• Wednesday, July 19 2017
    Venezuela

    -The National Assembly (AN in Spanish) approved the final reports on the popular consultation of 16 July and the candidates for magistrates of the Supreme Court (TSJ in Spanish). The latter is part of the process of one of the main items of the current agenda of “zero hour” established by the opposition party Democratic Unity Roundtable (MUD in Spanish), as the legislators expect to exercise their constitutional ability to name – on Friday 21 July – new magistrates and thus actively repudiate the current Supreme Court and i

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  • Tuesday, July 18 2017
    Venezuela

    - Following the results of the public consultation election on Sunday, the Democratic Unity Roundtable (MUD in Spanish) called for a 24-hour national strike on Thursday in protest against the National Constituent Assembly (ANC in Spanish) proposed by the administration of Nicolas Maduro. Furthermore, Freddy Guevara, deputy President of the Congress, said they expect to name the new magistrates of the Supreme Court on Friday. We can anticipate this move will not be acknowledge by both the government and the Supreme Court, but will u

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  • Thursday, July 13 2017
    Venezuela

    - S&P Global Ratings, following its Tuesday action of downgrading Venezuela’s rating, yesterday decided also to downgrade the corporate credit of Corporacion Electrica Nacional, better known as CORPOELEC (former ELECAR). The action resulted in a downgrade from “CCC” to “CCC -“while also maintaining the negative outlook. In detail, the rating agency argued that they are taking this action against the corporate as a result of the sovereign’s downgrade, as it reflects that this is a “government-related entity” (GRE

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  • Wednesday, July 12 2017
    Venezuela

    - A US appeals court blocked Exxon Mobil Corp from enforcing a USD1.6bn award against Venezuela for an asset seizure back in 2007. The court ruled that the judge made a mistake in excusing Exxon from complying with procedural requirements to enforce the October 2014 ruling. In this way, the court supported Venezuela’s point that Exxon should have tried to enforce the award under the federal Foreign Sovereign Immunities Act (FSIA), instead of streamlined procedures. All-in, Exxon's petition was dismissed without prejudice, meaning

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BancTrust & Co. is a boutique investment bank dedicated to Latin America and specialized in High Beta LatAM & the Caribbean Credit Markets; mainly Venezuela, Argentina, and Dominican Republic.

The firm operates through various entities located across The Americas and Europe. As a group of companies, we facilitate global market transactions to a diverse client base that includes corporate treasuries, financial institutions, asset managers, and governments and its entities.

  • Venezuela Weekly Report

    An Ideal Deal

    July 7 2017 BancTrust & Co. Research Team

    The Canadian gold mining company Gold Reserve posted on its website yesterday a new amendment to the Settlement Agreement that maintains with Venezuela regarding a payment of USD1.04bn by the latter. The new debt distribution includes 20 monthly payments of USD29.5mn, three monthly payments of USD40mn and a final payment of USD285mn, adding to USD1bn by June 2019, as well as the placement of USD350mn in sovereign financial instruments as collateral. In our view, this new schedule of monthly small quotas makes feasible the payment of Venezuela even despite the distressed liquidity levels that the South American country is undergoing. The sovereign is facing USD5bn in principal and interests next year. Read more

  • Argentina Weekly Report

    A Hint of Recovery

    June 30 2017 BancTrust & Co. Research Team

    This week, mix signs were released over the economic performance of the country, however we see the trend for upcoming months to show favorable results. In this regard, the first data released was the Monthly Economic Activity Estimator for April which resulted in disappointing news as the index showed no variation in the economic activity when compared to March results –march results, instead, were really good news as it presented a 1.5% advance-, meanwhile the y-o-y variation was 0.6%, while market expectations were above the 1% y-o-y. In the other hand, construction and industrial activity saved the week. Read more

  • Quantitative Reports

    EM Quantitative Chartbook Weekly Report

    July 17 2015 Research & Strategy Team

    Below we produce the Par Equivalent CDS spread metrics in order to assess the credit relative value and identify the bonds that are cheap or expensive relative to what we describe as a theoretical fair value curve. Graphs and tables below show results of these calculations for Venezuela, PDVSA, Ukraine, Russia, Argentina, Panama, Turkey, Ecuador, Mexico and Brazil. Read more

  • May 10 2017

    Venezuela: – Yesterday took place the first meeting summoned by the Presidential Commission for the Constituent with some Read more