LatAm Corporates Summary Issuer

Country

Security Name

AVG Rating

YTW (%)

Filling

Basic Materials

Chg Revenue yoy

Chg EBITDA yoy

EBITDA Margin (%)

Net 3M Interest OAS Debt/ Spread Coverage Spread EBITDA CHG (x) (bps) (x) (bps)

1Y Price CHG (%)

Credit Fundamentals (1)

Local Currency

FIBRIA OVERSEAS

BR

FIBRBZ 5 1/4 2024

BBB-

5.51

3Q15

60%

95%

53.8

1.9

12.3

335.3

7.1

-2.6

SQM

CL

SQM 3 5/8 2023

BBB

5.90

3Q15

-5%

-14%

33.8

0.7

8.4

375.9

6.5

-10.0

BRASKEM FIN LTD

BR

BRASKM 5 3/4 2021

BBB-

8.08

3Q15

12%

129%

23.1

2.5

6.0

630.3

-63.3

-11.8

MEXICHEM SAB

MX

MXCHF 4 7/8 2022

BBB-

4.64

3Q15

1%

13%

16.2

2.1

4.4

262.9

20.8

-2.3

ALPEK SA DE CV

MX

ALPEKA 4 1/2 2022

BBB-

5.21

3Q15

3%

48%

12.5

1.3

10.6

314.4

74.1

-5.0

GERDAU TRADE INC

BR

GGBRBZ 4 3/4 2023

BBB-

9.52

3Q15

11%

6%

10.6

4.1

3.1

742.2

159.3

-20.9

VALE OVERSEAS

BR

VALEBZ 4 3/8 2022

BBB

9.11

3Q15

13%

6%

28.1

4.2

7.8

720.0

284.9

-17.8

25.4

2.4

7.5

483.0

69.9

-10.0

Simple Mean

***** *** **** *** **** *** ***

Communications COLOMBIA TELEC

CO

TELEFO 5 3/8 2022

BB

6.90

3Q15

1%

-11%

34.8

4.2

2.2

487.0

54.6

-8.0

TELECEL

PY

TCDPSA 6 3/4 2022

BB

7.98

3Q15

18%

16%

33.1

2.0

5.0

585.4

108.8

-9.5

COMCEL TRUST

GT

MIICF 6 7/8 2024

BB+

10.88

3Q15

6%

3%

51.0

1.3

10.9

873.8

432.1

-23.8

OI BRASIL HLDGS

BR

OIBRBZ 5 3/4 2022

BB-

22.35

3Q15

-2%

9%

27.2

3.7

2.0

2,038.7

863.5

-51.8

36.5

2.8

5.0

996.2

364.8

-23.3

-29.8

-5.5

Simple Mean

*** **** *** *

Consumer, Cyclical ARCOS DORADOS HL

AR

ARCO 6 5/8 2023

BB

7.76

3Q15

-17%

-57%

6.4

3.0

1.7

567.3

OFFICE DEPOT MEX

MX

OFDMEX 6 7/8 2020

BB

6.21

2Q15

25%

35%

10.5

2.5

3.2

444.3

-3.8

-2.8

JAVER

MX

JAVER 9 7/8 2021

B

8.49

2Q15

1%

-7%

14.8

2.8

1.6

635.5

42.1

-4.2

METALSA SA DE CV

MX

METLSA 4.9 2023

BB+

7.16

3Q15

5%

17%

9.5

1.3

7.0

504.7

62.2

-4.8

10.3

2.4

3.4

537.9

17.7

-4.3

Simple Mean

** **** ** ****

Cons, Non -Cyclical GRUPO BIMBO SAB

MX

BIMBOA 3 7/8 2024

BBB

4.19

3Q15

12%

17%

11.5

3.3

5.4

205.3

1.5

-2.1

CONTROLADORA MAB

MX

MABEMX 7 7/8 2019

BB+

5.21

2Q15

20%

42%

10.1

2.8

4.5

364.9

-16.9

-2.7

CENCOSUD SA

CL

CENSUD 4 7/8 2023

BBB-

5.44

3Q15

2%

9%

5.8

4.1

2.6

339.6

43.5

-2.7

BRASIL FOODS

BR

BRFSBZ 5 7/8 2022

BBB

5.22

3Q15

4%

21%

16.2

1.2

6.7

323.3

37.3

-3.7

JBS INVESTMENTS

BR

JBSSBZ 7 1/4 2024

BB+

8.50

2Q15

34%

47%

9.7

2.2

3.9

638.3

131.4

-10.4

CORP LINDLEY

PE

CORJRL 4 5/8 2023

BB+

4.80

3Q15

14%

47%

12.6

4.0

2.3

282.9

3.6

1.5

MARFRIG

BR

MRFGBZ 9 1/2 2020

B

9.97

3Q15

-6%

49%

9.3

4.0

1.3

824.7

-30.0

-4.0

10.7

3.1

3.8

425.6

24.3

-3.5

Simple Mean

**** *** *** **** *** *** *

Industrial CEMENTOS PACASMA

PE

CPACPE 4 1/2 2023

BB+

5.41

2Q15

9%

6%

31.4

1.3

12.8

331.5

-30.4

0.4

FERREYCORP SAA

PE

FERROS 4 7/8 2020

BB+

5.85

3Q15

12%

54%

11.6

3.1

3.5

412.4

-32.6

-1.5

CEMEX

MX

CEMEX 9 3/8 2022

B+

7.45

3Q15

11%

11%

15.9

7.0

2.4

548.5

143.4

-4.8

SAN MIGUEL INDUS

PE

SMIPET 7 3/4 2020

BB

6.56

2Q15

7%

5%

25.2

4.5

3.0

460.7

-27.0

-4.0

ODEBRECHT

BR

ODBR 5 1/8 2022

BBB-

12.10

3Q15

81%

82%

9.8

0.5

7.2

1,027.1

753.7

-31.4

18.8

3.3

5.8

556.0

161.4

-8.2

Simple Mean

**** *** * ** ****

Utilities SABESP

BR

SBSPBZ 6 1/4 2020

BB

8.62

3Q15

13%

30%

32.3

3.2

4.0

674.9

-2.7

-9.3

COSICE

CR

COSICE 6.95 2021

BB+

6.83

3Q15

-5%

-45%

26.8

2.2

3.9

495.8

55.5

-5.2

EE BOGOTÁ

CO

EEBCB 6 1/8 2021

BBB-

4.87

3Q15

12%

10%

21.9

1.3

11.6

290.0

-22.8

-3.6

EE. PP. MEDELLIN

CO

EEPPME 7 5/8 2019

BBB

3.73

2Q15

5%

3%

29.9

2.1

5.4

225.8

16.3

-4.7

27.7

2.2

6.2

421.6

11.6

-5.7

435.5

66.3

-9.8

979.3

170.1

-17.8

Simple Mean

*** ** **** ***

Energy ECOPETROL SA

CO

ECOPET 5 7/8 2023

BBB

6.42

3Q15

-23%

-26%

26.4

2.5

7.8

PETROBRAS

BR

PETBRA 4 7/8 2020

BB

11.33

2Q15

-29%

-12%

21.0

4.0

3.9

PACIFIC RUBIALES

CO

PRECN 5 5/8 2025

B

33.77

3Q15

-50%

-77%

21.3

4.2

4.2

PEMEX

MX

PEMEX 3 1/2 2020

BBB+

4.32

3Q15

-23%

-59%

27.0

3.5

4.5

261.7

61.0

PETROTRIN

TT

PETRTT 6 2022

BB

7.57

2Q15

-31%

-36%

11.3

4.5

2.8

590.2

77.2

-7.7

21.4

3.7

4.6

1037.9

398.7

-22.1

3M OAS Spread Spread CHG (bps) (bps)

1Y Price CHG (%)

Simple Mean

Issuer

Country Security Name

AVG Rating

YTW

Efficiency Filling Ratio

NPL /Total Loans

Loans/ Capital Deposits Ratio

ROAA

2,922.9 1,618.9

-71.7 -3.7

*** ** * ** *

Credit Fundamentals

Financial AGROMERCANTIL SR

GT

AGROME 6 1/4 2019

BB

5.45

3Q15

64.0%

1.2%

100.7%

9.7%

1.5%

399.7

-61.0

-1.3

BANCO BRASL (CI)

BR

BANBRA 3 7/8 2022

BB+

7.41

3Q15

49.0%

4.1%

173.0%

16.2%

0.8%

536.4

46.7

-11.3

BANCO BRADES CI

BR

BRADES 5 3/4 2022

BB+

6.73

3Q15

60.9%

4.6%

165.3%

14.5%

1.7%

483.7

24.4

-8.9

BBVA CONTINENTAL

PE

BCOCPE 5 3/4 2017

BBB+

2.78

3Q15

40.3%

2.4%

109.9%

14.0%

1.9%

166.4

34.1

-4.0

BANCO NAL CR

CR

BNALCR 4 7/8 2018

BB+

4.90

3Q15

70.4%

2.2%

92.9%

9.2%

0.7%

351.1

4.6

-1.1

BANCO INTL PERU

PE

BINTPE 5 3/4 2020

BBB

4.03

3Q15

42.3%

2.5%

103.8%

15.6%

2.4%

234.1

-13.7

-0.6

BANCO DE CREDITO

PE

BCP 4 1/4 2023

BBB+

4.14

3Q15

38.8%

2.6%

104.7%

14.4%

2.1%

208.9

-28.0

0.6

BANCO DE CR

CR

BANDCR 5 1/4 2018

BB+

5.02

3Q15

72.3%

1.9%

109.8%

9.2%

0.5%

373.7

23.2

-1.0

GLOBAL BANK CORP

PA

GLBACO 5 1/8 2019

BBB-

4.99

3Q15

51.0%

1.0%

139.3%

8.1%

1.3%

350.3

20.5

-1.5

BANCO DAVIVIENDA

CO

DAVIVI 5 7/8 2022

BB+

6.04

3Q15

46.4%

1.8%

120.9%

12.1%

1.8%

405.6

-51.4

-1.9

BANCO DE BOGOTA

CO

BANBOG 5 3/8 2023

BBB-

5.75

2Q15

71.2%

1.5%

95.9%

11.5%

1.8%

371.7

24.1

-4.3

BANCOLOMBIA

CO

BCOLO 5 1/8 2022

BBB-

5.65

3Q15

58.0%

2.3%

112.8%

13.2%

1.5%

366.0

0.1

-3.5

GRUPO AVAL LTD

CO

AVALCB 4 3/4 2022

BBB-

5.98

2Q15

56.0%

1.7%

102.0%

11.0%

1.8%

395.2

-28.4

-5.6

BTG PACTUAL

BR

BTGPBZ 5 3/4 2022

B+

20.35

3Q15

65.0%

0.1%

100.7%

16.9%

2.2%

1,714.6

975.4

-45.3

BBVA BANCOMER

MX

BBVASM 6.008 2022

BB+

6.08

3Q15

43.6%

2.5%

107.3%

14.6%

1.8%

491.7

97.9

-4.0

55.3%

2.2%

115.9%

12.7%

1.6%

456.6

71.2

-6.2

Simple Mean

*** ** ** **** *** **** **** *** *** *** **** **** **** ** ****

(1) ***** very good, ****good,***fair,**poor ,* very poor

Sources: Companies Data, Bloomberg, Credit Suisse, Fitch

MMG Bank Research & Analysis Analista: Francisco Pinillos [email protected] +507 208 7106

DISCLAIMER: Este informe ha sido elaborado por MMG Bank Corporation, entidad regulada por la Superintendencia del Mercado de Valores de Panamá (SMV), y distribuido por MMG Bank Corporation. El objetivo de dicho informe es proporcionar información y no debe interpretarse como una oferta de compra o venta, ni como un requerimiento de oferta para comprar o vender instrumentos financieros, ni para participar en estrategias de negociación en cualquier jurisdicción. La información presentada en este documento se entiende como fiable a la fecha en que el mismo se hizo público, y ha sido elaborada a partir de distintas fuentes consideradas como fiables. MMG Bank Corporation no se hace responsable ni garantiza la integridad, fiabilidad y exactitud de dicha información, ni este informe pretende ser un extracto completo o un resumen de las estrategias de inversión, los mercados o las variaciones mencionadas en él. Las opiniones, estimaciones y proyecciones que aparecen en el presente documento, constituyen la opinión del analista encargado de elaborar el contenido del mismo a la fecha en que se emitió, y están, por tanto, sujetas a modificaciones sin previo aviso. Los precios y disponibilidad de los instrumentos financieros son sólo indicativos y están sujetos a cambios sin necesidad de previo aviso. MMG Bank Corporation no tiene obligación de actualizar, modificar o corregir el presente documento, ni tampoco de informar al lector al respecto. Los instrumentos financieros mencionados en este informe pueden no ser adecuados para todo tipo de inversor. Este informe no tiene en cuenta los objetivos de inversión, situación financiera o necesidades particulares de cada inversor. Los inversores que deseen adquirir o negociar en valores mencionados en este informe, deben obtener la documentación pertinente relativa a los instrumentos financieros y a los mercados, así como validar su contenido. Los inversores deben conseguir asesoramiento financiero independiente, basado en sus circunstancias particulares antes de tomar una decisión de inversión en base a la información aquí mencionada. La decisión final de inversión debe ser tomada por cada inversor después de considerar los distintos riesgos, gastos y comisiones. Si un instrumento financiero está denominado en una moneda distinta a la propia del inversor, las variaciones en el tipo de cambio pueden afectar negativamente al precio o valor, o a los flujos derivados del instrumento financiero, y el lector de este informe asume todos los riesgos asociados al tipo de cambio. El rendimiento de los instrumentos financieros puede variar, por lo que el precio o valor de los mismos pueden subir o bajar, ya sea directa o indirectamente. Los rendimientos pasados no implican necesariamente rendimientos futuros, y ninguna representación o garantía, ya sea expresa o implícita, se hace respecto a los rendimientos futuros. MMG Bank Corporation no asume ninguna responsabilidad por cualquier pérdida, directa o indirecta, que pueda surgir del uso de este informe o de su contenido. Este informe no puede ser reproducido, ni redistribuido a otras personas, ya sea en su totalidad o en parte, sin el consentimiento previo por escrito de MMG Bank Corporation, sea cual sea el propósito de ello. Información adicional sobre los instrumentos financieros mencionados en este informe podrán ser proporcionados bajo petición.

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