil

Exhibit 110: Brazil HY Corporate Bonds


ANDRGI 18 [21.5 YTW]

OOGCOR Perp c-24 [28.3 YTW]QGOGCO 19 [29.7 YTW]

ODEBRE 22 [41.7 YTW]



QGOGBZ 18 [38.7 YTW]

SCHAHN 22 [41.2 YTW]

BEEFBZ 23

JBSSBZ 24

BEEFBZPERP

BRMLBZ Perp c-16

BRPRSA Perp c-15

CBCAMO 21

CSNABZ 19 [23.2 YTW]CSNABZ 20 [20.7 YTW]

CSNABZ Perp c-15

GOLLBZ 22 [24.3 YTW]

FIBRBZ 24



GOLLBZ Perp c-11 [19.8 YTW]

GSHPBR Perp c-15 [22.2 YTW]

HYPEBZ 21

INCMBZ 24

CSANBZ 23

CSANBZ Perp c-15

ELEBRA 19

ELEBRA 21

JBSSBZ 20* JBSSBZ 25*

JBSSBZ 21*

JBSSBZ 23

JBSSBZ 20 JBSSBZ 24*

MAGGBZ 20 MAGGBZ Perp c-17

TUPY 24

MRFGBZ 18

MRFGBZ 20

MRFGBZ 19

OIBRBZ 19 [22.4 YTW]

OIBRBZ 20

OIBRBZ 22

PETBRA 16 N

PETBRA 16 NNN

PETBRA 16

PETBRA 17

PETBRA 17 NN

PETBRA 18PETBRA 18

PETBRA 19 N

PETBRA 19

PETBRA 20

PETBRA 20 NN

PETBRA 21

PETBRA 23

PETBRA 24PETBRA 40

PETBRA 41

PETBRA 43

PETBRA 44PETBRA 2115

SBSPBZ 16

SBSPBZ 20

SUZANO 21

TAM 17

TAM 21

TONOBZ 20 [45.3 YTW]

USIM 18

USJACU 19 [42.5 YTW]

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

17.0

18.0

0 1 2 3 4 5 6 7 8 9 10 11 12

Yie

ld t

o W

ors

t (%

)

Mod Duration

BRAZIL HY CORP

PETBRA curve

Source: Credit Suisse. * Refer to JBS USA Bonds.

Exhibit 111: Brazil HY Corporate Bonds


QGOGCO 19 [29.7 YTW]

QGOGBZ 18 [38.7 YTW]

BEEFBZ 23

JBSSBZ 24

BEEFBZPERP

BRPRSA Perp c-15

CSNABZ 19 [23.2 YTW]CSNABZ 20 [20.7 YTW]

CSNABZ Perp c-15


FIBRBZ 24




CSANBZ 23

CSANBZ Perp c-15

JBSSBZ 20*

JBSSBZ 25*

JBSSBZ 21*

JBSSBZ 23

JBSSBZ 20JBSSBZ 24*

MAGGBZ 20

MAGGBZ Perp c-17

TUPY 24

MRFGBZ 18MRFGBZ 20MRFGBZ 19

OIBRBZ 19 [22.4 YTW]

OIBRBZ 20

OIBRBZ 22

PETBRA 16 NPETBRA 16 NNN

PETBRA 16PETBRA 17PETBRA 17 NN

PETBRA 18PETBRA 18

PETBRA 19 N

PETBRA 19

PETBRA 20

PETBRA 20 NN

PETBRA 21

PETBRA 23

PETBRA 24

PETBRA 40

PETBRA 41

PETBRA 43

PETBRA 44PETBRA 2115

SUZANO 21

TONOBZ 20 [45.3 YTW]

USIM 18

USJACU 19 [42.5 YTW]

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x

Yie

ld t

o W

ors

t (%

)

Gross Leverage

BRAZIL HY CORPMEX HY CORP

(f or ref erence)

ARG CORP

(f or ref erence)

Source: Credit Suisse. * Refer to JBS USA Bonds.

30 October 2015


Chile Exhibit 112: LACI Chile Metals vs. LUCI A Bucket Exhibit 113: CS-LACI Chile vs. LUCI

40

50

60

70

80

90

100

110

120

130

140

150

160

50

75

100

125

150

175

200

225

250

275

300

325

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

re

ad

Diff. (b

ps)

BM

Sp

re

ad

(b

ps)

Basis Dif f. (RHS)

CS-LUCI A Bucket

CS-LACI Chile Metals

50

60

70

80

90

100

110

120

130

140

150

160

170

180

50

75

100

125

150

175

200

225

250

275

300

325

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

re

ad

Diff. (b

ps)

BM

Sp

re

ad

(b

ps)

Basis Dif f. (RHS)

CS-LACI CHILE

LUCI TOTAL


Exhibit 114: Chile Corporate Bonds


AESGEN Perp c-19 [553 bps]

AESGEN 21

AESGEN 25

ANDINA 23

AUPIST 22

GNLQCI 29

AUTGIL 21 [3074 bps] AUTGIL 23 [2345 bps]

ENAPCL 20

CENSUD 45 [492 bps]

CENSUD 25

SQM 23 [392 bps]

TSELEC 23

BFALA 23

CDEL 19

CDEL 20

CDEL 23

CDEL 35

CDEL 36 CDEL 43

CDEL 25

LBTYA 24 [559 bps]

BMETR 24

CELARA 19

CELARA 21

CENSUD 21

CENSUD 23

CMPCCI 23

CMPCCI 18CMPCCI 19

CMPCCI 24CMPCCI 22

COLBUN 20

CTCACI 22

COLBUN 24

SQM 25 [420 bps]

ECLCI 25ENAPCL 24

CDEL 44

BFALA 25ENAPCL 19

ENAPCL 21

ENDESA 24

CORBAN 19 ENDESA 27

ENRSIS 16

ENTEL 24

ENTEL 26

GPKLN 20 [1585 bps]

CELARA 17CELARA 22

CDEL 22

CDEL 42

ECLCI 21

MASISA 19 [1303 bps]SMUSA 20 [1065 bps]

AES (Guacolda) 25

SQM 16

LATAIR 20 [793 bps]

SQM 20

TANNER 18

AESGEN 29 [397 bps]

TSELEC 25

50

100

150

200

250

300

350

400

0 2 4 6 8 10 12 14 16

Z-S

pre

ad

(b

ps

)

Mod Duration

LUCI (US HG)

CDEL "on-the-run"

CHILE CORP

CHL Sov "On-the-run"

Source: Credit Suisse. *LUCI excludes financials.

30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

6

3

Mexico

Exhibit 115: CS-LACI Mexico vs. SBI Mexico Exhibit 116: CS-LACI HG Mexico vs. SBI Mexico

100

125

150

175

200

225

50

100

150

200

250

300

350

400O

ct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f. (RHS)

CS-LACI MEXICO

SBI MEXICO

40

50

60

70

80

90

100

110

120

75

100

125

150

175

200

225

250

275

300

325

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)B

M S

pre

ad

(b

ps)

Basis Dif f. (RHS)

CS-LACI HG MEXICO

SBI MEXICO


Exhibit 117: CS-LACI HY Mexico vs. CS-LACI HG Mexico Exhibit 118: CS-LACI HY Mexico vs. SBI Mexico

200

250

300

350

400

450

500

550

600

100

200

300

400

500

600

700

800

900

Oct-14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

re

ad

Diff. (b

ps)B

M S

pre

ad

(b

ps)

Basis Dif f. (RHS)

CS-LACI HY MEXICO

CS-LACI HG MEXICO

250

300

350

400

450

500

550

600

650

700

-

100

200

300

400

500

600

700

800

900

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)

BM

Sp

read

(b

ps)

Basis Dif f. (RHS)

CS-LACI HY MEXICO

SBI MEXICO


30 October 2015


Mexico

Exhibit 119: Mexico HG Corporate Bonds


ALFAA 24

ALFAA 44

ALPEKA 22

ALPEKA 23

AMX 19AMX 20

AMX 35 AMX 37 AMX 40

AMX 22

AMX 42

AMX 19

LIVEPL 24

KCMA 25

GRUMAB 24

JBYCMX 25BIMBOA 24

BIMBOA 44

BIMBOA 20

BIMBOA 22

CFELEC 45

CFELEC 21

CFELEC 42

CFELEC 24

FEMSA 23

FEMSA 43

FRESLN 23

FUNO 44

FUNO 24

KOF 43

KOF 23

KOF 18

KOF 20

KCMA 24

MXCHF 42

MXCHF 22

MXCHF 44

PEMEX 18

PEMEX 19

PEMEX 20

PEMEX 21

PEMEX 22

PEMEX 45

PEMEX 18

PEMEX 20

PEMEX 26

PEMEX 46

PEMEX 25

PEMEX 35

PEMEX 38

PEMEX 23

PEMEX 24 PEMEX 25N

PEMEX 41

PEMEX 44

SCCO 42

SCCO 22

SCCO 20

SCCO 35 SCCO 40

SCCO 45

SCCO 25SIGMA 18

SIGMA 19

FERMCA 38

TELVIS 45

TELVIS 18

TELVIS 25

TELVIS 32

TELVIS 40

50

100

150

200

250

300

350

400

450

500

2 4 6 8 10 12 14 16

Z-S

pre

ad

(b

ps)

Mod Duration

PEMEX (for reference)

MEX SOV "on-the-run"

LUCI HG Corp*

MEX HG CORP

Source: Credit Suisse. *LUCI US HG excludes financials.

Exhibit 120: Mexico HG Corporate Bonds


ALFAA 24

ALFAA 44

ALPEKA 22

ALPEKA 23

AMX 17

AMX 19

AMX 20

AMX 35AMX 37

AMX 40

AMX 16

AMX 22

AMX 42LIVEPL 24

KCMA 25

GRUMAB 24

BIMBOA 24

BIMBOA 44

BIMBOA 20

BIMBOA 22

FEMSA 23

FEMSA 43

FUNO 44

FUNO 24

KOF 43

KOF 23

KOF 18

KOF 20

KCMA 24

MXCHF 42

MXCHF 22

MXCHF 44

SCCO 42

SCCO 22

SCCO 20

SCCO 35

SCCO 40

SIGMA 18

SIGMA 19

TELVIS 45

TELVIS 18

TELVIS 25

TELVIS 32

TELVIS 40

50

100

150

200

250

300

350

400

450

500

550

600

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x

Z-S

pre

ad

(b

ps)

Net Leverage

MEX HG CORP

BRAZIL HG CORP

(f or ref erence)


30 October 2015


Mexico

Exhibit 121: Mexico HY Corporate Bonds


NEMAK 23

AXTEL 20

IDESA 20

CEMEX 18

CEMEX 19

CEMEX 19

CEMEX 21CEMEX 22

CEMEX 19

CEMEX 24

CEMEX FRN 18

CEMEX 25CREAL 19

EKT 18FAMSA 20

KIONET 21

ELMTIA 25GCCAMM 20

COBREM 18 [74.1 %]

ICASA 17 [42.7 %]ICASA 21 [38.9 %]

ICASA 24 [33.6 %]INTSPN 19 [22.0 %]

JAVER 21

KUOBMM 22

MABEMX 19

MAXTEL 20 [23.4 %]

METLSA 23

MIFEL 22

ODHGPR 20

OFDMEX 20

LATOFF 18

PLAYRE 20

POSADA 22

CEMEX 25

SCRIBE 20

TZA 18

TZA 20

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0 1 2 3 4 5 6 7 8

Yie

ld t

o W

ors

t (%

)

Mod Duration

MEX HY CORP


Exhibit 122: Mexico HY Corporate Bonds


NEMAK 23

AXTEL 20

CEMEX 18

CEMEX 19

CEMEX 19

CEMEX 21

CEMEX 22

CEMEX 19

CEMEX 24

CEMEX FRN 18

CEMEX 25

EKT 18FAMSA 20

ELMTIA 25GCCAMM 20

COBREM 18 [74.1 %] ICASA 17 [8.9x] [42.7 %]

ICASA 21 [8.9x] [38.9 %]

ICASA 24 [8.9x] [33.6 %]

JAVER 21

KUOBMM 22

MABEMX 19

MAXTEL 20 [23.4 %]

METLSA 23

ODHGPR 20

OFDMEX 20

LATOFF 18

POSADA 22

CEMEX 25

SCRIBE 20

TZA 18TZA 20

2.0

4.0

6.0

8.0

10.0

12.0

14.0

1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x

Yie

ld t

o W

ors

t (%

)

Gross Leverage

MEX HY CORP

BRAZIL HY CORP

(f or ref erence)

ARG CORP

(f or ref erence)


30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

6

6

Peru

Exhibit 123: CS-LACI Peru vs. SBI Peru Exhibit 124: CS-LACI HG Peru vs. SBI Peru

110

135

160

185

210

235

260

100

150

200

250

300

350

400

450

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)

BM

Sp

read

(b

ps)

Basis diff. (RHS)

CS LACI Peru

SBI Peru

50

75

100

125

150

175

100

150

200

250

300

350

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)B

M S

pre

ad

(b

ps)

Basis Dif f. (RHS)

CS LACI Peru HG

SBI Peru


Exhibit 125: CS-LACI HY Peru vs. SBI Peru Exhibit 126: CS-LACI HY Peru vs. CS-LACI HG Peru

250

275

300

325

350

375

400

425

450

475

500

525

550

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

Oct-14

Nov-

14

Dec-

14

Jan-1

5

Feb

-15

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-15

Sp

read

Diff. (b

ps)B

M S

pre

ad

(b

ps)

Basis Dif f. (RHS)

SBI Peru

CS LACI Peru HY

250

275

300

325

350

375

400

425

150

200

250

300

350

400

450

500

550

600

650

700

750

800

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb

-15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-15

Aug

-15

Sep-1

5

Oct

-15

Sp

read

Diff. (b

ps)B

M S

pre

ad (b

ps)

Basis Dif f. (RHS)

CS LACI Peru HG

CS LACI Peru HY


30 October 2015


Peru

Exhibit 127: Peru Corporate Bonds


ABENGO 43

AJECBV 22 [1832 bps]

ALIPE 23

ANDINV 20 [1297 bps]

CALLAO 23CORJRL 21

CORJRL 23

COZCAR 22

CSOLNO 17 [1832 bps]

FERROS 20

ISCORP 21

INRSHM 21

MAESPE 19

MILPOC 23

MINSUR 24

PESEXA 20 [1247 bps]

TGPERU 28

IFHBH 25CPACPE 23

HOCLN 21

INRCON 21

UNACEM 21

CONGLO 34 [1898 bps]

SMIPET 20

TRANSM 23

LIMAMT 34

VOLCAN 22

0

100

200

300

400

500

600

700

800

900

1000

0 1 2 3 4 5 6 7 8 9 10 11

Z-S

pre

ad (b

ps)

Mod Duration

Peru SOV "on-the-run"

Peru CORP


Exhibit 128: Peru Corporate Bonds


AJECBV 22 [20.1 YTW]

ALIPE 23

CALLAO 23

CORJRL 21

CORJRL 23

CSOLNO 17 [7.4x] [13.8 YTW]

FERROS 20

ISCORP 21

INRSHM 21

TGPERU 28

IFHBH 25

CPACPE 23

INRCON 21

UNACEM 21

VOLCAN 22

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x

Yie

ld t

o W

ors

t (%

)

Net Leverage

Peru CORP


30 October 2015


Perpetual Bonds

Exhibit 129: Perpetual Bonds Calculated to Worst


BANBRA Perp c-20

AESGEN Perp c-19

MAGGBZ Perp c-17 [14.3 YTW]

BANBRA Perp c-23

BRASKM Perp c-15

BRMLBZ Perp c-16

BRPRSA Perp c-15

CEMEX Perp c-16

TELEFO Perp c-20

CSNABZ Perp c-15 [15.6 YTW]


OOGCOR Perp c-24 [28.8 YTW]

GSHPBR Perp c-15 [22.9 YTW]

BINTPE Perp c-20

ODBR Perp c-15

BCP Perp c-19

PEMEX Perp c-15

BANBRA Perp c-24

BANBRA Perp c-24N

BTGPBZ Perp c-19

4.0

6.0

8.0

10.0

12.0

14.0

- 2 4 6 8 10 12 14

Yie

ld t

o W

ors

t (%

)

Duration to Worst


30 October 2015


Companies on Ratings Watch

Company Name

Date placed

on watch Agency

Outlook/Credit

Watch List

ARGENTINA

Aeropuertos Argentina 9/1/14 S&P NEGATIVE

Alto Palermo SA 8/1/14 Fitch NEGATIVE

Alto Palermo SA 9/1/14 S&P NEGATIVE

Arcor SAIC 8/1/14 Fitch NEGATIVE

Arcos Dorados 6/15/15 Fitch NEGATIVE

Banco de Galicia y Buenos Aires 8/5/14 Moody's NEGATIVE

Banco de Galicia y Buenos Aires 8/19/14 S&P NEGATIVE

Banco Hipotecario SA 8/19/14 S&P NEGATIVE

Banco Hipotecario SA 7/10/15 Moody’s NEGATIVE

Banco Macro SA 8/5/14 Moody's NEGATIVE

Banco Macro SA 8/7/14 Fitch NEGATIVE

Cablevision 8/7/14 Moody's NEGATIVE

Capex SA 9/1/14 S&P NEGATIVE

Capex SA 8/1/14 Fitch NEGATIVE

Cia de Transporte de Energia Electrica (Transener) 9/1/14 S&P NEGATIVE

Cia Latinoamericana de Infraestructura & Servicios SA 6/18/14 S&P NEGATIVE

Cia Latinoamericana de Infraestructura & Servicios SA 8/1/14 Fitch NEGATIVE

Empresa Distribuidora y Comercializadora Norte (Edenor) 9/6/13 Moody’s NEGATIVE

Empresa Distribuidora y Comercializadora Norte (Edenor) 11/2/12 S&P NEGATIVE

IMPSA 9/16/14 S&P NEGATIVE

IRSA Inversiones y Representaciones SA 9/1/14 S&P NEGATIVE

IRSA Inversiones y Representaciones SA 8/1/14 Fitch NEGATIVE

Mastellone Hermanos SA 9/1/14 S&P NEGATIVE

Mastellone Hermanos SA 8/1/14 Fitch NEGATIVE

MetroGas SA 8/7/14 Moody's NEGATIVE

MetroGas SA 9/1/14 S&P NEGATIVE

Pan American Energy LLC 8/1/14 Fitch NEGATIVE

Petrobras Argentina SA 6/18/14 S&P NEGATIVE

Raghsa SA 8/7/14 Moody's NEGATIVE

Raghsa SA 9/1/14 S&P NEGATIVE

Transportadora de Gas del Sur 9/1/14 S&P NEGATIVE

Ultrapetrol 9/14/15 S&P NEGATIVE

YPF 8/7/14 Moody's NEGATIVE

YPF 8/1/14 Fitch NEGATIVE

BRAZIL

Banco ABC Brasil 10/27/15 Moody's NEGATIVE

Banco ABC Brasil 10/22/15 Fitch NEGATIVE

Banco ABC Brasil 9/10/15 S&P NEGATIVE

Banco Bradesco 9/10/15 S&P NEGATIVE

Banco Bradesco 10/22/15 Fitch NEGATIVE

Banco Bradesco 5/11/15 Moody's NEGATIVE

Banco BTG Pactual 10/22/15 Fitch NEGATIVE

Banco BTG Pactual 6/12/15 Moody's NEGATIVE

Banco do Brasil 9/10/15 S&P NEGATIVE

Banco do Brasil 4/13/15 Fitch NEGATIVE

Banco do Brasil 9/9/14 Moody's NEGATIVE

Banco Itau 10/22/15 Fitch NEGATIVE

Banco Itau 7/28/15 S&P NEGATIVE

Banco Itau 5/11/15 Moody's NEGATIVE

Banco Panamericano 10/22/15 Fitch NEGATIVE

Banco Panamericano 6/12/15 Moody's NEGATIVE

Banco Panamericano 11/25/13 S&P NEGATIVE

Banco Pine 4/10/15 Moody’s NEGATIVE

Banco Pine 6/12/15 S&P NEGATIVE

Banco Rio Grande do Sul 7/31/15 Fitch NEGATIVE

Banco Rio Grande do Sul 7/28/15 S&P NEGATIVE

Banco Rio Grande do Sul 10/6/15 Moody’s NEGATIVE

Banco Safra 10/22/15 Fitch NEGATIVE

Banco Safra 9/14/15 S&P NEGATIVE

Banco Safra 9/9/14 Moody's NEGATIVE

30 October 2015


Company Name

Date placed

on watch Agency

Outlook/Credit

Watch List

Banco Santander Brasil 10/22/15 Fitch NEGATIVE

Banco Santander Brasil 9/10/15 S&P NEGATIVE

Banco Santander Brasil 9/9/14 Moody's NEGATIVE

Banco Votorantim 10/22/15 Fitch NEGATIVE

Banco Votorantim 9/10/15 S&P NEGATIVE

Banco Votorantim 5/11/15 Moody's NEGATIVE

BM&F Bovespa SA 9/11/15 S&P NEGATIVE

BM&F Bovespa SA 9/9/14 Moody's NEGATIVE

BNDES 10/22/15 Fitch NEGATIVE

BNDES 9/10/15 S&P NEGATIVE

BNDES 9/9/14 Moody's NEGATIVE

Brasil Foods 10/15/15 Fitch NEGATIVE

Brasil Foods 5/15/14 S&P POSITIVE

Braskem 7/29/15 S&P NEGATIVE

BR Malls 11/25/14 Fitch POSITIVE

BR Properties 8/28/15 S&P NEGATIVE

BR Properties 5/4/15 Moody's NEGATIVE

Caixa 10/22/15 Fitch NEGATIVE

Caixa 9/10/15 S&P NEGATIVE

Caixa 9/22/14 Moody's NEGATIVE

Centrais Eletricas Brasileiras SA 7/28/15 S&P NEGATIVE

Centrais Eletricas Brasileiras SA 12/19/12 Moody’s NEGATIVE

Centrais Eletricas Brasileiras SA 12/7/12 Fitch NEGATIVE

Cielo SA 10/15/15 Fitch NEGATIVE

Cimentos Tupi 3/27/15 S&P NEGATIVE

Cimentos Tupi 12/22/14 Fitch NEGATIVE

Companhia Siderúrgica Nacional (CSN) 10/27/15 S&P NEGATIVE

Companhia Siderúrgica Nacional (CSN) 9/21/15 Fitch NEGATIVE

Companhia Siderúrgica Nacional (CSN) 4/29/15 Moody's NEGATIVE

Construtora Andrade Gutierrez 8/24/15 Moody’s NEGATIVE

Construtora Andrade Gutierrez 6/30/15 Fitch NEGATIVE

Fibria Celulose SA 5/6/15 Moody’s POSITIVE

General Shopping Brasil 9/22/15 Moody’s NEGATIVE

General Shopping Brasil 10/21/14 Fitch NEGATIVE

Gerdau 10/6/2015 Moody’s NEGATIVE

Globo Comunicacao 10/15/15 Fitch NEGATIVE

Globo Comunicacao 9/10/15 S&P NEGATIVE

GOL 9/28/15 Moody's NEGATIVE

GOL 6/11/15 S&P NEGATIVE

Grupo Virgolino de Oliveira (GVO) 8/27/14 Fitch NEGATIVE

Grupo Virgolino de Oliveira (GVO) 1/31/14 S&P NEGATIVE

Hypermarcas 9/19/14 Fitch POSITIVE

Itau 9/10/15 S&P NEGATIVE

InterCement Brasil 6/26/15 Fitch NEGATIVE

InterCement Brasil 4/1/15 S&P NEGATIVE

InterCement Brasil 2/3/15 Moody’s NEGATIVE

Magnesita 3/31/15 S&P NEGATIVE

Magnesita 2/23/15 Fitch NEGATIVE

Marfrig 10/9/15 Fitch POSITIVE

Minerva 8/6/14 Moody’s POSITIVE

OAS SA 1/5/15 S&P NEGATIVE

Odebrecht Engenharia e Construcao 6/30/15 Fitch NEGATIVE

Odebrecht Engenharia e Construcao 6/23/15 S&P NEGATIVE

Odebrecht Engenharia e Construcao 6/3/15 Fitch NEGATIVE

Odebrecht Offshore Drilling Finance 9/4/15 S&P NEGATIVE

Oi 4/2/15 S&P NEGATIVE

Oi 10/6/15 Moody’s NEGATIVE

Oi 7/15/15 Fitch NEGATIVE

Petrobras 4/24/15 Fitch NEGATIVE

Petrobras 9/10/15 S&P NEGATIVE

Raizen Combustiveis 10/15/15 Fitch NEGATIVE

Raizen Energia 10/15/15 Fitch NEGATIVE

Raizen 9/10/15 S&P NEGATIVE

30 October 2015


Company Name

Date placed

on watch Agency

Outlook/Credit

Watch List

Rede Energia SA 8/31/12 Moody’s NEGATIVE

SABESP 8/29/14 Moody’s NEGATIVE

SABESP 5/23/14 Fitch NEGATIVE

SABESP 12/23/14 S&P NEGATIVE

Suzano 9/11/15 Fitch POSITIVE

Suzano 3/20/15 Moody’s POSITIVE

USJ Acucar e Alcool 9/24/15 S&P NEGATIVE

Vale 10/15/15 Fitch NEGATIVE

Vale 5/13/15 Moody’s NEGATIVE

Vale 4/30/15 S&P NEGATIVE

Votorantim Industrial 10/15/15 Fitch NEGATIVE

Votorantim Participacoes 10/15/15 Fitch NEGATIVE

Votorantim Participacoes 7/28/15 S&P NEGATIVE

CHILE

Automotores Gildemeister 10/19/15 Moody's NEGATIVE

Automotores Gildemeister 12/5/13 Fitch NEGATIVE

CAP SA 1/30/15 S&P NEGATIVE

Cencosud SA 11/21/12 Moody’s NEGATIVE

CFR Pharmaceuticals 1/29/15 Fitch NEGATIVE

Codelco 9/1/15 S&P NEGATIVE

Codelco 8/1/13 Moody’s NEGATIVE

Codelco 9/1/15 S&P NEGATIVE

Entel 7/16/14 Moody’s NEGATIVE

Entel 7/10/15 S&P NEGATIVE

GeoPark Latin America 1/23/15 Fitch NEGATIVE

GeoPark Latin America 1/21/15 S&P NEGATIVE

Inversiones Alsacia 9/10/14 Moody's NEGATIVE

Masisa 10/23/15 Moody's NEGATIVE

Masisa 5/13/15 S&P NEGATIVE

Masisa 9/17/15 Fitch NEGATIVE

SACI Falabella 4/18/13 S&P POSITIVE

Pampa Calichera 7/8/15 S&P NEGATIVE

SQM 6/19/15 S&P NEGATIVE

COLOMBIA

Avianca 3/26/15 Fitch NEGATIVE

Empresa de Energia de Bogota (EEB) 9/3/15 S&P NEGATIVE

Empresas Publicas de Medellin (EPM) 8/11/14 Moody's POSITIVE

Oleoducto Central SA 4/23/14 Moody's POSITIVE

Pacific Exploration & Production 10/14/15 S&P NEGATIVE

Pacific Exploration & Production 9/16/15 Moody's NEGATIVE

Pacific Exploration & Production 7/10/15 Fitch NEGATIVE

Transportadora de Gas Internacional (TGI) 9/3/15 S&P NEGATIVE

MEXICO

Banca Mifel 5/20/14 S&P NEGATIVE

Banco Ahorro Famsa 8/29/14 S&P NEGATIVE

Banco Mercantil del Norte SA 3/5/13 S&P POSITIVE

BBVA Bancomer 5/23/14 Fitch POSITIVE

Bimbo 2/17/14 Moody’s NEGATIVE

Bio Pappel 8/6/14 Fitch POSITIVE

Cemex 3/5/15 S&P POSITIVE

Coca-Cola Femsa SAB de CV 9/4/13 Moody’s NEGATIVE

Comision Federal de Electricidad 3/12/13 S&P POSITIVE

Controladora Mabe 9/18/15 S&P POSITIVE

El Puerto de Liverpool 9/1/15 Fitch POSITIVE

Empresas ICA 10/2/15 Moody’s NEGATIVE

GEO 3/20/13 Moody’s NEGATIVE

Grupo Cementos de Chihuahua 12/17/14 S&P POSITIVE

Grupo Famsa 8/29/14 S&P NEGATIVE

Grupo Idesa 10/5/2015 Moody’s NEGATIVE

Grupo Kuo 7/31/15 S&P NEGATIVE

Javer 3/18/13 Moody’s NEGATIVE

Kansas City Southern de Mexico 9/12/14 Fitch POSITIVE

Nemak 2/5/15 Fitch POSITIVE

30 October 2015


Company Name

Date placed

on watch Agency

Outlook/Credit

Watch List

Offshore Drilling Holding 8/25/15 Fitch NEGATIVE

Satmex 2/11/14 S&P NEGATIVE

Scribe 8/6/14 S&P NEGATIVE

Sigma 4/3/14 S&P NEGATIVE

Sigma 11/15/13 Moody’s NEGATIVE

PERU

Alicorp 3/3/15 Fitch NEGATIVE

Andino Investment Holding 10/15/15 Fitch NEGATIVE

Banco de Credito del Peru 9/8/15 S&P NEGATIVE

Banco Internacional del Peru 9/8/15 S&P NEGATIVE

BBVA Banco Continental 9/8/15 S&P NEGATIVE

Coazucar 6/30/15 S&P NEGATIVE

Coazucar 7/14/14 Fitch NEGATIVE

Compania Minera Milpo 9/11/15 S&P NEGATIVE

Copeinca 8/15/14 S&P NEGATIVE

Corp Lindley SA 9/11/15 Fitch POSITIVE

Gas Natural de Lima y Callao 9/3/15 S&P NEGATIVE

Inkia 7/4/14 Fitch NEGATIVE

InRetail Consumer 9/29/14 S&P POSITIVE

Intercorp 8/25/14 S&P POSITIVE

Pesquera Exalmar 1/5/15 S&P NEGATIVE

Volcan 12/17/14 Fitch NEGATIVE

OTHER

AES Panama 7/17/14 S&P NEGATIVE

Air Jamaica 2/12/14 Moody’s POSITIVE

Banco de Costa Rica 1/28/15 Fitch NEGATIVE

Banco Industrial Guatemala 6/3/15 Moody’s NEGATIVE

CAF 10/16/14 S&P NEGATIVE

Millicom 7/28/13 Moody’s NEGATIVE

National Gas Company of Trinidad & Tobago 5/1/15 Moody’s NEGATIVE

Petroleos de Venezuela SA 3/25/14 Fitch NEGATIVE

Petroleos de Venezuela SA 2/10/15 S&P NEGATIVE

Petrotrin 5/1/15 Moody’s NEGATIVE

Source: Moody’s, S&P, Fitch.

30 October 2015


Latin American LTM Credit Metrics LTM LTM LTM LTM LTM LTM LTM LTM

Country/IssuerFoot

note Filing Sector Revenue EBITDA Int Exp Cash ST Debt LT Debt Total Debt Net Debt Margin D / E ND / E Int Cov Liq Ratio

Argentina

Aeropuertos Argentina 2Q15 Transportation 613 230 33 46 54 214 268 222 37.5% 1.2 1.0 7.0 3.2

Arcor 2Q15 Food & Bev 2,992 304 122 182 160 431 590 408 10.1% 1.9 1.3 2.5 1.7

Arcos Dorados 1 2Q15 Food & Bev 3,352 242 70 83 54 702 755 672 7.2% 3.1 2.8 3.5 2.6

IRSA 4Q15 Real Estate 395 190 74 41 137 411 548 507 48.1% 2.9 2.7 2.6 1.1

IRSA CP 2 4Q15 Real Estate 320 178 38 33 52 366 417 384 55.4% 2.4 2.2 4.6 2.3

Mastellone Hermanos ** 2Q15 Food & Bev 1,555 29 39 36 49 193 242 205 1.9% 8.3 7.0 0.8 0.7

Navios South American Logistics 3 2Q15 Transportation 285 72 28 72 10 386 395 323 25.2% 5.5 4.5 2.6 3.8

Pan American Energy 2Q15 Energy 2,884 1,315 165 37 955 1,152 2,107 2,070 45.6% 1.6 1.6 8.0 1.2

TGN 4 2Q15 Utilities 76 (7) 15 43 - 214 214 171 nmf nmf nmf nmf nmf

TGS 2Q15 Utilities 471 118 34 64 35 221 256 192 25.1% 2.2 1.6 3.4 2.6

Transener 2Q15 Utilities 194 41 14 47 19 110 129 82 21.3% 3.1 2.0 2.9 2.6

Ultrapetrol 5 2Q15 Transportation 359 50 35 41 56 413 469 428 14.0% 9.4 8.5 1.5 1.0

YPF 6 2Q15 Energy 17,451 4,999 981 1,567 1,557 6,030 7,587 6,020 28.6% 1.5 1.2 5.1 2.6

Brazil

BR Properties 7 2Q15 Real Estate 280 251 307 136 94 1,295 1,389 1,253 89.7% 5.5 5.0 0.8 1.0

Brasil Foods 8 2Q15 Food & Bev 11,370 1,969 334 1,705 671 2,989 3,659 1,955 17.3% 1.9 1.0 5.9 3.7

Braskem 9 2Q15 Other Basic Ind 17,037 2,557 543 1,596 620 6,707 7,327 5,731 15.0% 2.9 2.2 4.7 3.6

Cosan 10 2Q15 Sugar & Ethanol 15,192 1,421 629 1,277 582 4,041 4,623 3,346 9.4% 3.3 2.4 2.3 2.2

CSN 2Q15 Metals & Mining 5,804 1,404 1,192 2,528 501 9,336 9,836 7,308 24.2% 7.0 5.2 1.2 2.3

Embraer 2Q15 Manufacturing 5,854 744 143 3,019 340 3,190 3,529 511 12.7% 4.7 0.7 5.2 7.8

Fibria 11 3Q15 Pulp & Paper 3,021 1,521 149 982 273 2,900 3,173 2,191 50.4% 2.1 1.4 10.2 5.9

Gerdau 12 3Q15 Metals & Mining 14,767 1,615 552 1,706 540 6,443 6,983 5,277 10.9% 4.3 3.3 2.9 3.0

Globo 2Q15 Telco & Media 5,815 1,497 246 2,353 15 897 913 (1,440) 25.7% 0.6 nmf 6.1 14.7

GOL Airlines 13 2Q15 Transportation 3,720 585 580 553 374 3,441 3,815 3,262 15.7% 6.5 5.6 1.0 1.2

JBS 14 2Q15 Food & Bev 51,442 5,007 1,268 4,482 5,151 10,554 15,705 11,223 9.7% 3.1 2.2 3.9 1.5

Klabin 15 3Q15 Pulp & Paper 1,794 621 283 1,497 512 3,928 4,439 2,942 34.6% 7.1 4.7 2.2 2.7

Magnesita 16 2Q15 Basic Industries 1,134 152 63 270 87 734 821 551 13.4% 5.4 3.6 2.4 2.8

Marfrig 17 2Q15 Food & Bev 6,510 570 na 826 631 3,216 3,847 3,020 8.8% 6.7 5.3 nmf nmf

Minerva ** 2Q15 Food & Bev 3,104 291 236 860 364 1,660 2,025 1,165 9.4% 7.0 4.0 1.2 1.9

Odebrecht Engenharia e Construção 18 2Q15 Construction 13,805 1,360 28 3,893 151 3,167 3,318 (575) 9.8% 2.4 nmf 49.0 29.4

Odebrecht Oil & Gas - Consolidated 2Q15 Energy 1,228 582 325 394 281 4,392 4,673 4,280 47.4% 8.0 7.4 1.8 1.6

Odebrecht Oil & Gas - Guarantor I 19 2Q15 Energy 265 215 84 49 103 1,116 1,218 1,169 81.3% 5.7 5.4 2.5 1.4

Odebrecht Oil & Gas - Guarantor II 20 2Q15 Energy 398 268 168 78 113 1,885 1,999 1,921 67.4% 7.5 7.2 1.6 1.2

Oi S.A. 21 2Q15 Telco & Media 10,575 2,797 2,272 5,361 2,450 14,076 16,526 11,165 26.5% 5.9 4.0 1.2 1.7

Petrobras 22 2Q15 Energy 124,158 26,072 6,759 29,536 14,393 119,543 133,936 104,400 21.0% 5.1 4.0 3.9 2.6

QGOG Constellation 23 2Q15 Energy 1,073 652 110 403 371 2,437 2,808 2,405 60.8% 4.3 3.7 5.9 2.2

QGOG Atlantic/Alaskan 24 2Q15 Energy 178 146 22 12 115 200 315 304 82.2% 2.2 2.1 6.5 1.1

Raízen Energia 25 1Q16 Energy 3,671 897 274 1,209 417 3,073 3,490 2,281 24.4% 3.9 2.5 3.3 3.1

Samarco 2Q15 Metals & Mining 2,735 1,317 221 711 485 3,853 4,338 3,627 48.1% 3.3 2.8 6.0 2.9

Suzano ** 2Q15 Pulp & Paper 3,248 1,222 460 933 489 3,992 4,481 3,548 37.6% 3.7 2.9 2.7 2.3

Tonon 26 1Q16 Sugar & Ethanol 281 107 65 7 74 574 648 641 38.2% 6.0 6.0 1.6 0.8

Tupy 2Q15 Manufacturing 1,218 216 60 441 243 488 731 290 17.8% 3.4 1.3 3.6 2.2

Usiminas 27 2Q15 Metals & Mining 4,098 356 182 931 556 1,895 2,451 1,520 8.7% 6.9 4.3 2.0 1.7

USJ 28 1Q16 Sugar & Ethanol 138 71 98 35 87 334 421 387 51.6% 5.9 5.5 0.7 0.6

Vale 29 3Q15 Metals & Mining 28,782 7,899 1,481 4,462 3,030 25,645 28,675 24,213 27.4% 3.6 3.1 5.3 2.7

Votorantim 30 2Q15 Other Basic Ind 11,098 2,797 1,001 2,339 481 7,664 8,144 5,805 25.2% 2.9 2.1 2.8 3.5

Chile

AES Gener 2Q15 Utilities 2,217 696 143 199 161 3,251 3,412 3,214 31.4% 4.9 4.6 4.9 2.9

Automotores Gildemeister 31 1Q15 Retail 1,378 32 70 55 159 767 926 871 2.3% 28.7 27.0 0.5 0.4

Celulosa Arauco 2Q15 Pulp & Paper 5,375 1,285 268 512 691 3,988 4,680 4,168 23.9% 3.6 3.2 4.8 1.9

Cencosud 32 2Q15 Retail 18,058 1,352 655 453 501 6,361 6,861 6,408 7.5% 5.1 4.7 2.1 1.6

CMPC 33 2Q15 Pulp & Paper 4,787 946 174 604 278 3,937 4,215 3,611 19.8% 4.5 3.8 5.4 3.4

Codelco 34 2Q15 Metals & Mining 13,116 4,981 464 638 1,106 12,854 13,960 13,322 38.0% 2.8 2.7 10.7 3.6

ENAP 35 2Q15 Energy 7,973 727 188 115 478 3,323 3,802 3,687 9.1% 5.2 5.1 3.9 1.3

Enersis 2Q15 Utilities 12,607 3,935 773 1,512 954 4,830 5,784 4,271 31.2% 1.5 1.1 5.1 3.2

Endesa Chile 2Q15 Utilities 4,315 1,889 234 95 976 2,802 3,778 3,683 43.8% 2.0 1.9 8.1 1.6

Entel 2Q15 Telco & Media 2,823 565 110 269 33 2,348 2,381 2,112 20.0% 4.2 3.7 5.1 5.8

Latam Airlines 36 2Q15 Transportation 11,450 2,118 909 1,610 1,542 10,918 12,460 10,850 18.5% 5.9 5.1 2.3 1.5

Masisa 37 2Q15 Pulp & Paper 1,263 197 53 54 139 676 815 761 15.6% 4.1 3.9 3.7 1.3

Metro de Santiago 2Q15 Transportation 481 122 83 363 157 2,213 2,370 2,006 25.3% 19.4 16.5 1.5 2.0

SMU 38 2Q15 Retail 3,378 239 197 67 249 1,716 1,965 1,898 7.1% 8.2 7.9 1.2 0.7

SQM 2Q15 Other Basic Ind 1,830 758 67 473 419 1,351 1,770 1,297 41.4% 2.3 1.7 11.2 2.5

VTR ** 2Q15 Telco & Media 873 333 107 95 0 1,400 1,400 1,305 38.2% 4.2 3.9 3.1 4.0

Colombia

Avianca Holdings 39 2Q15 Transportation 4,636 803 157 722 416 5,155 5,571 4,848 17.3% 6.9 6.0 5.1 2.7

Colombia Telecomunicaciones 40 2Q15 Telco & Media 2,081 745 323 32 241 3,029 3,270 3,238 35.8% 4.4 4.3 2.3 1.4

Ecopetrol 41 2Q15 Energy 26,318 6,861 978 3,563 1,619 16,023 17,642 14,079 26.1% 2.6 2.1 7.0 4.0

Pacific Exploration and Production 42 2Q15 Energy 3,825 1,631 292 725 18 5,325 5,343 4,618 42.7% 3.3 2.8 5.6 7.6 Values are expressed in USD millions. Financial ratios are annualized. Margin = EBITDA Margin (EBITDA / Net Revenue). D / E = Total Debt / EBITDA. ND / E = Net Debt / EBITDA.

Int Cov = EBITDA / Interest Expense. Liq Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense). Footnotes on the next page. Source: Company data, Credit Suisse

30 October 2015


Latin American LTM Credit Metrics (continued) LTM LTM LTM LTM LTM LTM LTM LTM

Country/IssuerFoot

note Filing Sector Revenue EBITDA Int Exp Cash ST Debt LT Debt Total Debt Net Debt Margin D / E ND / E Int Cov Liq Ratio

Mexico

Altos Hornos de Mexico 43 2Q15 Metals & Mining 3,092 97 29 70 948 225 1,173 1,103 3.1% 12.1 11.4 3.3 0.2

Alfa 44 3Q15 Other Basic Ind 17,014 2,259 497 1,406 599 5,692 6,292 4,885 13.3% 2.8 2.2 4.5 3.3

Alpek 45 3Q15 Other Basic Ind 5,697 614 58 454 44 1,048 1,092 638 10.8% 1.8 1.0 10.5 10.5

América Móvil 3Q15 Telco & Media 59,176 17,953 2,484 7,384 7,332 35,432 42,764 35,380 30.3% 2.4 2.0 7.2 2.6

Axtel 46 3Q15 Telco & Media 642 209 79 147 30 743 774 627 32.5% 3.7 3.0 2.6 3.2

Cementos Chihuahua 47 2Q15 Building Materials 763 163 41 46 62 373 435 389 21.3% 2.7 2.4 3.9 2.0

Cemex 3Q15 Building Materials 14,728 2,690 1,310 457 303 15,278 15,581 15,124 18.3% 5.8 5.6 2.1 2.0

Cobre del Mayo 48 2Q15 Metals & Mining 206 54 15 16 9 230 239 223 26.0% 4.5 4.2 3.6 2.9

Controladora Mabe 2Q15 Household Prod 2,863 288 64 70 138 730 868 798 10.1% 3.0 2.8 4.5 1.8

Coca-Cola Femsa 49 3Q15 Food & Bev 9,821 1,976 367 1,030 323 4,068 4,391 3,361 20.1% 2.2 1.7 5.4 4.4

CP Latina 50 2Q15 Energy 76 70 34 30 30 308 338 308 92.3% 4.9 4.4 2.0 1.6

Empresas ICA 51 3Q15 Construction 2,440 383 365 401 306 3,118 3,424 3,023 15.7% 8.9 7.9 1.1 1.2

Elementia 3Q15 Construction 1,108 194 56 429 181 488 670 241 17.5% 3.5 1.2 3.4 2.6

El Puerto de Liverpool 2Q15 Retail 5,971 972 75 28 - 866 866 838 16.3% 0.9 0.9 12.9 13.3

Femsa 3Q15 Food & Bev 19,100 2,925 453 2,564 803 5,498 6,301 3,737 15.3% 2.2 1.3 6.5 4.4

Fibra Uno 52 3Q15 Real Estate 619 498 154 306 426 2,371 2,797 2,492 80.4% 5.6 5.0 3.2 1.4

Grupo Bimbo 3Q15 Food & Bev 13,895 1,433 278 237 259 3,443 3,702 3,465 10.3% 2.6 2.4 5.1 3.1

Grupo Elektra 3Q15 Retail 5,059 673 97 1,206 499 672 1,171 (35) 13.3% 1.7 nmf 6.9 3.2

Grupo Famsa 53 3Q15 Retail 1,062 112 51 73 268 250 518 446 10.5% 4.6 4.0 2.2 0.6

Grupo Kuo 3Q15 Manufacturing 1,860 172 111 106 12 506 518 412 9.2% 3.0 2.4 1.5 2.3

Grupo Posadas 3Q15 Real Estate 444 88 32 119 47 361 408 289 19.8% 4.6 3.3 2.8 2.6

Gruma 54 3Q15 Food & Bev 3,696 569 45 146 126 625 752 605 15.4% 1.3 1.1 12.6 4.2

Javer 3Q15 Construction 409 56 43 68 2 283 284 216 13.6% 5.1 3.9 1.3 2.8

Kimberly Clark de Mexico 3Q15 Pulp & Paper 2,075 550 52 578 136 1,011 1,147 568 26.5% 2.1 1.0 10.5 6.0

Maxcom 55 3Q15 Telco & Media 164 28 10 30 2 138 141 111 17.2% 5.0 3.9 2.8 4.6

Mexichem 56 3Q15 Other Basic Ind 5,778 838 266 538 48 2,302 2,350 1,812 14.5% 2.8 2.2 3.1 4.4

Metalsa 57 2Q15 Manufacturing 2,389 222 34 58 46 321 367 310 9.3% 1.7 1.4 6.5 3.5

Nemak 3Q15 Manufacturing 4,515 759 71 102 404 901 1,305 1,203 16.8% 1.7 1.6 10.7 1.8

Office Depot de Mexico 2Q15 Retail 1,211 127 40 36 5 350 355 320 10.5% 2.8 2.5 3.2 3.6

Offshore Drilling Holding 58 2Q15 Energy 418 358 113 194 98 1,215 1,314 1,013 85.7% 3.7 2.8 3.2 2.6

Pemex 59 3Q15 Energy 84,532 9,144 4,412 6,557 11,752 76,028 87,780 81,222 10.8% 9.6 8.9 2.1 1.0

Scribe 60 2Q15 Pulp & Paper 442 44 28 41 8 297 305 264 10.1% 6.9 5.9 1.6 2.4

Sigma 61 3Q15 Food & Bev 6,061 707 103 367 82 2,335 2,417 2,050 11.7% 3.4 2.9 6.8 5.8

Southern Copper 3Q15 Metals & Mining 5,263 2,279 171 1,387 - 5,951 5,951 4,564 43.3% 2.6 2.0 13.3 21.4

Televisa 2Q15 Telco & Media 5,937 2,293 415 2,245 35 5,713 5,748 3,504 38.6% 2.5 1.5 5.5 10.1

TV Azteca 3Q15 Telco & Media 832 177 80 240 - 880 880 640 21.3% 5.0 3.6 2.2 5.2

Peru

Alicorp 62 2Q15 Food & Bev 2,173 230 105 44 89 699 788 744 10.6% 3.4 3.2 2.2 1.4

Camposol 63 3Q15 Food & Bev 276 30 25 34 53 205 258 224 11.0% 8.5 7.4 1.2 0.8

Cementos Pacasmayo 64 2Q15 Building Materials 405 127 10 135 - 296 296 161 31.4% 2.3 1.3 12.8 26.4

Corporacion Lindley 2Q15 Food & Bev 780 140 28 20 26 579 606 586 17.9% 4.3 4.2 4.9 2.9

Ferreycorp 65 2Q15 Manufacturing 1,686 180 33 43 222 439 660 617 10.7% 3.7 3.4 5.4 0.9

Inkia 66 2Q15 Utilities 996 249 86 243 140 1,840 1,980 1,737 25.0% 7.9 7.0 2.9 2.2

InRetail Consumer 67 2Q15 Retail 2,163 147 34 43 22 400 421 378 6.8% 2.9 2.6 4.4 3.4

InRetail Shopping Malls 68 2Q15 Real Estate 138 84 34 29 3 352 355 325 61.0% 4.2 3.9 2.5 3.0

Milpo 69 2Q15 Metals & Mining 729 251 20 446 9 350 358 (88) 34.5% 1.4 nmf 12.9 24.9

Volcan 70 2Q15 Metals & Mining 949 263 41 189 257 617 875 685 27.8% 3.3 2.6 6.4 1.5

Other

Comcel 2Q15 Telco & Media 1,272 653 58 155 - 908 908 753 51.3% 1.4 1.2 11.3 14.0

Digicel Group Limited 1Q16 Telco & Media 2,760 1,178 543 303 191 6,292 6,483 6,180 42.7% 5.5 5.2 2.2 2.0

Digicel Limited 1Q16 Telco & Media 2,123 920 268 257 86 3,271 3,357 3,101 43.3% 3.6 3.4 3.4 3.3

Millicom 3Q15 Telco & Media 6,913 2,274 452 854 191 4,931 5,122 4,268 32.9% 2.3 1.9 5.0 4.9

Petrotrin 4Q15 Energy 3,110 (13) 145 265 848 1,217 2,065 1,800 nmf nmf nmf nmf nmf

Companies

Latam (simple mean) 116 26.7% 3.1 2.6 4.8 3.8

Metals & Mining 11 26.6% 4.7 4.1 6.1 6.1

Food & Bev 15 11.8% 4.0 3.2 4.5 2.8

Utilities 7 29.6% 3.6 3.0 4.5 2.5

Transportation 7 21.9% 7.8 6.7 3.0 2.2

Telco & Media 14 32.6% 3.6 3.2 4.3 5.5

Pulp & Paper 8 27.3% 4.3 3.4 5.1 3.2

Construction 4 14.2% 5.0 4.3 13.7 9.0

Real Estate 6 59.1% 4.2 3.7 2.8 1.9

Energy 16 45.3% (5.4) (4.6) 3.9 2.2

Sugar & Ethanol 3 33.1% 5.1 4.6 1.5 1.2

Other Sectors 25 14.6% 4.3 3.6 5.2 4.3

Argentina 13 26.7% 3.6 3.0 3.7 2.1

Brazil 32 31.9% 4.7 3.7 4.9 3.7

Chile 16 23.3% 6.7 6.1 4.6 2.4

Colombia 4 30.5% 4.3 3.8 5.0 3.9

Mexico 36 23.1% 3.9 3.3 5.0 4.1

Peru 10 23.7% 4.2 3.9 5.6 6.7

Other Countries 5 34.0% (28.5) (24.8) 4.4 4.9

30 October 2015


Values are expressed in USD millions. Financial ratios are annualized. Margin = EBITDA Margin (EBITDA / Net Revenue). D / E = Total Debt / EBITDA. ND / E = Net Debt / EBITDA.

Int Cov = EBITDA / Interest Expense. Liq Ratio = (Cash + EBITDA) / (ST Debt + Interest Expense).

Figures for country and sector aggregations are simple averages for the constituent companies. Footnotes below.

Source: Company data, Credit Suisse

(11) Adjusted EBITDA adds back: non-recurring/non-cash restructuring expenses, accrual and accounting adjustments, asset disposals, change in FV of biological assets, and excludes EBITDA contribution from discontinued

operations.

(1) Arcos Dorados' adjusted EBITDA excludes other operating expenses such as equity compensation. Total financial debt includes short-term debt, long-term debt and derivative instruments, as reported by the company.

(2) CS EBITDA is calculated by adding EBIT and Depreciation. It may not match with the company's reported numbers. Total Debt Includes US$249mn in additional debt related to the transfer of assets from IRSA to APSA in

December 2014. Debt in 4Q15 Includes US$246.5mn in additional debt related to the transfer of assets from IRSA.

(3) Debt includes capital lease obligations and intercompany loans

(4) Adjusted EBITDA as calculated by CS excludes other income (expenses), provisions and other non-cash charges.

(5) Segment EBITDA differs from press release as CS excludes investments in affiliates, income from non-controlling interests, non-cash derivatives effects and discontinued operations. Adjusted EBITDA in 3Q14 and FY2014

excludes US$5.6mn in expenses from severance packages to former CEO and Executive VP. Cash includes restricted cash in the amounts of us$11mn in 1Q15, US$11mn in 4Q14, and US$11mn in 3Q14.

(6) CS EBITDA excludes other operating income (expenses) and other one-time items. Reported EBITDA includes inflows related to FX impacts and other operating income (expenses). LTM Reported EBITDA includes ARS2bn,

and ARS500mn in insurance compensation received from the damaged suffered at the La Plata Refinery fire in 4Q14 and 1Q15, respectively. CS COGS and Adjusted EBITDA exclude these amounts. LTM CS Adjusted EBITDA

also excludes ARS1.2bn in legal claims in 4Q14.

(7) CS EBITDA differs from Company's Adjusted EBITDA as it excludes employees bonus provisions and vacancy expenses. Debt figures differ from company values. CS includes perpetual bond issuance and derivative positions,

but excludes payables for acquisition of Real Estate (~BRL9mn in 2Q15, ~BRL15mn and BRL19mn in 2Q15, 1Q15 and 2Q14, respectively).

(8) Historical data was re-stated to exclude contributions from the Dairy segment (divested in 4Q14).

(9) LTM EBITDA includes refund of BRL220mn from amendment signed with Petrobras for the naphtha supply in 1Q15, recorded in the quarter COGS, and excludes non-recurring tax expense of BRL34mn and -BRL40mn related to

Refis program in 3Q14 and 4Q14, respectively . LTM EBITDA also includes BRL1mn and -BRL4mn in 3Q14 and 4Q14, respectively, of provisions related to fixed assets.

(10) Adjusted EBITDA excludes changes in FV of biological assets (non-cash) and non-recurring revenues/expenses. Cosan's cash balance excludes restricted cash, but includes derivatives. Total debt is from company's press

release and is pro-rata for JVs and excludes portion from PESA debt.

(23) Refers to QGOGCO 6.25% secured notes due 2019 (guaranteed by QGOG Constellation). Cash Includes Short-term investments and restricted cash (US$12mn as of 2Q15).

(12) LTM EBITDA excludes the gain of BRL12mn from the divestment of Forjanor in Special Steel Segment in 3Q14. Also excludes impairment of assets and gains in JV operations in 4Q14. Cash and equivalents includes short-

term investments held for trading and available for sale.

(13) Debt figures are pro forma including operating leases reported by the company. EBITDA is before Rentals (EBITDAR). Coverage is EBITDAR / (Interest + Rentals).

(14) Adjusted EBITDA excludes non-recurring items. Segment EBITDA may not sum up to consolidated figures because of inter-company eliminations. Leverage ratios differ slightly due to different FX rates. Debt includes PPC

debt.

(15) Adjusted EBITDA excludes change in fair value of biological assets, equity pick-up and other operating income (expenses). Cash includes marketable securities and short term investments (mainly CDs).

(16) Adjusted EBITDA in 4Q14 and FY2014 excludes the impact of write-off of assets related to exploration and development of new mining resources of BRL20.7mn, write-off of goodwill at Magnesita Finance of BRL20.4mn, write-

off of out-of-spec inventories and provisions for losses with obsolete inventories of BRL12.1mn, write-off of receivables of BRL30.3mn, Periodic re-evaluation of the fair value of the land for sale in Suzano of BRL6.7mn.

(17) In June 2015, Marfrig announced that it reached an agreement for the sale of Moy Park to JBS. As a result, the company restated 1Q15 and 2Q14 income statements to exclude Moy Park contributions (now classified as

discontinued operations). The company did not reclassify balance sheet items prior to 2Q15. Debt figures are as reported by the company.

(18) Total debt includes principal and interest portion of bonds issued by Odebrecht Finance (guaranteed by CNO). In 2Q15, 1Q15 and 2Q14 Odebrecht Finance guaranteed debt totaled US$3,100mn, US$3,130mn and

US$3,167mn, respectively.

(19) Refers to ODEBRE 6.35% secured notes due 2021 (consisting of the Norbe VIII and Norbe IX drilling rigs). The financial statements for this guarantor group were derived from adding the individual financial results of the Norbe

VIII and Norbe IX rigs. Combined results are not adjusted for the effects of intercompany transactions. Cash includes short-term investments.

(20) Refers to ODEBRE 6.750% secured notes due 2022 and 6.625% secured notes due 2022 (consisting of Norbe VI and ODNs I, II and ODN Tay IV). Cash includes short-term investments.

(21) Data is pro-forma and excludes: (i) contributions from Portugal Telecom; and (ii) non-recurring items.

(22) Reported EBITDA excludes the impact from impairments charges on PP&E and write-downs related to the Car Wash scandal. LTM CS EBITDA includes US$70mn non-cash items primarily related to the writedown of assets in

2Q15 but excludes US$140mn in 1Q15. LTM CS EBITDA also excludes US$1.2bn in gains related to the sale of the company's stake in Petrobras Peru, along with non-cash losses related to returned E&P fields (US$46mn) in

4Q14.

(35) CS Adjusted EBITDA excludes impact from dry wells and other non-cash/non-recurring items.

(24) Refers to QGOGBZ 5.25% secured notes due 2018 (consisting of the Atlantic Star and Alaskan Star rigs). Financial results for this guarantor group were derived from adding the individual financial results of each rig.

(25) (1) Adjusted EBITDA excludes Equity Pick-up and changes in fair value of biological assets.

(26) Adjusted EBITDA is calculated as EBIT plus depreciation and amortization. Additionally, it includes the impact of: (i) Change in Fair Value of Biological Assets; (ii) equity pick-up; and (iii) non-recurring items (as classified by

Tonon). Value differs from reported EBITDA, as Tonon excludes the impact of the variation of biological assets.

(27) Adjusted EBITDA (as calculated by Credit Suisse) excludes non-recurring asset sales and proceeds from the sale of surplus energy. Adjusted EBITDA (as reported by Usiminas) was BRL227mn, BRL380mn and BRL549mn in

2Q15, 1Q15 and 2Q14, respectively. Adjusted EBITDA in 2Q15 excludes charges for impairment of assets (mining rights) of R$985mn due to the adverse industry outlook.

(28) Cash includes interest earning bank deposits. EBITDA and debt used to calculate leverage metrics exclude JV contributions.

(29) Adjusted EBITDA differs from reported EBITDA, as CS excludes dividends received and other non-recurring items. Adjusted EBITDA in 4Q14 excludes: (i) US$98mnn related to the write-down of thermal coal inventory; (ii)

US$90mn due to the write-down of ICMS tax credits; (iii) US$107mn due to provision for current and long term environmental obligations; and (iv) US$48mn of inventory adjustments and the opening of N4WS at Carajás. Vale's

short-term debt excludes loans from related parties.

(30) Adjusted EBITDA excludes MTM of derivatives, asset sales and other one-time items.

(31) Adjusted EBITDA is equal to reported EBITDA, adjusted for: (i) the portion of financial income related to interest on financial investments; (ii) earnings from equity in investees; (iii) other income (expenses); and (iv) results for

indexation units. Cash and Equivalents includes marketable securities and time deposits.

(32) Credit metrics are calculated using Adjusted EBITDAR. Results exclude the results from the Chilean financial retail business operations after an agreement was reached in June 2014 to form a JV with Scotiabank. All Assets

and Liabilities related to this business were reclassified as held for sale. Adjusted EBITDAR includes exchange differences and gain/losses from indexation but excludes investment properties revaluations. In Addition, in 2Q15,

Adjusted EBITDAR also includes CLP116.7bn related to an asset-writedown in Brazil, CLP15.2 in non-recurring severance charges and a non-recurring profit of CLP61.4BN resulting from the completion of the transaction with

Scotiabank. Excluding this one offs Adj. EBITDARtotaled ~US$352mn.

(33) Sum of segment EBITDA may not match consolidated amount, as consolidated amount includes intersegment operations. Excludes term deposits with greater than 90 to 360 days until maturity. Excludes hedging and derivative

liabilities.

(34) EBITDA as calculated by Codelco. Debt includes bank loans, bond obligations and capital leases.

(47) Reported EBITDA excludes other operating income/expenses, but includes non-recurring impact of provisions.

(36) Leverage metrics calculated using EBITDAR. Cash as reported by LATAM (includes certain liquid instruments). Debt figure includes operating lease expense for the last twelve months multiplied by 7.

(37) In 4Q14 and 1Q15 Masisa implemented a "mixed exchange rate" to translate its Venezuela segment results (in accordance with IFRS). For conversion purposes of their accounting books they used SICAD I (VEF12/US$) and

to account exports, imports and the corresponding receivables and payables they used SICAD2 (VEF52/US$). As a result, comparisons vs. previous historical periods is biased downward. Adjusted EBITDA excludes: (i) non-

recurring gains (losses); and (ii) gains (losses) from fair value adjustments to biological assets. LTM revenues and EBITDA excludes contributions from the sale of biological assets to the Hancock JV. Revenues in 2Q15 include

adjustments to Venezuelan operations carried out on 1Q15 due to a change in the exchange rate regime (-US$105mn). Consolidated revenues excluding Venezuelan operations are US$253mn

(38) Calculated EBITDAR excludes other income (expenses) and rent expense. Debt figures include obligations from financial leases, but exclude derivatives.

(39) Avianca total debt is adjusted to include lease expense (estimated as 7 times annualized rent expense). LTM EBITDAR and EBITDAR in 1Q15 excludes one-time expenses of: (i) US$10.1mn associated to extraordinary A330

return conditions expenses; and (ii) US$1.3mn of non-usable aircraft spare parts.

(40) Debt figures includes obligations under the Parapat Agreement (US$1.35bn) and ColTel's prepetual hybrid bond issuance (US$500mn). On January 31, 2015, ColTel adopted IFRS which resulted in the Parapat obligation being

reported as a financial lease (vs. an operational lease under Colombian GAAP). However, under the covenants governing ColTel's 2022 bonds, net leverage is calculated under Colombian GAAP. Net leverage figures are reported

on LTM basis.

(41) Cash balance includes short-term investments, but excludes portfolio investments. Results from and 1Q15 were restated due to the adoption of IFRS in 1Q15.

(42) EBITDA in 2Q15, 1Q15 and 2Q14 includes US$27mn, US$3mn and US$25mn, respectively in take-or-pay fees on disrupted transport capacity of the Bicentenario pipeline. Short-term debt and long-term debt include

obligations under financials leases (US$18mn and US$26mn in 2Q15, respectively).

(43) Cash costs per ton (and consequently EBITDA per ton) use total cash costs (including thermal coal costs) divided by steel volumes only, and therefore do not reflect actual steel cash costs per ton. Cash includes short-term

investments.

(44) 2Q15 EBITDA excludes US$22mn related to non-cash inventory revaluations in Alpek’s books. EBITDA in 2Q15 also excludes US$28mn related to insurance payments at Sigma following a fire in its Spanish operations (in

November 2014). EBITDA in 1Q15 excludes US$20mn related to an inventory write-off at Alpek and a non-recurring profit of US$26mn arising from the sale of Polioles’ polyurethane business.

(45) Adjusted Ebitda is Alpek´s reported EBITDA excluding non-recurring items. EBITDA excludes the impact of non-cash inventory revaluations of US$22mn in 2Q15. EBITDA in 1Q15 excludes US$20mn related to inventory write-

offs and a non-recurring profit arising from the sale of Polioles’ polyurethane business in 1Q15.

(46) Short term debt includes current portion of long-term debt. May not match debt as specified by the company as CS excludes employee benefits, deferred revenue and asset retirement obligations. Net debt is calculated using

total cash and CS net debt excludes FV option of convertible bond.

(59) Gross Revenue includes IEPS credits.

(48) Reported EBITDA excludes the impact of asset retirement obligation accretion, non-cash changes in inventory, gain (loss) on disposal of fixed assets, non-capitalized exploration costs and labor obligations. ST Debt includes

Interest on notes payable, bank loans, bank credit lines and short-term capital leases.

(49) EBITDA is as reported by the company, and adds back non-cash charges.

(50) Santa Maria started operations on February 15, 2014, while La Covadonga started operations on May 28, 2014. Under the indenture, the Parent company (CP Latina) is obliged to pay the Issuing entity (Latina Offshore Limited)

the bareboat charter rate regardless of the rigs operating performance.

(51) Cash figure includes ST portion of restricted cash. In 3Q15, 2Q15, and 3Q14, ST restricted cash totaled US$173mn, US$203mn and US$188mn, respectively.

(52) Net Operating Income is calculated as Total Revenues less Operating, Maintenance and Insurance Expense. Cash includes ST investments. Leverage and coverage ratios are calculated using Net Operating Income.

(53) As part of the company’s transition to IFRS, FAMSA stated that they are required to register interest expense on bank deposits under CoGS . Restated results exclude Discontinued Operations in USA-West region.

(54) Excludes results from Gruma Venezuela. 1Q15 and 2Q14 results were re-stated to exclude Molinera de Mexico and GIMSA's corn flour operations after they were re-classified as held for sale in 2Q14 and 3Q14 respectively.

CS EBITDA excludes the impact from other non cash items.

(55) Total debt is as reported by Maxcom.

(56) LTM EBITDA excludes one-time non-recurring earnings of US$16.8mn in Fluorine related to a legal settlement in 4Q14.

(57) Total debt includes capital leases and derivatives. Interest expense is comprehensive financial results, as reported by the company.

(58) ODH revenue, EBITDA and gross leverage are for the Consolidated entity. Guarantor group LTM revenue, EBITDA and gross leverage were US$275mn, US$231mn and 4.0x at 1Q15, respectively.

(60) All ratios are calculated using LTM figures in view of the company's seasonal exposure. Includes MXN 44.9mn of non-recurring expenses associated with the sale of Scribe to Bio Pappel in 2Q15 and MXN 0.55mn in the 1Q15.

(61) Adjusted EBITDA is calculated as reported EBITDA less non-recurring items. Non-recurring items totaled US$44mn and US$28mn in 3Q15 and 2Q15, respectively.

(62) Adjusted EBITDA excludes equity in investees and other income/expenses.

(63) Adjusted EBITDA is EBITDA before fair value adjustments (b.f.v.a) to biological assets and stock option costs. Cash cost calculation differs from Camposol's reported figure, as CS excludes depreciation and amortization.

Including D&A, cash costs would have increased 38% yoy to US$2.02/kg in 2Q15.

(64) Adjusted EBITDA reflects expenses related to the Fosfatos del Pacifico and Salmueras Sudamericanas projects which are not linked to the cement business and are currently in pre-operating stages, and therefore not

generating revenues. 2Q15 adjusted EBITDA includes an income of PEN8.9mn (US$2.8mn) for the sale of a real estate asset. Cash includes short term bank deposits.

(65) Ferreycorp debt includes Caterpillar financing.

(66) Credit Suisse EBITDA excludes dividends received from subsidiaries. Dividends received were US$0.4mn, US$0.6mn and US$12mn in 2Q15, 1Q15 and 2Q14, respectively.

(67) Debt figures exclude operational leases.

(68) Adjusted EBITDA excludes MTM of investment properties.

(69) The company calculates EBITDA as operating profit plus: (i) depreciation; and (ii) amortization not related to operational activities.

(70) Silver sales volume is not meaningful due to hedging liquidation. LTM EBITDA excludes US$11.7mn from gains related to the sale of the Belo Horizonte hydroelectric project in 2Q14.

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Latin America Bond Pricing Sheet 22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15

ARGENTINA 4.1 358 1.94% 3.48% 3.00 969 894 -75 10.15 AEROAR 10.75 '20 Transportation 10.75% 01-Dec-20 2.5 221 Caa1 / CCC- / nr CCC 101.199 102.812 1.80% 9.24% 2.10 5yr UST 951 858 -93 9.44

APSAAR 7.875 '17 Real Estate 7.875% 11-May-17 1.5 110 nr / CCC- / B- CCC+ 98.375 97.500 -0.73% 7.23% 1.34 2yr UST 841 895 54 9.68

ARCO 6.625 '23 Consumer Products 6.625% 27-Sep-23 7.9 474 Ba3 / nr / BB+ BB 82.625 83.750 1.52% -8.93% 5.77 10yr UST 807 771 -36 9.60

ARCOR 7.25 '17 Consumer Products 7.25% 09-Nov-17 1.0 200 B2 / nr / B- B 102.250 103.000 0.87% 6.34% 0.95 2yr UST 452 366 -86 4.20

BHIP 9.75 '16 Financials 9.75% 27-Apr-16 0.5 225 Caa1 / CCC- / NR CCC 99.875 100.250 0.57% 7.21% 0.46 2yr UST 962 878 -84 9.19

BMAAR 8.5 '17 Financials 8.5% 01-Feb-17 1.2 106 Caa1 / nr / CCC CCC+ 98.875 99.500 0.80% 8.21% 1.13 2yr UST 889 826 -63 8.91

BMAAR 9.75 '36 Financials 9.75% 18-Dec-36 7.6 149 Ca / nr / CC CC 97.875 97.875 0.19% 18.26% 5.25 10yr UST 800 798 -2 9.67

CAPEX 10 '18 Utilities 10% 10-Mar-18 2.4 200 nr / CCC- / CCC CCC 91.625 93.125 1.85% 11.79% 1.98 2yr UST 1343 1251 -92 13.49

EDNAR 9.75 '22 Utilities 9.75% 25-Oct-22 7.0 176 Caa3 / CCC- / nr CCC- 85.000 89.500 5.52% 41.12% 4.81 10yr UST 1145 1024 -121 12.01

GALIAR 8.75 '18 Financials 8.75% 04-May-18 1.5 300 Caa1 / CCC- / nr CCC 101.875 103.500 1.76% 10.60% 1.36 2yr UST 694 568 -126 6.32

IRSAAR 8.5 '17 Real Estate 8.5% 02-Feb-17 1.3 150 nr / CCC- / B- CCC+ 98.750 100.000 1.43% 8.48% 1.14 2yr UST 899 783 -116 8.48

IRSAAR 11.5 '20 Real Estate 11.5% 20-Jul-20 4.7 150 nr / CCC- / B- CCC+ 104.750 106.625 2.00% 3.31% 3.52 5yr UST 890 826 -64 9.71

MASHER 12.625 '21 Consumer Products 12.625% 03-Jul-21 5.7 200 nr / CCC- / CCC- CCC- 89.875 92.125 2.78% 9.91% 3.70 5yr UST 1387 1309 -78 14.71

NM 7.25 '22 Transportation 7.25% 01-May-22 6.5 375 B2 / B+ / nr B+ 84.000 83.875 0.02% -10.35% 4.90 10yr UST 912 902 -10 10.76

PANAME 7.875 '21 Energy 7.875% 07-May-21 4.5 500 B2 / nr / B B 99.000 99.875 1.04% 4.70% 3.58 5yr UST 686 648 -38 7.91

PESAAR 5.875 '17 Energy 5.875% 15-May-17 1.5 300 Ba2 / BB / BBB- BB+ 94.500 97.625 3.43% 2.32% 1.40 2yr UST 915 681 -234 7.54

TRAGAS 7.875 '17 Utilities 7.875% 14-May-17 1.0 123 Caa1 / CCC- / nr CCC 96.731 97.733 1.19% 7.29% 0.91 2yr UST 1069 957 -112 10.27

TRANAR 9.75 '21 Utilities 9.75% 15-Aug-21 5.8 101 nr / CCC- / nr CCC- 83.125 83.375 0.53% 20.67% 4.03 5yr UST 1260 1240 -21 14.03

ULTR 8.875 '21 Transportation 8.875% 15-Jun-21 5.6 225 Caa1 / B- / nr B- 57.750 57.750 0.30% -39.41% 3.52 5yr UST 2093 2081 -12 22.47

YPF 8.875 '18 Energy 8.875% 19-Dec-18 3.1 762 Caa1 / nr / CCC CCC+ 101.125 103.125 2.15% 6.94% 2.62 2yr UST 745 658 -87 7.73

YPF 8.75 '24 Energy 8.75% 04-Apr-24 7.5 1,325 Caa1 / nr / CCC CCC+ 95.250 101.125 6.35% 7.18% 5.39 10yr UST 795 672 -124 8.54

YPF 8.5 '25 Energy 8.5% 28-Jul-25 9.7 1,500 Caa1 / nr / CCC CCC+ 92.125 98.625 7.24% 1.31% 6.24 10yr UST 787 670 -117 8.70

BRAZIL 6.7 878 1.06% -8.25% 4.47 873 832 -41 9.81 ANDRGI 4 ´18 Construction 4% 30-Apr-18 2.5 500 B1 / nr / BB+ BB 65.500 68.375 4.51% -17.38% 2.15 2yr UST 2189 1986 -203 20.93

ARALCO 10.125 '20 Agribusiness 10.125% 07-May-20 na 250 nr / nr / nr nr 2.579 1.433 -44.42% -82.88% nmf 2yr UST nmf nmf nmf nmf

BANBRA 3.875 '17 Financials 3.875% 23-Jan-17 1.2 500 Baa3 / nr / nr BBB- 100.000 100.750 0.83% 1.16% 1.17 2yr UST 333 261 -72 3.24

BANBRA 6 '20 Financials 6% 22-Jan-20 4.2 500 Baa3 / BB+ / BBB- BBB- 100.250 101.250 1.11% 0.42% 3.63 5yr UST 471 429 -41 5.66

BANBRA 5.375 '21 Financials 5.375% 15-Jan-21 5.2 660 Ba1 / nr / nr BB+ 93.000 94.000 1.19% -1.34% 4.36 5yr UST 559 521 -38 6.76

BANBRA 5.875 '22 Financials 5.875% 26-Jan-22 6.2 1,500 Ba1 / nr / nr BB+ 87.250 89.750 3.00% -3.21% 4.96 10yr UST 698 629 -69 7.99

BANBRA 3.875 '22 Financials 3.875% 10-Oct-22 6.9 1,925 Baa3 / BB+ / BBB- BBB- 82.375 83.625 1.61% -6.19% 5.84 10yr UST 545 507 -38 6.88

BANBRA 5.875 '23 Financials 5.875% 19-Jan-23 7.2 750 Ba1 / B+ / nr BB 86.250 87.750 1.87% -7.19% 5.55 10yr UST 676 633 -43 8.15

BANBRA 6.250 Perp Financials 6.25% Perp nmf 2,000 nr / B / nr B 49.500 53.375 8.07% -21.10% 8.41 30yr UST 1095 994 -101 12.41

BANBRA 8.5 Perp Financials 8.5% Perp nmf 1,500 Ba2 / nr / nr BB 91.000 90.250 -0.64% -10.86% 9.76 30yr UST 832 835 2 10.84

BANBRA 9.25 Perp Financials 9.25% Perp nmf 1,750 Baa1 / B / nr BB+ 68.000 70.625 4.12% -19.18% 7.53 30yr UST 1177 1118 -59 13.62

BANBRA 9 Perp Financials 9% Perp nmf 2,500 Ba3 / B / nr B+ 66.375 68.375 3.28% -19.51% 7.22 30yr UST 1134 1085 -48 13.28

BANSAF 6.75 '21 Financials 6.75% 27-Jan-21 5.2 500 Ba1 / nr / nr BB+ 103.875 103.875 0.13% 1.33% 4.31 5yr UST 448 434 -14 5.88

BANVOR 5.25 '16 Financials 5.25% 11-Feb-16 0.3 1,250 Baa3 / BB+ / nr BBB- 100.000 100.000 0.10% 2.40% 0.27 2yr UST 488 487 -1 5.19

BANVOR 7.375 '20 Financials 7.375% 21-Jan-20 4.2 867 Ba1 / nr / nr BB+ 99.375 99.500 0.27% -0.76% 3.49 5yr UST 632 614 -18 7.51

BCOABC 7.875 '20 Financials 7.875% 08-Apr-20 4.4 400 Ba1 / nr / nr BB+ 89.750 90.250 0.73% -6.48% 3.58 5yr UST 956 927 -29 10.69

BCOBMG 9.625 '17 Financials 9.625% 27-Mar-17 1.4 139 B1 / nr / nr B+ 95.125 95.500 0.59% -1.70% 1.25 2yr UST 1290 1252 -37 13.23

BCOBMG 8 '18 Financials 8% 15-Apr-18 1.4 278 B1 / nr / nr B+ 93.375 94.000 0.84% -0.97% 1.26 2yr UST 1250 1191 -59 12.78

BCOBMG 9.95 '19 Financials 9.95% 05-Nov-19 4.0 253 B2 / nr / B- B 92.125 93.625 1.84% -0.08% 3.03 5yr UST 1131 1066 -65 12.00

BCOBMG 8.875 '20 Financials 8.875% 05-Aug-20 4.8 170 B2 / nr / B- B 88.500 88.500 0.19% -3.81% 3.62 5yr UST 1078 1064 -14 12.12

BCOPAN 8.5 '20 Financials 8.5% 23-Apr-20 4.5 500 Ba3 / CCC+ / nr B 91.125 91.125 0.18% -4.94% 3.57 5yr UST 978 964 -14 11.07

BIC 8.5 '20 Financials 8.5% 27-Apr-20 4.5 300 Ba1 / nr / nr BB+ 95.375 96.875 1.75% -1.79% 3.63 5yr UST 852 795 -57 9.37

BNDES 3.375 '16 Financials 3.375% 26-Sep-16 0.9 1,250 Baa3 / BB+ / BBB- BBB- 99.500 99.874 0.44% 2.33% 0.87 2yr UST 347 298 -49 3.52

BNDES 6.369 '18 Financials 6.369% 16-Jun-18 2.6 1,000 Baa3 / BB+ / nr BBB- 99.403 101.805 2.54% 0.51% 2.33 2yr UST 572 458 -114 5.62

BNDES 4 '19 Financials 4% 14-Apr-19 3.4 1,000 Baa3 / BB+ / nr BBB- 92.149 93.305 1.34% -2.39% 3.14 5yr UST 549 495 -53 6.19

BNDES 6.5 '19 Financials 6.5% 10-Jun-19 3.6 1,000 Baa3 / BB+ / BBB- BBB- 98.305 100.021 1.88% -1.89% 3.09 5yr UST 593 524 -69 6.49

BNDES 5.5 '20 Financials 5.5% 12-Jul-20 4.7 1,000 Baa3 / BB+ / nr BBB- 93.035 93.640 0.76% -5.05% 3.97 5yr UST 595 565 -30 7.12

BNDES 5.75 '23 Financials 5.75% 26-Sep-23 7.9 1,750 Baa3 / BB+ / nr BBB- 88.846 87.631 -1.24% -10.56% 6.06 10yr UST 589 599 10 7.88

BRADES 4.125 '16 Financials 4.125% 16-May-16 0.5 500 Baa3 / BB+ / nr BBB- 100.625 101.000 0.45% 1.58% 0.52 2yr UST 259 181 -77 2.24

BRADES 4.5 '17 Financials 4.5% 12-Jan-17 1.2 800 Baa3 / BB+ / nr BBB- 100.500 100.875 0.46% 0.84% 1.14 2yr UST 354 312 -42 3.74

BRADES 6.75 '19 Financials 6.75% 29-Sep-19 3.9 750 Ba1 / nr / BB+ BB+ 104.375 104.750 0.49% 0.13% 3.40 5yr UST 434 408 -26 5.38

BRADES 5.9 '21 Financials 5.9% 16-Jan-21 5.2 1,600 Ba1 / nr / BB+ BB+ 99.625 100.000 0.49% 0.67% 4.35 5yr UST 458 436 -22 5.90

BRADES 5.75 '22 Financials 5.75% 01-Mar-22 6.3 1,100 Ba1 / nr / BB+ BB+ 96.875 96.875 0.12% -1.09% 5.16 10yr UST 478 465 -13 6.36

BRASKM 7.25 '18 Chemicals 7.25% 05-Jun-18 2.6 234 Baa3 / BBB- / BBB- BBB- 100.165 100.726 0.70% -5.03% 2.26 2yr UST 630 592 -38 6.94

Issue Coupon MaturitySectorAvg

Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg

Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch.

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BRASKM 7 '20 Chemicals 7% 07-May-20 4.5 400 Baa3 / BBB- / BBB- BBB- 99.491 100.162 0.81% -1.82% 3.69 5yr UST 586 554 -32 6.96

BRASKM 5.75 '21 Chemicals 5.75% 15-Apr-21 5.4 1,000 Baa3 / BBB- / BBB- BBB- 91.804 93.547 2.02% -3.01% 4.55 5yr UST 616 562 -55 7.20

BRASKM 5.375 '22 Chemicals 5.375% 02-May-22 6.5 500 Baa3 / BBB- / BBB- BBB- 86.756 87.588 1.08% -5.90% 5.28 10yr UST 641 611 -31 7.85

BRASKM 6.45 '24 Chemicals 6.45% 03-Feb-24 8.3 750 Baa3 / BBB- / BBB- BBB- 89.083 89.976 1.14% -4.95% 6.06 10yr UST 650 622 -28 8.14

BRASKM 7.125 '41 Chemicals 7.125% 22-Jul-41 25.7 750 Baa3 / BBB- / BBB- BBB- 76.977 79.463 3.41% -13.40% 9.95 30yr UST 725 684 -41 9.22

BRASKM 7.375 Perp Chemicals 7.375% Perp nmf 700 Baa3 / BBB- / BBB- BBB- 78.684 81.098 3.25% -9.13% 10.92 30yr UST 712 674 -38 9.09

BRFSBZ 6.875 '17 Food & Beverage 6.875% 24-May-17 1.6 113 Baa2 / BBB / BBB BBB 103.771 103.982 0.33% 2.14% 1.43 2yr UST 375 348 -27 4.21

BRFSBZ 7.25 '20 Food & Beverage 7.25% 28-Jan-20 4.2 118 Baa2 / BBB / BBB BBB 105.823 106.724 0.99% -0.14% 3.58 5yr UST 447 409 -38 5.45

BRFSBZ 5.875 '22 Food & Beverage 5.875% 06-Jun-22 6.6 173 Baa2 / BBB / BBB BBB 104.824 104.665 -0.04% 2.98% 5.33 10yr UST 341 330 -11 5.03



BRMLBZ 8.5 Perp Real Estate 8.5% Perp nmf 383 Ba1 / nr / BB+ BB+ 86.125 88.000 2.37% -6.96% 10.32 30yr UST 764 733 -31 9.66

BRPRSA 9 Perp Real Estate 9% Perp nmf 285 Ba3 / nr / BB BB 73.875 73.750 0.07% -19.96% 8.13 30yr UST 1005 997 -8 12.20

BRSRBZ 7.375 '22 Financials 7.375% 02-Feb-22 6.3 523 Ba2 / nr / B+ BB- 82.250 83.125 1.24% -12.99% 4.62 10yr UST 984 949 -35 11.20

BVMFBZ 5.5 '20 Financials 5.5% 16-Jul-20 4.7 612 Baa2 / BBB- / nr BBB 101.827 101.954 0.23% 0.23% 4.05 5yr UST 375 357 -17 5.03

BTGPBZ 4.875 '16 Financials 4.875% 08-Jul-16 0.7 500 Baa3 / nr / BBB- BBB- 99.288 99.546 0.36% 2.88% 0.65 2yr UST 550 508 -42 5.55

BTGPBZ 4.5 '18 Financials 4.5% 17-Apr-18 2.5 700 nr / nr / BBB- BBB- 89.677 89.424 -0.18% -0.14% 2.24 2yr UST 840 842 1 9.42

BTGPBZ 4 '20 Financials 4% 16-Jan-20 4.2 1,000 Baa3 / nr / BBB- BBB- 85.736 85.009 -0.76% -1.66% 3.68 5yr UST 681 690 9 8.29

BTGPBZ 5.75 '22 Financials 5.75% 28-Sep-22 6.9 800 Ba1 / nr / BB BB+ 83.500 83.500 0.13% -2.26% 5.39 10yr UST 734 721 -13 9.01

BTGPLU 8.75 Perp Financials 8.75% Perp nmf 1,300 Ba3 / nr / B+ BB- 89.250 90.125 1.17% -3.04% 9.66 30yr UST 818 803 -16 10.51CAIXBR 2.375 '17 Financials 2.375% 06-Nov-17 2.0 1,000 Baa3 / nr / BBB- BBB- 92.750 93.875 1.26% 1.36% 1.89 2yr UST 550 478 -72 5.64

CAIXBR 4.5 '18 Financials 4.5% 03-Oct-18 2.9 1,250 Baa3 / BB+ / BBB- BBB- 94.125 95.875 1.95% 0.88% 2.67 2yr UST 578 496 -82 6.06

CAIXBR 4.25 '19 Financials 4.25% 13-May-19 3.5 1,300 Baa3 / BB+ / BBB- BBB- 91.125 92.125 1.19% -2.28% 3.13 5yr UST 603 555 -48 6.80

CAIXBR 3.5 '22 Financials 3.5% 07-Nov-22 7.0 500 Baa3 / nr / BBB- BBB- 81.125 81.125 0.08% -3.52% 5.85 10yr UST 524 512 -12 6.95

CAIXBR 7.25 '24 Financials 7.25% 23-Jul-24 8.7 500 Ba3 / nr / BB BB 77.625 79.125 2.11% -12.15% 5.78 10yr UST 991 951 -40 11.61

CBCAMO 7.25 '21 Basic Industries 7.25% 15-Nov-21 6.0 250 B1 / BB- / nr BB- 93.125 93.625 0.69% 6.18% 4.58 5yr UST 721 696 -25 8.63

CEAGRO 10.75 '16 Agribusiness 10.75% 16-May-16 na 100 nr / D / C D 17.875 17.750 0.47% -82.72% nmf 2yr UST nmf nmf nmf nmf

CIELBZ 3.75 '22 Financials 3.75% 16-Nov-22 7.0 875 Baa2 / nr / BBB BBB 87.555 88.292 0.93% -0.37% 5.90 10yr UST 424 398 -26 5.80

CIMTUP 9.75 '18 Cement 9.75% 11-May-18 na 185 nr / D / C D 27.500 27.000 -1.13% -70.16% nmf 2yr UST nmf nmf nmf nmf

CSANBZ 7 '17 Agribusiness 7% 01-Feb-17 1.2 400 Baa3 / BBB / BBB BBB 102.534 102.123 -0.27% 2.10% 1.16 2yr UST 435 457 22 5.21

CSANBZ 5 '23 Agribusiness 5% 14-Mar-23 7.4 500 Ba2 / BB / BB+ BB 84.875 84.875 0.11% -0.28% 5.86 10yr UST 600 588 -12 7.73

CSANBZ 8.25 Perp Agribusiness 8.25% Perp nmf 500 Ba2 / BB / BB+ BB 85.000 84.750 -0.11% -9.04% 10.04 30yr UST 747 741 -6 9.73

CSNABZ 6.875 '19 Metals & Mining 6.875% 21-Sep-19 3.9 750 Ba2 / BB- / B+ BB- 56.750 59.875 5.74% -28.72% 2.95 5yr UST 2352 2163 -189 23.05

CSNABZ 6.5 '20 Metals & Mining 6.5% 21-Jul-20 4.7 1,200 Ba2 / BB- / B+ BB- 55.750 58.375 4.94% -31.64% 3.44 5yr UST 2061 1920 -140 20.74

CSNABZ 7 Perp (2)

Metals & Mining 7% Perp nmf 1,000 Ba2 / BB- / B+ BB- 44.000 46.000 4.85% -31.00% 6.47 30yr UST 1392 1310 -82 15.21

DAYCOV 5.75 '19 Financials 5.75% 19-Mar-19 3.4 500 Baa3 / BB+ / BBB- BBB- 96.250 96.750 0.64% 1.79% 2.99 5yr UST 595 564 -31 6.84

ELEBRA 6.875 '19 Utilities 6.875% 30-Jul-19 3.7 1,000 nr / BB+ / BB BB+ 89.500 89.125 -0.27% -8.01% 3.11 5yr UST 917 916 -1 10.45

ELEBRA 5.75 '21 Utilities 5.75% 27-Oct-21 6.0 1,750 Ba2 / BB+ / BB BB 80.375 79.875 -0.48% -12.04% 4.77 5yr UST 866 866 0 10.34

EMBRA 6.375 '17 Manufacturing 6.375% 24-Jan-17 1.2 230 Baa3 / BBB / nr BBB 103.699 103.497 -0.07% 2.30% 1.16 2yr UST 277 280 3 3.43

EMBRA 6.375 '20 Manufacturing 6.375% 15-Jan-20 4.2 163 Baa3 / BBB / nr BBB 107.456 107.464 0.12% 2.31% 3.67 5yr UST 321 306 -15 4.41

EMBRA 5.150 '22 Manufacturing 5.15% 15-Jun-22 6.6 500 Baa3 / BBB / nr BBB 100.199 100.584 0.48% -0.82% 5.45 10yr UST 350 330 -20 5.04

EMBRA 5.696 '23 Manufacturing 5.696% 16-Sep-23 7.9 541 Baa3 / BBB / nr BBB 101.916 101.666 -0.14% 0.09% 6.25 10yr UST 363 355 -9 5.43

EMBRA 5.050 '25 Manufacturing 5.05% 15-Jun-25 9.6 1,000 Baa3 / BBB / nr BBB 96.527 96.173 -0.27% -2.13% 7.34 10yr UST 359 353 -6 5.57

FIBRA 4.5 '16 Financials 4.5% 19-Apr-16 0.5 150 B3 / nr / nr B- 93.250 93.625 0.50% -0.18% 0.42 2yr UST 1959 1917 -42 19.54

FIBRBZ 5.25 '24 Pulp & Paper 5.25% 12-May-24 8.5 600 Ba1 / BBB- / BBB- BBB- 98.750 99.000 0.36% 3.38% 6.62 10yr UST 361 345 -16 5.40

GGBRBZ 7.25 '17 Metals & Mining 7.25% 20-Oct-17 2.0 871 nr / BBB- / BBB- BBB- 102.935 102.703 -0.09% 0.25% 1.81 2yr UST 494 493 -1 5.77

GGBRBZ 5.75 '21 Metals & Mining 5.75% 30-Jan-21 5.2 1,250 nr / BBB- / BBB- BBB- 91.852 91.558 -0.20% -5.40% 4.33 5yr UST 624 617 -6 7.74

GGBRBZ 4.75 '23 Metals & Mining 4.75% 15-Apr-23 7.5 750 Baa3 / BBB- / BBB- BBB- 82.322 82.306 0.09% -7.52% 5.97 10yr UST 619 607 -12 7.94

GGBRBZ 5.893 '24 Metals & Mining 5.893% 29-Apr-24 8.5 1,166 Baa3 / BBB- / BBB- BBB- 84.777 83.861 -0.94% -8.62% 6.34 10yr UST 661 666 5 8.61

GGBRBZ 7.25 '44 Metals & Mining 7.25% 16-Apr-44 28.5 500 Baa3 / BBB- / BBB- BBB- 77.580 75.828 -2.08% -14.78% 9.90 30yr UST 726 740 14 9.78

GLOPAR 4.875 '22 Telecom & Media 4.875% 11-Apr-22 6.4 300 Baa2 / BBB / BBB BBB 99.250 99.500 0.35% 0.39% 5.45 10yr UST 342 324 -18 4.97

GLOPAR 4.843 '25 Telecom & Media 4.843% 08-Jun-25 9.6 325 Baa2 / nr / BBB BBB 92.000 92.500 0.65% -5.17% 7.37 10yr UST 402 384 -18 5.88

GOL 9.25 '20 Transportation 9.25% 20-Jul-20 4.7 158 nr / B- / B- B- 70.125 68.875 -1.53% -24.53% 3.28 5yr UST 1775 1815 40 19.66

GOL 8.875 '22 Transportation 8.875% 24-Jan-22 6.2 325 nr / B- / B- B- 52.125 51.375 -1.11% -39.84% 3.67 10yr UST 2246 2271 26 24.46

GOL 8.75 Perp Transportation 8.75% Perp nmf 200 B3 / nr / B- B- 44.250 44.125 0.10% -42.39% 5.00 30yr UST 1794 1788 -6 19.86

GSHPBR 10 Perp Real Estate 10% Perp nmf 164 B2 / BB- / B- B 44.750 45.000 0.99% -41.75% 4.28 30yr UST 2056 2032 -25 22.22

GVOBR 10.5 '18 Agribusiness 10.5% 28-Jan-18 na 300 C / nr / nr C 1.023 1.023 -0.02% -77.78% nmf 2yr UST nmf nmf nmf nmf

GVOBR 10.875 '20 Agribusiness 10.875% 13-Jan-20 na 135 Ca / nr / C CC 17.500 17.500 0.00% -66.27% nmf 2yr UST nmf nmf nmf nmf

GVOBR 11.75 '22 Agribusiness 11.75% 09-Feb-22 na 300 C / nr / C CC 1.091 1.069 -1.97% -86.90% nmf 2yr UST nmf nmf nmf nmf


Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg


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HYPER 6.5 '21 Retail 6.5% 20-Apr-21 3.5 323 Ba2 / BB / BB+ BB 98.500 100.000 1.65% -0.18% 3.05 5yr UST 600 535 -65 6.50

HSBC 4 '16 Financials 4% 11-May-16 0.5 500 Baa2 / BB+ / nr BBB- 100.124 100.190 0.14% 1.36% 0.50 2yr UST 338 321 -17 3.63

INCMBZ 5.75 '24 Cement 5.75% 17-Jul-24 8.7 750 nr / BB- / BB BB 68.625 67.000 -2.21% -17.62% 5.99 10yr UST 969 996 27 11.95

ITAU 2.850 '18 Financials 2.85% 26-May-18 2.6 1,050 Ba1 / BB+ / BBB BBB- 95.500 97.125 1.76% -2.05% 2.41 2yr UST 385 303 -82 4.04

ITAU 6.2 '20 Financials 6.2% 15-Apr-20 4.4 1,000 Ba1 / nr / BB+ BB+ 102.000 102.875 0.98% 1.18% 3.85 5yr UST 442 406 -37 5.46

ITAU 5.75 '21 Financials 5.75% 22-Jan-21 5.2 1,250 Ba1 / nr / BB+ BB+ 98.625 99.375 0.87% 0.20% 4.38 5yr UST 465 435 -31 5.89

ITAU 6.2 '21 Financials 6.2% 21-Dec-21 6.1 1,050 Ba1 / nr / BB+ BB+ 99.875 100.250 0.50% 0.25% 4.93 5yr UST 468 447 -21 6.15

ITAU 5.5 '22 Financials 5.5% 06-Aug-22 6.8 1,375 Ba1 / nr / BB+ BB+ 92.500 93.125 0.79% -3.37% 5.43 10yr UST 526 501 -25 6.78

ITAU 5.65 '22 Financials 5.65% 19-Mar-22 6.4 1,250 Ba1 / nr / BB+ BB+ 94.000 94.500 0.65% -2.01% 5.20 10yr UST 523 500 -23 6.72

ITAU 5.125 '23 Financials 5.125% 13-May-23 7.5 1,870 Ba1 / nr / BB+ BB+ 88.375 89.875 1.81% -5.83% 5.89 10yr UST 540 500 -40 6.87

JBSSBZ 10.5 '16 Food & Beverage 10.5% 04-Aug-16 0.8 184 Ba2 / BB+ / BB+ BB+ 104.375 104.375 0.20% 3.24% 0.71 2yr UST 420 401 -18 4.50

JBSSBZ 10.25 '16 Food & Beverage 10.25% 05-Oct-16 0.9 202 Ba2 / BB+ / nr BB+ 105.250 105.125 0.07% 4.10% 0.88 2yr UST 401 397 -4 4.51

JBSSBZ 8.25 '20 Food & Beverage 8.25% 01-Feb-20 2.2 700 Ba2 / BB+ / BB+ BB+ 104.875 105.000 0.27% 6.63% 2.00 2yr UST 517 496 -20 5.83

JBSSBZ 7.25 '21 Food & Beverage 7.25% 01-Jun-21 3.6 1,150 Ba2 / BB+ / BB+ BB+ 104.250 104.375 0.26% 7.02% 3.04 5yr UST 488 469 -19 5.87

JBSSBZ 6.25 '23 Food & Beverage 6.25% 05-Feb-23 7.3 775 nr / BB+ / BB+ BB+ 96.750 97.375 0.77% 7.89% 5.64 10yr UST 513 489 -24 6.71

JBSSBZ 7.75 '20 Food & Beverage 7.75% 28-Oct-20 4.0 1,000 nr / BB+ / BB+ BB+ 105.250 106.125 0.97% 9.42% 3.42 5yr UST 514 474 -40 6.00

JBSSBZ 5.875 '24 Food & Beverage 5.875% 15-Jul-24 8.7 750 Ba2 / BB+ / nr BB+ 97.625 98.375 0.89% 4.65% 6.60 10yr UST 439 416 -23 6.12

JBSSBZ 7.25 '24 Food & Beverage 7.25% 03-Apr-24 8.4 750 nr / BB+ / BB+ BB+ 102.125 103.250 1.24% 10.62% 6.23 10yr UST 512 482 -30 6.74

JBSSBZ 5.75 '25 Food & Beverage 5.75% 15-Jun-25 9.6 900 Ba2 / BB+ / nr BB+ 95.375 96.625 1.43% -0.34% 7.08 10yr UST 448 419 -29 6.22

KLAB 5.25 '24 Pulp & Paper 5.25% 16-Jul-24 8.7 500 nr / BBB- / BBB- BBB- 87.985 89.990 2.39% -2.99% 6.65 10yr UST 527 482 -45 6.79

MAGGBZ 7.875 '20 Capital Goods 7.875% 30-Mar-20 4.4 178 B1 / BB / nr BB- 79.250 80.500 1.77% -12.17% 3.46 5yr UST 1308 1250 -58 13.94

MAGGBZ 8.625 Perp Capital Goods 8.625% Perp nmf 250 nr / BB / BB BB 62.500 61.875 -0.73% -28.73% 7.10 30yr UST 1173 1177 4 13.94

MARFRI 9.625 '16 Food & Beverage 9.625% 16-Nov-16 1.0 184 B2 / B+ / B+ B+ 101.875 102.000 0.31% 5.76% 0.93 2yr UST 723 699 -23 7.58

MARFRI 9.875 '17 Food & Beverage 9.875% 24-Jul-17 1.7 155 B2 / B+ / B+ B+ 98.625 99.750 1.34% 2.78% 1.51 2yr UST 1007 923 -84 10.02

MARFRI 8.375 '18 Food & Beverage 8.375% 09-May-18 2.5 574 B2 / B+ / B+ B+ 97.250 97.625 0.55% 5.66% 2.13 2yr UST 876 845 -31 9.46

MARFRI 6.875 '19 Food & Beverage 6.875% 24-Jun-19 3.6 711 B2 / B+ / B+ B+ 89.625 91.250 1.96% 3.57% 3.03 5yr UST 922 851 -71 9.78

MARFRI 9.5 '20 Food & Beverage 9.5% 04-May-20 4.5 680 B2 / B+ / B+ B+ 99.375 100.500 1.32% 6.69% 3.44 5yr UST 840 794 -46 9.36

MINERV 12.25 '22 Food & Beverage 12.25% 10-Feb-22 2.3 130 B1 / BB- / BB- BB- 108.125 108.000 0.10% 2.99% 1.92 2yr UST 918 910 -8 9.86

MINERV 7.75 '23 Food & Beverage 7.75% 31-Jan-23 7.2 1,050 B1 / BB- / BB- BB- 97.250 98.750 1.70% 7.35% 5.34 10yr UST 658 617 -41 7.98

MINERV 8.75 Perp Food & Beverage 8.75% Perp nmf 300 nr / BB- / BB- BB- 93.625 93.125 -0.35% 3.83% 10.56 30yr UST 709 706 -4 9.40

NORBRA 4.375 '19 Financials 4.375% 03-May-19 3.5 300 Baa3 / BB+ / nr BBB- 91.000 91.125 0.23% -3.70% 3.16 5yr UST 623 605 -18 7.29

OAS 8.25 '19 Construction 8.25% 19-Oct-19 na 875 WR / nr / nr nr 6.375 7.125 11.76% -81.13% nmf 2yr UST nmf nmf nmf nmf

OAS 8.875 Perp Construction 8.875% Perp nmf 500 WR / nr / nr nr 8.875 8.500 -4.23% -74.34% nmf 2yr UST nmf nmf nmf nmf

ODBR 4.375 '25 Construction 4.375% 25-Apr-25 9.5 519 Baa3 / BBB- / BBB- BBB- 61.015 61.375 0.73% -23.89% 6.91 10yr UST 918 899 -19 11.05

ODBR 5.25 '29 Construction 5.25% 27-Jun-29 13.7 500 Baa3 / BBB- / BBB- BBB- 57.764 57.899 0.41% -29.44% 7.84 30yr UST 928 915 -13 11.40

ODBR 7.125 '42 Construction 7.125% 26-Jun-42 26.7 850 Baa3 / BBB- / BBB- BBB- 59.439 60.127 1.39% -22.95% 8.02 30yr UST 1013 989 -24 12.21

ODBR 7.5 Perp Construction 7.5% Perp nmf 750 Baa3 / BBB- / BBB- BBB- 58.616 60.202 2.95% -29.47% 7.90 30yr UST 1069 1024 -45 12.46

ODEBRE 6.35 '21 Energy 6.35% 30-Jun-21 4.1 1,230 B2 / nr / B B 44.750 47.125 5.58% -45.14% 2.21 5yr UST 3350 3121 -229 32.71

ODEBRE 6.625 '22 Energy 6.625% 01-Oct-22 5.2 542 Caa1 / B+ / B- B- 31.250 32.375 4.01% -60.18% 2.20 10yr UST 4182 4026 -156 41.72

ODEBRE 6.75 '22 Energy 6.75% 01-Oct-22 5.3 1,531 Caa1 / B+ / B- B- 32.125 33.000 3.13% -60.24% 2.35 10yr UST 3973 3860 -113 40.09

ODEBRE 7 Perp Energy 7% Perp nmf 550 nr / B / nr B 26.500 25.000 -5.15% -57.10% 3.54 30yr UST 2711 2892 181 28.00

OGXPBZ 8.5 '18 Energy 8.5% 01-Jun-18 na 2,563 nr / nr / nr nr 0.001 0.001 nmf nmf nmf 2yr UST nmf nmf nmf nmf

OGXPBZ 8.375 '22 Energy 8.375% 01-Apr-22 na 1,063 nr / nr / nr nr 0.001 0.001 nmf nmf nmf 2yr UST nmf nmf nmf nmf

OIBRBZ 5.5 '20 Telecom & Media 5.5% 23-Oct-20 5.0 1,787 Ba3 / BB+ / BB BB 60.875 67.750 11.47% -22.74% 3.97 5yr UST 1618 1336 -282 14.91

OIBRBZ 5.75 '22 Telecom & Media 5.75% 10-Feb-22 6.3 1,500 B1 / BB+ / BB BB 52.625 61.000 16.13% -29.16% 4.57 10yr UST 1732 1400 -332 15.76

PETBRA 3.875 '16 Energy 3.875% 27-Jan-16 0.2 2,500 Ba2 / BB / BBB- BB+ 99.500 99.750 0.33% 4.51% 0.23 2yr UST 555 460 -95 4.91

PETBRA 6.125 '16 Energy 6.125% 06-Oct-16 0.9 899 Ba2 / BB / BBB- BB+ 100.125 100.375 0.37% 4.34% 0.88 2yr UST 551 515 -36 5.70

PETBRA 2 '16 Energy 2% 20-May-16 0.5 1,250 Ba2 / BB / BBB- BB+ 97.875 98.250 0.42% 4.58% 0.53 2yr UST 549 485 -64 5.28

PETBRA 3.5 '17 Energy 3.5% 06-Feb-17 1.3 1,750 Ba2 / BB / BBB- BB+ 94.750 96.375 1.79% 3.87% 1.19 2yr UST 734 589 -145 6.54

PETBRA 3.25 '17 Energy 3.25% 17-Mar-17 1.4 1,600 Ba2 / BB / BBB- BB+ 94.125 95.500 1.53% 3.76% 1.30 2yr UST 721 605 -115 6.73

PETBRA 5.875 '18 Energy 5.875% 01-Mar-18 2.3 1,750 Ba2 / BB / BBB- BB+ 92.375 94.125 2.02% 0.28% 2.09 2yr UST 875 775 -100 8.71

PETBRA 8.375 '18 Energy 8.375% 10-Dec-18 3.1 577 Ba2 / BB / BBB- BB+ 97.250 98.875 1.84% -0.59% 2.59 2yr UST 841 765 -76 8.79

PETBRA 7.875 '19 Energy 7.875% 15-Mar-19 3.4 2,750 Ba2 / BB / BBB- BB+ 92.625 94.375 2.05% -3.46% 2.84 5yr UST 945 867 -79 9.87

PETBRA 3 '19 Energy 3% 15-Jan-19 3.2 2,000 Ba2 / BB / BBB- BB+ 80.625 82.875 2.86% -3.98% 2.89 5yr UST 917 811 -105 9.31

PETBRA 5.75 '20 Energy 5.75% 20-Jan-20 4.2 2,500 Ba2 / BB / BBB- BB+ 82.750 84.750 2.55% -8.60% 3.51 5yr UST 970 890 -80 10.30



PETBRA 4.375 '23 Energy 4.375% 20-May-23 7.5 3,500 Ba2 / BB / BBB- BB+ 69.625 72.750 4.61% -11.90% 5.84 10yr UST 847 762 -85 9.52





Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg


30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

7

9

22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15

PETBRA 5.625 '43 Energy 5.625% 20-May-43 27.6 1,750 Ba2 / BB / BBB- BB+ 64.000 65.500 2.51% -14.98% 10.50 30yr UST 693 663 -30 9.04


PETBRA 6.85 2115 Energy 6.85% 05-Jun-15 99.7 2,500 Ba2 / BB / BBB- BB+ 67.000 68.375 2.25% -14.26% 9.59 30yr UST 795 765 -30 10.02

QGOGBZ 5.25 '18 Energy 5.25% 30-Jul-18 1.4 316 B1 / nr / BB BB- 66.625 69.625 4.66% -22.17% 0.87 2yr UST 4232 3778 -454 38.76

QGOGCO 6.25 '19 Energy 6.25% 09-Nov-19 4.0 700 nr / B+ / BB- BB- 45.625 47.000 3.28% -17.72% 2.77 5yr UST 2932 2824 -108 29.70

SABESP 7.5 '16 Utilities 7.5% 03-Nov-16 1.0 140 nr / BB / BB BB 99.125 99.375 0.40% 2.98% 0.94 2yr UST 792 759 -33 8.16

SABESP 6.25 '20 Utilities 6.25% 16-Dec-20 5.1 350 nr / BB / BB BB 86.875 86.750 0.00% -5.70% 4.09 5yr UST 814 804 -10 9.58

SAMMIN 4.125 '22 Metals & Mining 4.125% 01-Nov-22 7.0 1,000 Baa3 / BB+ / BBB BBB- 82.375 82.750 0.55% -2.19% 5.83 10yr UST 570 550 -20 7.32

SAMMIN 5.75 '23 Metals & Mining 5.75% 24-Oct-23 8.0 700 Baa3 / BB+ / BBB BBB- 89.500 89.125 -0.29% -2.44% 6.16 10yr UST 575 569 -6 7.59

SAMMIN 5.375 '24 Metals & Mining 5.375% 26-Sep-24 8.9 500 Baa3 / BB+ / BBB BBB- 85.500 86.750 1.58% -0.71% 6.74 10yr UST 578 545 -33 7.44

SANBBZ 4.25 '16 Financials 4.25% 14-Jan-16 0.2 850 Baa2 / BB+ / nr BBB- 100.292 100.318 0.11% 2.16% 0.20 2yr UST 252 229 -24 2.60

SANBBZ 4.625 '17 Financials 4.625% 13-Feb-17 1.3 1,350 Baa2 / BB+ / BBB BBB- 100.796 101.144 0.43% 0.91% 1.22 2yr UST 343 305 -38 3.70

SANBBZ 6 '24 Financials 6% 29-Jan-24 8.2 1,248 nr / B+ / nr B+ 97.750 97.375 -0.26% 5.01% 6.29 10yr UST 456 450 -6 6.41

SCHAHN 5.875 '22 Energy 5.875% 25-Sep-22 nmf 652 C / nr / D CI 21.000 22.750 8.33% -70.56% nmf 10yr UST nmf nmf nmf nmf

SUZANO 5.875 '21 Pulp & Paper 5.875% 23-Jan-21 5.2 646 Ba2 / BB+ / BB BB 100.250 100.625 0.49% 3.45% 4.38 5yr UST 442 419 -22 5.73

TAM 7.375 '17 Transportation 7.375% 25-Apr-17 1.5 298 nr / BB- / BB- BB- 97.000 96.125 -0.75% 0.02% 1.35 2yr UST 897 954 58 10.26

TAM 8.375 '21 Transportation 8.375% 03-Jun-21 5.6 500 nr / BB- / BB- BB- 80.625 80.250 -0.26% -15.97% 3.98 5yr UST 1192 1190 -2 13.52

TONOBZ 10.5 '24 Agribusiness 10.5% 14-May-24 na 230 nr / CCC- / CC CC 51.375 62.875 22.78% -18.23% nmf 2yr UST nmf nmf nmf nmf

TUPY 6.625 '24 Basic Industries 6.625% 17-Jul-24 8.7 350 nr / BB- / BB BB 89.125 89.500 0.57% -1.94% 6.22 10yr UST 657 639 -19 8.34

UGPABZ 7.25 '15 Chemicals 7.25% 20-Dec-15 0.1 246 nr / BBB- / nr BBB- 100.080 100.250 0.31% 1.66% 0.13 2yr UST 630 495 -135 5.18

USIM 7.25 '18 Metals & Mining 7.25% 18-Jan-18 2.2 180 Ba3 / B+ / BB BB- 80.000 78.875 -1.23% -21.99% 1.83 2yr UST 1778 1847 69 19.44

USJACU 9.875 '19 Agribusiness 9.875% 09-Nov-19 4.0 275 nr / B- / CC CCC 38.375 39.500 3.43% -32.87% 2.19 5yr UST 4229 4106 -122 42.55

VALEBZ 6.25 '16 Metals & Mining 6.25% 11-Jan-16 0.2 1,000 Baa2 / BBB / BBB+ BBB 100.737 100.697 0.08% 1.97% 0.19 2yr UST 228 218 -10 2.49

VALEBZ 6.25 '17 Metals & Mining 6.25% 23-Jan-17 1.2 1,250 Baa2 / BBB / BBB+ BBB 102.268 102.132 -0.02% 0.55% 1.15 2yr UST 380 380 0 4.43

VALEBZ 5.625 '19 Metals & Mining 5.625% 15-Sep-19 3.9 1,000 Baa2 / BBB / BBB+ BBB 101.464 101.399 0.04% -0.21% 3.42 5yr UST 405 392 -13 5.22

VALEBZ 4.625 '20 Metals & Mining 4.625% 15-Sep-20 4.9 1,000 Baa2 / BBB / BBB+ BBB 97.137 96.929 -0.12% 0.09% 4.26 5yr UST 395 386 -9 5.35

VALEBZ 4.375 '22 Metals & Mining 4.375% 11-Jan-22 6.2 2,250 Baa2 / BBB / BBB+ BBB 90.896 91.422 0.67% -1.02% 5.21 10yr UST 459 435 -24 6.06

VALEBZ 8.25 '34 Metals & Mining 8.25% 17-Jan-34 18.2 800 Baa2 / BBB / BBB+ BBB 96.334 95.351 -0.85% -14.13% 8.90 30yr UST 644 646 2 8.76

VALEBZ 6.875 '36 Metals & Mining 6.875% 21-Nov-36 21.1 2,500 Baa2 / BBB / BBB+ BBB 81.635 81.151 -0.43% -17.68% 9.58 30yr UST 653 650 -3 8.87

VALEBZ 6.875 '39 Metals & Mining 6.875% 10-Nov-39 24.0 1,750 Baa2 / BBB / BBB+ BBB 80.740 80.210 -0.49% -18.99% 9.91 30yr UST 652 650 -2 8.88

VALEBZ 5.625 '42 Metals & Mining 5.625% 11-Sep-42 26.9 1,500 Baa2 / BBB / BBB+ BBB 71.593 70.857 -0.87% -19.06% 11.28 30yr UST 593 594 1 8.37

VOTORA 6.625 '19 Conglomerates 6.625% 25-Sep-19 3.9 281 nr / BBB- / BBB BBB 99.781 99.235 -0.42% -1.63% 3.36 5yr UST 553 554 1 6.85

VOTORA 7.75 '20 Conglomerates 7.75% 24-Jun-20 4.6 205 nr / BBB- / BBB BBB 100.889 100.049 -0.68% -6.13% 3.74 5yr UST 622 629 7 7.73

VOTORA 6.75 '21 Conglomerates 6.75% 05-Apr-21 5.4 340 Baa3 / BBB- / BBB BBB- 100.863 100.848 0.12% -3.86% 4.46 5yr UST 513 499 -14 6.56

VOTORA 4.75 '24 Conglomerates 4.75% 17-Jun-24 8.6 400 Baa3 / BBB- / BBB BBB- 85.039 85.979 1.21% -8.09% 6.66 10yr UST 524 496 -28 6.94

VOTORA 7.25 '41 Conglomerates 7.25% 05-Apr-41 25.4 1,250 Baa3 / BBB- / BBB BBB- 82.707 83.354 0.95% -13.28% 10.28 30yr UST 669 653 -17 8.91

CHILE 7.5 557 0.49% 2.04% 5.50 393 373 -20 5.36 AESGEN 4.56 '25 Utilities 4.56% 30-Apr-25 9.5 500 nr / BBB- / BBB- BBB- 95.669 96.877 1.36% -0.43% 7.59 10yr UST 322 294 -28 4.98

AESGEN 4.875 '29 Utilities 4.875% 25-May-29 8.1 800 Baa3 / nr / BBB- BBB- 93.910 93.879 0.07% -1.11% 6.13 30yr UST 405 394 -11 5.87

AUPIST 7.373 '22 Transportation 7.373% 15-Jun-22 3.4 311 Baa3 / BBB- / nr BBB- 109.597 109.452 0.00% 4.97% 2.94 10yr UST 305 294 -11 4.30

AUTGIL 8.25 '21 Consumer Products 8.25% 24-May-21 5.6 400 Caa1 / nr / C CCC 39.750 39.500 -0.23% 0.77% 3.04 5yr UST 3059 3069 9 32.38

AUTGIL 6.75 '23 Consumer Products 6.75% 15-Jan-23 7.2 300 Caa1 / nr / C CCC 39.750 39.750 0.33% 0.00% 4.08 10yr UST 2358 2346 -11 25.34

ANDINA 5.0 '23 Consumer Products 5% 01-Oct-23 7.9 575 nr / BBB / A- BBB+ 106.673 107.372 0.75% 6.80% 6.53 10yr UST 224 202 -22 3.91

BANCO 2.0 '17 Financials 2% 09-Nov-17 2.0 700 Aa3 / AA- / A+ AA- 100.078 100.043 0.00% 1.75% 1.95 2yr UST 123 112 -11 1.98

BANCO 4.125 '20 Financials 4.125% 07-Oct-20 4.9 500 Aa3 / AA- / A+ AA- 105.358 105.080 -0.19% 2.65% 4.44 5yr UST 160 152 -8 3.01

BANCO 3.875 '22 Financials 3.875% 08-Feb-22 6.3 500 Aa3 / AA- / A+ AA- 101.551 101.610 0.13% 3.34% 5.48 10yr UST 203 188 -14 3.58

BCENC 5.5 '21 Retail 5.5% 20-Jan-21 5.2 750 Baa3 / nr / BBB- BBB- 103.860 104.703 0.91% 4.90% 4.45 5yr UST 326 294 -32 4.48

BCENC 4.875 '23 Retail 4.875% 20-Jan-23 7.2 1,200 Baa3 / nr / BBB- BBB- 96.650 98.820 2.34% 4.38% 5.93 10yr UST 375 325 -50 5.07

BCENC 5.150 '25 Retail 5.15% 12-Feb-25 9.3 650 Baa3 / nr / BBB- BBB- 96.158 98.414 2.45% 0.62% 7.19 10yr UST 379 336 -43 5.37

BCENC 6.625 '45 Retail 6.625% 12-Feb-45 29.3 350 Baa3 / nr / BBB- BBB- 90.597 91.280 0.90% -3.90% 11.98 30yr UST 506 491 -15 7.35

BFALA 3.75 ´23 Retail 3.75% 30-Apr-23 7.5 500 nr / BBB+ / BBB+ BBB+ 97.887 98.763 0.97% 5.93% 6.46 10yr UST 234 208 -26 3.94

BFALA 4.375 ´25 Retail 4.375% 27-Jan-25 9.2 400 nr / BBB+ / BBB+ BBB+ 100.225 101.019 0.88% 7.33% 7.46 10yr UST 245 223 -22 4.24

BMETR 4.75 '24 Transportation 4.75% 04-Feb-24 8.3 500 nr / A+ / A A+ 103.857 104.671 0.87% 2.87% 6.75 10yr UST 239 215 -24 4.08

BNCHIL 6.25 '16 Financials 6.25% 15-Jun-16 0.6 200 A3 / A / nr A 102.373 102.262 0.01% 0.99% 0.59 2yr UST 205 208 3 2.52

BCRINV 3.0 '17 Financials 3% 13-Sep-17 1.9 600 A1 / A / nr A+ 101.289 101.465 0.23% 1.92% 1.80 2yr UST 160 138 -22 2.19

BCRINV 4.0 '23 Financials 4% 11-Feb-23 7.3 500 A1 / A / A- A 99.652 100.287 0.71% 4.95% 6.20 10yr UST 235 212 -23 3.95

CDEL 7.5 '19 Metals & Mining 7.5% 15-Jan-19 3.2 600 A1 / AA- / A+ A+ 114.864 114.585 -0.12% 2.10% 2.83 5yr UST 165 157 -8 2.71

CDEL 3.75 '20 Metals & Mining 3.75% 04-Nov-20 5.0 1,000 A1 / AA- / A+ A+ 102.447 102.170 -0.20% 3.14% 4.46 5yr UST 185 177 -8 3.28

CDEL 3.875 '21 Metals & Mining 3.875% 03-Nov-21 6.0 1,150 A1 / AA- / A+ A+ 101.325 101.379 0.13% 2.38% 5.32 5yr UST 210 195 -15 3.62

CDEL 3.0 '22 Metals & Mining 3% 17-Jul-22 6.7 1,250 A1 / AA- / A+ A+ 94.561 94.518 0.02% 1.21% 5.93 10yr UST 228 216 -12 3.94

CDEL 4.50 '23 Metals & Mining 4.5% 13-Aug-23 7.8 750 A1 / AA- / A+ A+ 102.260 102.270 0.09% 0.46% 6.47 10yr UST 240 227 -13 4.15

CDEL 4.50 '25 Metals & Mining 4.5% 16-Sep-25 10.0 2,000 A1 / AA- / A+ A+ 98.677 98.725 0.14% 3.12% 7.83 10yr UST 272 260 -12 4.66


Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg


30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

8

0

22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15

CDEL 5.625 '35 Metals & Mining 5.625% 21-Sep-35 19.9 500 A1 / AA- / A+ A+ 101.932 103.092 1.25% -4.30% 11.94 30yr UST 315 297 -18 5.37

CDEL 6.15 '36 Metals & Mining 6.15% 24-Oct-36 21.0 500 A1 / AA- / A+ A+ 106.817 106.614 -0.08% -6.32% 11.99 30yr UST 327 320 -7 5.61

CDEL 4.250 '42 Metals & Mining 4.25% 17-Jul-42 26.7 750 A1 / AA- / A+ A+ 81.214 81.167 0.04% -8.49% 14.36 30yr UST 320 312 -7 5.62

CDEL 5.625 '43 Metals & Mining 5.625% 18-Oct-43 28.0 950 A1 / AA- / A+ A+ 99.250 99.450 0.31% -7.48% 13.94 30yr UST 328 319 -9 5.66

CDEL 4.875 '44 Metals & Mining 4.875% 04-Nov-44 29.0 980 A1 / AA- / A+ A+ 88.860 89.577 0.91% -7.73% 14.27 30yr UST 324 311 -13 5.61

CELARA 7.5 '17 Pulp & Paper 7.5% 15-Sep-17 1.9 125 Baa3 / BBB- / BBB BBB- 108.352 108.759 0.51% 2.65% 1.74 2yr UST 222 185 -37 2.66

CELARA 7.25 '19 Pulp & Paper 7.25% 29-Jul-19 3.7 499 Baa3 / BBB- / BBB BBB- 114.185 114.197 0.13% 2.80% 3.27 5yr UST 210 194 -16 3.19

CELARA 5 '21 Pulp & Paper 5% 21-Jan-21 5.2 395 Baa3 / BBB- / BBB BBB- 105.224 106.686 1.48% 5.72% 4.54 5yr UST 249 205 -44 3.58

CELARA 4.75 '22 Pulp & Paper 4.75% 11-Jan-22 5.9 497 Baa3 / BBB- / BBB BBB- 102.656 103.418 0.83% 4.52% 5.08 5yr UST 274 246 -28 4.10

CELARA 4.5 '24 Pulp & Paper 4.5% 01-Aug-24 8.8 500 Baa3 / BBB- / BBB BBB- 100.212 100.456 0.33% 4.86% 7.09 10yr UST 262 246 -15 4.44

CMPCCI 4.75 '18 Pulp & Paper 4.75% 19-Jan-18 2.0 495 Baa3 / BBB- / BBB+ BBB 103.938 103.877 0.03% 2.82% 1.85 2yr UST 199 188 -11 2.71

CMPCCI 6.125 '19 Pulp & Paper 6.125% 05-Nov-19 4.0 499 Baa3 / BBB- / BBB+ BBB 110.592 110.522 0.04% 3.70% 3.48 5yr UST 212 199 -14 3.30

CMPCCI 4.5 '22 Pulp & Paper 4.5% 25-Apr-22 6.5 500 Baa3 / BBB- / BBB+ BBB 100.795 100.953 0.24% 4.30% 5.57 10yr UST 276 260 -16 4.33

CMPCCI 4.375 '23 Pulp & Paper 4.375% 15-May-23 7.5 500 nr / BBB- / BBB+ BBB 99.320 99.845 0.61% 5.09% 6.23 10yr UST 275 254 -21 4.40

CMPCCI 4.750 '24 Pulp & Paper 4.75% 15-Sep-24 8.9 500 Baa3 / BBB- / BBB+ BBB 101.265 101.242 0.07% 4.84% 7.14 10yr UST 271 260 -11 4.58

COLBUN 6 '20 Utilities 6% 21-Jan-20 4.2 500 nr / BBB- / BBB BBB 110.657 110.982 0.40% 5.25% 3.70 5yr UST 207 184 -23 3.19

COLBUN 4.5 '24 Utilities 4.5% 10-Jul-24 8.7 500 nr / BBB- / BBB BBB 100.338 100.457 0.21% 3.49% 7.03 10yr UST 260 247 -14 4.44

CORBAN 3.125 '18 Financials 3.125% 15-Jan-18 2.2 800 Baa3 / BBB / nr BBB 100.413 100.556 0.20% 3.16% 2.09 2yr UST 215 195 -20 2.86

CORBAN 3.875 '19 Financials 3.875% 22-Sep-19 3.9 750 Baa3 / BBB / nr BBB 101.313 101.728 0.48% 4.59% 3.57 5yr UST 235 209 -26 3.40

BCGBK 6.75 '23 Financials 6.75% 15-Mar-23 7.4 500 B1 / BB- / nr BB- 95.625 96.000 0.53% 3.02% 5.63 10yr UST 583 564 -20 7.46

CTCACI 3.875 '22 Telecom & Media 3.875% 12-Oct-22 6.9 500 nr / BBB / BBB+ BBB+ 98.834 100.354 1.61% 5.81% 6.03 10yr UST 240 202 -38 3.82

ECLCI 5.625 '21 Utilities 5.625% 15-Jan-21 5.2 400 nr / BBB / BBB BBB 110.495 110.478 0.08% 6.37% 4.47 5yr UST 202 188 -14 3.41

ECLCI 4.5 '25 Utilities 4.5% 29-Jan-25 9.2 350 nr / BBB / BBB BBB 100.553 101.325 0.85% 4.51% 7.43 10yr UST 253 231 -22 4.32

ENAPCL 6.25 '19 Energy 6.25% 08-Jul-19 3.7 300 Baa3 / BBB- / A BBB 110.081 110.181 0.20% 4.46% 3.25 5yr UST 223 204 -19 3.29

ENAPCL 5.25 '20 Energy 5.25% 10-Aug-20 4.8 500 Baa3 / BBB- / A BBB 106.156 106.868 0.77% 5.40% 4.18 5yr UST 251 221 -30 3.67

ENAPCL 4.75 '21 Energy 4.75% 06-Dec-21 6.1 500 Baa3 / BBB- / A BBB 103.536 103.789 0.33% 5.68% 5.17 5yr UST 255 237 -18 4.04

ENAPCL 4.375 '24 Energy 4.375% 30-Oct-24 9.0 600 Baa3 / BBB- / A BBB 98.887 99.808 1.02% 5.54% 7.36 10yr UST 265 241 -24 4.40

ENDESA 4.25 '24 Utilities 4.25% 15-Apr-24 8.5 400 Baa2 / BBB+ / BBB+ BBB+ 101.597 101.840 0.32% 4.47% 7.05 10yr UST 220 204 -15 3.99

ENDESA 7.875 '27 Utilities 7.875% 01-Feb-27 11.3 206 Baa2 / BBB+ / NR BBB+ 130.864 128.847 -1.42% 5.23% 7.83 10yr UST 238 247 8 4.57

ENRSIS 7.4 '16 Utilities 7.4% 01-Dec-16 1.1 250 Baa2 / BBB+ / BBB+ BBB+ 105.909 105.643 -0.11% 2.45% 1.02 2yr UST 142 150 8 2.08

ENTEL 4.875 '24 Telecom & Media 4.875% 30-Oct-24 8.0 1,000 Baa2 / BBB / nr BBB 100.228 100.702 0.57% 3.39% 6.55 10yr UST 306 287 -19 4.77

ENTEL 4.75 '26 Telecom & Media 4.75% 01-Aug-26 10.2 800 Baa2 / BBB / BBB+ BBB 97.033 96.833 -0.11% 1.50% 7.88 10yr UST 315 307 -8 5.15

GENER 5.25 '21 Utilities 5.25% 15-Aug-21 5.8 402 Baa3 / BBB- / BBB- BBB- 104.932 105.781 0.91% 5.08% 4.93 5yr UST 279 249 -30 4.12

GENER 8.375 '73 Utilities 8.375% 18-Dec-73 3.6 450 Ba2 / BB / BB BB 105.625 105.500 0.04% 3.82% 3.02 5yr UST 558 547 -12 6.64

GPKLN 7.5 '20 Energy 7.5% 11-Feb-20 4.3 300 nr / B / B B 68.875 71.375 3.84% -11.37% 3.25 5yr UST 1698 1579 -119 17.22

LATAIR 7.25 '20 Transportation 7.25% 09-Jun-20 4.6 500 Ba3 / BB- / BB- BB- 91.875 92.625 0.97% -7.80% 3.68 5yr UST 816 780 -35 9.25

LBTYA 6.875 '24 Telecom & Media 6.875% 15-Jan-24 8.2 1,400 B1 / B+ / nr B+ 96.000 96.500 0.66% -0.41% 6.01 10yr UST 575 554 -21 7.45

MASISA 9.5 '19 Pulp & Paper 9.5% 05-May-19 3.5 300 nr / B+ / B+ B+ 87.250 87.250 0.21% -0.47% 2.68 5yr UST 1311 1298 -13 14.25

SANT 1.124 '17 Financials 1.221% 11-Apr-17 1.4 500 Aa3 / A / A+e A+ 99.155 98.739 -0.40% 0.99% 1.43 2yr UST 166 199 33 2.64

SANT 2.133 '18 Financials 2.209% 07-Jun-18 2.6 250 Aa3 / A / A+ A+ 99.872 100.047 0.22% 0.84% 2.52 2yr UST 212 207 -5 3.03

SANT 3.875 '22 Financials 3.875% 20-Sep-22 6.9 750 Aa3 / A / A+ A+ 100.742 100.926 0.26% 4.40% 5.97 10yr UST 210 194 -16 3.72

SQM 6.125 '16 Chemicals 6.125% 15-Apr-16 0.4 200 Baa1 / BBB / nr BBB+ 101.412 101.743 0.44% 1.94% 0.45 2yr UST 268 181 -87 2.21

SQM 5.5 '20 Chemicals 5.5% 21-Apr-20 4.5 250 Baa1 / BBB / nr BBB+ 101.334 102.154 0.92% -1.15% 3.92 5yr UST 390 354 -35 4.96

SQM 3.625 '23 Chemicals 3.625% 03-Apr-23 7.4 300 Baa1 / BBB / nr BBB+ 86.869 87.562 0.88% -5.02% 6.30 10yr UST 409 384 -25 5.70

SQM 4.375 '25 Chemicals 4.375% 28-Jan-25 9.2 250 Baa1 / BBB / nr BBB+ 87.328 87.623 0.43% -7.20% 7.25 10yr UST 429 413 -16 6.15

SMUSA 7.75 '20 Retail 7.75% 08-Feb-20 4.3 300 Caa1 / CCC+ / nr CCC+ 86.250 86.125 0.03% 24.08% 3.39 5yr UST 1069 1059 -10 11.99

SUAMBV 4.875 '24 Financials 4.875% 17-Apr-24 8.5 500 Baa1 / nr / BBB+ BBB+ 102.474 103.296 0.89% 6.91% 6.89 10yr UST 270 246 -24 4.40

TANNER 4.375 '18 Financials 4.375% 13-Mar-18 2.4 250 nr / BBB- / BBB- BBB- 100.744 100.778 0.12% 5.97% 2.21 2yr UST 323 308 -15 4.02

TSELEC 4.625 '23 Utilities 4.625% 26-Jul-23 7.7 300 Baa1 / nr / BBB BBB+ 102.953 103.722 0.83% 3.69% 6.41 10yr UST 243 219 -24 4.06

COLOMBIA 6.9 790 -0.53% -5.89% 4.91 658 665 7 8.24 AVALCB 5.25 '17 Financials 5.25% 01-Feb-17 1.2 600 Ba1 / nr / BBB BBB- 102.683 102.558 -0.02% 2.18% 1.19 2yr UST 252 250 -2 3.13

AVALCB 4.75 '22 Financials 4.75% 26-Sep-22 6.9 1,000 Ba1 / nr / BBB BBB- 96.022 97.158 1.28% 4.17% 5.77 10yr UST 379 346 -33 5.25

BANBOG 5 '17 Financials 5% 15-Jan-17 1.2 600 Baa2 / BBB- / BBB+ BBB 103.773 103.315 -0.35% 3.15% 1.15 2yr UST 132 156 24 2.18

BANBOG 5.375 '23 Financials 5.375% 19-Feb-23 7.3 500 Ba1 / nr / BBB BBB- 98.621 99.417 0.91% 3.47% 5.90 10yr UST 390 364 -26 5.47

BANCOL 6.875 '17 Financials 6.875% 25-May-17 1.6 200 Ba1 / nr / BBB BBB- 105.746 106.112 0.47% 4.85% 1.45 2yr UST 250 212 -38 2.84

BANCOL 6.125 '20 Financials 6.125% 26-Jul-20 4.7 620 Ba1 / nr / BBB BBB- 105.503 106.297 0.87% 5.92% 4.04 5yr UST 350 317 -33 4.63

BANCOL 5.95 '21 Financials 5.95% 03-Jun-21 5.6 996 Baa2 / nr / BBB+ BBB+ 107.944 108.711 0.82% 5.97% 4.66 5yr UST 289 260 -29 4.18

BANCOL 5.125 '22 Financials 5.125% 11-Sep-22 6.9 1,425 Ba1 / nr / BBB BBB- 98.742 99.589 0.96% 4.59% 5.67 10yr UST 370 342 -28 5.20

BANGAN 4.875% '25 Financials 4.875% 21-Apr-25 9.5 400 Baa3 / nr / BBB BBB 97.817 97.930 0.21% -0.75% 7.47 10yr UST 326 313 -13 5.15

COLTEL 5.375 '22 Telecom & Media 5.375% 27-Sep-22 6.9 750 nr / BB / BB BB 89.000 89.000 0.12% -4.32% 5.54 10yr UST 578 565 -13 7.44

COLTEL 8.5 Perp Telecom & Media 8.5% Perp nmf 500 nr / B / B+ B+ 90.125 90.250 0.32% -4.99% 9.92 30yr UST 794 787 -7 10.36

DAVIVI 2.95 '18 Financials 2.95% 29-Jan-18 2.2 500 Baa3 / BBB- / BBB BBB- 99.396 99.746 0.41% 4.25% 2.13 2yr UST 244 215 -29 3.07


Life

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Duration

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DAVIVI 5.875 '22 Financials 5.875% 09-Jul-22 6.7 500 Ba2 / nr / BBB- BB+ 99.750 101.875 2.24% 6.44% 5.39 10yr UST 430 379 -51 5.53

ECOPET 4.25 '18 Energy 4.25% 18-Sep-18 2.9 350 Baa2 / BBB / BBB BBB 101.823 102.120 0.37% 1.79% 2.68 2yr UST 264 239 -26 3.47

ECOPET 7.625 '19 Energy 7.625% 23-Jul-19 3.7 1,497 Baa2 / BBB / BBB BBB 112.059 112.232 0.29% 2.85% 3.21 5yr UST 300 280 -21 4.05

ECOPET 5.875 '23 Energy 5.875% 18-Sep-23 7.9 1,300 Baa2 / BBB / BBB BBB 100.420 100.504 0.20% -0.75% 6.20 10yr UST 405 391 -14 5.79

ECOPET 4.125 '25 Energy 4.125% 16-Jan-25 9.2 1,200 Baa2 / BBB / BBB BBB 88.005 87.992 0.08% -2.60% 7.32 10yr UST 392 380 -11 5.83

ECOPET 5.375 '26 Energy 5.375% 26-Jun-26 10.7 1,500 Baa2 / BBB / BBB BBB 93.065 92.924 -0.04% -4.06% 7.73 10yr UST 428 419 -9 6.30

ECOPET 7.375 '43 Energy 7.375% 18-Sep-43 27.9 850 Baa2 / BBB / BBB BBB 95.788 95.342 -0.32% -6.02% 11.31 30yr UST 541 537 -4 7.79

ECOPET 5.875 '45 Energy 5.875% 28-May-45 29.6 2,000 Baa2 / BBB / BBB BBB 82.005 81.839 -0.06% -7.16% 12.06 30yr UST 501 494 -6 7.40

EEBCB 6.125 '21 Utilities 6.125% 10-Nov-21 4.0 749 Baa2 / BBB- / BBB BBB 104.402 104.659 0.36% 2.55% 3.45 5yr UST 376 354 -22 4.84

EEBCB 5.7 '22 Utilities 5.7% 20-Mar-22 4.4 750 Baa3 / BBB- / BBB BBB- 103.259 103.258 0.11% 2.60% 3.83 5yr UST 365 350 -15 4.86

EEPPME 7.625 '19 Utilities 7.625% 29-Jul-19 3.7 500 Baa3 / nr / BBB+ BBB 113.985 114.297 0.40% 2.51% 3.24 5yr UST 250 226 -24 3.51

GNBSUD 7.5 '22 Financials 7.5% 30-Jul-22 6.7 250 B1 / nr / nr B+ 101.875 103.375 1.62% 2.75% 5.16 10yr UST 553 512 -41 6.86

GNBSUD 3.875 ´18 Financials 3.875% 02-May-18 2.5 300 Ba1 / nr / nr BB+ 97.750 98.125 0.46% 4.59% 2.35 2yr UST 398 369 -30 4.68

GRUPOS 5.7 '21 Financials 5.7% 18-May-21 5.5 300 nr / BBB / BBB- BBB 105.002 105.062 0.16% 3.42% 4.63 5yr UST 322 307 -15 4.65

OCENSA 4 ´21 Utilities 4% 07-May-21 5.5 500 Baa3 / BBB / nr BBB 98.003 97.850 -0.08% 5.50% 4.79 5yr UST 295 285 -10 4.44

PFAVTA 8.375 '20 Transportation 8.375% 10-May-20 4.5 550 nr / B / B+ B+ 82.750 82.500 -0.11% -13.14% 3.37 5yr UST 1228 1223 -5 13.69

PRECN 5.375 '19 Energy 5.375% 26-Jan-19 3.2 1,300 B3 / BB- / B+ B+ 45.000 41.625 -7.27% -47.80% 2.32 5yr UST 3379 3696 317 38.36

PRECN 7.25 '21 Energy 7.25% 12-Dec-21 6.1 691 B3 / BB- / B+ B+ 42.250 40.750 -3.22% -47.79% 3.53 5yr UST 2543 2627 84 28.03

PRECN 5.125 ´23 Energy 5.125% 28-Mar-23 7.4 1,000 B3 / BB- / B+ B+ 40.000 37.000 -7.25% -47.84% 4.69 10yr UST 2000 2151 150 23.43

PRECN 5.625 ´25 Energy 5.625% 19-Jan-25 9.2 1,114 B3 / BB- / B+ B+ 42.375 37.625 -10.95% -46.61% 5.06 10yr UST 1725 1934 209 21.38

MEXICO 9.8 797 1.30% -0.85% 6.17 544 548 4 7.17 ALFAA 5.25 '24 Conglomerates 5.25% 25-Mar-24 8.1 500 Baa3 / BBB- / BBB- BBB- 104.346 104.724 0.46% 5.04% 6.58 10yr UST 284 266 -18 4.55

ALFAA 6.875 '44 Conglomerates 6.875% 25-Mar-44 28.4 500 Baa3 / nr / BBB- BBB- 99.426 100.136 0.85% -2.74% 12.34 30yr UST 456 442 -14 6.86

ALPEKA 4.5 '22 Chemicals 4.5% 20-Nov-22 7.1 650 Baa3 / BBB- / BBB- BBB- 99.997 100.265 0.36% 3.08% 5.87 10yr UST 282 265 -17 4.46

ALPEKA 5.375 '23 Chemicals 5.375% 08-Aug-23 7.8 300 Baa3 / BBB- / BBB- BBB- 105.366 105.508 0.23% 4.95% 6.27 10yr UST 280 266 -15 4.52

AMXLMM 2.375 '16 Telecom & Media 2.375% 08-Sep-16 0.8 2,000 A2 / A- / A A 100.867 100.741 -0.08% 0.90% 0.84 2yr UST 92 98 6 1.49

AMXLMM 5.625 '17 Telecom & Media 5.625% 15-Nov-17 2.0 600 A2 / A- / A A 108.184 107.868 -0.19% 1.82% 1.89 2yr UST 83 82 -1 1.67

AMXLMM 5 '20 Telecom & Media 5% 30-Mar-20 4.4 2,125 A2 / A- / A A 110.573 110.232 -0.22% 3.55% 3.97 5yr UST 122 114 -8 2.53

AMXLMM 3.125 '22 Telecom & Media 3.125% 16-Jul-22 6.7 1,600 A2 / A- / A A 99.141 98.532 -0.55% 2.66% 5.94 10yr UST 163 160 -3 3.37

AMXLMM 6.375 '35 Telecom & Media 6.375% 01-Mar-35 19.3 1,000 A2 / A- / A A 117.075 116.585 -0.31% -1.44% 11.59 30yr UST 269 264 -5 5.02

AMXLMM 6.125 '37 Telecom & Media 6.125% 15-Nov-37 22.0 400 A2 / A- / A A 114.465 113.242 -0.96% -1.35% 12.34 30yr UST 269 269 0 5.12

AMXLMM 6.125 '40 Telecom & Media 6.125% 30-Mar-40 24.4 2,000 A2 / A- / A A 114.066 113.866 -0.07% -0.32% 13.28 30yr UST 274 267 -7 5.12

AMXLMM 4.375 '42 Telecom & Media 4.375% 16-Jul-42 26.7 1,150 A2 / A- / A A 94.549 92.054 -2.55% -0.42% 14.94 30yr UST 231 241 10 4.91

ARRUNI 6.250 '19 Financials 6.25% 22-Jul-19 3.7 400 nr / BB / BB BB 95.250 96.625 1.57% 11.70% 3.19 5yr UST 660 602 -58 7.30

AXTEL 9 '19 Telecom & Media 9% 22-Sep-19 3.9 102 Caa1 / nr / B- B- 97.375 100.125 3.00% 14.76% 3.19 5yr UST 865 764 -101 8.96

AXTEL 7 '20 Telecom & Media 9% 31-Jan-20 4.2 545 nr / B- / B+ B 102.375 102.750 0.54% 14.81% 3.41 5yr UST 709 684 -25 8.21

BANORT 6.862 '21 Financials 6.862% 13-Oct-21 2.2 200 Baa3 / nr / nr BBB- 101.625 101.875 0.38% 2.65% 3.00 2yr UST 358 341 -17 4.31

BBVASM 4.5 '16 Financials 4.5% 10-Mar-16 0.4 750 A3 / nr / A- A- 101.029 100.987 0.04% 1.39% 0.35 2yr UST 134 131 -3 1.68

BBVASM 7.25 '20 Financials 7.25% 22-Apr-20 4.5 1,000 Baa3 / nr / BB+ BBB- 110.875 111.375 0.58% 6.42% 3.84 5yr UST 329 302 -27 4.42

BBVASM 6.5 '21 Financials 6.5% 10-Mar-21 5.4 1,250 Baa2 / nr / BBB- BBB 110.875 110.750 0.00% 7.22% 4.52 5yr UST 281 269 -12 4.23

BBVASM 6.008 '22 Financials 6.008% 17-May-22 4.5 500 Baa3 / nr / BB+ BBB- 101.500 102.375 0.98% 5.06% 6.42 5yr UST 276 250 -26 3.91

BBVASM 6.75 '22 Financials 6.75% 30-Sep-22 6.9 1,500 Baa2 / nr / BBB- BBB 111.375 112.000 0.68% 6.63% 5.56 10yr UST 317 293 -23 4.69

BBVASM 4.375 '24 Financials 4.375% 10-Apr-24 8.4 750 A3 / nr / A- A- 102.117 102.742 0.70% 5.79% 7.01 10yr UST 225 205 -21 3.99

BIMBO 4.875 '20 Food & Beverage 4.875% 30-Jun-20 4.7 800 Baa2 / nr / BBB BBB 108.132 107.656 -0.44% 3.10% 4.12 5yr UST 170 166 -4 3.10

BIMBO 4.5 '22 Food & Beverage 4.5% 25-Jan-22 6.2 800 Baa2 / nr / BBB BBB 104.939 104.201 -0.70% 2.46% 5.36 10yr UST 205 204 -1 3.74

BIMBO 3.875 '24 Food & Beverage 3.875% 27-Jun-24 8.7 800 nr / BBB / BBB BBB 99.625 98.915 -0.71% 1.88% 7.18 10yr UST 207 205 -2 4.02

BIMBO 4.875 '44 Food & Beverage 4.875% 27-Jun-44 28.7 500 nr / BBB / BBB BBB 91.427 90.117 -1.43% -6.86% 14.36 30yr UST 305 308 2 5.57

BINBUR 4.125 '24 Financials 4.125% 06-Jun-24 8.6 1,000 nr / BBB+ / BBB+ BBB+ 98.254 97.889 -0.37% 3.59% 7.03 10yr UST 253 246 -7 4.42

BSANTM 4.125 '22 Financials 4.125% 09-Nov-22 7.0 1,000 A3 / nr / BBB+ A- 101.653 101.870 0.21% 6.25% 5.94 10yr UST 218 202 -16 3.82

BSANTM 5.950 '24 Financials 5.95% 30-Jan-24 3.2 1,300 Baa3 / nr / BB+ BBB- 103.750 104.250 0.48% 4.96% 2.89 5yr UST 370 339 -32 4.53

CEMEX Float '18 Cement 5.071% 15-Oct-18 2.7 500 nr / B+ / BB- BB- 102.750 102.750 0.10% 3.83% 2.52 2yr UST 395 395 0 4.85

CEMEX 9.5 '18 Cement 9.5% 15-Jun-18 0.6 500 nr / B+ / BB- BB- 107.875 107.875 0.17% 5.66% 0.58 2yr UST 385 369 -16 4.11CEMEX 5.875 '19 Cement 5.875% 25-Mar-19 3.4 600 nr / B+ / BB- BB- 101.000 101.750 0.86% 5.49% 3.03 5yr UST 449 410 -39 5.30

CEMEX 6.5 '19 Cement 6.5% 10-Dec-19 4.1 1,000 nr / B+ / BB- BB- 102.250 102.000 -0.12% 5.20% 3.48 5yr UST 468 460 -8 5.94

CEMEX 9.875 '19 Cement 9.875% 30-Apr-19 0.5 704 nr / B+ / BB- BB- 107.000 106.625 -0.17% 4.28% 0.48 2yr UST 511 572 61 6.04

CEMEX 7.25 '21 Cement 7.25% 15-Jan-21 4.2 1,000 nr / B+ / BB- BB- 103.000 103.125 0.26% 4.13% 3.52 5yr UST 527 508 -18 6.39

CEMEX 9.375 '22 Cement 9.375% 12-Oct-22 2.9 1,500 nr / B+ / BB- BB- 109.125 109.250 0.28% 4.24% 2.56 2yr UST 578 558 -20 6.60

CEMEX 6 '24 Cement 6% 01-Apr-24 8.4 1,000 nr / B+ / BB- BB- 97.125 96.375 -0.65% 5.20% 6.44 10yr UST 464 463 0 6.57

CEMEX 5.7 '25 Cement 5.7% 11-Jan-25 9.2 1,100 nr / B+ / BB- BB- 93.750 93.375 -0.28% 2.03% 6.84 10yr UST 473 467 -6 6.67

CEMEX 6.125 '25 Cement 6.125% 05-May-25 9.5 750 nr / B+ / BB- BB- 95.875 95.500 -0.27% -1.31% 6.76 10yr UST 482 476 -6 6.77

COBREM 10.75 '18 Metals & Mining 10.75% 15-Nov-18 3.0 225 Caa1 / nr / CCC CCC+ 27.000 27.000 0.77% -63.72% 1.39 2yr UST 7264 7280 16 74.23

CORGEO 9.25 '20 Homebuilders 9.25% 30-Jun-20 na 250 WR / nr / NR nr 1.677 0.938 -44.06% -82.95% nmf 5yr UST nmf nmf nmf nmf


Life

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(US$mn)

Mod

Duration

YTD Total

Ret

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(Moody's/S&P/Fitch)

Avg

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BenchmarkYTW

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22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15

CORGEO 8.875 '22 Homebuilders 8.875% 27-Mar-22 na 400 WR / nr / NR nr 0.376 0.331 -12.17% -94.37% nmf 2yr UST nmf nmf nmf nmf

CFELEC 4.875 '21 Utilities 4.875% 26-May-21 5.6 1,000 Baa1 / BBB+ / BBB+ BBB+ 105.052 104.938 -0.11% 2.26% 4.77 5yr UST 241 229 -12 3.88

CFELEC 4.875 '24 Utilities 4.875% 15-Jan-24 8.2 1,250 Baa1 / BBB+ / BBB+ BBB+ 102.758 102.775 0.11% 1.99% 6.64 10yr UST 267 255 -13 4.47

CFELEC 5.75 '42 Utilities 5.75% 14-Feb-42 26.3 750 Baa1 / BBB+ / BBB+ BBB+ 93.907 94.052 0.16% -6.61% 12.90 30yr UST 385 375 -9 6.21

CFELEC 6.125 '45 Utilities 6.125% 16-Jun-45 29.6 700 Baa1 / BBB+ / BBB+ BBB+ 97.106 97.092 -0.01% -1.98% 13.06 30yr UST 395 388 -8 6.34

CREAL 7.5 '19 Financials 7.5% 13-Mar-19 3.4 425 nr / BB+ / nr BB+ 102.250 103.125 1.00% 7.86% 2.92 5yr UST 570 526 -44 6.45

EKT 7.25 '18 Retail 7.25% 06-Aug-18 2.8 550 nr / nr / BB- BB- 94.875 95.875 1.20% 0.30% 2.40 2yr UST 846 789 -56 8.96

ELMTIA 5.5 '25 Construction 5.5% 15-Jan-25 9.2 425 nr / BB+ / BB+ BB+ 96.750 97.875 1.27% 5.48% 7.00 10yr UST 408 380 -28 5.80

FAMSA 4.25 '20 Retail 7.25% 01-Jun-20 4.6 250 nr / B / B+ B+ 89.250 91.750 2.96% 5.79% 3.65 5yr UST 894 807 -87 9.51

FEMSA 2.875 '23 Food & Beverage 2.875% 10-May-23 7.5 300 nr / A- / A A 95.382 94.450 -0.92% 3.66% 6.57 10yr UST 183 186 2 3.73

FEMSA 4.375 '43 Food & Beverage 4.375% 10-May-43 27.5 700 nr / A- / A A 93.814 92.769 -1.02% 2.84% 15.09 30yr UST 235 235 0 4.85

FERMCA 6.375 '38 Utilities 6.375% 30-Mar-38 13.2 539 Baa2 / BBB- / BBB- BBB- 96.769 96.849 0.21% 0.29% 8.10 30yr UST 467 456 -11 6.76

FINDEP 7.5 '19 Financials 7.5% 03-Jun-19 3.6 200 nr / B+ / BB- BB- 93.125 93.000 0.02% 0.00% 2.94 5yr UST 870 861 -10 9.86

FRES 5.5 '23 Metals & Mining 5.5% 13-Nov-23 8.0 800 Baa2 / BBB / nr BBB 104.308 105.710 1.45% 11.34% 6.34 10yr UST 307 274 -33 4.64

FUNO 5.25 '24 Real Estate 5.25% 15-Dec-24 8.9 600 Baa2 / nr / BBB BBB 103.499 104.045 0.63% 4.82% 6.94 10yr UST 293 273 -19 4.69

FUNO 6.95 '44 Real Estate 6.95% 30-Jan-44 27.8 400 Baa2 / nr / BBB BBB 103.593 104.078 0.60% -1.16% 12.30 30yr UST 435 422 -12 6.63

GCCAMM 8.125 '20 Cement 8.125% 08-Feb-20 3.3 260 nr / BB- / BB- BB- 104.875 104.875 0.15% 5.36% 2.80 5yr UST 548 533 -15 6.44

GEOMAQ 9.625 '21 Construction 9.625% 02-May-21 na 149 nr / nr / nr nr 0.307 0.339 10.26% -94.79% nmf 2yr UST nmf nmf nmf nmf

GRUMA 4.875 '24 Food & Beverage 4.875% 01-Dec-24 8.8 400 nr / BBB- / BBB- BBB- 105.795 105.863 0.15% 7.22% nmf 10yr UST 224 211 -13 4.08

HOMEX 7.5 '15 Homebuilders 7.5% 28-Sep-15 na 250 WR / nr / NR nr 3.099 4.263 37.56% -43.17% nmf 2yr UST nmf nmf nmf nmf

HOMEX 9.5 '19 Homebuilders 9.5% 11-Dec-19 na 250 WR / nr / NR nr 2.763 2.800 1.38% -54.28% nmf 2yr UST nmf nmf nmf nmf

HOMEX 9.75 '20 Homebuilders 9.75% 25-Mar-20 na 400 WR / nr / NR nr 2.740 2.794 1.97% -61.46% nmf 2yr UST nmf nmf nmf nmf

ICASA 8.375 '17 Construction 8.375% 24-Jul-17 1.7 150 B2 / B- / nr B 64.125 60.750 -5.26% -33.44% 1.29 2yr UST 3763 4178 414 42.70

ICASA 8.9 '21 Construction 8.9% 04-Feb-21 5.3 500 B2 / B- / nr B 47.375 34.750 -26.65% -58.36% 2.78 5yr UST 2744 3719 974 38.85

ICASA 8.875 '24 Construction 8.875% 29-May-24 8.6 700 B2 / B- / nr B 43.625 31.500 -27.79% -59.91% 3.14 10yr UST 2340 3170 830 33.60

IDESA 7.875 '20 Chemicals 7.875% 18-Dec-20 4.1 300 nr / BB- / BB- BB- 102.000 102.000 0.00% 5.54% 3.38 5yr UST 619 604 -15 7.30

INTSPN 7.5 '19 Energy 7.5% 24-Jan-19 3.2 701 nr / nr / nr nr 60.500 65.750 8.68% -11.08% 2.48 5yr UST 2523 2187 -336 23.10

JAVER 9.875 '21 Homebuilders 9.875% 06-Apr-21 3.4 320 B2 / B+ / B+ B+ 103.125 102.000 -0.90% 2.86% 2.84 5yr UST 788 813 24 9.18

JBYCMX 9.875 '21 Food & Beverage 3.75% 13-May-25 9.5 500 nr / BBB / BBB BBB 98.696 97.395 -1.24% -0.97% 7.77 10yr UST 198 204 5 4.08

KCMA 3.8 '24 Consumer Products 3.8% 08-Apr-24 8.4 250 nr / A- / A A 102.233 101.350 -0.79% 1.28% 7.15 10yr UST 166 166 0 3.61

KCMA 3.250 '25 Consumer Products 3.25% 12-Mar-25 9.4 250 nr / A- / A A 97.969 96.959 -0.97% 0.00% 7.94 10yr UST 158 160 2 3.64

KOF 2.375 '18 Food & Beverage 2.375% 26-Nov-18 3.1 1,000 A2 / A- / A A 101.291 100.590 -0.65% 2.31% 2.91 2yr UST 96 105 9 2.17

KOF 4.625 '20 Food & Beverage 4.625% 15-Feb-20 4.3 500 A2 / A- / A A 108.664 108.090 -0.44% 2.88% 3.87 5yr UST 126 124 -2 2.62

KOF 3.875 '23 Food & Beverage 3.875% 26-Nov-23 8.1 900 A2 / A- / A A 103.454 102.545 -0.81% 1.00% 6.79 10yr UST 159 160 0 3.51

KOF 5.250 '43 Food & Beverage 5.25% 26-Nov-43 28.1 600 A2 / A- / A A 109.552 108.725 -0.66% -1.94% 14.85 30yr UST 222 219 -2 4.69

KUOBMM 6.25 '22 Conglomerates 6.25% 04-Dec-22 7.1 325 nr / BB / BB BB 92.500 95.750 3.64% 3.04% 5.46 10yr UST 596 522 -74 7.02

LATOFF 8.875 '18 Energy 8.875% 03-Jul-18 2.3 326 nr / nr / nr nr 90.163 90.004 0.01% 3.17% 1.90 2yr UST 1313 1310 -3 14.12

LIVEPL 3.950 '24 Retail 3.95% 02-Oct-24 8.9 300 nr / BBB+ / BBB+ BBB+ 97.902 98.646 0.84% 3.90% 7.41 10yr UST 236 214 -22 4.13

MABEMX 7.875 '19 Durable Goods 7.875% 28-Oct-19 4.0 481 nr / BB+ / BB+ BB+ 108.750 109.500 0.83% 5.24% 3.43 5yr UST 425 389 -36 5.20

MAXTEL 6 '20 Telecom & Media 6% 15-Jun-20 4.6 138 Caa1 / B- / nr B- 56.13 55.375 -1.13% -29.49% 3.27 5yr UST 2160 2190 29 23.43

METLSA 4.9 '23 Basic Industries 4.9% 24-Apr-23 7.5 300 nr / BB+ / BBB- BBB- 87.375 87.375 0.11% 1.75% 6.03 10yr UST 537 525 -12 7.11

MIFEL 9.175 '22 Financials 9.75% 16-May-22 6.5 150 nr / B- / B+ B 110.750 112.250 1.53% 6.45% 4.71 10yr UST 607 565 -41 7.35

MXCHF 4.875 '22 Chemicals 4.875% 19-Sep-22 6.9 750 Baa3 / BBB- / BBB BBB- 104.857 105.063 0.29% 6.04% 5.80 10yr UST 241 225 -16 4.02



ODHGPR 8.375 '20 Energy 8.375% 20-Sep-20 4.9 950 nr / BB- / BB- BB- 82.500 80.500 -2.23% 2.05% 3.70 5yr UST 1199 1251 52 14.02

OFDMEX 6.875 '20 Retail 6.875% 20-Sep-20 3.9 350 nr / BB / BB+ BB+ 100.000 100.000 0.13% -0.68% 3.33 5yr UST 579 564 -15 6.87

PEMEX 5.75 '18 Energy 5.75% 01-Mar-18 2.3 2,484 A3 / BBB+ / BBB+ BBB+ 106.463 106.427 0.07% 2.35% 2.17 2yr UST 208 194 -14 2.87

PEMEX 3.5 '18 Energy 3.5% 18-Jul-18 2.7 1,000 A3 / BBB+ / BBB+ BBB+ 101.519 101.560 0.11% 2.71% 2.55 2yr UST 202 186 -16 2.90

PEMEX 8 '19 Energy 8% 03-May-19 3.5 1,937 A3 / BBB+ / BBB+ BBB+ 114.563 114.799 0.34% 2.53% 3.10 5yr UST 250 227 -23 3.47

PEMEX 3.125 '19 Energy 3.125% 23-Jan-19 3.2 500 A3 / BBB+ / BBB+ BBB+ 99.684 99.246 -0.38% 1.39% 3.01 5yr UST 221 221 0 3.37

PEMEX 3.5 '20 Energy 3.5% 23-Jul-20 4.7 500 A3 / BBB+ / BBB+ BBB+ 99.102 98.902 -0.13% 1.78% 4.27 5yr UST 239 229 -9 3.76

PEMEX 6 '20 Energy 6% 05-Mar-20 4.3 1,000 A3 / BBB+ / BBB+ BBB+ 108.863 108.902 0.14% 1.79% 3.80 5yr UST 254 238 -16 3.76

PEMEX 5.5 '21 Energy 5.5% 21-Jan-21 5.2 2,962 A3 / BBB+ / BBB+ BBB+ 106.662 106.873 0.30% 2.77% 4.47 5yr UST 268 249 -19 4.02

PEMEX 4.875 '22 Energy 4.875% 24-Jan-22 6.2 2,097 A3 / BBB+ / BBB+ BBB+ 102.135 101.935 -0.10% 1.37% 5.26 10yr UST 292 282 -10 4.51


PEMEX 4.875 '24 Energy 4.875% 18-Jan-24 8.2 1,499 A3 / BBB+ / BBB+ BBB+ 100.383 100.336 0.05% -0.06% 6.61 10yr UST 302 290 -12 4.82

PEMEX 4.25 '25 Energy 4.25% 15-Jan-25 9.2 1,000 A3 / BBB+ / BBB+ BBB+ 95.487 95.299 -0.11% -0.42% 7.39 10yr UST 296 287 -9 4.89


PEMEX 6.625 '35 Energy 6.625% 15-Jun-35 19.6 2,749 A3 / BBB+ / BBB+ BBB+ 98.989 98.793 -0.07% -10.17% 10.57 30yr UST 443 436 -7 6.74


Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg


30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

8

3

22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15

PEMEX 6.625 '38 Energy 6.625% 15-Jun-38 22.6 491 A3 / BBB+ / BBB+ BBB+ 97.082 97.164 0.22% -10.79% 11.19 30yr UST 456 447 -9 6.87

PEMEX 6.5 '41 Energy 6.5% 02-Jun-41 25.6 3,000 A3 / BBB+ / BBB+ BBB+ 96.166 96.097 0.06% -12.13% 11.80 30yr UST 447 439 -8 6.82

PEMEX 5.5 '44 Energy 5.5% 27-Jun-44 28.7 2,745 A3 / BBB+ / BBB+ BBB+ 85.107 85.336 0.39% -12.15% 12.91 30yr UST 428 418 -10 6.65



PLAYRE 8.0 '20 Travel & Lodging 8% 15-Aug-20 3.8 375 Caa1 / B- / nr B- 102.125 101.875 -0.09% 7.56% 3.17 5yr UST 630 623 -7 7.42

POSADA 7.875 '22 Travel & Lodging 7.875% 30-Jun-22 6.7 350 B2 / B / B+ B 94.500 95.625 1.35% -3.74% 4.92 10yr UST 738 701 -37 8.75

SCCO 5.375 '20 Metals & Mining 5.375% 16-Apr-20 4.5 400 Baa2 / BBB / BBB+ BBB 108.038 107.457 -0.44% 3.84% 3.96 5yr UST 216 215 -2 3.55

SCCO 3.5 '22 Metals & Mining 3.5% 08-Nov-22 7.0 300 Baa2 / BBB / BBB+ BBB 95.272 95.326 0.13% 3.03% 6.02 10yr UST 261 247 -14 4.28

SCCO 3.875 '25 Metals & Mining 3.875% 23-Apr-25 9.5 500 Baa2 / BBB / BBB+ BBB 94.376 94.475 0.18% -3.18% 7.78 10yr UST 269 256 -13 4.60

SCCO 7.5 '35 Metals & Mining 7.5% 27-Jul-35 19.7 1,000 Baa2 / BBB / BBB+ BBB 103.454 103.334 0.02% -1.44% 10.18 30yr UST 490 482 -8 7.18

SCCO 6.75 '40 Metals & Mining 6.75% 16-Apr-40 24.5 1,100 Baa2 / BBB / BBB+ BBB 95.020 95.550 0.70% -2.37% 11.58 30yr UST 485 472 -13 7.14

SCCO 5.25 '42 Metals & Mining 5.25% 08-Nov-42 27.0 1,200 Baa2 / BBB / BBB+ BBB 80.747 81.130 0.60% -4.31% 12.55 30yr UST 444 432 -12 6.78

SCCO 8.875 '45 Metals & Mining 5.875% 23-Apr-45 29.5 1,500 Baa2 / BBB / BBB+ BBB 86.664 88.013 1.69% -7.83% 12.95 30yr UST 456 436 -20 6.82

SCRIBE 8.875 '20 Pulp & Paper 8.875% 07-Apr-20 4.4 300 B1 / B / nr B+ 93.375 91.250 -2.09% 1.29% 3.50 5yr UST 952 1003 51 11.44

SIGMA 5.625 '18 Food & Beverage 5.625% 14-Apr-18 2.4 450 Baa3 / BBB / BBB BBB 105.071 105.235 0.26% 1.10% 2.28 2yr UST 263 241 -22 3.38

SIGMA 6.875 '19 Food & Beverage 6.875% 16-Dec-19 4.1 250 Baa3 / BBB / BBB BBB 111.739 112.354 0.67% 2.80% 3.54 5yr UST 259 229 -31 3.62

TELVIS 6 '18 Telecom & Media 6% 15-May-18 2.5 499 Baa1 / BBB+ / BBB+ BBB+ 109.595 109.229 -0.23% 2.69% 2.31 2yr UST 127 125 -2 2.23

TELVIS 6.625 '25 Telecom & Media 6.625% 18-Mar-25 9.4 600 Baa1 / BBB+ / BBB+ BBB+ 119.386 118.922 -0.28% 1.02% 7.15 10yr UST 224 218 -6 4.17

TELVIS 8.5 '32 Telecom & Media 8.5% 11-Mar-32 16.4 300 Baa1 / BBB+ / BBB+ BBB+ 128.519 129.054 0.54% -2.39% 9.63 30yr UST 359 345 -14 5.74

TELVIS 6.625 '40 Telecom & Media 6.625% 15-Jan-40 24.2 598 Baa1 / BBB+ / BBB+ BBB+ 111.364 109.998 -1.11% -6.83% 12.32 30yr UST 340 341 2 5.85

TELVIS 5 '45 Telecom & Media 5% 13-May-45 29.5 1,000 Baa1 / BBB+ / BBB+ BBB+ 91.545 90.142 -1.43% -7.42% 14.22 30yr UST 317 320 3 5.69

TFONY 5.5 '19 Telecom & Media 5.5% 15-Nov-19 4.0 374 A2 / A- / A A 111.577 111.122 -0.31% 2.71% 3.57 5yr UST 131 126 -5 2.58

TNEMAK 5.5 '23 Basic Industries 5.5% 28-Feb-23 7.3 500 Ba1 / BB+ / BB BB+ 101.750 102.375 0.72% 6.64% 5.93 10yr UST 351 328 -23 5.11

TZA 7.5 '18 Telecom & Media 7.5% 25-May-18 2.6 300 nr / nr / BB- BB- 89.750 89.625 0.02% -8.08% 2.15 2yr UST 1136 1131 -5 12.34

TZA 7.625 '20 Telecom & Media 7.625% 18-Sep-20 4.9 500 nr / nr / BB- BB- 83.375 82.250 -1.17% -15.58% 3.79 5yr UST 1087 1109 22 12.60

URBIMM 8.5 '16 Homebuilders 8.5% 19-Apr-16 na 150 WR / nr / nr nr 1.160 1.517 30.81% -85.72% nmf 2yr UST nmf nmf nmf nmf

URBIMM 9.5 '20 Homebuilders 9.5% 21-Jan-20 na 300 WR / nr / nr nr 0.366 0.958 162.07% -91.19% nmf 2yr UST nmf nmf nmf nmfURBIMM 9.75 '22 Homebuilders 9.75% 03-Feb-22 na 500 WR / nr / nr nr 0.446 0.534 19.76% -95.15% nmf 2yr UST nmf nmf nmf nmf

PERU 6.0 411 0.63% 2.32% 4.79 468 447 -21 6.02 ABENGO 6.875 '43 Utilities 6.875% 30-Apr-43 19.3 432 nr / BBB- / BBB- BBB- 103.468 103.946 0.59% -1.29% 10.37 30yr UST 429 416 -14 6.50

AJECBV 6.5 '22 Food & Beverage 6.5% 14-May-22 6.5 450 nr / BB- / B+ BB- 52.125 50.000 -3.83% -34.99% 4.15 10yr UST 1822 1904 82 20.86

ALICORP 3.875 '23 Food & Beverage 3.875% 20-Mar-23 7.4 300 Baa3 / nr / BBB BBB 98.10 98.027 0.00% 6.53% 6.32 10yr UST 246 234 -11 4.19

ANDINV 11 '20 Transportation 11% 13-Nov-20 5.0 115 nr / B / B+ B+ 88.13 88.000 0.10% -7.03% 3.45 5yr UST 1301 1292 -10 14.44

BCOCPE 2.25 '16 Financials 2.25% 29-Jul-16 0.7 300 nr / BBB / A- BBB+ 100.31 100.480 0.21% 2.30% 0.73 2yr UST 141 111 -29 1.59

BCOCPE 3.25 '18 Financials 3.25% 08-Apr-18 0.7 500 nr / BBB / A- BBB+ 101.80 101.785 0.05% 2.98% 0.67 2yr UST 24 15 -9 0.61

BCOCPE 5.00 '22 Financials 5% 26-Aug-22 6.8 500 nr / BBB / A- BBB+ 104.11 104.886 0.84% 4.39% 5.72 10yr UST 266 240 -26 4.17

BCOCPE 5.75 '17 Financials 5.75% 18-Jan-17 1.2 500 nr / BBB / A- BBB+ 104.069 104.034 0.07% 2.59% 1.15 2yr UST 183 172 -11 2.34

BCOCPE 5.5 '20 Financials 5.5% 18-Nov-20 5.0 350 nr / BBB / A- BBB+ 108.020 108.190 0.26% 4.63% 4.32 5yr UST 238 220 -18 3.70

BCOCPE 5.25 '29 Financials 5.25% 22-Sep-29 8.9 300 nr / BBB- / BBB+ BBB 99.000 100.375 1.49% 3.23% 6.99 10yr UST 356 324 -32 5.20

BCOCPE 7.375 '40 Financials 7.375% 07-Oct-40 4.9 200 nr / BB / BB+ BB+ 108.500 109.000 0.59% 4.96% 4.13 5yr UST 409 383 -26 5.28

BCP 5.375 '20 Financials 5.375% 16-Sep-20 4.9 800 Baa1 / BBB / A- BBB+ 107.90 108.419 0.57% 4.29% 4.27 5yr UST 226 201 -26 3.48

BCP 4.25´23 Financials 4.25% 01-Apr-23 7.4 716 Baa1 / BBB / A- BBB+ 100.11 101.302 1.27% 6.03% 6.29 10yr UST 251 220 -31 4.04

BCP 6.125 '27 Financials 6.125% 24-Apr-27 6.5 720 Baa3 / BBB- / BBB+ BBB 106.38 107.250 0.93% 6.27% 5.35 10yr UST 341 312 -29 4.81

BCP 2.75 '18 Financials 2.75% 09-Jan-18 2.2 230 nr / nr / A- A- 99.92 99.92 0.05% 2.44% 2.09 2yr UST 202 188 -13 2.79

BCP 6.875 '26 Financials 6.875% 16-Sep-26 5.9 476 Baa3 / BBB- / BBB+ BBB 110.38 111.38 1.03% 8.04% 4.83 5yr UST 336 303 -33 4.64

BCP 9.75 '69 Financials 9.75% 06-Nov-69 4.0 250 nr / BB / BB BB 117.375 117.000 -0.16% 4.32% 3.25 5yr UST 381 374 -7 5.02

BINTPE 5.75 '20 Financials 5.75% 07-Oct-20 4.9 650 Baa2 / nr / BBB+ BBB+ 108.01 108.192 0.27% 4.50% 4.29 5yr UST 261 242 -18 3.91

BINTPE 6.625 '29 Financials 6.625% 19-Mar-29 8.4 300 Ba1 / BB- / BBB BB+ 101.50 103.000 1.60% 1.92% 6.35 10yr UST 464 428 -36 6.16

BINTPE 8.5 '70 Financials 8.5% 23-Apr-70 4.5 200 Ba3 / nr / BB BB 110.50 111.250 0.83% 6.69% 3.74 5yr UST 461 427 -34 5.62

BNSCN 4.5 '27 Financials 4.5% 13-Dec-27 7.1 400 Baa2 / nr / A- BBB+ 96.67 97.430 0.88% 5.35% 5.90 10yr UST 340 314 -26 4.93

CALLAO 4.75 ´23 Utilities 4.375% 01-Apr-23 7.4 320 Baa3 / BBB- / BBB- BBB- 98.54 99.033 0.59% 5.23% 6.24 10yr UST 289 268 -21 4.53

CAMPSL 9.875 '17 Food & Beverage 9.875% 02-Feb-17 1.3 200 Caa1 / B / B- B- 87.63 86.375 -1.21% -6.89% 1.05 2yr UST 2092 2229 137 22.99

COFIDE 3.25 '19 Financials 3.25% 15-Jul-19 3.7 500 nr / BBB+ / BBB+ BBB+ 99.76 99.848 0.16% 2.06% 3.43 5yr UST 220 203 -17 3.29

COFIDE 4.75 '22 Financials 4.75% 08-Feb-22 6.3 500 nr / BBB+ / BBB+ BBB+ 103.01 103.636 0.69% 3.76% 5.34 10yr UST 263 239 -25 4.09

COFIDE 4.75 '25 Financials 4.75% 15-Jul-25 9.7 600 nr / BBB+ / BBB+ BBB+ 100.12 101.476 1.45% 1.32% 7.62 10yr UST 280 252 -29 4.56

COFIDE 5.25 '29 Financials 5.25% 15-Jul-29 8.7 300 nr / BBB- / BBB BBB 99.25 99.875 0.73% 2.52% 6.81 10yr UST 354 333 -21 5.27

CORJRL 6.75 '21 Food & Beverage 6.75% 23-Nov-21 5.3 320 nr / BB+ / BBB- BBB- 111.00 111.625 0.68% 8.90% 4.38 5yr UST 300 273 -27 4.27

CORJRL 4.625 '23 Food & Beverage 4.625% 12-Apr-23 6.7 260 nr / BB+ / BBB- BBB- 99.63 99.250 -0.29% 5.59% 5.67 10yr UST 306 300 -7 4.76

COZCAR 6.375 '22 Agribusiness 6.375% 02-Aug-22 6.8 325 nr / BB- / BB BB 82.88 83.375 0.75% 2.35% 5.11 10yr UST 826 802 -24 9.80

CPACPE 4.5 '23 Cement 4.5% 08-Feb-23 7.3 300 nr / BB+ / BBB- BBB- 93.00 93.750 0.90% 4.89% 6.00 10yr UST 398 372 -26 5.56


Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg


30 O

cto

be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

8

4

22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15

FERROS 4.875 ´20 Manufacturing 4.875% 26-Apr-20 4.5 300 Ba1 / BB+ / nr BB+ 94.13 94.875 0.90% 2.03% 3.94 5yr UST 512 478 -34 6.20

HOCLN 7.75 '21 Metals & Mining 7.75% 23-Jan-21 5.2 350 Ba3 / nr / BB+ BB 94.50 94.125 -0.24% -0.39% 4.08 5yr UST 768 764 -4 9.19

IFHBH 5.875 '25 Financials 5.875% 12-Feb-25 9.3 250 Ba2 / BB / BBB- BB+ 95.50 96.375 1.04% 0.72% 6.92 10yr UST 464 439 -25 6.40

INRCON 5.25 '21 Retail 5.25% 10-Oct-21 4.9 300 Ba1 / BB+ / nr BB+ 101.50 100.375 -1.01% 3.24% 4.29 5yr UST 358 370 12 5.16

INRSHM 6.5 '21 Real Estate 6.5% 09-Jul-21 4.7 350 Ba2 / nr / BB+ BB+ 101.88 103.625 1.84% 3.97% 3.94 5yr UST 478 420 -58 5.61

ISCORP 8.375 '21 Utilities 8.375% 04-Apr-21 3.4 450 Ba3 / BB / BB BB 103.63 103.000 -0.45% 3.90% 2.92 5yr UST 620 625 6 7.36

LIMAMT 5.875 '34 Transportation 5.875% 05-Jul-34 12.4 1,155 Baa1 / BBB / BBB BBB 99.38 101.468 2.22% 1.37% 8.50 30yr UST 390 355 -35 5.70

MAESPE 6.75 '19 Retail 6.75% 26-Sep-19 0.9 130 Ba2 / nr / BBB BBB- 105.25 105.250 0.12% 2.40% 0.86 2yr UST 404 394 -10 4.44

MILPO 4.625 '23 Metals & Mining 4.625% 28-Mar-23 7.4 350 nr / BB+ / BBB BBB- 95.03 96.045 1.16% 1.97% 6.14 10yr UST 373 343 -30 5.28

MINSUR 6.25 '24 Metals & Mining 6.25% 07-Feb-24 8.3 450 Ba1 / BBB- / BBB- BBB- 104.34 104.429 0.20% 1.99% 6.35 10yr UST 380 366 -14 5.57

MIVIVI 3.375 '19 Basic Industries 3.375% 02-Apr-19 3.4 300 nr / BBB+ / BBB+ BBB+ 99.90 99.953 0.12% 2.74% 3.19 5yr UST 235 218 -16 3.39

MIVIVI 3.50 '23 Financials 3.5% 31-Jan-23 7.2 500 nr / BBB+ / BBB+ BBB+ 94.21 95.365 1.30% 3.58% 6.24 10yr UST 273 241 -32 4.25

PESEXA 7.375 '20 Food & Beverage 7.375% 31-Jan-20 4.2 200 B2 / B+ / nr B+ 75.50 79.750 5.82% 6.47% 3.33 5yr UST 1415 1242 -173 13.84

SMIPET 7.75 '20 Food & Beverage 7.75% 06-Nov-20 4.0 200 Ba2 / nr / BB BB 102.00 104.125 2.23% 4.72% 3.30 5yr UST 607 530 -77 6.56

TGPERU 4.25 '28 Utilities 4.25% 30-Apr-28 10.5 850 Baa1 / BBB+ / BBB+ BBB+ 95.57 95.874 0.40% 3.58% 8.29 10yr UST 279 265 -14 4.76

TRANSM 4.375 '23 Utilities 4.375% 07-May-23 7.5 450 Baa3 / nr / BBB- BBB- 98.44 98.362 0.00% 3.72% 6.19 10yr UST 289 278 -11 4.64

UNACEM 5.875 '21 Cement 5.875% 30-Oct-21 6.0 625 Ba2 / BB+ / nr BB+ 100.63 100.750 0.24% 4.55% 4.99 5yr UST 423 406 -16 5.73

VOLCAN 5.375 '22 Metals & Mining 5.375% 02-Feb-22 6.3 600 Ba1 / nr / BBB- BBB- 87.50 89.750 2.69% -4.96% 5.06 10yr UST 637 574 -62 7.45

OTHER (2) 5.7 1,008 -0.81% 5.22% 4.00 1284 1255 -28 14.05

AERDOS 9.25 '19 Transportation 9.75% 13-Nov-19 4.0 550 B1 / B / nr B+ 100.125 99.750 -0.19% 11.53% 3.12 5yr UST 853 849 -3 9.82

AES 9.5 '20 Utilities 9.5% 12-Nov-20 3.0 284 nr / B+ / B+ B+ 100.750 100.375 -0.19% 1.90% 2.47 2yr UST 839 839 0 9.35

AES 6 '22 Utilities 6% 25-Jun-22 5.6 300 nr / BB- / BB+ BB 100.625 100.875 0.36% 1.98% 4.64 5yr UST 444 425 -19 5.81

AES 6.75 '23 Utilities 6.75% 28-Mar-23 7.4 310 Ba2 / nr / nr BB 89.625 90.625 1.26% 2.54% 5.58 10yr UST 697 664 -32 8.48

AESCH 6.75 '23 Utilities 6.75% 25-Nov-23 8.1 220 nr / nr / nr nr 90.250 89.625 -0.55% 6.20% 5.81 10yr UST 676 676 -1 8.67

AGROME 6.25 '19 Financials 6.25% 10-Apr-19 3.4 300 nr / BB / nr BB 100.000 100.125 0.25% 3.29% 3.04 5yr UST 518 500 -19 6.21

BACEL 6.750 '20 Financials 6.75% 18-Jun-20 4.6 300 Ba2 / nr / nr BB 99.875 99.750 0.01% 0.00% 3.82 5yr UST 548 537 -11 6.81

BACOPY 8.875 '17 Financials 8.875% 15-Oct-17 1.0 200 Ba2 / BB / nr BB 101.375 101.375 0.17% 3.87% 0.90 2yr UST 694 685 -9 7.34

BANGUA 8.25 '21 Financials 8.25% 27-Jul-21 5.7 150 B1 / nr / BB- BB- 105.000 104.250 -0.56% 2.58% 4.45 5yr UST 570 572 2 7.32

BANGUA 5.5 '22 Financials 5.5% 01-Nov-22 7.0 500 Ba1 / nr / BB BB+ 91.500 91.250 -0.16% -3.94% 5.64 10yr UST 539 531 -8 7.11

BANDCR 5.25 '18 Financials 5.25% 12-Aug-18 2.8 500 Ba1 / nr / BB+ BB+ 100.875 101.000 0.23% 4.92% 2.53 2yr UST 399 379 -19 4.86

BANTRB 9 '20 Financials 9% 14-Nov-20 5.0 150 Ba3 / nr / BB- BB- 100.625 100.000 -0.45% 1.72% 3.82 5yr UST 747 748 1 9.00

BRSVDR 7.0 '23 Financials 7% 01-Feb-23 7.3 300 B2 / nr / B B 99.500 99.625 0.26% 6.92% 5.51 10yr UST 541 525 -15 7.06

CAMEBO 6.75 '22 Food & Beverage 6.75% 09-Feb-22 4.3 300 Ba2 / BB / BB+ BB 103.500 103.625 0.25% 3.29% 3.63 5yr UST 463 444 -18 5.78

CEMPRO 7.125 '23 Cement 7.125% 06-Nov-23 5.5 350 nr / BB / BB+ BB+ 103.500 103.750 0.38% 2.15% 4.38 5yr UST 498 478 -20 6.31

COLUIF 7.375 '21 Telecom & Media 7.375% 30-Mar-21 4.4 1,250 Ba3 / BB- / nr BB- 103.250 103.375 0.26% 4.31% 3.71 5yr UST 533 515 -18 6.48

DLLTD 7 '20 Telecom & Media 7% 15-Feb-20 4.3 250 B1 / nr / B B+ 98.000 98.125 0.27% 4.64% 3.58 5yr UST 631 613 -18 7.52

DLLTD 8.25 '20 Telecom & Media 8.25% 30-Sep-20 4.9 2,000 Caa1 / nr / B- B- 91.250 89.750 -1.47% -1.41% 3.84 5yr UST 922 950 29 11.00

DLLTD 6 '21 Telecom & Media 6% 15-Apr-21 5.4 1,300 B1 / nr / B B+ 92.750 90.000 -2.84% 1.40% 4.48 5yr UST 620 673 53 8.32

DLLTD 7.125 '22 Telecom & Media 7.125% 01-Apr-22 6.4 1,000 Caa1 / nr / B- B- 84.500 83.375 -1.17% -5.23% 4.83 10yr UST 891 905 14 10.78

DLLTD 6.75 '23 Telecom & Media 6.75% 01-Mar-23 7.3 925 B1 / nr / B B+ 92.375 90.125 -2.29% -2.78% 5.50 10yr UST 645 676 31 8.59

ELECAR 8.5 '18 Utilities 8.5% 10-Apr-18 2.4 650 nr / CCC / CCC CCC 41.875 41.500 -0.50% 27.36% 1.66 5yr UST 5282 5346 64 54.64

GLBACO 5.125 '19 Financials 5.125% 30-Oct-19 4.0 550 nr / BBB- / BBB- BBB- 101.785 101.606 -0.08% 4.91% 3.58 5yr UST 346 336 -10 4.68

JAMAIR 8.125 '27 Transportation 8.125% 14-Jun-27 6.6 125 Caa2 / B / nr B- 102.600 102.500 0.06% 13.85% 4.74 10yr UST 595 584 -11 7.61

MIICF 6.750 '22 (Telecel) Telecom & Media 6.75% 13-Dec-22 7.1 300 Ba3 / nr / BB BB 95.000 90.500 -4.60% -8.44% 5.30 10yr UST 600 675 75 8.56

MIICF 6.625 '21 Telecom & Media 6.625% 15-Oct-21 6.0 800 Ba2 / nr / BB+ BB+ 98.500 90.250 -8.24% -6.80% 4.73 5yr UST 542 710 168 8.76

MIICF 6.875 '24 (Comcel) Telecom & Media 6.875% 06-Feb-24 8.3 800 Ba1 / nr / BB+ BB+ 91.750 77.875 -14.98% -21.15% 5.71 10yr UST 648 909 262 11.02MIICF 6.000 '25 Telecom & Media 6% 15-Mar-25 9.4 500 Ba2 / nr / BB+ BB+ 89.000 82.375 -7.31% -14.24% 6.69 10yr UST 577 678 101 8.80

NGCTT 6.05 '36 Energy 6.05% 15-Jan-36 20.2 400 Baa2 / A- / nr BBB+ 107.120 108.391 1.30% 4.11% 11.75 30yr UST 315 296 -19 5.36

PDVSA 5.125 '16 Energy 5.125% 28-Oct-16 1.0 1,000 nr / nr / CCC CCC 72.250 75.250 4.29% 50.47% 0.82 2yr UST 4108 3664 -444 37.29

PDVSA 5.25 '17 Energy 5.25% 12-Apr-17 1.4 3,000 nr / CCC / CCC CCC 51.500 55.875 8.69% 30.20% 1.10 2yr UST 5857 5164 -693 52.49

PDVSA 8.5 '17 Energy 8.5% 02-Nov-17 1.5 6,150 nr / CCC / CCC CCC 71.875 60.625 -15.42% 16.54% 1.06 2yr UST 5269 4909 -360 49.98

PDVSA 12.75 '22 Energy 12.75% 17-Feb-22 5.3 3,000 nr / nr / CCC CCC 48.250 49.250 2.59% 13.76% 2.71 10yr UST 3350 3266 -83 34.28

PDVSA 9 '21 Energy 9% 17-Nov-21 5.0 2,394 nr / CCC / CCC CCC 41.625 41.250 -0.48% 10.83% 2.70 5yr UST 3283 3304 22 34.65

PDVSA 6 '26 Energy 6% 15-Nov-26 10.0 4,500 nr / CCC / CCC CCC 34.750 34.875 0.70% 8.69% 4.73 10yr UST 2091 2073 -18 22.80



PETRTT 9.75 '19 Energy 9.75% 14-Aug-19 3.8 850 Ba1 / BB+ / nr BB+ 105.750 107.250 1.60% -3.14% 3.10 5yr UST 683 623 -60 7.51

PETRTT 6 '22 Energy 6% 08-May-22 3.3 438 Ba1 / BB+ / nr BB+ 94.875 95.250 0.52% -1.59% 2.66 10yr UST 665 638 -27 7.75

PNPYG 8.125 '19 Financials 8.125% 24-Jan-19 3.2 300 Ba1 / BB- / nr BB 101.125 102.500 1.52% 2.50% 2.75 5yr UST 670 607 -63 7.24

TOCLUB 9.5 '17 Real Estate 9.5% 03-Jul-17 0.9 170 nr / nr / D D 40.000 40.000 0.46% 19.00% nmf 2yr UST nmf nmf nmf nmf

TRIINT 10.25 '16 Telecom & Media 10.25% 15-Aug-16 0.8 450 Caa1 / CCC / nr CCC+ 99.000 98.500 -0.30% 7.10% 0.71 2yr UST 1110 1175 65 12.26


Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg


30 O

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be

r 201

5

Latin

Am

eric

a W

eekly

Cha

rtbook

8

5

22-Oct-15 29-Oct-15 22-Oct-15 29-Oct-15

Supranationals 3.1 677 -0.30% 2.18% 2.74 122 125 2 2.25

BLX 3.75 '17 Financials 3.75% 04-Apr-17 1.4 400 nr / BBB / BBB+ BBB+ 101.722 101.899 0.25% 1.80% 1.38 2yr UST 194 170 -24 2.38

BLX 3.25 '20 Financials 3.25% 07-May-20 4.5 350 Baa2 / nr / BBB+ BBB+ 99.312 99.160 -0.09% 0.30% 4.09 5yr UST 213 203 -11 3.45

CABEI 3.875 '17 Financials 3.875% 09-Feb-17 1.3 250 A1 / A / A A 102.634 101.915 -0.63% 1.63% 1.22 2yr UST 124 169 45 2.33

CAF 3.75 '16 Financials 3.75% 15-Jan-16 0.2 1,100 Aa3 / AA- / AA- AA- 100.613 100.551 0.01% 0.88% 0.20 2yr UST 58 66 8 0.98

CAF 5.75 '17 Financials 5.75% 12-Jan-17 1.2 615 Aa3 / AA- / AA- AA- 105.535 105.297 -0.12% 1.40% 1.14 2yr UST 60 64 4 1.26

CAF FRN '17 Financials 0.579% 02-May-17 1.5 200 nr / nr / nr nr 99.222 99.216 0.01% 0.60% 1.50 2yr UST 95 96 1 1.64

CAF 1.5 '17 Financials 1.5% 08-Aug-17 1.8 1,000 Aa3 / AA- / AA- AA- 99.935 99.968 0.06% 1.25% 1.73 2yr UST 87 74 -13 1.52

CAF FRN '18 Financials 0.874% 29-Jan-18 2.2 1,000 Aa3 / nr / AA- AA- 99.945 99.931 0.00% 0.31% 2.23 2yr UST 76 77 1 1.66

CAF 8.125 '19 Financials 8.125% 04-Jun-19 3.6 734 Aa3 / AA- / AA- AA- 120.438 119.546 -0.61% 2.73% 3.10 5yr UST 112 119 6 2.40

CAF 4.375 '22 Financials 4.375% 15-Jun-22 6.6 1,500 Aa3 / AA- / AA- AA- 108.423 107.365 -0.90% 2.77% 5.67 10yr UST 136 139 4 3.13

CARDEV 4.375 '27 Financials 4.375% 09-Nov-27 10.0 300 Aa1 / AA / nr AA+ 104.471 103.055 -1.27% 4.18% 7.90 10yr UST 187 193 6 4.00


Life

Balance

(US$mn)

Mod

Duration

YTD Total

Ret

Bond Ratings

(Moody's/S&P/Fitch)

Avg

Rating

Bid Price UST

BenchmarkYTW

1wk Total

Ret

Z-Sprd 1wk Z-

Sprd Chg

Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P, Fitch. (1) Duration is for next call date. (2) YTD total return for "Other" is calculated as the simple average of individual constituents. All other YTD Total returns are calculated as per the LACI methodology. . Note: UST Benchmark for perpetual bonds is determined using each respective bond's first call date.

30 October 2015


New Issues 2010-2015 YTD

Issue Date Issuer Country Ratings Maturity

USD Amt

(MM)Coupon (%)

Issue Class Industry

2010 $69,180

5-Jan-2010 BNDES Brazil Baa3 / BBB- / BBB- 7/12/2020 $1,000.00 5.500% New Issue Finance

7-Jan-2010 Kansas City Southern Mexico Mexico B2 / B+ / BB- 2/1/2018 $300.00 8.000% New Issue Transportation

8-Jan-2010 Grupo Posadas Mexico B2 / B+ / B+ 1/15/2015 $200.00 9.250% New Issue Gaming and Lodging

12-Jan-2010 Banco do Brasil SA Grand Brazil Baa2 / na / na 1/22/2015 $500.00 4.500% New Issue Finance

12-Jan-2010 Banco do Brasil SA Grand Brazil Baa2 / na / na 1/22/2020 $500.00 6.000% New Issue Finance

12-Jan-2010 Banco Votorantim Brazil Baa2 / na / na 1/21/2020 $750.00 7.375% New Issue Finance

12-Jan-2010 Bicbanco Brazil Baa3 / na / na 1/20/2013 $275.00 6.250% New Issue Finance

13-Jan-2010 Cemex Finance LLC Mexico na / B / B+ 12/14/2016 $500.00 9.500% Reopen Construction

13-Jan-2010 Urbi Mexico Ba3 / na / BB 1/21/2020 $300.00 9.500% New Issue Construction

14-Jan-2010 Colbun Chile na / BBB- / BBB- 1/21/2020 $500.00 6.000% New Issue Utilities

19-Jan-2010 Javer Mexico Ba3 / BB- / na 8/4/2014 $30.00 13.000% Reopen Construction

22-Jan-2010 Brasil Foods Brazil Ba1 / BB+ / na 1/28/2020 $750.00 7.250% New Issue Consumer Products

22-Jan-2010 Minerva Brazil B3 / B- / B 11/15/2019 $250.00 10.875% New Issue Consumer Products

28-Jan-2010 Pemex Mexico Baa1 / BBB / BBB 3/5/2020 $1,000.00 6.000% New Issue Energy

1-Feb-2010 Banco Pine Brazil Ba3 / na / B- 1/6/2017 $125.00 8.750% New Issue Finance

2-Feb-2010 Coca-Cola Femsa Mexico A3 / A- / A 2/15/2020 $500.00 4.625% New Issue Consumer Products

2-Feb-2010 Copeinca Peru B2 / na / BB- 2/10/2017 $175.00 9.000% New Issue Basic Industries

5-Feb-2010 Banco Votorantim Brazil Baa2 / na / na 2/8/2013 $500.00 4.250% New Issue Finance

9-Feb-2010 Sable International Finance Limited Caymans Ba2 / BB- / na 2/15/2017 $500.00 7.750% New Issue Media/Telecom

12-Feb-2010 Banco Cruzeiro do Sul SA Brazil Ba2 / na / na 2/20/2015 $250.00 8.500% New Issue Finance

18-Feb-2010 Scotiabank Peru Peru na / A- / A 3/15/2017 $125.00 LIBOR + 275 New Issue Finance

24-Feb-2010 RDS Ultra-Deepwater Ltd Mexico B3 / B- / na 3/15/2017 $270.00 11.875% New Issue Energy

8-Mar-2010 CAF Supranational na / na / na 3/12/2017 $50.00 6M LIBOR + 95 New Issue Finance

9-Mar-2010 Banco Daycoval Brazil na / BB / BB 3/16/2015 $300.00 6.500% New Issue Finance

11-Mar-2010 Axtel Mexico Ba3 / BB- / BB 9/22/2019 $190.00 9.000% Reopen Media/Telecom

12-Mar-2010 CAF Supranational A1 / A+ / A+ 3/18/2014 $100.00 LIBOR + 120 New Issue Finance

16-Mar-2010 Digicel Group Limited Jamaica Caa1 / na / CCC+ 4/15/2018 $775.00 10.500% New Issue Media/Telecom

16-Mar-2010 Banco Bradesco Brazil Baa2 / BBB / na 3/23/2015 $750.00 4.100% New Issue Finance

18-Mar-2010 Besi Brasil Brazil Baa2 / BBB- / na 3/25/2015 $500.00 5.625% New Issue Finance

22-Mar-2010 Independencia Brazil Caa1 / na / na 3/31/2015 $150.00 15.000% Restructuring Consumer Products

23-Mar-2010 America Movil Mexico A2 / A- / A- 3/30/2015 $750.00 3.625% New Issue Media/Telecom

23-Mar-2010 America Movil Mexico A2 / A- / A- 3/30/2020 $2,000.00 5.000% New Issue Media/Telecom

23-Mar-2010 America Movil Mexico A2 / A- / A- 3/30/2040 $1,250.00 6.125% New Issue Media/Telecom

23-Mar-2010 Financiera Independencia Mexico na / BB- / BB- 3/30/2015 $200.00 10.000% New Issue Finance

25-Mar-2010 Magnesita Brazil B1 / BB- / na 3/30/2020 $400.00 7.875% New Issue Basic Industries

25-Mar-2010 Cemex Mexico na / na / na 3/15/2015 $715.00 4.875%

New

Issue/Convertible Construction

26-Mar-2010 Votorantim Brazil Baa3 / BBB / BBB- 4/5/2021 $750.00 6.750% New Issue Basic Industries

26-Mar-2010 Independencia Brazil nr / nr / nr 12/30/2016 $237.38 12.000% Restructuring Consumer Products

30-Mar-2010 Grupo Papelero Scribe Mexico Ba3 / BB- / na 4/7/2020 $300.00 8.875% New Issue Basic Industries

31-Mar-2010 Banco Santander Brasil Brazil Baa2 / BBB- / BBB 4/6/2015 $500.00 4.500% New Issue Finance

31-Mar-2010 Banco ABC Brasil Brazil Ba1 / na / na 4/8/2020 $300.00 7.875% New Issue Finance

8-Apr-2010 Itau Unibanco Brazil Baa2 / na / BBB- 4/15/2020 $1,000.00 6.200% New Issue Finance

8-Apr-2010 Credito Real Mexico nr / BB- / nr 4/14/2015 $150.00 10.250% New Issue Finance

13-Apr-2010 Southern Copper Corporation Mexico Baa2 / BBB- / BBB 4/16/2020 $400.00 5.375% New Issue Basic Industries

13-Apr-2010 Southern Copper Corporation Mexico Baa2 / BBB- / BBB 4/16/2040 $1,100.00 6.750% New Issue Basic Industries

14-Apr-2010 SQM Chile Baa1 / BBB / nr 4/21/2020 $250.00 5.500% New Issue Basic Industries

14-Apr-2010 Pontis Ltd. Caymans nr / BBB- / nr Perpetual $325.00 6.250% New Issue Media/Telecom

15-Apr-2010 BBVA Bancomer SA Mexico A3 / nr / BBB+ 4/22/2020 $1,000.00 7.250% New Issue Finance

15-Apr-2010 Banco Santander Chile Chile Aa3 / nr / A+ 4/20/2012 $500.00 LIBOR + 125 New Issue Finance

15-Apr-2010 Banco Bradesco Brazil Baa2 / BBB / BBB- 4/22/2013 $250.00 3.125% New Issue Finance

19-Apr-2010 Banco Internacional del Peru Peru Ba3 / nr / BB 4/23/2070 $200.00 8.500% New Issue Finance

19-Apr-2010 Banco Panamericano SA Brazil Ba3 / nr / nr 4/23/2020 $500.00 8.500% New Issue Finance

20-Apr-2010 Banco Industrial e Comercial Brazil Ba2 / nr / nr 4/27/2020 $300.00 8.500% New Issue Finance

22-Apr-2010 Banco do Brasil SA Grand Brazil Baa2 / nr / nr 1/22/2015 $500.00 4.500% Reopen Finance

22-Apr-2010 Banco Fibra Brazil Ba2 / nr / nr 4/29/2013 $200.00 5.125% New Issue Finance

26-Apr-2010 Banco Safra Brazil nr / nr / nr 10/29/2013 $200.00 3.500% New issue Finance

28-Apr-2010 Corp Group Internhold SA Chile nr / BB / BBB- 3/30/2015 $130.00 8.000% New Issue Finance

28-Apr-2010 Columbus International Barbados B2 / B / nr 11/20/2014 $190.00 11.500% Reopen Media/Telecom

29-Apr-2010 Fibria Brazil Ba1 / BB / BB 5/4/2020 $750.00 7.500% New Issue Basic Industries

29-Apr-2010 Marfrig Overseas Ltd Brazil B1 / B+ / B+ 5/4/2020 $500.00 9.500% New Issue Consumer Products

30-Apr-2010 Pan American Energy Argentina Ba2 / nr / BB- 5/7/2021 $500.00 7.875% New Issue Energy

30-Apr-2010 Braskem S.A. Brazil Ba1 / BB+ / BB+ 5/7/2020 $400.00 7.000% New Issue Basic Industries

12-May-2010 Cemex Mexico nr / nr / B+ 5/12/2020 $1,067.67 9.250% New Issue Construction

23-Jun-2010 Grupo Bimbo Mexico Baa2 / nr / BBB 6/30/2020 $800.00 4.875% New Issue Consumer Products

25-Jun-2010 Corporacion GEO Mexico Ba3 / BB- / BB- 6/30/2020 $250.00 9.250% New Issue Construction

30-Jun-2010 Banco Cruzeiro do Sul SA Brazil Ba2 / nr / nr 7/8/2013 $200.00 7.000% New Issue Finance Source: Credit Suisse.

30 October 2015



USD Amt

(MM)Coupon (%)


7-Jul-2010 CAF Supranational A1 / A+ / A+ 1/15/2016 $600.00 3.750% New Issue Finance

9-Jul-2010 Banco Mercantil do Brasil Brazil Baa3 / nr / nr 7/16/2020 $200.00 9.625% New Issue Finance

9-Jul-2010 BM&F Bovespa Brazil Baa2 / BBB+ / BBB 7/16/2020 $612.00 5.500% New Issue Finance

13-Jul-2010 GOL Brazil nr / B+ / BB 7/20/2020 $300.00 9.250% New Issue Transportation

13-Jul-2010 PEMEX Mexico Baa1 / BBB / BBB 1/21/2021 $2,000.00 5.500% New Issue Energy

14-Jul-2010 CSN Brazil Ba1 / BB+ / BBB- 7/21/2020 $1,000.00 6.500% New Issue Basic Industries

14-Jul-2010 Banco Mercantil del Norte S.A Mexico A3 / BBB- / BBB 7/19/2015 $300.00 4.375% New Issue Finance

15-Jul-2010 FAMSA Mexico nr / B / B+ 7/20/2015 $200.00 11.000% New Issue Retail

15-Jul-2010 Globo Brazil Baa3 / BBB- / BBB Perpetual $325.00 6.250% New Issue Media/Telecom

16-Jul-2010 IRSA Argentina nr / B- / B 7/20/2020 $150.00 11.500% New Issue Real Estate

19-Jul-2010 Bancolombia Colombia Baa3 / BB+ / BB+ 7/26/2020 $620.00 6.125% New Issue Finance

19-Jul-2010 Banco Votorantim Brazil Baa2 / na / na 1/21/2020 $400.00 7.375% Reopen Finance

21-Jul-2010 Braskem S.A. Brazil Ba1 / BB+ / BB+ 5/7/2020 $350.00 7.000% Reopen Basic Industries

21-Jul-2010 Banco Mercantil do Brasil Brazil Baa3 / nr / nr 7/16/2020 $50.00 9.625% Reopen Finance

29-Jul-2010 JBS Finance II Limited Brazil B1 / BB / BB- 1/29/2018 $700.00 8.250% New Issue Consumer Products

29-Jul-2010 Banco BMG Brazil Ba3 / na / B 8/5/2020 $250.00 8.875% New Issue Finance

28-Jul-2010 Banco Panamericano SA Brazil Ba2 / nr / nr 8/4/2015 $300.00 5.500% New Issue Finance

4-Aug-2010 Trilogy International Partners US Caa1 / CCC+ / nr 8/15/2016 $370.00 10.250% New Issue Media/Telecom

5-Aug-2010 ENAP Chile A3 / BBB- / A 8/10/2020 $500.00 5.250% New Issue Energy

5-Aug-2010 PDVSA Venezuela nr / nr / B+ 10/28/2014 $1,035.55 4.900% Reopen Energy

10-Aug-2010 Banco Bradesco Brazil Baa2 / nr / BBB- 1/16/2021 $1,100.00 5.900% New Issue Finance

25-Aug-2010 Pemex Mexico Baa1 / BBB / BBB 6/15/2035 $1,000.00 6.625% Reopen Energy

1-Sep-2010 Industrias Penoles Mexico nr / BBB- / nr 8/12/2015 $130.00 LIBOR + 170 New Issue Basic Industries

1-Sep-2010 Industrias Penoles Mexico nr / BBB- / nr 9/7/2020 $400.00 5.150% New Issue Basic Industries

7-Sep-2010 Odebrecht Finance Ltd. Brazil Baa3 / BB / BB+ Perpetual $500.00 7.500% New Issue Construction

9-Sep-2010 Vale Brazil Baa2 / BBB+ / BBB+ 9/15/2020 $1,000.00 4.625% New Issue Basic Industries

9-Sep-2010 Vale Brazil Baa2 / BBB+ / BBB+ 11/10/2039 $750.00 6.875% Reopen Basic Industries

9-Sep-2010 Telemar Norte Leste SA Brazil Baa2 / BBB- / BBB- 10/23/2020 $1,000.00 5.500% New Issue Media/Telecom

10-Sep-2010 Grupo Kuo Mexico na / BB- / BB- 10/17/2017 $50.00 9.750% Reopen Basic Industries

10-Sep-2010 JBS Friboi Brazil B1 / BB / BB- 1/29/2018 $200.00 8.250% Reopen Consumer Products

10-Sep-2010 Banco de Credito Del Peru Peru Baa2 / na / BBB 9/16/2020 $800.00 5.375% New Issue Finance

14-Sep-2010 Celulosa Arauco Chile Baa2 / BBB / BBB+ 1/21/2021 $400.00 5.000% New issue Basic Industries

15-Sep-2010 Banco Cruzeiro do Sul SA Brazil Ba3 / nr / nr 9/22/2020 $400.00 8.875% New Issue Finance

15-Sep-2010 Banco Santander de Chile Chile Aa3 / nr / A+ 9/22/2011 $200.00 LIBOR + 100 New Issue Finance

15-Sep-2010 Banco Santander de Chile Chile Aa3 / A+ / A+ 9/22/2015 $500.00 3.750% New Issue Finance

16-Sep-2010 Telemovil Finance Co. Ltd. El Salvador B1 / BB / BB 10/1/2017 $450.00 8.000% New Issue Media/Telecom

16-Sep-2010 Suzano Trading Ltd. Brazil Baa3 / BB+ / nr 1/23/2021 $650.00 5.875% New Issue Basic Industries

16-Sep-2010 Itau Unibanco Brazil Baa2 / nr / BBB- 1/22/2021 $1,000.00 5.750% New Issue Finance

16-Sep-2010 CSN Brazil Ba1 / BB+ / BBB- Perpetual $1,000.00 7.000% New Issue Basic Industries

21-Sep-2010 Credito Real Mexico nr / BB- / nr 4/14/2015 $60.00 10.250% Reopen Finance

21-Sep-2010 Pemex Mexico Baa1 / BBB / BBB Perpetual $750.00 6.625% New Issue Energy

22-Sep-2010 IMPSA Argentina nr / B+ / B+ 9/30/2020 $275.00 10.375% New Issue Basic Industries

23-Sep-2010 Gerdau Trade Inc. Brazil nr / BBB- / BBB- 1/30/2021 $1,250.00 5.750% New Issue Basic Industries

27-Sep-2010 Braskem S.A. Brazil Ba1 / BB+ / BB+ Perpetual $450.00 7.375% New Issue Basic Industries

28-Sep-2010 Banco do Brasil Brazil Baa2 / nr / nr 1/15/2021 $660.00 5.375% New Issue Finance

30-Sep-2010 BBVA Banco Continental Peru nr / BB / BBB- 10/7/2040 $200.00 7.375% New Issue Finance

30-Sep-2010 Banco del Estado de Chile Chile Aa3 / A+ / nr 10/7/2020 $500.00 4.125% New Issue Finance

30-Sep-2010 BR Properties Brazil Ba3 / nr / B+ Perpetual $200.00 9.000% New Issue Real Estate

30-Sep-2010 Banco Internacional del Peru Peru nr / nr / BBB- 10/7/2020 $400.00 5.750% New Issue Finance

8-Oct-2010 IXE Banco Mexico Be / nr / B+ 10/14/2020 $120.00 9.250% New Issue Finance

14-Oct-2010 Pemex Mexico Baa1 / BBB / BBB Perpetual $250.00 6.625% Reopen Energy

15-Oct-2010 IMPSA Argentina nr / nr / B+ 9/30/2020 $50.00 0.027% Reopen Basic Industries

15-Oct-2010 PDVSA Venezuela nr / nr / nr 11/17/2013 $618.68 8.000% New Issue Energy

18-Oct-2010 Edenor Argentina B2 / B- / nr 10/25/2022 $140.00 9.750% New Issue Utilities

20-Oct-2010 Bicbanco Brazil Baa3 / na / na 10/25/2015 $400.00 5.250% New Issue Finance

20-Oct-2010 Ceagro Agricola Ltd Brazil B / B- / nr 5/16/2016 $100.00 10.750% New Issue Basic Industries

25-Oct-2010 PDVSA Venezuela nr / B+ / B+ 11/2/2017 $3,000.00 8.500% New Issue Energy

27-Oct-2010 Banco Bonsucesso Brazil Ba3 / nr / nr 11/3/2020 $125.00 9.250% New Issue Finance

28-Oct-2010 Codelco Chile A1 / A / A 11/4/2020 $1,000.00 3.750% New Issue Basic Industries

29-Oct-2010 Cosan Brazil Ba2 / BB / BB Perpetual $300.00 8.250% New Issue Basic Industries

1-Nov-2010 Banco Santander do Brasil Brazil Baa2 / nr / BBB 4/6/2015 $350.00 4.500% Reopen Finance

3-Nov-2010 Edenor Argentina B2 / B- / nr 10/25/2022 $90.00 9.750% Reopen Utilities

3-Nov-2010 Telefonica Moviles de Chile Chile nr / BBB+ / BBB+ 11/9/2015 $300.00 2.875% New Issue Media/Telecom

4-Nov-2010 Arcor Argentina B1 / nr / B+ 11/9/2017 $200.00 7.250% New Issue Consumer Products

4-Nov-2010 General Shopping Brazil Ba3 / BB- / nr Perpetual $200.00 10.000% New Issue Real Estate

4-Nov-2010 Banco do Nordoeste Brasil Brazil nr / BBB- / nr 11/9/2015 $300.00 3.625% New Issue Finance Source: Credit Suisse

30 October 2015



USD Amt

(MM)Coupon (%)


5-Nov-2010 AES Dominicana

Dominican

Republic B- / B- / B- 11/12/2020 $284.00 9.500% New Issue Utilities

10-Nov-2010 Odebrecht Drill Brazil Baa3 / nr / BBB 6/20/2021 $1,500.00 6.350% New Issue Basic Industries

11-Nov-2010 Banco Supervielle Argentina B2 / nr / B- 11/11/2017 $50.00 11.375% New Issue Finance

12-Nov-2010 BBVA Banco Continental Peru nr / BBB- / BBB 11/18/2020 $350.00 5.500% New Issue Finance

3-Dec-2010 Digicel Limited Other B1 / nr / B- 9/1/2017 $300.00 8.250% Reopen Media/Telecom

3-Dec-2010 IFH Peru Peru Ba3 / BB- / nr 6/30/2019 $150.00 8.625% Reopen Finance

9-Dec-2010 E-CL Chile nr / BBB- / BBB- 1/15/2021 $400.00 5.625% New Issue Utilities

9-Dec-2010 CIA Saneamento Basic Brazil nr / BB / BB 12/16/2020 $350.00 6.250% New Issue Utilities

14-Dec-2010 Kansas City Southern Mexico Mexico B1 / BB- / nr 12/15/2020 $185.00 6.625% New Issue Transportation

16-Dec-2010 Aeropuertos Argentina Argentina B2 / B / nr 12/1/2020 $300.00 10.750% New Issue Transportation

21-Dec-2010 CAF Supranational A1 / A+ / A+ 12/22/2027 $50.00 0.000% New Issue Finance

2011 $62,012

4-Jan-2011 Cemex Mexico nr / B / B+ 1/11/2018 $1,000.00 9.000% New Issue Construction

5-Jan-2011 Bancolombia Colombia Baa3 / nr / BBB- 1/12/2016 $520.00 4.250% New Issue Finance

6-Jan-2011 Banco Bradesco Brazil Baa2 / nr / BBB- 1/16/2021 $500.00 5.900% Reopen Finance

10-Jan-2011 Banco Santander do Brasil Brazil Baa2 / BBB- / nr 1/14/2016 $650.00 4.250% New Issue Finance

11-Jan-2011 Banco Santander Chile Chile Aa3 / A+ / AA- 1/19/2016 $500.00 L + 160bps New Issue Finance

12-Jan-2011 Banco Cruzeiro do Sul SA Brazil Ba2 / BB- / nr 1/20/2016 $400.00 8.250% New Issue Finance

12-Jan-2011 Cencosud Chile Baa3 / nr / BBB- 1/20/2021 $750.00 5.500% New Issue Retail

13-Jan-2011 CMPC Chile Baa2 / BBB+ / BBB+ 1/19/2018 $500.00 4.750% New Issue Basic Industries

13-Jan-2011 BR Malls Brazil nr / BB- / BB- Perpetual $230.00 8.500% New Issue Real Estate

19-Jan-2011 BR Properties Brazil Ba3 / nr / B+ Perpetual $85.00 9.000% Reopen Real Estate

20-Jan-2011 Petrobras Brazil Baa1 / BBB- / BBB 1/27/2016 $2,500.00 3.875% New Issue Energy



20-Jan-2011 Energisa Brazil Ba2 / nr / BB- Perpetual $200.00 9.500% New Issue Utilities

20-Jan-2011 Banco Safra Brazil Baa2 / nr / nr 1/27/2021 $500.00 6.750% New Issue Finance

21-Jan-2011 Grupo Virgolino de Oliveira Brazil B3 / B / nr 1/28/2018 $300.00 10.500% New Issue Basic Industries

21-Jan-2011 Banco Daycoval Brazil nr / BB / BB 1/28/2016 $300.00 6.250% New Issue Finance

25-Jan-2011 Itau Unibanco Brazil Baa2 / nr / BBB- 1/22/2021 $250.00 5.750% Reopen Finance

25-Jan-2011 Tarjeta Naranja Argentina nr / nr / B 1/28/2017 $200.00 9.000% New Issue Finance

1-Feb-2011 Empresas ICA Mexico Ba3 / B+ / nr 2/4/2021 $400.00 8.900% New Issue Construction

3-Feb-2011 Banco BVA Brazil B2 / nr / B- 2/7/2014 $45.00 9.125% New Issue Finance

4-Feb-2011 BBVA Paraguay Paraguay Ba3 / B+ / nr 2/11/2016 $100.00 9.750% New Issue Finance

8-Feb-2011 Banco Votorantim Brazil Baa2 / nr / nr 2/11/2016 $750.00 5.250% New Issue Finance

9-Feb-2011 Empresas ICA Mexico Ba3 / B+ / nr 2/4/2021 $100.00 8.900% Reopen Construction

10-Feb-2011 Raghsa Argentina B3 / B- / nr 2/16/2017 $100.00 8.500% New Issue Real Estate

10-Feb-2011 PDVSA Venezuela nr / nr / B+ 2/17/2022 $3,000.00 12.750% New Issue Energy

14-Feb-2011 Inversiones Alsacia Chile Ba2 / BB / BB+ 8/18/2018 $464.00 8.000% New Issue Transportation

28-Feb-2011 Fibria Brazil Ba1 / BB / BB+ 3/3/2021 $750.00 6.750% New Issue Basic Industries

3-Mar-2011 BBVA Bancomer Mexico A2 / / BBB+ 3/10/2021 $1,250.00 6.500% New Issue Finance

3-Mar-2011 Capex Argentina nr / B- / B 3/10/2015 $200.00 10.000% New Issue Utilities

3-Mar-2011 BBVA Bancomer Mexico A1 / nr / A- 3/10/2016 $750.00 4.500% New Issue Finance

3-Mar-2011 Banco BMG Brazil Ba2 / nr / BB- 3/14/2014 $300.00 6.500% New Issue Finance

11-Mar-2011 Banco de Credito Del Peru Peru Baa2 / nr / BBB 3/16/2016 $700.00 4.750% New Issue Finance

18-Mar-2011 Banco Santander do Brasil Brazil nr / BBB-/ nr 3/18/2014 $1,200.00 L + 210bps New Issue Finance

28-Mar-2011 CNO Brazil Baa3 /BB / BBB- 4/5/2023 $500.00 6.000% New Issue Construction

29-Mar-2011 Cemex Mexico nr /B /B+ 3/29/2011 $800.00 L + 500bps New Issue Construction

29-Mar-2011 NII Capital Corp Mexico B2 / B+ / nr 4/1/2021 $750.00 7.625% New Issue Media/Telecom

29-Mar-2011 Inkia Energy Peru B1/ nr/ BB- 3/29/2011 $300.00 8.375% New Issue Utilities

30-Mar-2011 Grupo ACP INVRS & Dessar Peru nr / BB- / BB- 5/30/2021 $85.00 9% New Issue Finance

31-Mar-2011 Votorantim Cimentos Brazil Baa3 / BB /BBB- 4/5/2041 $750.00 7.250% New Issue Basic Industries

1-Apr-2011 Javer Mexico Ba3 / nr /B+ 4/6/2021 $269.14 9.875% New Issue Construction

6-Apr-2011 Navios Argentina B3 / B+ / nr 4/15/2019 $200.00 9.250% New Issue Transportation

6-Apr-2011 Banco Votorantim Brazil Baa2 /nr/nr 2/11/2016 $500.00 5.250% Reopen Finance

6-Apr-2011 Braskem Finance Brazil Baa3 /BBB- /BB+ 4/15/2021 $750.00 5.750% New Issue Basic Industries

7-Apr-2011 Sigma Alimentos Mexico nr /BBB- /BBB 4/12/2018 $450.00 5.625% New Issue Food & Beverage

7-Apr-2011 Mirabela Nickel Brazil B2/ B- /nr 4/15/2018 $395.00 8.750% New Issue Basic Industries

8-Apr-2011 Banco BMG Brazil Ba2 / BB- / nr 4/15/2018 $300.00 8.000% New Issue Finance

14-Apr-2011 Hypermacas SA Brazil Ba2 / BB- / BB 4/20/2021 $750.00 6.500% New Issue Retail

14-Apr-2011 Banco Cruzeiro do Sul SA Brazil Ba2 / BB- / BB 4/21/2014 $150.00 7.625% New Issue Finance

19-Apr-2011 Edenor Argentina B2 / B- / nr 10/25/2022 $69.70 9.75% Reopen Utilities

19-Apr-2011 General Shopping Brazil Ba3 / nr / BB- Perp $50.00 10% Reopen Real Estate

20-Apr-2011 Geo Maquinaria Mexico nr / BB- / BB- 5/2/2021 $160.00 9.625% New Issue Construction

28-Apr-2011 Banco de Galicia Argentina B2 / B / nr 5/4/2018 $300.00 8.750% New Issue Finance

3-May-2011 Satmex Mexico B3 / B / nr 5/15/2017 $325.00 9.500% New Issue Media/Telecom

Source: Credit Suisse

30 October 2015



USD Amt

(MM)Coupon (%)


4-May-2011 Marfrig Brazil B1 / B+ / B+ 5/9/2018 $750.00 8.375% New Issue Consumer Products

4-May-2011 HSBC Brasil Brazil Baa2 / BBB- / nr 5/11/2016 $500.00 4.000% New Issue Finance

6-May-2011 Cimento Tupi Brazil nr/B/B 11/5/2018 $100.00 9.750% New Issue Construction

6-May-2011 Kansas City Southern Mexico Mexico Ba3 / BB / nr 6/15/2021 $200.00 6.125% New Issue Transportation

6-May-2011 Banco Fibra Brazil Ba2 /nr / nr 5/12/2014 $175.00 5.875% New Issue Finance

9-May-2011 Banco Bradesco Brazil Baa2 / BBB / nr 5/16/2014 $850.00 L + 210bps New Issue Finance

9-May-2011 Banco Bradesco Brazil Baa2 / BBB / nr 5/16/2016 $500.00 4.125% New Issue Finance

11-May-2011 Banco Safra Brazil Baa2 / nr/ nr 5/16/2014 $300.00 3.500% New Issue Finance

11-May-2011 Gruposura Finance Colombia nr/ BBB- /BBB- 5/18/2021 $300.00 5.700% New Issue Finance

17-May-2011 Automotores Gildemeister Chile Ba1 / nr/ BB 5/24/2021 $300.00 8.250% New Issue Retail

19-May-2011 TV Azteca Mexico nr / nr/ BB 5/25/2021 $300.00 7.500% New Issue Media/Telecom

19-May-2011 Banco do Brasil Brazil Baa2 / nr/ nr 1/26/2022 $1,500.00 5.875% New Issue Finance

19-May-2011 Comision Federal de Electricidad Mexico Baa1 / BBB / nr 5/26/2021 $1,000.00 4.875% New Issue Utilities

20-May-2011 JBS USA Brazil B1 / BB/ BB- 1/6/2021 $650.00 7.250% New Issue Consumer Products

24-May-2011 Bancolombia S.A Colombia Baa2 / nr / BBB- 6/3/2021 $1,000.00 5.950% New Issue Finance

25-May-2011 Pemex Mexico Baa1 / BBB / BBB 6/2/2041 $1,250.00 6.500% New Issue Energy

26-May-2011 OGX Brazil B1 / B / B+ 6/1/2018 $2,563.00 8.500% New Issue Energy

26-May-2011 TAM Brazil nr / B / B+ 6/3/2021 $500.00 8.375% New Issue Transportation

27-May-2011 Banco Santander do Brasil Brazil Baa2 / BBB- / nr 1/14/2016 $200.00 4.250% Reopen Finance

27-May-2011 CELPA Brazil B3 / nr / B 6/32/2016 $250.00 10.500% New Issue Utilities

14-Jun-2011 Itau Unibanco Brazil Baa1 / nr / BBB 12/21/2021 $500.00 6.200% New Issue Finance

30-Jun-2011 Banco BTG Pactual Brazil Baa3 / nr / BBB- 7/8/2016 $500.00 4.875% New Issue Finance

6-Jul-2011 Cemex Mexico nr / B / B+ 1/11/2018 $650.00 9.000% Reopen Construction

7-Jul-2011 Cosan Brazil Ba2 / BB / BB Perpetual $200.00 8.250% Reopen Basic Industries

8-Jul-2011 CAF Supranational A1 / A+ / A+ 1/15/2016 $500.00 3.750% Reopen Finance

19-Jul-2011 Braskem Brazil Baa3 / BBB- / BB+ 7/22/2041 $500.00 7.125% New Issue Basic Industries

20-Jul-2011 Pemex Mexico Baa1 / nr / BBB 1/21/2021 $1,000.00 5.500% New Issue Energy

20-Jul-2011 QGOG Brazil Baa3 / nr / BBB- 7/30/2018 $700.00 5.250% New Issue Energy

21-Jul-2011 Banco Industrial SA/ Guatemala Guatemala Ba2 / nr / nr 7/27/2021 $150.00 8.250% New Issue Finance

26-Jul-2011 Transener Argentina nr / B- / B- 8/15/2021 $100.00 9.750% New Issue Utilities

28-Jul-2011 Grupo Elektra Mexico nr / nr / BB- 8/6/2018 $400.00 7.250% New Issue Retail

28-Jul-2011 AES Gener Chile Baa3 / BBB- / BBB- 8/15/2021 $400.00 5.258% New Issue Utilities

18-Aug-2011 Ena Sur Panama nr / BBB- / BBB 11/25/2018 $170.00 5.250% New Issue Transportation

18-Aug-2011 Ena Sur Panama nr / nr / BBB 5/25/2025 $225.00 5.750% New Issue Transportation

30-Jun-2011 Grupo Iusacell SA Mexico nr / nr / nr 6/30/2017 $110.69 9.000% New Issue Media/Telecom

28-Jul-2011 Grupo Iusacell SA Mexico nr / nr / nr 6/30/2017 $375.00 9.000% New Issue Media/Telecom

31-Aug-2011 America Movil Mexico A2 / A- / A 3/30/2040 $750.00 6.125% Reopen Media/Telecom

31-Aug-2011 America Movil Mexico A2 / nr / nr 9/8/2016 $2,000.00 2.375% New Issue Media/Telecom

2-Sep-2011 Cresud Argentina nr / nr / B 9/7/2014 $60.00 7.500% New Issue Basic Industries

8-Sep-2011 Banco de Credito Del Peru Peru Baa3 / nr / BBB- 9/16/2026 $476.14 6.875% New Issue Finance

13-Oct-2011 Pemex Mexico Baa1 / nr / BBB 6/2/2041 $1,250.00 6.500% Reopen Energy

20-Oct-2011 Eletrobras Brazil Baa2 / BBB- / BBB 10/27/2021 $1,750.00 5.750% New Issue Utilities

27-Oct-2011 Codelco Chile A1 / A / A+ 11/3/2021 $1,150.00 3.875% New Issue Basic Industries

3-Nov-2011 Empresa de Energia de Bogota Colombia Baa3 / BB+ / BB+ 11/10/2021 $610.00 6.125.% New Issue Utilities

3-Nov-2011 Instituto Costarricense de Electricidad Costa Rica Baa3 / nr / BB+ 11/10/2021 $250.00 6.950% New Issue Utilities

3-Nov-2011 NROCC Jamaica B3 / B- / nr 11/10/2024 $294.14 9.375% New Issue Transportation

4-Nov-2011 Odebrecht Finance Ltd. Brazil Baa3 / BB+ / BBB- Perpetual $250.00 7.500% Reopen Construction

8-Nov-2011 Intercorp Peru B1 / nr /BB- 11/14/2018 $300.00 8.875% New Issue Retail

16-Nov-2011 Banco do Brasil Brasil Baa1 / nr / nr 1/23/2017 $500.00 3.875% New Issue Finance

17-Nov-2011 Corporación Lindley Peru nr / BB+ / BBB- 11/23/2021 $320.00 6.750% New Issue Food & Beverage

23-Nov-2011 Banco Santander Chile Chile Aa3e / A+ / nr 5/29/2012 $135.00 L+80 bps New Issue Finance

1-Dec-2011 ENAP Chile Baa1 / BBB- / A 12/6/2021 $500.00 4.750% New Issue Energy

5-Dec-2011 Pacific Rubiales Colombia Ba2 / BB / BB 12/12/2021 $300.00 7.250% New Issue Energy

12-Dec-2011 Banco de Bogota Colombia Baa2 / BBB- / BBB- 1/15/2017 $600.00 5.000% New Issue Finance

2012 $84,764

4-Jan-2012 Vale Brazil Baa2 / A- / BBB+ 1/11/2022 $1,000.00 4.375% New Issue Basic Industries

4-Jan-2012 Celulosa Arauco Chile Baa2 / BBB / BBB+ 1/11/2022 $500.00 4.750% New issue Basic Industries

5-Jan-2012 Banco Bradesco Brazil Baa1 / BBB / nr 1/12/2017 $800.00 4.500% New Issue Finance

9-Jan-2012 Automotores Gildemeister Chile Ba1 / nr / BB 5/24/2021 $100.00 8.250% New Issue Retail

10-Jan-2012 BBVA Banco Continental Peru nr / BBB / BBB+ 1/18/2017 $500.00 5.750% New Issue Finance

12-Jan-2012 Banco do Brasil Brazil nr / BB / nr Perp $1,000.00 9.250% New Issue Finance

17-Jan-2012 Itau Unibanco Brazil Baa1 / nr / BBB 12/21/2021 $500.00 6.200% Reopen Finance

17-Jan-2012 Pemex Mexico Baa1 / BBB / BBB 1/24/2022 $2,100.00 4.875% New Issue Energy

19-Jan-2012 Grupo Bimbo Mexico Baa2 / nr / BBB 1/25/2022 $800.00 4.500% New Issue Consumer Products

23-Jan-2012 Odebrecht Brazil Baa3 / nr / BBB- 4/5/2023 $300.00 6.000% Reopen Construction

25-Jan-2012 JBS Friboi Brazil B1 / BB / BB- 2/1/2020 $700.00 8.250% New Issue Consumer Products


30 October 2015



USD Amt

(MM)Coupon (%)


25-Jan-2012 Grupo Aval Colombia Baa3 / nr / BBB- 2/1/2017 $600.00 5.250% New Issue Finance

26-Jan-2012 Banrisul Brazil Ba1 / nr / BB- 2/2/2022 $500.00 7.375% New Issue Finance

26-Jan-2012 Camposol Peru B3 / B / nr 2/2/2017 $125.00 9.875% New Isusue Food & Beverage

26-Jan-2012 Volcan Peru Baa3 / nr / BBB- 2/2/2022 $600.00 5.375% New Issue Basic Industries

27-Jan-2012 CSN Brazil Ba1 / BBB- / BBB- 7/21/2020 $200.00 6.500% Reopen Basic Industries

27-Jan-2012 Braskem Brazil nr / BBB- / BBB- 4/15/2021 $250.00 5.750% Reopen Basic Industries

27-Jan-2012 Urbi Mexico Ba3e / nr / BB- 2/3/2022 $500.00 9.750% New Issue Construction

31-Jan-2012 Grupo Elektra Mexico nr / nr / BB- 8/6/2018 $150.00 7.250% Reopen Retail

31-Jan-2012 Cimento Tupi Brazil nr / B / B 5/11/2018 $50.00 9.750% Reopen Construction

1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 1/27/2021 $2,750.00 5.375% Reopen Energy

1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 1/27/2041 $1,250.00 6.750% Reopen Energy

1-Feb-2012 Banco del Estado de Chile Chile Aa3 / A+ / nr 2/8/2022 $500.00 3.875% New Issue Finance

1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 2/6/2017 $1,750.00 3.500% New Issue Energy

1-Feb-2012 Cofide Peru nr / BBB / BBB 2/8/2022 $400.00 4.750% New Issue Finance

1-Feb-2012 Petrobras Brazil A3 / BBB / BBB 2/6/2015 $1,250.00 2.875% New Issue Energy

2-Feb-2012 Votarantim Brazil Baa3 / BBB / BBB- 4/5/2041 $500.00 7.250% Reopen Basic Industries

2-Feb-2012 Homex Mexico Ba3 / nr / BB- 3/25/2020 $400.00 9.750% New Issue Construction

2-Feb-2012 Cabcorp Guatemala Ba2 / BB / BB+ 2/9/2022 $200.00 6.750% New Issue Food & Beverage

2-Feb-2012 Grupo Virgolino de Oliveira Brazil B3 / B / B 2/9/2022 $300.00 11.750% New Issue Basic Industries

2-Feb-2012 Cabei Supranational A2 / A- / nr 2/9/2017 $250.00 3.875% New Issue Finance

3-Feb-2012 Minerva Brazil B2 / nr / B+ 2/10/2022 $350.00 12.250% New Issue Food & Beverage

6-Feb-2012 Banco Santander Brasil Brazil Baa1 / nr / BBB+ 2/13/2017 $800.00 4.625% New Issue Finance

6-Feb-2012 Brasil Telecom Brazil Baa2 / nr / BBB 2/10/2022 $1,500.00 5.750% New Issue Media/Telecom

7-Feb-2012 Comision Federal de Electricidad Mexico Baa1 / BBB / BBB 2/14/2042 $750.00 5.750% New Issue Utilities

7-Feb-2012 Digicel Limited Jamaica B1 / nr / B 2/15/2020 $250.00 7.000% New Issue Media/Telecom

9-Feb-2012 Braskem Brazil Baa3 / BBB- / BBB- Perp $250.00 7.375% Reopen Basic Industries

9-Feb-2012 Banco Santander Chile Chile Aa3 / A / nr 2/4/2014 $250.00 Libor + 200 New Issue Finance

24-Feb-2012 Banco Bradesco Brazil Baa1 / nr / BBB 3/1/2022 $1,000.00 5.750% New Issue Finance

27-Feb-2012 Banco do Brasil Brazil nr / BB / nr Perp $750.00 9.250% Reopen Finance

12-Mar-2012 Itau Unibanco Brazil Baa1 / nr / BBB 3/19/2022 $1,250.00 5.650% New Issue Finance

13-Mar-2012 General Shopping Brazil B2e / nr / B Perp $150.00 12.000% New Issue Real Estate

14-Mar-2012 Banco BMG Brazil Ba3 / nr / nr 3/27/2017 $150.00 9.625% New Issue Finance

14-Mar-2012 OSX Brazil nr / nr / nr 3/20/2015 $500.00 9.250% New Issue Energy

15-Mar-2012 TGI Colombia Baa3 / nr / BB+ 3/20/2022 $750.00 5.700% New issue Utilities

20-Mar-2012 Corporacion GEO Mexico (P)Ba3 / BB- / BB- 3/27/2022 $400.00 8.875% New Issue Construction

21-Mar-2012 Schahin Brazil Baa3 / BBB- / BBB- 9/25/2022 $750.00 5.875% New Issue Energy

22-Mar-2012 Minerva Brazil B2 / B+ / B+ 2/10/2022 $100.00 12.250% Reopen Consumer Products

27-Mar-2012 OGX Brazil B1 / B / B+ 4/1/2022 $1,063.00 8.375% New Issue Energy

28-Mar-2012 Bladex Panama nr / BBB / BBB 4/4/2017 $400.00 3.750% New Issue Finance

29-Mar-2012 Vale Brazil Baa2 / A- / BBB+ 1/11/2022 $1,025.00 4.375% Reopen Basic Industries

30-Mar-2012 Magnesita Brazil nr / BB / BB Perp $250.00 8.625% New Issue Basic Industries

2-Apr-2012 Globo Brazil Baa2 / BBB / BBB+ 4/11/2022 $300.00 4.875% New Issue Media/Telecom

18-Apr-2012 Inversiones CMPC Chile Baa2 / BBB+ / BBB+ 4/25/2022 $500.00 4.500% New Issue Basic Industries

19-Apr-2012 Banco de Credito Del Peru Peru Baa3 / nr / BBB 4/24/2027 $350.00 6.125% New Issue Finance

27-Apr-2012 Banco do Nordeste Brasil Brazil Baa2 / BBB / nr 5/3/2019 $300.00 4.375% New Issue Finance

27-Apr-2012 Braskem Finance Ltd Brazil Baa3 / BBB- / BBB- 5/2/2022 $500.00 5.375% New Issue Basic Industries

3-May-2012 Instituto Costarricense de Electricidad Costa Rica Baa3 / nr / BB+ 11/10/2021 $250.00 6.950% Reopen Utilities

8-May-2012 AJECORP Peru nr / nr / BB+ 5/14/2022 $300.00 6.500% New Issue Food & Beverage

10-May-2012 Banca Mifel Mexico nr / B- / B 5/16/2022 $150.00 9.750% New Issue Finance

31-May-2012 Brasil Foods Brazil Baa3 / BBB- / BBB- 6/6/2022 $500.00 5.875% New Issue Consumer Products

7-Jun-2012 CAF Supranational Aa3 / A+ / A+ 6/15/2022 $600.00 4.375% New Issue Finance

12-Jun-2012 Embraer Brazil Baa3 / BBB- / nr 6/15/2022 $500.00 5.150% New Issue Industrials

12-Jun-2012 Banco do Brasil Brazil Baa1 / BB+ / nr 1/19/2023 $750.00 5.875% New Issue Finance

19-Jun-2012 Pemex Mexico Baa1 / BBB / BBB 6/27/2044 $1,750.00 5.500% New Issue Energy

20-Jun-2012 Brasil Foods Brazil Baa3 / BBB- / BBB- 6/6/2022 $250.00 5.875% Reopen Consumer Products

21-Jun-2012 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 6/26/2022 $600.00 5.125% New Issue Construction

21-Jun-2012 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 6/26/2042 $400.00 7.125% New Issue Construction

25-Jun-2012 Banco Davivienda Colombia Ba1 / nr / BB+ 7/9/2022 $500.00 5.875% New Issue Finance

26-Jun-2012 Pemex Mexico nr / nr / nr 12/20/2022 $400.00 2.000% New Issue Energy

28-Jun-2012 Pemex Mexico nr / nr / nr 12/20/2022 $400.00 1.950% New Issue Energy

9-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2022 $1,250.00 3.125% New Issue Media/Telecom

9-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2042 $750.00 4.375% New Issue Media/Telecom

10-Jul-2012 Codelco Chile A1 / A / A+ 7/17/2022 $1,250.00 3.000% New Issue Basic Industries

10-Jul-2012 Codelco Chile A1 / A / A+ 7/17/2042 $750.00 4.250% New Issue Basic Industries

12-Jul-2012 BBVA Bancomer Mexico A3 / nr / BBB 9/30/2022 $1,000.00 6.750% New Issue Finance

17-Jul-2012 Pemex Mexico nr / nr / nr 12/20/2022 $400.00 1.700% New Issue Energy


30 October 2015


Issue Date Issuer Country Ratings MaturityUSD Amt

(MM)Coupon (%) Issue Class Industry

19-Jul-2012 Empresas ICA Mexico B1 / B+ / nr 7/24/2017 $350.00 8.375% New Issue Construction

23-Jul-2012 Braskem Brazil Baa3 / BBB- / BBB- 7/22/2041 $250.00 7.125% Reopen Chemicals

23-Jul-2012 Banco GNB Sudameris Colombia Ba2 / nr / BB 7/30/2022 $250.00 7.500% New Issue Finance

26-Jul-2012 Corporacion Azucarera del Peru Peru nr / BB+ / BB 8/2/2022 $325.00 6.375% New Issue Agribusiness

31-Jul-2012 Itau Unibanco Brazil Baa2 / nr / BBB 8/6/2022 $1,375.00 5.500% New Issue Finance

31-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2022 $350.00 3.125% Reopen Media/Telecom

31-Jul-2012 America Movil Mexico A2 / A- / A 7/16/2042 $400.00 4.375% Reopen Media/Telecom

8-Aug-2012 Oaxaca Mexico nr / BBB- / BBB- 12/31/2031 $148.47 7.250% New Issue Energy

8-Aug-2012 Oaxaca Mexico nr / BBB- / BBB- 12/31/2031 $150.23 7.250% New Issue Energy

23-Aug-2012 BBVA Banco Continental SA Peru nr / BBB / BBB+ 8/26/2022 $500.00 5.000% New Issue Finance

4-Sep-2012 Bancolombia Colombia Baa3 / nr / BBB- 9/11/2022 $1,150.00 5.125% New Issue Finance

4-Sep-2012 Vale Brazil Baa2 / A- / BBB+ 9/11/2042 $1,500.00 5.625% New Issue Basic Industries

5-Sep-2012 Digicel Group Limited Jamaica Caa1 / nr / B- 9/30/2020 $1,500.00 8.250% New Issue Media/Telecom

6-Sep-2012 Banco de Credito e Inversiones Chile A1 / nr / nr 9/13/2017 $600.00 3.000% New Issue Finance

7-Sep-2012 Banco Santander Brasil Brasil Baa1 / BBB / BBB 2/13/2017 $500.00 4.625% Reopen Finance

12-Sep-2012 Mexichem Mexico Ba1 / BBB- / BBB- 9/19/2042 $400.00 6.750% New Issue Basic Industries

12-Sep-2012 Mexichem Mexico Ba1 / BBB- / BBB- 9/19/2022 $750.00 4.875% New Issue Basic Industries

12-Sep-2012 Banco Santander Chile Chile Aa3 / A / A+ 9/20/2022 $750.00 3.875% New Issue Finance

18-Sep-2012 CAF Supranational Aa3 / A+ / A+ 6/15/2022 $407.00 4.375% Reopen Finance

19-Sep-2012 Grupo Aval Colombia Baa3 / nr / BBB- 9/26/2022 $1,000.00 4.750% New Issue Finance

20-Sep-2012 Colombia Telecom Colombia nr / BB / BB 9/27/2022 $750.00 5.375% New Issue Media/Telecom

21-Sep-2012 Maestro Peru Ba2 / nr / nr 9/26/2019 $200.00 6.750% New Issue Basic Industries

21-Sep-2012 Banco BTG Brazil Ba1 / nr / BB 9/28/2022 $800.00 5.750% New Issue Finance

25-Sep-2012 BBVA Bancomer SA Mexico A3 / nr / BBB 9/30/2022 $500.00 6.750% Reopen Finance

27-Sep-2012 Banco ABC Brasil Brazil Ba1 / nr / nr 4/8/2020 $100.00 7.875% Reopen Finance

27-Sep-2012 ENA Norte Trust Panama Baa3 / BBB / BBB 4/25/2023 $600.00 4.950% New Issue Transportation

28-Sep-2012 Global Bank Corporation Panama Baa3 / BBB- / nr 10/5/2017 $200.00 4.750% New Issue Finance

2-Oct-2012 Banco do Brasil Brazil Baa1 / BBB / nr 10/10/2022 $1,925.00 3.875% New Issue Finance

4-Oct-2012 Cemex Mexico nr / B- / B+ 10/12/2012 $1,500.00 9.375% New Issue Construction

4-Oct-2012 Telefonica Chile SA Chile nr / BBB / BBB+ 10/12/2012 $500.00 3.875% New Issue Media/Telecom

11-Oct-2012 Banco Continental S.A.E Paraguay Ba3 / nr / nr 10/15/2017 $200.00 8.875% New Issue Finance

11-Oct-2012 Pemex Mexico Baa1 / BBB / BBB 6/27/2044 $1,000.00 5.500% Reopen Energy

12-Oct-2012 OAS Brazil nr / nr / B 10/19/2019 $500.00 8.250% New Isusue Construction

18-Oct-2012 BR Malls Brazi Ba1/ BB / BB Perp $175.00 8.500% Reopen Real Estate

22-Oct-2012 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 6/26/2042 $450.00 7.125% Reopen Construction

25-Oct-2012 Banco Industrial SA/ Guatemala Guatemala Baa3 / nr / nr 11/1/2022 $500.00 5.500% New Issue Finance

26-Oct-2012 Caixa Brazil Baa1 / nr / BBB 11/6/2017 $1,000.00 2.375% New Issue Finance

26-Oct-2012 Caixa Brazil Baa2 / nr / BBB 11/7/2022 $500.00 3.500% New Issue Finance

26-Oct-2012 Samarco Mineracao SA Brazil nr / BBB / BBB 11/1/2022 $1,000.00 4.125% New Issue Basic Industries

2-Nov-2012 USJ Acucar e Alcool SA Brazil nr/BB-/BB- 11/9/2019 $275.00 9.875% New Issue Basic Industries

5-Nov-2012 AJECORP Peru nr / BB / BB+ 5/14/2022 $150.00 6.500% Reopen Food & Beverage

5-Nov-2012 Southern Copper Corporation Mexico Baa2 / BBB / BBB 11/8/2042 $1,200.00 5.250% New Issue Basic Industries

5-Nov-2012 Banco del Estado de Chile Chile Aa3 / AA- / A+ 11/9/2017 $500.00 2.000% New Issue Finance

5-Nov-2012 QGOG Brazil nr / nr / BB- 11/9/2019 $700.00 6.250% New Issue Energy

5-Nov-2012 Itau Unibanco Brazil Baa2 / nr / BBB 5/13/2023 $1,870.00 5.125% New Issue Finance

5-Nov-2012 Southern Copper Corporation Mexico Baa2 / BBB / BBB 11/8/2022 $300.00 3.500% New Issue Basic Industries

6-Nov-2012 Aeropuertos Dominicanos Dom.Rep Ba3 / nr / nr 11/13/2019 $550.00 9.250% New Issue Transportation

6-Nov-2012 Banco Santander SA Mexico nr / BBB / BBB+ 11/9/2022 $1,000.00 4.125% New Issue Finance

6-Nov-2012 Caribbean Development Bank Supranational Aa1 / AA+ / nr 11/9/2027 $300.00 4.375% New Issue Finance

9-Nov-2012 Cielo SA Brazil Baa2 / nr / BBB+ 11/16/2012 $875.00 3.750% New Issue Finance

15-Nov-2012 Alpek Mexico Baa3 / BBB- / BBB- 11/20/2022 $650.00 4.500% New Issue Basic Industries

27-Nov-2012 Banrisul Brazil Ba1 / nr / BB- 2/2/2022 $275.00 7.375% Reopen Finance

27-Nov-2012 Grupo Posadas Mexico B2 / nr / B+ 11/30/2017 $225.00 7.785% New Issue Gaming and Lodging

27-Nov-2012 Cofide Peru nr / BBB / BBB 2/8/2022 $100.00 4.750% Reopen Finance

29-Nov-2012 CFR Pharmaceuticals Chile nr / nr / BBB- 121/06/2022 $300.00 5.125% New Issue Retail

29-Nov-2012 Cencosud Chile Baa3 / BBB- / BBB- 1/20/2023 $1,200.00 4.875% New Issue Retail

29-Nov-2012 Grupo Kuo Mexico nr / BB / BB 12/4/2022 $325.00 6.250% New Issue Basic Industries

6-Dec-2012 Scotiabank Peru Peru Baa2 / nr / BBB+ 12/13/2027 $400.00 4.500% New Issue Finance

6-Dec-2012 Telefonica Celular de Paraguay Paraguay B1 / nr / BB 12/13/2022 $300.00 6.750% New Issue Media/Telecom

2013 $87,776

9-Jan-2013 Banco BTG Pactual Brazil Baa3 / nr / BBB- 1/16/2020 $1,000.00 4.000% New Issue Finance

10-Jan-2013 Copeinca Peru B2 / B+ / B+ 2/10/2017 $75.00 9.000% Reopen Basic Industries

10-Jan-2013 Corpbanca Chile Baa1 / BBB+ / nr 1/15/2018 $800.00 3.125% New Issue Finance

10-Jan-2013 Automotores Gildemeister Chile Ba2 / nr / BB 1/15/2023 $300.00 6.750% New Issue Retail

16-Jan-2013 Tonon Brazil nr / B / B 1/24/2020 $300.00 9.250% New issue Basic Industries

16-Jan-2013 Marfrig Brazil B2 / B / B 7/24/2017 $600.00 9.875% New Issue Food & Beverage


30 October 2015




17-Jan-2013 Minerva Brazil B1 / BB- / BB- 1/31/2023 $850.00 7.750% New Issue Food & Beverage

22-Jan-2013 BBVA Banco Continental SA Peru nr / BBB+ / A- 7/29/2016 $300.00 2.250% New Issue Finance

22-Jan-2013 Banco Davivienda SA Colombia Baa3 / BBB- / BBB- 1/29/2018 $500.00 2.950% New Issue Finance

17-Jan-2013 Pemex Mexico A3 / BBB+ / BBB+ 1/30/2023 $2,100.00 3.500% New Issue Energy

24-Jan-2013 El Fondo Mivivienda SA Peru nr / BBB+ / BBB+ 1/31/2023 $500.00 3.500% New Issue Finance

25-Jan-2013 Pesquea Exalmar Peru B2 / B+ / nr 1/31/2020 $200.00 7.375% New Issue Basic Industries

25-Jan-2013 Banco do Brasil Brazil nr / BB / nr Perp $2,000.00 6.250% New Issue Finance

25-Jan-2013 Banreservas Dom. Rep B2 / nr / B- 2/1/2023 $300.00 7.000% New Issue Finance

26-Jan-2013 Grupo Posadas Mexico B2 / B / B+ 11/30/2017 $50.00 7.875% Reopen Gaming and Lodging

29-Jan-2013 CorpGroup Banking SA Chile Ba3 / BB / nr 3/15/2023 $500.00 6.750% New Issue Finance

29-Jan-2013 JBS Friboi Brazil nr / BB / BB- 2/5/2023 $500.00 6.250% New Issue Food & Beverage

30-Jan-2013 CAF Supranational Aa3 / nr / nr 2/18/2016 $100.00 Libor +85 New Issue Supranational

1-Feb-2013 Cementos Pacasmayo S.A.A Peru nr / BB+ / BBB- 2/8/2023 $300.00 4.500% New Issue Construction

1-Feb-2013 Grupo Cementos Chihuahua Mexico nr / B / nr 2/8/2020 $260.00 8.125% New Issue Construction

4-Feb-2013 Geopark Chile nr / B / B 2/11/2020 $300.00 7.500% New Issue Energy

5-Feb-2013 SMU SA Chile B2 / nr / nr 2/8/2020 $300.00 7.750% New Issue Retail

6-Feb-2013 Banco de Credito de Inversiones Chile A1 / A / nr 2/11/02023 $500.00 4.000% New Issue Finance

7-Feb-2013 GOL Brazil nr / B- / nr 2/12/2023 $200.00 10.750% New Issue Transportation

11-Feb-2013 Banco de Bogota Colombia Baa3 / nr / BBB- 2/19/2023 $500.00 5.375% New Issue Finance

11-Feb-2013 NII International Telecom Mexico B2 / B- / nr 8/15/2019 $750.00 11.375% New Issue Media/Telecom

19-Feb-2013 Digicel Limited Jamaica B1 / nr / B 4/15/2021 $1,000.00 6.000% New Issue Media/Telecom

21-Feb-2013 Tenedora Nemak Mexico Ba2 / BB- / BB- 2/28/2023 $500.00 5.500% New Issue Industrials

6-Mar-2013 Tanner Chile nr / BBB- / BBB- 3/13/2018 $250.00 4.375% New Issue Finance

7-Mar-2013 Cosan Brazil Ba2 / BB / BB+ 3/14/2023 $500.00 5.000% New Issue Basic Industries

14-Mar-2013 Cemex Mexico nr / B / B+ 3/25/2019 $600.00 5.875% New Issue Construction

15-Mar-2013 Alicorp Peru Baa2 / nr / BBB 3/20/2023 $450.00 3.875% New Issue Consumer Products

19-Mar-2013 Digicel Jamaica B1 / nr / B 4/15/2021 $300.00 6.000% Reopen Media/Telecom

21-Mar-2013 AES El Salvador El Salvador Ba2 / nr / BB 3/28/2023 $310.00 6.750% New Issue Utilities

21-Mar-2013 Calidda Peru Baa3 / nr / BBB- 4/1/2023 $320.00 4.375% New Issue Utilities

21-Mar-2013 Milpo Peru nr / nr / BBB 3/28/2023 $350.00 4.625% New Issue Basic Industries

22-Mar-2013 Pacific Rubiales Colombia Ba2 / BB+ / BB+ 3/28/2023 $1,000.00 5.125% New Issue Energy

25-Mar-2013 Banco de Credito Del Peru Peru Baa2 / nr / BBB+ 4/1/2023 $350.00 4.250% New Issue Finance

26-Mar-2013 SQM Chile Baa1 / BBB / nr 4/3/2023 $300.00 3.625% New Issue Basic Industries

3-Apr-2013 BBVA Banco Continental SA Peru nr / BBB / BBB+ 4/8/2018 $500.00 3.250% New Issue Finance

5-Apr-2013 Banco de Credito Del Peru Peru Baa3 / nr / BBB 4/24/2027 $170.00 6.125% Reopen Finance

5-Apr-2013 JBS Friboi Brazil nr / BB / BB- 2/5/2023 $275.00 6.250% Reopen Food & Beverage

8-Apr-2013 Gerdau Trade Inc. Brazil Baa3 / BBB- / BBB- 4/15/2023 $750.00 4.750% New Issue Metals

9-Apr-2013 Corporación Lindley Peru nr / BB+ / BBB- 4/12/2023 $260.00 4.625% New Issue Food & Beverage

10-Apr-2013 Banco BTG Pactual Brazil Baa3 / nr / BBB- 4/17/2018 $700.00 4.500% New Issue Finance

10-Apr-2013 NII International Telecom Mexico B2 / B- / nr 8/15/2019 $150.00 11.375% Reopen Media/Telecom

12-Apr-2013 Banco Fibra Brazil Ba3 / nr / nr 4/19/2016 $150.00 4.500% New Issue Finance

17-Apr-2013 Odebrecht Finance Ltd. Brazil Baa3 / BBB- / BBB- 4/25/2025 $550.00 4.375% New Issue Construction

17-Apr-2013 Metalsa Mexico nr / BB+ / BBB- 4/24/2023 $300.00 4.900% New Issue Industrials

18-Apr-2013 OAS Brazil B1 / nr / B+ Perp $500.00 8.875% New Issue Construction

19-Apr-2013 FerreyCorp Peru Ba1 / nr / nr 4/26/2020 $300.00 4.875% New Issue Industrials

23-Apr-2013 Transportadora de Gas del Peru Peru Baa2 / BBB / BBB 4/30/2028 $850.00 4.250% New Issue Utilities

23-Apr-2013 Andrade Gutierrez Brazil Ba1 / nr / BBB- 4/30/2018 $500.00 4.000% New Issue Construction

24-Apr-2013 Kansas City Southern Mexico Mexico Baa3 / BBB- / BBB- 5/15/2020 $275.00 2.350% New Issue Transportation

24-Apr-2013 Kansas City Southern Mexico Mexico Baa3 / BBB- / BBB- 5/15/2023 $450.00 3.000% New Issue Transportation

25-Apr-2013 Falabella Chile nr / nr / BBB 4/30/2023 $500.00 3.750% New Issue Retail

25-Apr-2013 Banco GNB Sudameris Colombia Ba1 / nr / BB+ 5/2/2018 $300.00 3.875% New Issue Finance

30-Apr-2013 Aralco Finance Brazil nr / B / B 5/7/2020 $250.00 10.125% New Issue Basic Industries

30-Apr-2013 Consorcio Transmantaro Peru Baa3 / nr / BBB- 5/7/2023 $450.00 4.375% New Issue Utilities

3-May-2013 Avianca Holdings Colombia nr / nr / B+ 5/10/2020 $300.00 8.375% New Issue Transportation

7-May-2013 Banco del Estado de Chile Chile Aa3 / AA- / A+ 11/9/2017 $200.00 2.000% Reopen Finance

7-May-2013 Coca-Cola Femsa Mexico nr / nr / A 5/10/2023 $300.00 2.875% New Issue Consumer Products

7-May-2013 Coca-Cola Femsa Mexico nr / nr / A 5/10/2043 $700.00 4.375% New Issue Consumer Products

8-May-2013 Empresas CMPC Chile nr / BBB / BBB+ 5/15/2023 $500.00 4.375% New Issue Basic Industries

13-May-2013 Petrobras Brazil A3 / BBB / BBB 5/20/2016 $1,000.00 Libor + 162 New Issue Energy

13-May-2013 Petrobras Brazil A3 / BBB / BBB 5/20/2016 $1,250.00 2.000% New Issue Energy


13-May-2013 Petrobras Brazil A3 / BBB / BBB 1/15/2019 $1,500.00 Libor + 214 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


30 October 2015




17-May-2013 Millicom El Salvador Ba2 / nr / BB+ 5/22/2020 $500.00 4.750% New Issue Media/Telecom

23-May-2013 FAMSA Mexico nr / B / B+ 6/1/2020 $250.00 4.250% New Issue Retail

30-May-2013 Ultrapetrol Argentina B3 / B- / nr 6/15/2021 $200.00 8.875% New Issue Transportation

31-May-2013 Banco Santander de Chile Chile Aa3 / A / A+ 6/7/2018 $250.00 Libor + 187.5 New Issue Finance

3-Jul-2013 Newland International Property Panama nr / nr / nr 7/3/2017 $257.64 9.500% New Issue Real Estate

3-Jul-2013 Santa Maria Offshore Mexico nr / nr / nr 7/3/2018 $175.00 8.875% New Issue Energy

11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 6/2/2041 $500.00 6.500% Reopen Energy

11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 1/18/2024 $1,000.00 4.875% New Issue Energy

11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 7/18/2018 $500.00 Libor + 202 New Issue Energy

11-Jul-2013 Pemex Mexico Baa1 / BBB / BBB+ 7/18/2018 $1,000.00 3.500% New Issue Energy

23-Jul-2013 Transelec SA Chile Baa1 / nr / BBB- 7/26/2023 $300.00 4.625% New Issue Utilities

26-Jul-2013 Odebrecht Offshore Drilling Brazil Baa3 / BBB / BBB 10/1/2022 $1,690.00 6.750% New Issue Energy

5-Aug-2013 Cemex Mexico nr / B / BB- 12/10/2019 $1,000.00 6.500% New Issue Construction

5-Aug-2013 Alpek Mexico Baa3 / BBB- / BBB- 8/8/2023 $300.00 5.375% New Issue Basic Industries

5-Aug-2013 Playa Resorts Mexico Caa1 / B- / nr 8/15/2020 $300.00 8.000% New Issue Travel & Leisure

5-Aug-2013 Banco de Costa Rica Costa Rica Baa3 / nr / BB 8/12/2018 $500.00 5.250% New Issue Finance

6-Aug-2013 Codelco Chile A1 / AA- / A+ 8/13/2023 $750.00 4.500% New Issue Basic Industries

5-Sep-2013 America Movil Mexico A2 / A- / A 9/12/2016 $750.00 Libor + 100 New Issue Media/Telecom

9-Sep-2013 Inkia Energy Peru Ba3 / BB / BB 4/4/2021 $150.00 8.375% Reopen Utilities

10-Sep-2013 TV Azteca Mexico nr / nr / BB- 9/18/2020 $500.00 7.625% New Issue Media/Telecom

10-Sep-2013 Pemex Mexico Baa1 / BBB / BBB+ 2/15/2024 $400.00 2.830% New Issue Energy

11-Sep-2013 Ecopetrol Colombia Baa2 / BBB / BBB- 9/18/2023 $1,300.00 5.875% New Issue Energy

11-Sep-2013 Ecopetrol Colombia Baa2 / BBB / BBB- 9/18/2043 $850.00 7.375% New Issue Energy

11-Sep-2013 Ecopetrol Colombia Baa2 / BBB / BBB- 9/18/2018 $350.00 4.250% New Issue Energy

13-Sep-2013 JBS Friboi Brazil Ba3 / BB / BB- 6/1/2021 $500.00 7.250% Reopen Food & Beverage

13-Sep-2013 Grupo R Mexico nr / BB / BB 9/20/2020 $950.00 8.375% New Issue Energy

13-Sep-2013 Office Depot de Mexico Mexico nr / nr / BB+ 9/20/2020 $350.00 6.875% New Issue Retail

13-Sep-2013 Marfrig Brazil B2 / nr / B 9/20/2021 $400.00 11.250% New Issue Food & Beverage

13-Sep-2013 Embraer Brazil Baa3 / BBB / nr 9/16/2023 $531.85 5.696% New Issue Industrials

19-Sep-2013 BNDES Brazil Baa2 / BBB / nr 9/26/2016 $1,250.00 3.375% New Issue Finance

19-Sep-2013 BNDES Brazil Baa2 / BBB / nr 9/26/2023 $1,250.00 5.750% New Issue Finance

23-Sep-2013 Ultrapetrol Argentina B3 / B- / nr 6/15/2021 $25.00 8.875% Reopen Transportation

24-Sep-2013 Arcos Dorados Argentina Ba2 / nr /BBB- 9/27/2023 $375.00 6.625% New Issue Consumer Products

25-Sep-2013 Cemex Mexico nr / B+ / BB- 1/15/2021 $1,000.00 7.250% New Issue Construction

25-Sep-2013 Cemex Mexico nr / B+ / BB- 10/15/2018 $400.00 Libor + 475 New Issue Construction

26-Sep-2013 Embotelladora Andina SA Chile nr / BBB / A- 10/1/2023 $575.00 5.000% New Issue Food & Beverage

26-Sep-2013 Caixa Brazil Baa2 / BBB / BBB 10/3/2018 $1,250.00 4.500% New Issue Finance

27-Sep-2013 Cemex Mexico nr / B+ / BB- 10/15/2018 $100.00 Libor + 475 Reopen Construction

27-Sep-2013 YPF Argentina nr / nr / B- 8/15/2018 $150.00 Libor + 750 New Issue Energy

1-Oct-2013 Oceanografia Mexico nr / nr / nr 10/9/2018 $160.00 12.000% New Issue Transportation

9-Oct-2013 Millicom Other Ba2 / nr / BB+ 10/15/2021 $800.00 6.625% New Issue Media/Telecom

9-Oct-2013 Aeropuertos Internacional de Tocumen Panama nr / BBB / BBB 10/9/2023 $650.00 5.750% New Issue Transportation

10-Oct-2013 Codelco Chile A1 / AA- / A+ 10/18/2043 $950.00 5.625% New Issue Metals

17-Oct-2013 OAS Brazil B1 / BB- / B+ 10/19/2019 $375.00 8.250% Reopen Construction

17-Oct-2013 CFE Mexico Baa1 / BBB / nr 1/15/2024 $1,250.00 4.875% New Issue Utilities

21-Oct-2013 Samarco Mineracao SA Brazil nr / BBB / BBB 10/24/2023 $700.00 5.750% New Issue Basic Industries

22-Oct-2013 CAF Supranational Aa3 / nr / nr 10/28/2015 $200.00 Libor + 52 New Issue Finance

23-Oct-2013 JBS Friboi Brazil nr / nr / BB- 10/28/2020 $1,000.00 7.750% New Issue Food & Beverage

24-Oct-2013 Entel Chile Baa2 / BBB+ / BBB 10/30/2024 $1,000.00 4.875% New Issue Media/Telecom

24-Oct-2013 Pemex Mexico nr / nr / nr 2/15/2024 $350.00 2.290% New Issue Energy

29-Oct-2013 Cementos Progreso Guatemala nr / BB / BB+ 11/6/2023 $350.00 7.125% New Issue Construction

29-Oct-2013 San Miguel Industrias Peru Ba2 / nr / BB 11/6/2020 $200.00 7.750% New Issue Food & Beverage

31-Oct-2013 PDVSA Venezuela B1 / B / B+ 11/15/2026 $4,500.00 6.000% New Issue Energy

4-Nov-2013 Latam Airlines Chile nr / BBB- / BB+ 12/15/2020 $450.00 6.000% New Issue Transportation

7-Nov-2013 Cobre del Mayo Mexico B3 / nr / B 11/15/2018 $225.00 10.750% New Issue Basic Industries

7-Nov-2013 Andino Investments Peru nr / nr / BB- 11/13/2020 $115.00 11.000% New Issue Transportation

7-Nov-2013 Fresnillo Mexico Baa2 / nr / nr 11/13/2023 $800.00 5.500% New Issue Basic Industries

8-Nov-2013 CBC Brazil Brazil B1 / BB- / nr 11/15/2021 $250.00 7.250% New Issue Basic Industries

14-Nov-2013 Banco de los Trabajadores Guatemala Ba3 / nr / BB- 11/14/2020 $150.00 9.000% New Issue Finance

15-Nov-2013 Empresa de Energia de Bogota Colombia Baa3 / BB+ / BBB- 11/10/2021 $112.00 6.125% Reopen Utilities

18-Nov-2013 Pacific Rubiales Colombia Ba2 / nr / BB+ 1/26/2019 $1,300.00 5.375% New Issue Energy

19-Nov-2013 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2043 $400.00 5.250% New Issue Consumer Products

19-Nov-2013 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2023 $750.00 3.875% New Issue Consumer Products

19-Nov-2013 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2018 $1,000.00 2.375% New Issue Consumer Products

20-Nov-2013 PDVSA Venezuela B1 / B / B+ 10/28/2016 $565.16 5.125% Reopen Energy

25-Nov-2013 AES Changuinola Panama nr / nr / nr 11/25/2013 $220.00 6.750% New Issue Utilities

25-Nov-2013 Pacific Rubiales Colombia Ba2 / BB+ / BB+ 12/12/2021 $300.00 7.250% Reopen Energy

11-Dec-2013 Digicel Group Limited Jamaica Caa1 / nr / CCC+ 9/30/2020 $500.00 8.250% Reopen Media/Telecom

11-Dec-2013 Grupo Idesa Mexico nr / BB- / BB- 12/18/2020 $300.00 7.875% New Issue Basic Industries

11-Dec-2013 AES Gener Chile Ba2 / nr / BB 12/18/2073 $450.00 8.375% New Issue Utilities

16-Dec-2013 YPF Argentina B3 / nr / B- 12/19/2018 $500.00 8.875% New Issue Energy

18-Dec-2013 Empresa de Energia de Bogota Colombia Baa3 / BB+ / BBB- 11/10/2021 $29.00 6.125% Reopen Energy

18-Dec-2013 Banco Santander Mexico nr / BB / BB+ 1/30/2024 $1,300.00 5.950% New Issue Finance


30 October 2015




2014 $84,920

13-Jan-2014 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2023 $150.00 3.875% Reopen Consumer Products

13-Jan-2014 Coca-Cola Femsa Mexico A2 / nr / A 11/26/2043 $200.00 5.250% Reopen Consumer Products

15-Jan-2014 Pemex Mexico Baa1 / BBB+ / BBB+ 1/18/2024 $500.00 4.875% New Issue Energy

15-Jan-2014 Banco de Credito Del Peru Peru Ba1 / BBB / BBB 4/24/2027 $200.00 6.125% Reopen Finance

15-Jan-2014 Compania Minera Ares Peru Ba1 / nr / BB+ 1/23/2021 $350.00 7.750% New Issue Basic Industries

15-Jan-2014 Pemex Mexico Baa1 / BBB+ / BBB+ 1/23/2045 $3,000.00 6.375% New Issue Energy

15-Jan-2014 Pemex Mexico Baa1 / BBB+ / BBB+ 1/23/2019 $500.00 3.125% New Issue Energy

15-Jan-2014 Oro Negro Mexico nr / nr / nr 1/24/2019 $725.00 7.500% New Issue Energy

16-Jan-2014 Banco Regional SAECA Paraguay Ba2 / BB- / nr 1/24/2019 $300.00 8.125% New Issue Finance

16-Jan-2014 Braskem Brazil Baa3 / BBB- / BBB- 2/3/2024 $500.00 6.450% New Issue Basic Industries

17-Jan-2014 VTR Chile B1 / B+ / nr 1/15/2024 $1,400.00 6.875% New Issue Media/Telecom

23-Jan-2014 Fibra Uno Mexico Baa2 / nr / BBB 1/30/2044 $400.00 6.950% New Issue Real Estate

23-Jan-2014 Fibra Uno Mexico Baa2 / nr / BBB 12/15/2024 $600.00 5.250% New Issue Real Estate

23-Jan-2014 Banco Santander Brasil Brasil nr / BB+ / nr 1/29/2024 $1,247.71 6.000% New Issue Finance

28-Jan-2014 Metro de Santiago Chile nr / AA- / A 2/4/2024 $500.00 4.750% New Issue Transportation

30-Jan-2014 Comcel Guatemala Ba1 / nr / BB+ 2/6/2024 $800.00 6.875% New Issue Media/Telecom

31-Jan-2014 Minsur Peru Baa3 / nr / nr 2/7/2024 $450.00 6.250% New Issue Basic Industries

14-Feb-2014 Playa Resorts Mexico Caa1 / B- / nr 8/15/2020 $75.00 8.000% Reopen Travel & Leisure

14-Feb-2014 Odebrecht Drilling Brazil Baa3 / BBB / BBB 10/1/2022 $580.00 6.625% New Issue Energy

6-Mar-2014 Credito Real Mexico nr / BB / nr 3/13/2019 $350.00 7.500% New Issue Finance

10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2044 $1,000.00 7.250% New Issue Energy


10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2020 $500.00 Libor + 288 New Issue Energy


10-Mar-2014 Petrobras Brazil Baa1 / BBB / BBB 3/17/2017 $1,400.00 Libor + 236 New Issue Energy


11-Mar-2014 Banco Internacional del Peru Peru Ba1 / BBB- / BBB- 3/19/2029 $300.00 6.625% New Issue Finance

12-Mar-2014 Credito Real Mexico nr / BB / nr 3/13/2019 $75.00 7.500% Reopen Finance

12-Mar-2014 Banco Daycoval Brazil Baa3 / nr / BBB- 3/19/2019 $500.00 5.750% New Issue Finance

13-Mar-2014 Marfrig Brazil B2 / B / B 5/4/2020 $275.00 9.500% Reopen Food & Beverage

19-Mar-2014 Digicel Group Limited Jamaica Caa1 / nr / B- 4/1/2022 $1,000.00 7.125% New Issue Media/Telecom

20-Mar-2014 Alfa Mexico Baa3 / BBB- / BBB- 3/25/2024 $500.00 5.250% New Issue Basic Industries

20-Mar-2014 Alfa Mexico Baa3 / BBB- / BBB- 3/25/2044 $500.00 6.875% New Issue Basic Industries

24-Mar-2014 Columbus International Barbados B3 / B / nr 3/30/2021 $1,250.00 7.375% New Issue Media/Telecom

25-Mar-2014 Cemex Mexico nr / B+ / BB- 4/1/2024 $1,000.00 6.000% New Issue Construction

26-Mar-2014 El Fondo Mivivienda SA Peru nr / BBB+ / BBB+ 4/2/2019 $300.00 3.375% New Issue Finance

27-Mar-2014 Minerva Brazil nr / BB- / BB- Perp $300.00 8.750% New Issue Food & Beverage

31-Mar-2014 JBS Friboi Brazil nr / nr / BB- 4/3/2024 $750.00 7.250% New Issue Food & Beverage

1-Apr-2014 YPF Argentina Caa1 / nr / B- 4/4/2024 $1,000.00 8.750% New Issue Energy

1-Apr-2014 Avianca Holdings Colombia nr / B / B+ 5/10/2020 $250.00 8.375% Reopen Transportation

3-Apr-2014 Banco Agromercantil Guatemala nr / BB / BB 4/10/2019 $300.00 6.250% New Issue Finance

3-Apr-2014 BBVA Bancomer Mexico A2 / nr / A- 4/10/2024 $750.00 4.375% New Issue Finance

3-Apr-2014 Kimberly Clark de Mexico Mexico nr / nr / A 4/8/2024 $250.00 3.800% New Issue Consumer Products

7-Apr-2014 BNDES Brazil Baa2 / BBB- / BBB 9/26/2023 $500.00 5.750% Reopen Finance

7-Apr-2014 BNDES Brazil Baa2 / BBB- / nr 4/14/2019 $1,000.00 4.000% New Issue Finance

8-Apr-2014 Navios Argentina B2 / B+ / nr 5/1/2022 $375.00 7.250% New Issue Transportation

8-Apr-2014 Abengoa Transmision Peru nr / BBB- / BBB- 4/30/2043 $432.00 6.875% New Issue Utilities

8-Apr-2014 Banco Santander Chile Chile Aa3 / A / A+ 4/11/2017 $500.00 Libor + 90 New Issue Finance

9-Apr-2014 Gerdau Brazil Baa3 / BBB- / BBB- 4/16/2044 $500.00 7.250% New Issue Basic Industries

9-Apr-2014 Sura Chile Baa2 / nr / BBB+ 4/17/2024 $500.00 4.875% New Issue Finance

10-Apr-2014 Endesa Chile Baa2 / BBB+ / BBB+ 4/15/2024 $400.00 4.250% New Issue Utilities

16-Apr-2014 Braskem Brazil Baa3 / BBB- / BBB- 2/3/2024 $250.00 6.450% Reopen Basic Industries

24-Apr-2014 Camposol Peru B3 / B / nr 2/2/2017 $75.00 9.875% Reopen Food & Beverage

24-Apr-2014 Gerdau Brazil Baa3 / BBB- / BBB- 4/29/2024 $1,098.41 5.893% New Issue Basic Industries

25-Apr-2014 CAF Supranational Aa3 / nr / nr 5/2/2017 $200.00 Libor + 25 New Issue Finance

28-Apr-2014 Masisa Chile nr / BB / nr 5/5/2019 $300.00 9.500% New Issue Basic Industries

30-Apr-2014 Oleoducto Central Colombia Baa3 / nr/ nr 5/7/2021 $500.00 4.000% New Issue Utilities

1-May-2014 Fermaca Industries Mexico Baa2 / nr / BBB- 3/30/2038 $550.00 6.375% New Issue Utilities

6-May-2014 Caixa Brazil nr / BBB- / BBB 5/13/2019 $1,300.00 4.250% New Issue Finance

7-May-2014 Fibria Brazil Ba1 / BB+ / BBB- 5/12/2024 $600.00 5.250% New Issue Basic Industries

8-May-2014 Televisa Mexico Baa1 / BBB+ / BBB+ 5/13/2045 $1,000.00 5.000% New Issue Media/Telecom

9-May-2014 Tonon Brazil nr / B / nr 5/14/2024 $230.00 10.500% New Issue Basic Industries

15-May-2014 Brasil Foods Brazil Baa3 / BBB- / BBB- 5/22/2024 $750.00 4.750% New Issue Food & Beverage

20-May-2014 Ecopetrol Colombia Baa2/ BBB- / BBB- 5/28/2045 $2,000.00 5.875% New Issue Energy

21-May-2014 Empresas ICA Mexico B2 / B / nr 5/29/2024 $700.00 8.875% New Issue Construction

28-May-2014 Financiera Independencia Mexico nr / B+ / BB- 6/3/2019 $200.00 7.500% New Issue Finance

29-May-2014 Banco Inbursa Mexico nr / BBB+ / BBB+ 6/6/2024 $1,000.00 4.125% New Issue Finance


30 October 2015




9-Jun-2014 GVO Brazil B2 / B / B- 1/13/2020 $135.00 10.875% New Issue Basic Industries

10-Jun-2014 Marfrig Brazil B2 / B / B 6/24/2019 $850.00 6.875% New Issue Food & Beverage

10-Jun-2014 Odebrecht Oil & Gas Brazil nr / nr / nr Perp $400.00 7.000% New Issue Energy

11-Jun-2014 JBS Brazil Ba3 / BB / nr 7/15/2024 $750.00 5.875% New Issue Food & Beverage

11-Jun-2014 Votorantim Brazil Baa3 / nr / BBB 6/17/2024 $400.00 4.750% New Issue Basic Industries

11-Jun-2014 Banco do Brasil Brazil Ba3 / nr / nr Perp $2,500.00 9.000% New Issue Finance

12-Jun-2014 Rio Oil Finance Trust Brazil nr / BBB- / BBB 7/6/2024 $2,000.00 6.250% New Issue Energy

19-Jun-2014 Odebrecht Finance Ltd. Brazil Baa3 / BBB / BBB- 6/27/2029 $500.00 5.250% New Issue Construction

23-Jun-2014 Banco de Credito Del Peru Peru nr / nr / A- 1/19/2018 $230.15 2.750% New Issue Finance

24-Jun-2014 Bimbo Mexico nr / BBB / BBB 6/27/2024 $800.00 3.875% New Issue Food & Beverage

24-Jun-2014 Bimbo Mexico nr / BBB / BBB 6/27/2044 $500.00 4.875% New Issue Food & Beverage

25-Jun-2014 OAS Brazil B1 / nr / B+ 7/2/2021 $400.00 8.000% New Issue Construction

26-Jun-2014 Mastellone Hermanos Argentina nr / CCC- / B- 7/3/2021 $200.00 12.625% New Issue Food & Beverage

1-Jul-2014 Odebrecht Oil & Gas Brazil nr / BBB- / nr Perp $150.00 7.000% Reopen Energy

1-Jul-2014 InRetail Shopping Malls Peru Ba2 / nr / BB 7/9/2021 $350.00 6.500% New Issue Real Estate

2-Jul-2014 Colbun Chile nr / BBB- / BBB 7/10/2024 $500.00 4.500% New Issue Utilities

8-Jul-2014 Cofide Peru nr / nr / BBB 7/15/2029 $300.00 5.250% New Issue Finance

8-Jul-2014 Cofide Peru nr / nr / BBB+ 7/15/2019 $300.00 3.250% New Issue Finance

9-Jul-2014 Klabin Brazil nr / BBB- / BBB- 7/16/2024 $500.00 5.250% New Issue Basic Industries

9-Jul-2014 Transelec SA Chile Baa1 / BBB / BBB- 1/14/2025 $375.00 4.250% New Issue Utilities

10-Jul-2014 Intercement Brazil nr / nr / BB 7/17/2024 $750.00 5.750% New Issue Construction

10-Jul-2014 Tupy Brazil nr / nr / BB 7/17/2024 $350.00 6.625% New Issue Industrials

15-Jul-2014 Unifin Financiera Mexico nr / BB- / BB- 7/22/2019 $400.00 6.250% New Issue Finance

15-Jul-2014 Celulosa Arauco Chile Baa3 / nr / BBB 8/1/2024 $500.00 4.500% New Issue Basic Industries

16-Jul-2014 Caixa Brazil Ba3 / nr / nr 7/23/2024 $500.00 7.250% New Issue Finance

17-Jul-2014 Entel Chile Baa2 / BBB / nr 8/1/2026 $800.00 4.750% New Issue Media/Telecom

24-Jul-2014 GNL Quintero Chile Baa2 / BBB / BBB+ 7/31/2029 $1,100.00 4.634% New Issue Transportation

5-Aug-2014 CAF Supranational Aa3 / AA- / AA- 8/8/2017 $1,000.00 1.500% New Issue Finance

11-Aug-2014 Minerva Brazil B1 / BB- / BB- 1/31/2023 $200.00 7.750% Reopen Food & Beverage

4-Sep-2014 Cemex Mexico nr / B+ / BB- 1/11/2025 $1,100.00 5.700% New Issue Construction

9-Sep-2014 Mexichem Mexico Baa3 / BBB- / BBB 9/17/2044 $750.00 5.875% New Issue Basic Industries

9-Sep-2014 Ecopetrol Colombia Baa2 / BBB / BBB 1/16/2025 $1,200.00 4.125% New Issue Energy

10-Sep-2014 Axtel Mexico nr / B- / B+ 1/31/2020 $150.00 8.000% Reopen Media/Telecom

10-Sep-2014 CMPC Chile Baa3 / nr / BBB+ 9/15/2024 $500.00 4.750% New Issue Basic Industries

11-Sep-2014 Banco BTG Brazil Ba3 / nr / B+ Perp $1,300.00 8.750% New Issue Finance

15-Sep-2014 BBVA Banco Continental Peru nr / BBB / BBB+ 9/22/2029 $300.00 5.250% New Issue Finance

15-Sep-2014 Pacific Rubiales Colombia Ba2 / BB+ / BB+ 1/19/2025 $750.00 5.625% New Issue Energy

16-Sep-2014 Corpbanca Chile Baa3 / nr / nr 9/22/2019 $750.00 3.875% New Issue Finance

18-Sep-2014 Gol Brazil nr / nr / B- 1/24/2022 $325.00 8.875% New Issue Transportation

19-Sep-2014 EP PetroEcuador Ecuador nr / B+ / nr 9/24/2019 $1,000.00 Libor + 563 New Issue Energy

23-Sep-2014 Samarco Mineracao SA Brazil nr / BBB- / BBB 9/26/2024 $500.00 5.375% New Issue Basic Industries

25-Sep-2014 Cimentos Tupi Brazil nr / B / B 5/11/2018 $35.00 9.750% Reopen Construction

25-Sep-2014 El Puerto de Liverpool Mexico nr / BBB+ / BBB+ 10/2/2024 $300.00 3.950% New Issue Consumer Products

2-Oct-2014 Consolidated Energy T&T B2 / BB- / nr 10/15/2019 $200.00 Libor + 350 New Issue Energy

2-Oct-2014 Consolidated Energy T&T B2 / BB- / nr 10/15/2019 $1,050.00 6.750% New Issue Energy

2-Oct-2014 Pemex Mexico nr / nr / nr 4/15/2025 $500.00 Libor + 35 New Issue Energy

6-Oct-2014 Pemex Mexico A3 / BBB+ / BBB+ 6/27/2044 $1,500.00 5.500% Reopen Energy

6-Oct-2014 Pemex Mexico A3 / BBB+ / BBB+ 1/15/2025 $1,000.00 4.250% New Issue Energy

7-Oct-2014 InRetail Consumer Peru Ba1 / BB+ / nr 10/10/2021 $300.00 5.250% New Issue Consumer Products

8-Oct-2014 Pemex Mexico nr / nr / nr 4/15/2025 $500.00 2.378% New Issue Energy

22-Oct-2014 Falabella Chile nr / BBB+ / BBB 1/27/2025 $400.00 4.375% New Issue Retail

23-Oct-2014 Sociedad Quimica y Minera de Chile Chile Baa1 / BBB / nr 1/28/2025 $250.00 4.375% New Issue Basic Industries

24-Oct-2014 E-CL Chile nr / BBB / BBB 1/29/2025 $350.00 4.500% New Issue Utilities

27-Oct-2014 ENAP Chile Baa3 / BBB- / A 10/30/2024 $600.00 4.375% New Issue Energy

28-Oct-2014 Union Andina de Cementos Peru Ba2 / BB+ / nr 10/30/2021 $625.00 5.875% New Issue Construction

28-Oct-2014 Global Bank Corporation Panama Ba1 / BBB- / BBB- 10/30/2019 $400.00 5.125% New Issue Finance

28-Oct-2014 Codelco Chile A1 / AA- / A+ 11/4/2044 $980.00 4.875% New Issue Basic Industries

4-Nov-2014 KIO Networks Mexico B1 / BB- / nr 11/7/2021 $500.00 8.250% New Issue Other

6-Nov-2014 BBVA Bancomer Mexico Baa3 / BBB+ / nr 11/12/2019 $200.00 5.350% New Issue Financial

14-Nov-2014 Rio Oil Finance Trust Brazil nr / BBB- / BBB 1/6/2027 $1,100.00 6.750% New Issue Energy

20-Nov-2014 Empresa Electrica Angamos Chile Baa3 / nr / BBB- 5/25/2029 $800.00 4.875% New Issue Utilities

20-Nov-2014 Elementia Mexico nr / BB+ / BB+ 1/15/2025 $425.00 5.500% New Issue Construction

20-Nov-2014 Gruma Mexico nr / BB+ / BBB- 12/1/2024 $400.00 4.875% New Issue Consumer Products

15-Dec-2014 Energia Eolica Peru nr / nr / BBB- 8/30/2034 $204.00 6.000% New Issue Utilities

17-Dec-2014 Inversiones Alsacia Chile nr / nr / nr 12/31/2018 $347.52 8.000% New Issue Transportation


30 October 2015




2015 $36,116




21-Jan-2015 CAF Supranational Aa3 / nr / AA- 1/29/2018 $1,000.00 Libor + 55 New Issue Finance

4-Feb-2015 YPF Argentina Caa1 / nr / CCC 12/19/2018 $175.00 8.875% Reopen Energy

4-Feb-2015 YPF Argentina Caa1 / nr / CCC 4/4/2024 $325.00 8.750% Reopen Energy

4-Feb-2015 Intercorp Peru Ba2 / nr / BBB- 2/12/2025 $250.00 5.875% New Issue Finance

5-Feb-2015 Cencosud Chile Baa3 / nr / BBB- 2/12/2045 $350.00 6.625% New Issue Retail

5-Feb-2015 Cencosud Chile Baa3 / nr / BBB- 2/12/2025 $650.00 5.150% New Issue Retail

9-Feb-2015 Bladex Panama nr /nr / nr 2/9/2016 $50.00 Libor + 73 New Issue Finance

24-Feb-2015 Digicel Limited Jamaica B1 / nr / B 3/1/2023 $925.00 6.750% New Issue Media/Telecom

24-Feb-2015 Aeromexico Mexico nr /nr / nr 1/14/2027 $195.82 2.329% New Issue Transportation

26-Feb-2015 Cemex Mexico nr / B+ / BB- 5/5/2025 $750.00 6.125% New Issue Construction

5-Mar-2015 Kimberly Clark de Mexico Mexico nr / A- / A 3/12/2025 $250.00 3.250% New Issue Consumer Products

5-Mar-2015 Pilgrim's Pride Other B2 / BB / nr 3/15/2025 $500.00 5.750% New Issue Food & Beverage

10-Mar-2015 Millicom Other Ba2 / nr / BB+ 3/15/2025 $500.00 6.000% New Issue Media/Telecom

25-Mar-2015 Colombia Telecom Colombia nr / B / B+ Perp $500.00 8.500% New Issue Media/Telecom

10-Apr-2015 Red Dorsal Finance Limited Peru Baa1 / nr / BBB 10/12/2031 $274.00 5.875% New Issue Media/Telecom

14-Apr-2015 Global Bank Corporation Panama nr / BBB- / BBB- 10/30/2019 $150.00 5.125% Reopen Finance

16-Apr-2015 BBVA Colombia Colombia Baa3 / nr / BBB 4/21/2025 $400.00 4.875% New Issue Finance

20-Apr-2015 Southern Copper Corporation Mexico Baa2 / BBB / BBB+ 4/23/2045 $1,500.00 5.875% New Issue Basic Industries

20-Apr-2015 Southern Copper Corporation Mexico Baa2 / BBB / BBB+ 4/23/2025 $500.00 3.875% New Issue Basic Industries

23-Apr-2015 YPF Argentina Caa1 / nr / CCC 7/28/2025 $1,500.00 8.500% New Issue Energy

23-Apr-2015 Guacolda Energia Chile nr / nr / nr 4/30/2025 $500.00 4.560% New Issue Utilities

28-Apr-2015 ACI Airport Uruguay nr / BB+ / nr 11/29/2032 $200.00 6.875% New Issue Transportation

30-Apr-2015 Bladex Supranational Baa2 / nr / BBB+ 5/7/2020 $350.00 3.250% New Issue Finance

6-May-2015 Jose Cuervo Mexico nr / BBB / BBB 5/13/2025 $500.00 3.750% New Issue Food & Beverage

14-May-2015 Latam Airlines Chile Baa2 / BBB- / nr 11/15/2023 $175.61 4.500% New Issue Transportation

14-May-2015 Latam Airlines Chile A2 / A- / nr 11/15/2027 $845.21 4.200% New Issue Transportation

19-May-2015 Itau Unibanco Brazil Baa3 / BBB- / nr 5/26/2018 $1,000.00 2.850% New Issue Finance

20-May-2015 JBS USA Brazil Ba2 / BB+ / BB 6/15/2025 $900.00 5.750% New Issue Food & Beverage

1-Jun-2015 Petrobras Brazil Ba2 / BBB- / nr 6/5/2115 $2,500.00 6.850% New Issue Energy

1-Jun-2015 Globo Brazil Baa1 / BBB+ / BBB+ 6/8/2025 $325.00 4.843% New Issue Media/Telecom

4-Jun-2015 Latam Airlines Chile Ba3 / nr / BB- 6/9/2020 $500.00 7.250% New Issue Transportation

8-Jun-2015 Embraer Brazil Baa3 / nr / nr 6/15/2025 $1,000.00 5.050% New Issue Industrials

9-Jun-2015 CFE Mexico Baa1 / BBB+ / BBB+ 6/16/2045 $700.00 6.125% New Issue Utilities

10-Jun-2015 Lima Metro Peru Baa1 / BBB / BBB 7/5/2034 $1,155.00 5.875% New Issue Transportation

11-Jun-2015 Banco Agricola El Salvador Ba2 / nr / BB+ 6/18/2020 $300.00 6.750% New Issue Finance

18-Jun-2015 AES Panama Panama nr / nr / BB+ 6/25/2022 $300.00 6.000% New Issue Utilities

23-Jun-2015 Ecopetrol Colombia Baa2/BBB/BBB 6/26/2026 $1,500.00 5.375% New Issue Energy

25-Jun-2015 Grupo Posadas Mexico B2 / B / B+ 6/30/2022 $350.00 7.875% New Issue Gaming & Lodging

7-Jul-2015 Cofide Peru nr / BBB+ / BBB+ 7/15/2019 $200.00 3.250% Reopen Finance

7-Jul-2015 Cofide Peru nr / BBB+ / BBB+ 7/15/2025 $600.00 4.750% New Issue Finance

9-Jul-2015 AES Gener Chile Baa3 / BBB- / BBB- 7/14/2025 $425.00 5.000% New Issue Utilities

22-Jul-2015 Pemex Mexico nr / nr / nr 12/15/2025 $525.00 2.460% New Issue Energy

31-Jul-2015 Cable and Wireless Panama nr / B / nr 8/1/2022 $750.00 6.875% New Issue Media/Telecom

4-Aug-2015 Sagicor Jamaica nr / nr / nr 8/11/2022 $320.00 8.875% New Issue Finance

9-Sep-2015 Codelco Chile A1/AA-/A+ 9/16/2025 $2,000.00 4.500% New Issue Basic Industries

24-Sep-2015 Autoridad del Canal de Panama Panama nr / A- / A 7/29/2035 $450.00 4.950% New Issue Transportation

6-Oct-2015 Banco Nacional de Comercio Exterior Mexico A3/BBB+/BBB+ 10/14/2025 $1,000.00 4.375% New Issue Finance


30 October 2015


Evolution of Latam Corporate New Issues (1991 – 2015)

Par Amount (US$bn)

48.1

69.2

62.0

84.887.8

84.9

36.1

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service.

Number of Issues

71

143

108

136145

132

50

0

20

40

60

80

100

120

140

160

180

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service.

30 October 2015


Composition of New Issues 2014 2015

Issues by Country

Argentina2%

Brazil32%

Chile15%Colombia

4%

Mexico27%

Peru13%

Other7%

Argentina6%

Brazil10%

Chile16%

Colombia6%

Mexico26%

Peru10%

Other26%

Issues by Sector

Basic Industries16%

Consumer Products

6%

Construction8%

Utilities7%

Energy20%

Finance23%

Media/Telco5%

Other15%

AA+/AA/AA-

2% A-/A/A+10%

BBB-/BBB/BBB+52%

BB-/BB/BB+16%

B-/B/B+8%

CCC-/CCC/CCC+6%

Not Rated6%

Issues by Ratings Category*

AA+/AA/AA-2% A-/A/A+

6%

BBB-/BBB/BBB+53%

BB-/BB/BB+21%

B-/B/B+16%

Not Rated2%

Basic Industries

10%

Consumer Products

6%

Construction2%

Utilities8%

Energy20%

Finance22%

Media/Telco12%

Other20%

*The ratings reflect the average rating between Moody’s, S&P and Fitch for each bond. Source: Credit Suisse, the BLOOMBERG PROFESSIONAL™ service, Moody’s, S&P and Fitch

30 October 2015


Current Index Composition

CS-LACI Composition for October 29, 2015

No of

Issues

% Weight of

Index

Daily Mkt Value

(mn)Coupon Remaining

Term

Street

Yield

Bench

SpreadYTD Total

Ret

LACI Index Total 581 100 382,356 5.958 15.81 8.06 614 -2.85%

LACI Index CONGLOMERATES 2 0.14 526 6.272 6.49 6.64 481 -0.38%

FINANCIAL 133 22.45 85,829 5.692 11.72 6.1 437 -0.36%

INDUSTRIAL 391 69.89 267,247 6.096 18 8.96 698 -4.06%

PUBLIC 11 1.88 7,198 3.639 3.73 2.43 110 2.21%

UTILITY 44 5.64 21,557 5.843 9.29 6.58 460 0.82%

LACI Index Conglomerates 2 0.14 526 6.272 6.49 6.64 481 -0.38%

Bank 121 20.86 79,775 5.724 12.22 6.04 429 -0.52%

Finance 10 1.41 5,383 5.053 5.1 7.02 539 1.57%

Insurance 2 0.18 671 7.339 5.76 6.1 457 3.57%

Basic Industries 133 19.3 73,812 6 21.89 7.1 501 -6.09%

Consumer Products 59 7.1 27,152 6.149 20.35 6.19 435 1.95%

Energy 97 29.43 112,534 6.057 15.98 11.52 957 -5.28%

Gaming and Lodging 2 0.19 733 7.94 5.23 8.04 621 8.03%

Manufacturing 12 1.16 4,439 5.619 7.3 5.88 389 0.46%

Media 10 1.25 4,770 6.197 13.94 6.03 390 -4.24%

Real Estate 10 0.68 2,601 7.727 132.49 14.62 1243 -3.27%

Retail 15 1.65 6,300 5.759 7.56 6.99 515 4.08%

Services 4 0.26 989 9.385 6.47 9.65 786 5.54%

Technology 1 0.13 511 8.25 6.11 8.66 713 3.13%

Telecom 34 7.49 28,623 6.058 10.38 7.04 505 -2.23%

Transportation 14 1.25 4,784 7.338 9.56 9.87 781 -8.27%

Agency 2 0.2 782 3.453 5.87 3.92 199 3.26%

Supranational 9 1.68 6,416 3.663 3.47 2.25 99 2.04%

Electric Utilities 35 4.43 16,938 6.032 8.98 6.86 494 0.40%

Gas Pipelines 7 1.09 4,167 4.971 11.1 5.13 289 2.89%

Water 2 0.12 451 6.607 3.95 9.14 786 -3.13%

LACI Index Not Rated 36 1.48 5,658 2.973 7.6 4.78 278 -4.18%

AA Bucket 9 1.9 7,261 3.672 4.21 2.39 102 2.32%

A Bucket 37 7.92 30,268 4.48 12.1 3.9 179 0.68%

BBB Bucket 234 45.37 173,483 5.408 16.26 5.41 337 -2.70%

BB Bucket 144 27.05 103,433 6.162 18.66 8.6 684 -6.76%

B Bucket 76 9.67 36,957 7.382 18.11 11.35 955 -5.37%

CCC Bucket 34 6.38 24,404 7.829 6.97 26.04 2438 10.62%

CC Bucket 7 0.2 764 7.985 6.81 22.74 2081 -10.77%

C Bucket 2 0.01 53 0 0 0 0 -19.87%

D Bucket 2 0.02 73 9.5 1.76 242.5 24178 -6.10%

LACI Index Non Performing 27 0.31 1,200 0 0 0 0 -20.75%

0-4 139 22.54 86,167 5.894 2.64 9.43 841 2.39%

4-7 180 31.61 120,866 6.186 5.4 7.63 593 -2.51%

7-10 144 24.34 93,052 5.256 8.29 6.98 480 -2.56%

10+ 91 21.2 81,071 6.456 53.95 8.47 559 -9.37% Source: Credit Suisse, CS-LACI Index.

GLOBAL FIXED INCOME AND ECONOMIC RESEARCH

Ric Deverell

Global Head of Fixed Income and Economic Research

+1 212 538 8964

[email protected]

Latin America Corporate Credit Research

Jamie Nicholson-Leener

Group Head Andrew De Luca Luis Serrano

+1 212 538 6769 +1 212 325 7443 +1 212 325 3147

[email protected] [email protected] [email protected]

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://rave.credit-suisse.com/disclosures/view/fixedincome or call +1-212-538-7625. For the history of trade ideas suggested by the Fixed Income Research department 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 trade ideas suggested by Emerging Markets Strategy Research, please see the latest Emerging Markets Fixed Income Views report on Credit Suisse PLUS . For the history of recommendations provided by Technical Analysis, please visit the website at https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_FI_ECON_TECHNICAL_ANALYSIS . 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.

Credit Suisse’s Distribution of Global Credit Research Recommendations* (and Banking Clients)

Global Recommendation Distribution** Buy <1% (<1% banking clients)

Outperform <1% (<1% banking clients)

Market Perform <1% (<1% banking clients)

Underperform <1% (<1% 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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PRECN 5.125 ´23 (B+) -7.3% - Credit Suisse

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