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  • Friday, November 27 2015


    - Official announcements keep going while elected President Macri continues to form its cabinet. Today's turn was to the state-owned oil company YPF and in a surprising move Macri has decided to leave in office current CEO Miguel Galuccio while he focuses on more urgent subjects. The main idea is to leave Galuccio in office for at least a few months but this task would turn difficult due to the appointment of Daniel Montamat and Juan José Aranguren, both critics of Galuccio’s way. This move would also help Macri show a different way of doing things t

  • Thursday, November 26 2015


    - The soon-to-be Chief of Staff for Macri’s government, Marcos Peña, announced yesterday the names of the characters that will be heading each of Argentina’s Ministries. One of the most expected announcements, the one concerning the new Finance Minister, was made and Alfonso Prat Gay - a former Argentina’s Central Bank president- will be the leader of Macri’s 6 - members economic Cabinet. In such Cabinet three others, in charge of Production, Transportation and Agriculture Ministries, are members of PRO and one of radicals’ UCR (Agriculture);

  • Thursday, November 26 2015


    - Rating agency Moody’s changed the outlook of Argentina’s credit rating from “stable” to “positive”, as they believe that the results of last Sunday’s ballotage represented a favorable outcome for the country’s financial position. However, Moody’s didn’t change actual credit rating (CAA1), arguing that there’s still uncertainty about when will be reached an agreement with holdout funds. Meanwhile, the National Institute of Statistics (INDEC, in Spanish) revealed that trade surplus in October totaled USD254mn, which represents a y-

  • Thursday, November 26 2015


    - With 99.71% of the definite results Macri was elected president in last Sunday ballotage, with 51.40% of the total votes, 2.8 points more than Kirchnerismo candidate, Daniel Scioli. Despite results showed a lower gap than what pollsters forecasted, the victory of Macri in Peronist bastions, such as Cordoba, San Luis and Tigre, are one of the elements to be highlighted, and we could expect tensions between Peronist and its most radical components of Kirchnerismo, with reproaches that have already started from the militancy.

    -Elected President Mac


BancTrust & Co. is a boutique investment bank dedicated to Latin America and specialized in High Beta LatAm 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

    Oil Cash Export on the Spotlight

    November 13 2015 Hernán Yellati, Guillermo Quiroga & Oriana Covault

    Amid historic global oil supply figures as of September – 98.2mn b/d according to the Energy Intelligence Group –, a higher-than 3.1mn b/d total oil oversupply according to the same source, and historic lows registered on monthly average prices of the WTI, the OPEC registered a 0.4% Venezuelan oil output decrease to 2.36mn b/d(figures based on secondary sources). If the performance is measured on direct communication figures, the total oil output decreased by 1.1% to 2.6mn b/d. Read more

  • Argentina Weekly Report

    A Good-looking Cabinet

    November 27 2015 Hernán Yellati, Guillermo Quiroga & Oriana Covault

    As the biggest obstacle and challenge left by the administration of Cristina Fernandez de Kirchner (CFK) is the economic one, we can say the 6 ministers related to the economic activity will have the biggest burden and the responsibility of President-elect Mauricio Macri’s success in the short-term. There have been some speech and proposal changes since the last days of the campaign, all related to implement more gradual measures, as current official statistics are not necessarily showing the whole picture of what the new government will face. In fact, the real picture could be worse than expected, we believe. 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

  • BancTrust no prevé mejoras en los niveles de escasez

    BancTrust no prevé mejoras en los niveles de escasez

    November 19 2015

    Esta semana entró en vigencia la última reforma a la Ley de Precios Justos, y se convirtió en el cuarto decreto dictado por el Gobierno Read more